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◊This is a contributor post.◊
Starting your own business is a long-held pipe dream for many people. But in order to get your start, you’re going to need more than just luck, talent and determination – you also need cash.
Even for Internet-based companies with relatively small overheads other than a website and some cheap Wifi , a little cash cushion is necessary to get the idea off the ground or to support yourself and the business before you hit profitability.
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Saving For Entrepreneurs
Of course, you will probably need to find other sources as well – crowdsourcing, angel investors or a bank loan are all popular routes – but having the tenacity to save and invest some of your own money makes things a lot easier, and even demonstrates to potential financiers that you have the work ethic and drive to make your business happen.
Learning how to consistently save is a matter of discipline and habit. It can feel hard at first, but you have to retain a sense of perspective – is a year or so of hardship a good trade-off for realizing your dream, having the freedom to work for yourself and building something for your future? If so, then read on…
Go Card Free
Spending on little extras these days is ridiculously easy thanks to contactless and phone payments. You can go for months without ever touching cash, and this can be dangerous if you’re the sort of person who spontaneously splurges on those irresistible must-haves – that muffin with your morning coffee, or those must-have new boots.
It doesn’t feel tangible simply waving your phone or tapping your card, and for that reason, it’s easy to overspend. Unplanned purchases are generally unnecessary one’s top, especially if you suffer from poor impulse control.
Make it easy on yourself by taking out a cash allowance each week and leaving your cards at home. It’s much harder to overspend, as the act of getting that cash out of your purse itself can make it all seem real, and give you a moment of vital cooling off time to reconsider if your really need what you’re about to buy.
Cook From Scratch
The number one overspending category for most people? It’s eating out. Not just the restaurant dinners but the mid-week takeaways, pre-packaged lunches and daily coffees – they seem small at the time but they quickly mount up.
Get into the habit of preparing food from scratch at home and using Tupperware containers to take lunch and snacks with you. Not only is it much healthier without all the added sugar, salt and chemicals in most ready meals, but it can save you a fortune.
Identify your worst food purchasing habit and plan ahead to avoid it. 3 pm sugar slump? Pack a paleo bar and an apple and have a snack with you so you don’t raid the vending machines.
Got home late and don’t want to cook? Set aside an hour or so on a Sunday to batch cook, portion up, and freeze some dinners so you always have something tasty and home cooked to pull out and heat up.
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Until then, happy hiring, and best wishes for your business.
◊This is a contributor post.◊
Don’t forget to check the sidebar and footer of this website for awesome resources!
Photo Credit: Haute Stock