Surviving Financially when become an Entrepreneur

Surviving Financially when become an Entrepreneur

They optimize their time, then money.

Entrepreneurs who nickel and dime for years don’t have the right mentality.

If you want to save more money, then make more money.

You can skip out on every trip to restaurants, bars, and the movies to save money. Or, you can take a two-hour weekly consulting gig to continue enjoying the little perks of life.

The trick is to find these two extra hours. Maybe it’s cutting down on your commute time, waking up earlier, or skipping out on Thursday night partying.

The inches we need are everywhere around us” – Al Pacino

It’s not hard to survive financially when you manage your time better.

Plus, startups require little money to get initial traction. Your highest startup costs should be software and living expenses. Let’s break it down.

Initial co-founders?

Zero salary.

Startup space?

Work from home.

Paid advertising?

Rely on organic traffic and content.

Attending expensive conferences to meet people?

Cold email.

Most startups that put all their money on paid advertising end up losing big. Organic channels scale better. A Facebook ad only works when it runs. On the other hand, a blog post may rank for specific high-traffic keywords for years.

The hardest part of surviving financially is persistence through years while never wavering from your growth marketing framework. Every day you’ll have to get more feedback from prospects and customers, improve your product, create content, and run more experiments.

I’ve seen many founders stick to their growth plan for months only to get impatient then lose thousands of dollars on paid advertising. Don’t be that person.

You need to have a long-run mentality with growth; otherwise, you might as well give up now. It may take several years of testing and improving your product before you get traction.

Most founders prepare for only a year of runway. Not smart.

You may have side consulting gigs for the next two years as you work on your company. It’ll pay the bills when things look bad and keep you going. That’s okay. It’s normal.

Nobody said it was easy.

You’ll have to make sacrifices you can’t foresee but never lose your patience or fall off track from your growth strategy.

And if you get low on money, then make more.

That’s it.

 

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