If you don’t know who Solomon Lacy III is, then you’re about to find out! Lacy is the Founder of the Fresh Start Financials Group, one of the most effective financial consulting firms that focus on credit restoration, tradelines, personal and business funding, home and auto loans, financial planning, and credit counseling. He has a way of doing things that work for everyone, a simple set of rules that were developed to point beginning entrepreneurs in the right direction. Rules I found incredibly interesting, so I decided to share them with all of you.
Solomon’s 10 Rules for Beginner Entrepreneurs
Lacy has never been much of a natural salesman. He claims this very trait has been one of his most useful tools in business networking and negotiating, along with his interpersonal skills attained from his former professional career in mental and clinical health therapy. It’s allowed him to relate to all sorts of different personality types and brought him to where he is today.
He’s mentioned that after leaving Corporate America, he had officially stopped working for money. His mission was solely to help others win, the money just happened to come along with it. His wins were based on his client’s wins. This is what’s always been most important. It’s what has allowed him to obtain his fortune and what has blessed him with the knowledge he has provided for us today. Below are Lacy’s 10 Rules for Beginner Entrepreneurs, each with a breakdown of the rule as well as my take on them.
Rule 1: Every business model makes money, you just have to do the work.
Most young entrepreneurs spend most of their time plotting and planning to build the perfect business model when they really just need to go with the most indisputable one and “do the work.” The hardest part when it comes to starting out in the business world is simply starting the process and working hard on it.
Rule 2: Your first business should generate great cash flow.
I told you these were simple, but for some reason, insanely overlooked. When starting your first business, it is important to go with something that is going to bring in the most revenue in order to maximize growth.
Rule 3: Choose a model that is cheap to get into upfront.
There’s no need to put a tremendous amount of financial pressure on yourself. Make sure you go with something that isn’t going to break the bank. There are plenty of routes that don’t take a ton to invest into. For example, one of the services Mr. Lacy offers is Shopify Automation. Ecommerce dropshipping is a great way to stream in a ton of revenue without heavy upfront dues.
Rule 4: Self-education is great, qualified mentors are better.
Should you get a mentor to show you the best way to go about your industry? Yes! That shouldn’t even be a question. Hiring expert advice is completely necessary, especially if you’re deciding to invest your life into your business. Be wary of the fakepreneurs though. Make sure you know exactly who you’re going to for advice and do your research.
Rule 5: There is only one “get rich quick” scheme, it’s called work.
Don’t fall for the get rich quick schemes, it takes putting in the work and having patience. Without work, there’s no outcome.
Rule 6: The best marketing is an excellent product/service.
If you’re lost and worried about how you’re going to market your business, don’t be. Your product and/or service will speak for itself. Just make sure that what you’re providing is the best it can be.
Rule 7: Don’t rely on anybody else to build your business.
In order to obtain your true endgame, you must be completely involved in the start-up and expansion of your business. Don’t let someone else build your business for you.
Rule 8: Be careful with your time and prioritize it appropriately.
Whether we want to or not, most of our time is wasted away on things that can be pulled out. Your business is fully reliant on you to constantly be making moves. You need to carefully manage your time and how you go about scheduling your days. No matter what they may be, prioritize your time wisely because this is one thing you will never get back.
Rule 9: Stop caring about the opinions of others, do what works.
The main concern for most starting out in the business world is the opinions of their peers or anyone else for that matter. If your process works and you’re receiving backlash, you need to put their feelings to the side and just keep doing what works.
Rule 10: Consistency every day is the way to win long term.
It’s important to not steer away from the mission, because as soon as you break the habit you’ll start to fall off from your endgame. It’s almost like Newton’s First Law of Motion except with a twist, so it’s more like–a business at rest stays at rest, a business in motion stays in motion.
An expert’s advice
If anyone knows how to start a business, it’s Mr. Lacy. Through his knowledge and expertise in building capital and borrowing money using credit, he’s been able to partner with tons of big businesses and even people just starting out. He’s been in and seen the starting process countless times simply by helping as many people as he can. So I hope his 10 Rules for Beginner Entrepreneurs really help guide you in the right direction. Sometimes all we really need is that nudge to push us into truly changing our lives.
You can Follow Him on Instagram : https://instagram.com/solomonlacyiii