You’ve heard people say that it “takes money to make money,” well, in the world of entrepreneurship, that’s right on the money! Regardless of what people and blogs may tell you, starting a business is no easy feat. It requires a lot of your time, energy, and money. The money alone is why you can’t just start a business simply because you have a great idea… you have to have the financial backing to do it!
As an aspiring entrepreneur, you look at other successful entrepreneurs and read about how they achieved their success… a lot of those stories are very motivating! They give you these generic to-do lists like “all you have to do is have a determined mindset” or “start with a solid business plan”… those are indeed things you need to do and should do but those things sound like “fluff.”
“Fluff” are words that tell you to do something but it’s not real advice to help you get the ball rolling. People who want to get their business started are looking for real advice on what to do… things they can apply to their daily lives and see results from it. So if you are serious about starting a business, you first need to get your money together, and in order to get your money together, you’re going to have to make sacrifices.
Are You Willing to Make the Sacrifice?
Again, it takes money to make money, and in order to make the money you need to start your business, you’re going to have to make some sacrifices. These sacrifices are definitely going to be sacrifices you don’t want to make but you know that making them will help you save the money you need to start your business. So, let’s just get right to it… Take a look at some major sacrifices you should make if you’re serious about saving for your startup.
Sacrifice 1: Move Back Home
This is a tough one. Whether you’re single or married, try persuading mom and dad to let you move back home for a while so that you can save on your living expenses. This might be a little hard being that you haven’t lived with your parents in quite some time so when you present this proposition to them, present it to them with a small presentation of what your business will be, how long you’ll need to stay, and how you’ll contribute to them for the favor.
The thought of living with your parents again might make you cringe, depending on the relationship you have with them so if moving in with your parents is a “no-go,” consider renting out one of your bedrooms and putting that extra money towards your business but either you look at it, you’re going to need to sacrifice your living expenses in some type of way because that’s where the bulk of your money goes.
Sacrifice 2: Don’t Quit Your Day Job
Typically, when you hear people say “don’t quit your day job”, it’s because someone is trying something new and they’re terrible at it. But when it comes to saving for your business, don’t quit your day job… seriously!
This is something that must be stressed because lots of people will quit their full-time jobs to solely focus on starting their own business… this is a move someone can make if they already have a nice nest egg to start their business but if you don’t have the money yet, do NOT quit your 9 to 5… keep working and stashing that cash!
Just imagine how much money you can save up if you were working your full-time job and living at home with your parents… just imagine if they loved your business idea and told you that you don’t have to pay them a dime to stay there! Your business would be up and running in no time!
Sacrifice 3: Change Your Spending Habits
Changing your spending habits is another tough one for some people. We’re all human, so that means we like what we like, and if a Starbucks coffee every morning is what brings us joy, we are not going to like waking up and brewing our own pot of coffee… but it’s a sacrifice you’re going to have to be willing to make.
A major spending habit that we all could stand to change is impulse buying. For example, we use our phones every day for various reasons but we’ve invested more money into our phones than we even realize. When a new iPhone comes out, we have to have it… that’s where we go wrong.
We spend on impulse. If you want the new iPhone, consider buying a pre-owned iPhone on a trusted used phone website. Instead of grabbing Chic-Fil-A or McDonald’s on lunch breaks, why not pack homemade lunches? According to Frugal and Thriving, changing your spending habits isn’t something you’re going to be able to do overnight but you have to start somewhere, so start small and you’ll eventually change your spending habits into saving habits.
When the Going Gets Tough…
Making these sacrifices are definitely going to test you but it’s important to stay focused. As an entrepreneur, you’re going to endure highs and lows just like you will while you’re saving but it’s important to stay motivated.
Nothing in life ever comes easy but if you’re serious about starting your business, all the sacrifices you make will all be worth it once you’re able to finally quit your day job and achieve success doing what you’ve always wanted to do.