Building Systems for Financial Freedom

Mastering the Art of Seamless Systems

In the rapidly evolving digital age, financial freedom is a goal many entrepreneurs strive for. But how do you get there? The answer lies in effective systems that automate and streamline your business processes. In this post, we’ll explore the steps to building systems for financial freedom.

What is Financial Freedom and How Do You Build It?

Financial freedom means having enough savings, investments, and cash on hand to afford the lifestyle you desire for yourself and your family. It’s about growing your savings and generating income without being actively involved in day-to-day business operations.

In 2016, I left the corporate world, enticed by the dream of freedom I saw in others. They travelled the world, working from their laptops, exuding happiness and carefreeness. I yearned for the same and leapt into high-ticket affiliate marketing. For a moment, I experienced that dream.

However, my approach had a flaw: I didn’t plan for potential setbacks. After 18 months, the affiliate company shut down, and my income sources weren’t diversified enough to sustain me.

Despite this setback, the skills I gained have allowed me to maintain a level of freedom, avoiding a return to the corporate world. Yet, my income hasn’t reached the heights I once enjoyed.

THE ENTREPRENEUR’S DREAM – FINANCIAL FREEDOM

A friend posed this question recently and it sparked a really interesting conversation. Many of the people answering weren’t so phased about scaling businesses. Yet they all had threads of choosing freedom.

That’s what it’s always come down to for me. I want to be able to work on my terms. But more than that I want to work on causes and projects I truly feel passionate about. The corporate world was too soulless for me. The spiritual scene I’ve found myself in over the years is beautiful, but I’ve found it lacks drive. And so I’ve found myself in this middle place – desiring the income to support this magical lifestyle which I know is absolutely possible.

So, let me preface, this next section is not advice because I’ve specifically achieved my desired level of financial freedom YET. But it’s what I’ve learned from experiencing it briefly while I was in the affiliate world, from rubbing shoulders with millionaires at many events, from being the BDM to successful mortgage brokers, and from working inside the businesses of many entrepreneurs who have achieved this. And I’m mostly speaking about this from a systems lens because that’s what I build for people and am now in the process of building for myself.

HOW TO BUILD FINANCIAL FREEDOM

Building financial freedom involves creating a balance between your income sources and expenditures, while also investing in systems that reduce manual workload. Automation plays a crucial role here. Inside this free Tech Witch Tools Spreadsheet, I share a range of tools you can use to automate mundane tasks, giving you more time to focus on your business’s growth and innovation.

FIVE STEPS TO FINANCIAL FREEDOM

1. Assess Your Financial Situation: Understand where you stand financially. This involves calculating your net worth and cash flow. Doing this before you hastily quit any job is a good idea.
2. Set Clear Financial Goals: Know what financial freedom means to you and set achievable goals.
3. Create Multiple Income Streams: Diversify your income sources to reduce dependency on a single income. This was the biggest lesson for me through my affiliate business experience.
4. Invest Wisely: Invest in assets that appreciate or generate income over time.
5. Automate and Systemise: Utilise systems and tools to automate business processes. Check out my Tech Witch Toolkit for access to a range of SOP’s, checklists, spreadsheets etc. that I have created throughout my years of working inside many successful businesses.

THE SEVEN LEVELS OF FINANCIAL FREEDOM

1. Clarity: Knowing your current financial status.
2. Self-Sufficiency: Covering basic needs without debt.
3. Breathing Room: Having savings for emergencies.
4. Stability: Enough savings to cover 6 months of living expenses.
5. Flexibility: Having enough income from investments to take a career break.
6. Financial Independence: Not needing to work to maintain your lifestyle.
7. Abundance: Wealth that supports a lifestyle of your choice, including philanthropy.

Learn more about these in the book Financial Freedom: A Proven Path to All the Money You Will Ever Need by Grant Sabatier. You can access parts of it online here, buy it here, or listen to it here.

THE FOUR PILLARS OF FINANCIAL FREEDOM

1. Income Generation: Earning money through multiple sources.
2. Savings and Investments: Consistently saving and wisely investing your money.
3. Debt Management: Minimising and managing debt effectively.
4. Wealth Protection: Ensuring your wealth is protected from unforeseen events.

Systemising Your Business for Financial Freedom

WHAT DOES IT MEAN TO SYSTEMISE A BUSINESS?

Systemising a business means creating processes and systems that allow your business to run efficiently without your constant involvement. This includes automating repetitive tasks and creating standard operating procedures for your team.

HOW TO SYSTEMISE YOUR WORK

1. Identify Repetitive Tasks: Recognise tasks that are repetitive and time-consuming.
2. Use the Right Tools: Implement tools mentioned in the Tech Witch Tools Spreadsheet to automate these tasks. Not sure what tools are right for you? Join my course Tech Alchemy which shows you how to choose the right tools and how to set them all up and make sure the systems are speaking to each other.
3. Create Standard Operating Procedures (SOPs): Document processes for consistency and efficiency. Check out my Tech Witch Toolkit for all the ones I’ve created over the years.
4. Delegate: Outsource tasks that can be handled by others. When you’re ready for this, consider hiring a Tech Witch.

HOW TO SYSTEMATISE A PROCESS

1. Analyse and Document Current Processes: Understand how things are currently done.
2. Identify Improvement Areas: Look for bottlenecks and inefficiencies.
3. Implement Automation Tools: Use tools to automate parts of the process.
4. Train Your Team: Ensure everyone understands the new systems and tools.
5. Review and Refine: Continuously assess the systems for improvements.

Building Systems for Financial Freedom

Achieving financial freedom through systemisation is not just a dream; it’s a strategic process. By understanding and implementing the steps and levels of financial freedom, and by utilising tools to systemise your business, you can create a path that leads to not just financial independence, but also to a lifestyle of choice and abundance. Embrace the journey with resources like the Tech Witch Toolkit to transform your approach and achieve your financial goals.

Remember, the journey to financial freedom is a marathon, not a sprint. Invest in the right systems and watch your business thrive seamlessly.