If you’re going to start a business, here are four areas to keep track of and be diligent with:
- Keep your personal living expenses at an all time low. You’re on a tight-string budget. Accept it. What you used to do, you can’t do – FOR NOW. It will pass. Only buy discounted deals, go bargain shopping, drive a car that’s cost efficient or ride your bike, eat frugal meals and keep your personal costs low, low, low.
- Consider a part-time job. A non-stress, easy, no pressure job to bring in a bit of cash flow. Entrepreneurs take big financial risks. Even if it’s minimum wage for 20 hours a week. That’s still $800+ a month going into your bank account. You can use that money to pour back into your business.
- Ask your friends and family for help. Right at the start.They believe in you and want the best for you. They will help however they can. Don’t be afraid to ask. They may not help financially, but they can help with other resources: time, talent, network connections, skills, volunteer work, etc.
- Always be networking. Meet new people every week. Every week tell yourself you’ll meet 5 new people that correlate with your business. When they meet you, they will like you and your passion for what you’re doing. They will remember you and one day, if not immediately, they will want what you offer.
– Karen Thrall
*also published on www.karenthrall.com