In this article, we’re talking about several lifestyle changes you can make to achieve entrepreneurial success.
The road to entrepreneurship is a long one. Requiring extraordinary levels of determination, dedication and perseverance.
Starting a business requires for substantial personal investment, not only financially but also mentally. Indeed, a look at the success habits of high achievers tells you that entrepreneurial success is more than just a 9-to-5. It’s a way of life.
5 Lifestyle Changes For Entrepreneurial Success
If you’re considering a future in business, making some minor lifestyle changes could not only help to free up the financial capital you need, but also get you into the right mental zone.
Here are five highly effective approaches that will save you money whilst setting you in good stead for entrepreneurship.
1. Become Independent
Learning to become truly independent is an extremely valuable lesson, not only in business but for all aspects of life.
Whilst it’s necessary to lean on friends and family for moral support, being able to cut out the middleman when it comes to more practical matters is highly beneficial. Both financially and in terms of personal development.
Get into the habit of relying on yourself wherever possible; if something needs fixing, take the time to learn how to do it rather than immediately calling in an expert. If your laptop reports an error, do your research and see if it’s something you can resolve yourself.
Likewise, if your car is in need of maintenance, take matters into your own hands. Many parts, such as the fuel filter, can be easily found online at Mister Auto and replaced with the help of the car’s user manual.
Consider such occasions not as costly setbacks but as an opportunity to take on a challenge, learn new skills and become completely self-reliant.
Having adopted this mindset, independently managing all the diverse aspects of your business will be considerably less daunting.
2. Learn to Negotiate
Mastering the art of negotiation is crucial for any successful entrepreneur, and something you can work on long before you enter the world of business. Negotiation is both a money-saving tactic and a confidence exercise, and can be applied to practically all situations.
From mobile phone contracts to utility bills and insurance, there is almost always a better deal to be had.
Rather than simply auto-renewing and staying with the same provider year on year, make a habit of shopping around for the most competitive offers. Use price comparison websites and negotiate better rates with your current supplier.
As well as cutting down your outgoings, this will set you in good stead for running a business. Bargaining with providers and being assertive will become second nature, and you can be confident in your ability to secure the best rates for your company.
3. Appreciate Pre-Loved Goods
Getting a business physically set up is one of the biggest expenses an entrepreneur will face, and knowing how to do this frugally will save you substantial amounts of money.
Again, adopting the right mentality in everyday life will give you a good head start, so look at adjusting your typical shopping habits right now.
If you usually buy things full price on the high street or online, try consulting second-hand marketplaces first to see if you can get a better deal. eBay, Gumtree and even friends and family are great sources for pre-loved goods that are often just as high-quality as their brand new counterparts.
Learning to think outside the box will prove extremely valuable when setting up office. Bulk-buying ex-corporate computers, using free software trials and purchasing recycled ink cartridges are just some similar ways that new businesses can save money.
4. Let Go of Excess Baggage
In financial terms, excess baggage is anything you are paying for that you don’t really need. This usually takes the form of long-term subscriptions.
Adopting a pay-as-you-go mentality is therefore one of the most effective ways to cut unnecessary costs. Evaluate whether your current subscriptions are truly justified in terms of how much you use them. If they aren’t, cancel them.
Instead of subscribing to every channel on cable TV, pay for individual shows via Netflix or iTunes. And if you aren’t making the most of your gym membership, consider looking for more flexible alternatives.
As well as enabling you to keep a closer eye on your outgoings, this approach is highly transferable to business.
When first starting out, it can be difficult to assess exactly what the business needs in terms of workforce, hardware and software, so you may end up paying for things you don’t use.
Working with freelancers and using pay-as-you go services will help to avoid any unnecessary costs in the start-up phase.
5. Embrace Minimalism
Finally, a minimalist lifestyle may hold the key to realizing your entrepreneurial dreams.
Firstly, downsizing your living quarters could lead to major savings, whether it’s through lower rent or reduced energy bills.
Secondly, learning to place less value on physical possessions and enjoying the simple things in life instead can help to gain sharp focus and mental clarity.
In business terms, minimalism translates into streamlined processes and optimal productivity. So it’s easy to see how a stripped-back lifestyle forms a solid foundation for
Setting up a remote business model, for example, limits the amount of office space and equipment required to run a physical business. Likewise, working in the Cloud reduces the need for physical resources whilst improving efficiency within the team.
Let’s recap on the small lifestyle changes you can make for entrepreneurial success:
- Become independent
- Learn to negotiate
- Appreciate pre-loved goods
- Let go of excess baggage
- Embrace minimalism
These are just some examples of how the right lifestyle and mindset can shape your success as an entrepreneur.
By adopting a certain mentality in all areas of life, you can take control of your finances whilst ensuring you’re mentally equipped to forge an independent, sustainable and successful business.
Find more tips on what it takes to become a successful entrepreneur here.