Not everyone can do it. To be an entrepreneur it demands a level of commitment that most of us don’t have – and to be a successful entrepreneur demands even more. It isn’t easy to survive the day to day life, but these tips should make it easier.
Be Religious about Finance
If your finances seem to be working out without you paying much attention, and you’re thinking, ‘Why does everybody obsess about the minute details of their finances?’ If this is you, then alarm bells should be ringing at a deafening pitch. Finances don’t work themselves out, so if you aren’t paying enough attention, then there’s no better time to start. As an entrepreneur, you should live and breathe finances – you should have tables and spreadsheets with more arbitrary plans and targets than you could’ve ever thought possible. If you’re zealous enough when it comes to finances, you’ll notice that the border between your personal and business finances is perhaps more porous than you’d like. That’s why planning in detail for both aspects of your outgoings can be a lifesaver – and that’s why it’s impossible to over-plan.
Hobbies Should be a Release not a Prison
Once you’ve planned in detail every portion of spending and outgoings, you’ll find yourself in need of some kind of escape. However, because you need to consider the budgeting side of everything as an entrepreneur, your escape from the all-encompassing pull of financial planning can just as easily become its own prison. Expensive hobbies can become a release from the stressful life of business – but if they take over, they can also become just another worry. It might be your way of celebrating initial successes or compensating for disappointment, but you need to look at all kinds of financial waste. Although, you can only be so strict with yourself, and you’ve chosen a stressful path. It’s important to have hobbies that work for you, as stress relievers, without creating more stress – so look at ways of cutting down the costs. If you buy a new motorbike every few years, this time why don’t you try to find a classic Harley Davidson with a previous owner. Sometimes, for a fraction of the price you’d be surprised how much satisfaction a cheaper option can bring. Remember, you’re one true obsession should be your business.
You Need a Niche and a Network
Your personality should be part of your brand. If your business doesn’t seem as though it truly represents you, then you should ask yourself about your niche. What’s the specific appeal of your business that even your closest competitors can’t offer? Sometimes, it doesn’t cost any extra money to give your business some personality and to improve your niche. It might be a case of adding a slogan to the bottom of your employees’ emails or widening your appeal by targeting new customers with slightly different needs. The life of an entrepreneur should involve a lot of networking – has your business showed its face at recent local events? Have you engaged with local, non-competitive businesses? Your niche and your network should be big parts of your life if you want to make it.