subject: Downsizing Until Your Business Grows [print this page] One of the definitions of an entrepreneur is that they are risk takers. This means that they are willing to sacrifice their physical belongings in order to establish their business. The reason they are willing to do this is because their entrepreneurial eye has seen the potential of their business. Thus they are willing to lose everything now, only to regain it all back later.
No one likes to downsize, not even entrepreneurs, but sometimes it is necessary in order to take control of your finances. Here are some ways that you can downsize until your business grows and you can take control of your finances again.
Furniture
One of the fastest ways that you can make money is to have a yard sale and sell your furniture that you no longer use, or that you could do without. Now if you have a family, this will be extremely hard, as it involves them as well. But if it's just you, then you can do whatever you want to do, and get rid of as many things as you need to in order to make ends meet.
Your Car
Do you have a car? How about trading it in for a bike, or even better, just get rid of it and walk. This may not be possible if you live out in the country, but if you live in town then you definitely can do without a car to save on gas, insurance as well as maintenance on the vehicle. Again, if you have a family you need to consider how it will affect them, and it may not be suitable for you to get rid of the family vehicle.
Your Home
Do you really need to live in a fancy home? How about you sell, or just downsize into a small apartment until things pick up. No one wants to do this, but just think about the fact that it is temporary and that you will regain it all back.
Savings Account
Do you have a savings account? If so, then you may have to dig into that account as well, but use this only as a last resort. Unless of course you are loaded, and can afford use some of it, and still have money left over for emergencies.
Downsizing is probably one of the hardest things that you will ever do, as you get attached to your belongings. However, it helps when you can see the light at the end of the tunnel, as you know that everything you lose will come back to you ten-fold.
Downsizing Until Your Business Grows
By: Helen Reimer
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