Most of us need more money or at least we feel like we do. As an entrepreneur, you’re earning every cent you make. You don’t get sick days, you don’t get paid holidays and you have to pay for your own medical and dental plans. It can feel like you’re a little bit in the poor house sometimes, especially as an entrepreneur. If you need more money, here are some of the secrets that super successful entrepreneurs have shared.
Tim Draper -Focus on Making Money, Not Saving It
Tim Draper, founder of Draper Associates, DFJ, and author or “How to be the Startup Hero” has great advice on changing how you look at money. Instead of worrying about how to save money, think about how you can make it. How can you leverage the talents or capital that you have? Maybe you have a building you purchased. How can you make it make money for you when you’re not utilizing it. What about your talents? If you’re in business for yourself, you have a special power. Figure out what that is and use it to make you money.
When you work hard, you have less time to spend anyway, so saving is easy. You don’t want to break the money-making state and you have very little time to focus on things you want.
Spend less time worrying about how to save money and more time thinking about how to make it.
Matt Mead -Get to Work
Matt Mead has great advice when it comes to working. He first says not to fake it until you make it. This is a waste of your time and energy. People can see through you and you won’t get anywhere in life with anyone that matters. This is true in business and your personal life. If you want to be rich, acting rich isn’t actually going to make you rich. You might as well be honest with yourself about where you are and who you are.
You then have to figure out what your goal is. Aim as high as you want. Most of us are far more capable than we realize. Make your goals big. Bigger than you could ever imagine. Write down the goal a few times a day. Stay passionate about it. If it’s money that you desire, write a dollar figure down many times throughout the day.
Now you have to be relentless about your financial goal. Don’t buy things, don’t do things, don’t sit around watching TV. Live and breathe your financial goals and work towards it daily. Mead says that there are no shortcuts, just discipline and hard work will get you where you want to be.
Amy Novakovich –Get Rid of Bad Money Habits
You should never borrow money if you don’t have it. The exception is, if you can make money from borrowing that money. Savvy people may pay 3% on borrowed money. Investing it, they make 7%. If you get a credit card that offers a 0% promo rate, transfer your credit card balance over to the new card. You may pay a fee to transfer but it would be less than what you’re paying in interest. Just make sure to pay off the interest before the promotion ends.
Don’t be reactive when it comes to money, be proactive. Put a percentage of your paycheck into an emergency fund so you don’t have to use credit to get you out of a bind. Aim to always have three months of living expenses saved up. When there is money set aside for life’s surprises, you’re going to feel less stressed and have a better relationship with money.
Lewis Mocker-Realize Your Own Self Worth
If you want to get ahead financially as a business owner, you have to pay yourself first and foremost. Self-worth is connected to your net worth. Focusing on valuing yourself, and you’re less likely to burn through money needlessly.
Follow your heart in life. This makes money making easy. When you’re passionate about your work, the sky is the limit. You have fulfillment, so you’re less likely to feel the desire to spend all your money. Lewis Mocker says to create an automated savings account. Increase the amount you put in there every quarter. To start, transfer at least 10% of your earnings into an account you can’t easily access.
Marina Rose –Develop Products That People Really Want
If you’re going to invest in a business idea, it should be something you know is going to be highly popular. When you create products and make them the best on the market, you’re sure to make money. Rose also says to do what is best for customers and investors. People are going to know what your intentions are and are interested in doing business with likeable people who are trustworthy.
Marina Rose developed an essential oil line because she knew that’s what her customers were looking for. They sold themselves. If you listen to the wants and needs of people even in your core group of friends, there is always a need.
When you do develop a good product, you’ll need to have an open business model that allows you to grow. You can create something fast. If your business model allows for it, you can make money quickly too. It’s important to know what you want the intended outcome to look like. That helps build your open business model.
When you’re looking to make more money as an entrepreneur, you should always make sure that every dollar goes towards making revenue. This won’t last forever. Soon, your money will be working for you and you can buy whatever you want. Though, once you’re in this kind of mind frame, you begin to realize that many of the things you used to want and need are no longer desirable.