It’s no secret that breaking into the startup industry is difficult. It’s demanding for even the most well-prepared entrepreneur. It can be a challenge for those who have the dream but not necessarily the financial backing needed to get started. If you’re committed to living the startup life regardless of your current lifestyle, take some pointers from other successful startup founders. Here are five habits that only the most business-savvy entrepreneurs share. It can help you reach your personal goals and keep your personal finances afloat until you find the right funding for your startup.
1. Wake up early
One of the most common habits shared by successful business people is their wake-up time. According to Business Insider, roughly half of all self-made millionaires get out of bed at least three hours before they start work. They use this extra time strategically organizing their day, exercising, and working on any personal goals. If you wake up with just enough time to allow for a shower before you leave for your office, try setting your alarm clock as early as 5 a.m. At the very least, this earlier wake-up call will make your morning ritual less harried.
2. Avoid takeout
As a founder of any company, your schedule is always changing to accommodate meetings, fluctuating deadlines, and other circumstances outside your control. It’s easy to rely on ready-made meals, drive-thru, and takeout when you’re constantly on the go, but this habit can leave your wallet empty. Now that you’re waking up earlier, you can find time to make your meals and avoid costly takeout.
3. Have multiple backup plans
Smart business professionals never put all their eggs in one basket. They develop multiple streams of income to reduce the risk of failure affecting their quality of life. Side businesses, side hustles, contracts, and income-generating investments are a great way to diversify your income.
You should also be prepared for emergencies should something outside your control test your finances. When a new bill or repair leaves you with little wiggle room in your budget, quick online loans are an easy way to cover these personal financial emergencies. Online lenders like MoneyKey offer online cash loans as a faster alternative to many traditional services, removing the barriers that prevent many entrepreneurs from getting the help they need.
4. Get enough sleep and exercise
Successful people prioritize their health, making sure they get enough sleep and exercise every day. Getting the recommended 7–8 hours a night improves your ability to think creatively and remember facts and figures. Exercise similarly helps you focus, as it clears your head and increases your motivation to take on tasks through the day.
5. Live frugally
Financially savvy entrepreneurs know when and where to spend their money. They don’t waste it on unnecessary purchases that limit their financial impact. Many of the most successful startup founders make huge sacrifices in their personal lives so they can live the startup life. Some end up living with multiple roommates in a basement apartment. Others walk as much as they can, relying on public transit when they can to avoid the cost of taxis and auto insurance.
To find out how you’re spending your money needlessly, go back through your finances and track your expenses for the past three months. This gives you a good idea of how you typically spend your money. Once you categorize each transaction, you can start identifying spending patterns that do nothing but loosen the money from your wallet. Whether it’s spending too much on rent or transit costs, brainstorm ways you can lower these expenses.
The industry may be merciless, but failure isn’t a foregone conclusion. You can set yourself and your startup up for success by adopting habits that only the most successful people have in common. Though you may not have the finances you need now, following these tips can help increase your chances of having them soon.