Personal finance tips for entrepreneurs

Entrepreneurs

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BY WACEKE NDUATI

Entrepreneurs need to look at money differently. Personal finance principles remain the same but the mindset around it and the planning process can be different. Here are five things you can implement as a business person to become successful.

Separate your personal money from the business money.

I have written about this before but today I want to emphasis on mental separation. We seem to have a mind block on paying ourselves even when we can actually afford it. If you have a problem seeing how your personal money could ever be different from the business money, think about it this way. If your business shut down today, would you still exist? Of course.  Therefore, money for your own sustenance would still need to be available. You need to start putting this money aside now.  This does not happen only when your business is making loads of money. A lot of entrepreneurs have found themselves with nothing even after running a business for years. There’s a myth that being completely self-sacrificing and ploughing back everything is good business practice.  Don’t let that happen to you. Business money belongs to the business.

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