Your Lifestyle Can Destroy Your Business

Over the years I've known hundreds of small business owners, men and women who knew how to start business successfully. I have asked them why they put in the time and the effort, which is substantial.

They succeeded because they had a passion for what they did. The vast majority say the same thing: "It's not work, I love what I do, its almost like a hobby to me!" They are passionate about what they do and they enjoy it.

Certainly it can have its days, but most of the time they love what they do. This is an absolute key to success for anyone asking questions about how to start business opportunities that will succeed.

As you start your own business, you better be pursuing your passion. Being a small business owner isn't a job, it's a lifestyle, it's all encompassing.

It doesn't mean you won't have a life. It just means that your business will be a big part of your life. So, if you're married, don't forget that your spouse should be involved at some level.

Many very successful small business owners tell me that their spouse is a big part of their success. I know it's true for me too.

Another lifestyle issue involves your spending habits. In the early phase of starting your new business cash will be tight. I don't know many people who know how to start business without cash issues.

Since cash is tight it's best to get a real handle on what you spend and make sure in the start up phase that you are keeping personal spending to a minimum. The more cash you need for personal spending the greater the strain on the business.

This is a commitment both you and your spouse need to have to give your business the best chance for success. It's always a good idea, no matter what stage of business you are in, personal spending should always be managed well.

No matter how much you know about how to start business well, if you can't manage personal spending you will fail.

Real Life: I've seen so many a small business fail because the owner or their spouse continued to draw money out of the business at a rapid rate. This created a cash flow shortage and left little money for operations, growth and innovation.

Remember that key business principle: innovate or die. Cash flow is the life blood of the business. Keep bleeding it off and your business will die without the funds for innovation.

Your business will take care of you, if you take care of it.

by Steven Schlagel - June 21, 2009

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