- 1 WHY DO YOU NEED TO START UP A BUSINESS?
- 2 WHY SHOULD I SAVE BEFORE STARTING A BUSINESS
- 3 PROBLEMS YOU MAY ENCOUNTER WHEN SAVING FOR YOUR BUSINESS STARTUP
- 4 HOW TO SAVE UP CAPITAL FOR YOUR BUSINESS STARTUP
It has been proven beyond reasonable doubts that having and depending on a job to cater for you and your all round needs is not a good idea especially for people who have little or no support from friends or family.
Owning a business is the order of the day now. Everybody wants to start up one business or the other. Living a more comfortable life can only be guaranteed for most cases if you have a business which sum up to multiple streams of income.
WHY DO YOU NEED TO START UP A BUSINESS?
There are several reasons you need a business but we shall only highlight a few of them:
A popular notion goes thus ‘You cannot become great by working for salary’. This is not to say that people who work for salaries are losers but it rather means that it is easier to attain great heights while doing the things you love doing as a boss.
Having your own business totally removes the chapter of having little or no time for yourself, family vacation and interesting travels.
TO USE MONEY RATHER THAN BEING USED BY MONEY
There is no error in the fact that when salary increases, expenses increase too, but most salary earners don’t know this yet. One can never get satisfaction from earning salary alone but if you work for yourself and earn from your passion, every decision that involves expenditure and income totally lie on you. This is where the true business mind is known.
I know most people have little or no idea what they are worth, but hey, do you really think you are worth just the salary you get at the end of the month? Simply put, to work for salary is to give out your life for little compensation. You need a business rather than a job because your life is worth more and giving it to someone else while robbing the world of all the creative innovations you were stuffed with is surely not the best.
WHY SHOULD I SAVE BEFORE STARTING A BUSINESS
So many benefits to derive when you save for your own business startup capital,
they may include but not limited to:
- Having a steady and uninterrupted focus.
- If you don’t save for your startup capital, once in a while if not often there will be that thought of
◊ If something goes wrong, how am I going to repay this loan?,
◊ Instead of investing 90%, let me invest 50% and see how progressive this phase turns out before I go further,
◊ What if something goes wrong and I lose this capital to medical bills?
You need more than just money to startup a business. Aside passion, a focused mind, absolute seriousness and dedicated interest are among the very many others you need to kick start your business, starting your business with a loaned money may not give you all these in one pack.
PROBLEMS YOU MAY ENCOUNTER WHEN SAVING FOR YOUR BUSINESS STARTUP
Saving money is one of the most important aspect of business startup, as helpful as using your savings as the capital for your business could be, it is never an easy road to thread. But with dedication and discipline one can beat it.
You are likely to encounter
◊ A more prudent lifestyle
◊ Saying no to some people especially family and friends
◊ Giving less and feel guilty sometimes
◊ Spending wisely on only things that are truly necessary
◊ Tracking your expenses
◊ Hanging out less often with friends
◊ Drinking less
◊ Buying less
The list continues, but the good thing is that these challenges are only a very small price to pay for the benefit you stand to gain should you succeed on the quest.
Well if you can’t put up with these few, there is no need to think of a business startup anyways because owning a business demands discipline.
HOW TO SAVE UP CAPITAL FOR YOUR BUSINESS STARTUP
Without further time wasting, let us evaluate ways and how one can save capital to start up a business.
PAY OFF YOUR DEBT
The very first step towards saving up some money for your startup capital is by making sure you are indebted to no one. If you owe no one then you are starting on a clean slate but if you are in debt, you have to pay up what you owe and prepare for the real deal.
REDUCE UNNECESSARY LAVISH LIFESTYLE
Usually, suffering comes first before pleasure, and on this road to saving money, you need to let loose on a good percentage of those unnecessary things that make you lose money. Cut down the loss and save it up, it is going to be of great use to you. At this point, every penny is invaluable!
MAKE YOUR SAVINGS AUTOMATED
If you have a bank account, there is no easier way to do this than have the bank work this out for you. Let’s say you earn every month end, arrange with the bank to always deduct a certain amount (usually the amount you would want to save) and keep safe for you so you won’t have access to the said amount. This way you won’t even have a thought of spending what isn’t available to you.
A PIGGY BANK MIGHT BE A WAY TO GO
If you receive cash on a daily or weekly basis depending on how money flows in, a piggy bank might be the best fit to attain a success in saving. Make sure you drop some cash in the piggy bank whenever money comes in, this method is near best since you will have little or no idea how much you’ve saved while the progress never stops.
DISCIPLINE YOURSELF WHEN YOU ARE IN A STORE (ONLINE OR OFFLINE)
Discipline is the word to always hold close when you decide to start saving. When you enter a store to get something you need I bet you may be tempted to buy other stuff you don’t need. Always have your consciousness close by.
It could be easier when trying to not get tempted in a physical store but what happens on the internet is sometimes beyond you absolute control. At this point you will be graced with enticing adverts and notifications about new and trending stuff on the internet. You may not have to torch the cash before spending right? But please don’t fall into that temptation, what you pursue will earn you all you are deprived of today, it is only a matter of time.
MAKE THE PROCESS A SMALL AND STEADY ONE
As goes the saying ‘Rome was not built in a day’, do not wait to have a huge some before you start to save. Start where you are, with what you have at that point in time. Do not procrastinate because it will kill your dream. I believe in the ‘growth begets growth’ line. The success of the little savings will spur you to even save money, with time you shall figure out even more ways to make your savings plan work perfectly to best suit what you need the money for.
SAVE BEFORE YOU SPEND
Most people save after they’ve spent on all they want. But this is a very wrong way of spending as it may crash your savings dream. There are lots of downsides that align themselves with ‘the ‘save after spending’ method.
You might end up
◊ Spending All Your Income Or Salary Before You Touch The Savings Line
◊ Buying Things You Don’t Necessary Have A Need For
◊ Not Meeting Your Target Over A Stipulated Time
◊ Carried By What You See
◊ Regretting After The Damage Is Done
All these points amount to a possibility where you may not meet up with your stated savings plan. Saving before spending come with so many benefits and boosts your management skills; it will boost your discipline in spending and help you work with what is available to you. After all, there is a very good reason why countries prepare budgets before implementing and executing projects.
Conclusively, being able to save from the little you earn in order to start up your own business is one of the needed skills of a business person. Therefore, if you are able to successfully pass this stage then you would make a good entrepreneur.