Running a Business

Cash-Strapped? Here’s your Way Out of It!

Entrepreneurship can be extremely daunting when you think about the cash involved. This is actually one reason why people shy away from starting on their own. Of course it is a huge investment but you should know that there are many highly successful entrepreneurs today who started off from scratch, struggling to make ends meet.

Especially in the beginning, you could face numerous financial troubles. Many people have actually started, gotten intimidated, and backed out. You don’t need to be among. You can be among the aforementioned group of people who started small but are now big names in the entrepreneur world.

Listed here are a few tips of personal finance so that your financial burden is lessened:

Cut Costs

To start off with, you should cut down some expenses. Look around your house and your possessions as well as your habits that involve money. You will find numerous things that you can easily live without. Cut them down.

For example, you can do without eating out, right? You don’t have to eat out every week. Instead, you can eat out once a month for a period of time. The saved money can help you a lot. Also ask yourself if you really need a high-end cell phone. You can surely do without a low cost one for a few months. Go on and make the change.

You may hate doing this but know that it is all for YOUR good and you are not doing a favor. You are in fact helping yourself to a better and, more importantly, successful future.

Let Go Retirement Saving for a While

Sure you have to think about your days after your retirement and sure you have to save some money for it but pausing it for a bit will do no harm. Once you are successful, you can add double the amount you usually do in your retirement saving to catch up.

It is a lean time for you and there is no harm in pausing retirement savings. Think about it.

Get Help

You could loan some amount from your family or friends. Surely they are trustworthy and will help you in times of need.

However, one thing to keep in mind here is to document everything. He may be your closest buddy or your brother but don’t rely on handshake deals. Document everything so that it doesn’t spur fights in the future.

You Need a Safety Deposit

An emergency can rise anytime and you have to be prepared for it mentally as well as physically. Knowing that you have some money for emergencies will help you a great deal. It will also keep you at peace.

This is why it is suggested that you keep at least a year’s worth of expenses – only personal, desirous expenses – aside.

Don’t be Hasty

Don’t get overexcited and put all your money in shares. Your investment should not be more than forty percent. Forty percent is the limit. If you are in a very tight situation, even twenty percent will do. But, don’t EVER put in everything so early!

Sure you want to have lots of money very soon but you can try something like investing everything only when you have made absolutely sure that your base is rock solid. Until then, tread carefully!

Follow these steps and you are sure to have some finances to get going.

Entrepreneurial Learning

It can be really tough to gather finances when start up a business but that should not stop you from establishing yourself. There are ways to overcome your financial problems and emerge successfully. It just takes some determination on your part.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More