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5 Potential Ways to Ensure Your Finances are Healthy During Entrepreneurship

Money is to be handled properly but Entrepreneurship has intoxication of it's own which squeezes the last drop of your savings, but we have the solution that can keep your liquidity safe
5 Potential Ways to Ensure Your Finances are Healthy During Entrepreneurship
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Former Staff
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

With new-age entrepreneurship potentially breaking barriers as far as leading to the development of actual solutions to issues, not too long ago considered unsolvable, it is only imminent that the entrepreneur; especially the first-timers; master smart techniques so as to minimize wastage of resources whilst maximizing entrepreneurial potential.

In this regard, if you are a first-time entrepreneur and business owner in 2018, one precious resource that you would never say no to saving is spending (money). Here, Entrepreneur India list 5 offbeat tools through which you could keep your entrepreneurial juices flowing whilst potentially still having something to cheer about in your pockets:

  • Through ensuring non-active income: Now, remember that entrepreneurship always does not require you to part with all your lifetime savings. You could choose to retain these savings intact and derive money through active sources solely on the basis of your entrepreneurial idea. Non-active income can be derived through minor ventures (even side businesses) that solve problems; examples here include renting out (vehicles, equipments, properties, and more); providing small services viz babysitting, vehicle washing, freelance writing, et al, to earn money which could be used to fund and further your entrepreneurial ambitions.

  • Taking the crowdfunded route: The crowdfunded route is generally preferred by entrepreneurs to kickstart the initial part of their entrepreneurial journey as angel investment can be raised to meet at least the basic needs of launching a product. Here, you could go in for a crowdfunded campaign, raise money, and use this to actually hit the marketplace; your personal savings could be used also be invested here; to meet additional expenses; thereby ensuring that unnecessary spending is eliminated.

  • Turning a micro entrepreneur, before the big one: Now, it should not do you harm to first experiment on entrepreneurship in a freelance mode before you turn a full-time entrepreneur. You could dabble with a lot of freelance business opportunities, even make money out of these; potentially pool in this money to go big on your macro entrepreneurial venture. This ensures that you understand both the nuances as well as financial aspects before you turn full-fledged entrepreneur.

  • Travelling Smarter: If you have already turned a full-fledged entrepreneur, one of the easily implementable smart techniques is smart travelling; with business trips known to consume huge budgets more often than not; it should not hurt you to relook at your travel arrangements and consider solutions such as pooling in cab rides, travelling economy class in airplanes, opting for customized roaming cellular plans, and more. These aspects are not earth-shattering; but do potentially offer newbie entrepreneurs a way to ensure that money is spent more on entrepreneurial furthering (the business itself).

  • Read and Research: The good old reading habit is still relevant in entrepreneurship of 2018; if you are a budding one, then it should be worth your time to read as many books on the concept of “managing and saving money while doing business”. Also, with today’s technology having introduced social networking, you could always connect with authors who write such books to understand exact financial strategies.

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