How to save money as an Entrepreneur (#foodpreneur)
Save money now for your future
Learning to save money as an Entrepreneur is the first step to becoming financially responsible. It is a difficult but ultimately rewarding journey. You have to be all in- your mindset, attitude, network, everything has to be oriented toward the most optimal ways to use the money you have made. Nobody wants to be the man with so many businesses with little savings to show for it at the end of the day.
Pro tip: You can’t save your way to wealth.
Tip 1: Budget
I know, I know. You are wondering “How can I budget if my income is unstable”. The answer though is easy- In times of many, SAVE and BUDGET! Many of us have daily planners for our schedules so why not for your finances?
Key approach is to add up your most important expenses that you can absolutely not live without. Make sure they are all fully accounted for and stick to it.
Always Remember that,
“There is rice at home”
You know those friends we have who like to go to fancy restaurants on the island to eat very expensive meals? Or the ones who have no idea how to cook and are always buying food. What about the Instagram baddies who’s idea of flexing is a picture of nkwobi with small stout by the side.
You know them and not too long ago, you were them. This post isn’t to say it’s bad or anything but when starting/managing your business, you really have to be good at managing your finances.
‘Soft, soft life! Na so person dey kpain’
Learn to prioritise your spending and create a budget that works for you. Life happens every time and more often than not, your budget won’t always be 100% percent accurate but having well planned finances will always be the right decision to make.
Tip 2: Have separate Accounts for your Business and Personal Finance
This is the first thing you must do once you start making profit. Don’t be like the woman from the creation story who was tempted to eat a forbidden fruit because that’s exactly what will happen if that money remains in your personal account- You will eat it and it will digest so well, you won’t know how/when it happened.
Tip 3: Soft Life
Take out of your profit and pay yourself. That beautiful dress you’ve been eyeing? Buy it. That Isi ewu that has been entering your eye? Get it. Delayed gratification only works if there are rewards at the end of the tunnel.
As people, we will always ache for the finer things in life but not all of us can be like Jeff Bezos or like the King Charles who have everything they need/want. The rest of us have to learn to make do with what we have and make it worthwhile. Money is never enough but learning to take out some of it for yourself without feeling bad is a wise move.
Tip 4: Cut costs
Easiest way to become a financially responsible entrepreneur? Figure out unwanted expenses. One of those could be rent- in 2020, many of us were introduced to the idea of remote work. Yes, we all didn’t have a choice but it opened a new wave of opportunities for remote work and working from home(remote work means you can work from anywhere and work from home refers to working from the comfort of your home). Offsetting rent can be a huge boost to your savings and a good way to do it is by using Co working spaces such as Startup Arena offer really affordable coworking spaces, 24/7 power supply, high quality internet also available for your remote work.
Another easy approach for Entrepreneurs who are #FoodPreneurs looking to save money and deal in production of processed foods, snacks is Village Market, where you can save costs related to packaging your products and eliminate the need for worrying about overhead costs such as power and the likes.
As an entrepreneur looking for ways to be more responsible financially, don’t forget to ask for help. Adulting is hard, we understand that but you are never alone in your journey and asking help only helps you lessen the burden.
If you are looking for ways to grow your social media presence, see our post here.
Just started your business and looking for ways to set up your Social media strategy, see our post here
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