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20 money tips that save your skin as an entrepreneur

May 31, 2020

The opinions of the employees of s You are personal.

Money is important to grow an entrepreneur’s business. It is logical and obvious. It is one of the raw materials for starting a startup. So it’s important to take care of it.

20 money tips that save your skin as an entrepreneur20 money tips that save your skin as an entrepreneur

Here are 20 tips to help you take care of your money and protect your company’s skin.

1. Diversification

You already know, don’t put all your eggs in the same basket and never depend on a single source of income.

2. Risk

Undoubtedly, companies always contain a dose of risk and adrenaline. However, it’s not about jumping upside down. The risk must always be calculated and accepted. If you lose, just shake yourself and go on, it’s the cost of the experience.

3. Cake size

A small piece in a large cake is better than a large piece in a small cake. So if you want to earn more, worry about enlarging the cake, not overlapping the existing one, and quitting.

4. Distribution of the cake

Both profits and commitments must be distributed evenly, otherwise the work team will experience friction over time, which will have a negative impact on business income.

5. Scope

Depending on your industry, but in general, if you want to generate millions, you need to help millions and think about how you can bring your product or service to those millions.

6. Hippies

The fact that your project is social is no excuse for not knowing how to make money, and you spend it by extending your hand to ask for donations. Learn how to generate money. The more you generate, the more noble you can make a contribution.

7. Toxic money

A lot of money, especially for beginners, prevents the entrepreneur from trying to test himself and burning in the heat of the market. This means that the entrepreneur is unwilling to face these challenges if the company faces major challenges that drive the company into bankruptcy. In the beginning, money should be replaced by hard and intelligent work, with strategy, imagination, capacity, resilience, innovation and perseverance.

8. Resources

Start with the minimum resources, and if you’ve already started, always think of the idea of ​​low costs, don’t you have any money? The capacity of the entrepreneur is not related to the scarcity of resources, but to the use of existing resources.

9. Financing

Get rid of the idea that your business only attracts large investors or mega bank loans because of your pretty face. Build your business based on time and income from real customers, and if you have already done so, then the investment can come, that is, the investment is for climbing if you have already proven that you are on it coming to the market, not for when business lives only in your imagination.

10. Debt

First, remember that today’s debt affects your decisions tomorrow, and that debt should only be used to convert it into an investment according to the following rule: The return on investment must be greater than the cost of debt.

11. Family loans

Be careful! As I said, measure the risk. They don’t want you to have a family debt through planning or mismanaging your business that damages your relationship with the people you love most.

12. Inheritance

Don’t expose too much personal fortune, nobody wants to become a tramp from a businessman. I repeat, the risks have to be measured and accepted.

13. Doesn’t the tree let you see the forest?

Think once a month for a day in the medium and long term. Ask yourself what is emerging on the horizon to expand your income, new laws, new contracts, new technologies or vice versa, and what is emerging on the horizon that threatens the performance of your company’s sector.

14. Use the financial leverage

Basically, it moves large amounts of money by investing little, making a return on the street, or making a controlled loss. Widely used for foreign exchange and cryptocurrency investments or for investments on the stock exchange. However, the concept can be used for any desired company.

15. Generates residual income

Passive income is what goes into your pocket without you having to do more work for it. Examples: license fees for book sales you wrote, monetization for YouTube videos, investment returns, monthly fees for automated services.

16. The cost

In the beginning, the highest costs for a company are usually wages and salaries, as well as buying or renting the physical space to be occupied. So do not hesitate to convert the internet in your home, rent virtual offices or coworking areas and send everything you need for your production. Automate every process that can be automated and reward every idea from your team that can cut costs.

17. Keep it simple and clean

A complex and disorganized business loses money and opportunities.

18.Stay Zen (always with Tranquillity)

If your personal life is a mess, your business will suffer the consequences. If your head is full of “problems”, the decisions you make about your business will certainly not be the best, resulting in bad investments and low returns. Calm down, relax, breathe, think and act. Try to be in balance.

19. Learn to negotiate

Negotiations, gentlemen, take place in street markets or in large companies with millionaire contracts. So take the pain off and learn to negotiate. Prices, conditions or guarantees. There’s always a way to tip the scales, and it’s no small thing, a good negotiator can mean your company’s survival or bankruptcy.

20. No money to start?

TO: Position yourself in a company that is similar to the company you want to start. This way you get paid while you learn everything about the business and save for your business.

B: Start a much more humble business than you thought, maybe even in a different area, make it work, make money, sell it, start a more robust one, and so on until you get your original idea.

C: Sell ​​something that is not yours. If you have no capital, I assure you that if you contact a company or person and offer to sell their product or service with a commission, they will be accepted.

Remember, making money for one means making money for others.