Well-known business philosopher Jim Rohn died last month, but the lessons he taught will live on. He once said, "Learn to be happy with what you have while you pursue all that you want."
My journey to becoming a business owner began about two years ago, when I realized that I had a lot of things, but not very much peace of mind. I was gainfully employed in corporate communications, had two children in full-time daycare, and felt like I spent my days running circles in an attempt to have it all.
So this past summer, after a great deal of research, number crunching, discussion with my husband and of course, praying, I decided to take a huge leap of faith and quit my job and start a PR business working from home. I've learned many lessons along the way, but the main thing I've learned is to be content with less. I've done a bit of downsizing in some areas, but I feel so blessed to be my own boss and have more time for my children, that I really don't even feel the crunch.
I thought I'd share a few tips that can help any small business owner or mom who is trying to keep the finances balanced in this tough, but hopefully improving, economy.
1. Drop those high-priced services and do it yourself: house cleaning, lawn maintenance, manicures, designer salons, etc.
2. Make trips to the library rather than the bookstore. It saves money and is good for the environment.
3. Cut out newspaper and magazine subscriptions and save by reading online.
4. Shop at children's consignment boutiques and make money for yourself by consigning outgrown clothing and toys.
5. Don't buy new when shopping for automobiles. Go for certified pre-owned with an extended warranty.
6. For business owners, there are many affordable ways to create your own Web site, business cards and other marketing materials. Use Facebook and Twitter to promote your business - it's free! If you need expert advice, an independent consulant can be an affordable alternative to hiring a full-time employee or full-service agency.
7. Cook more, eat out less, make your own coffee at home, and seek out free entertainment at local parks and museums.
8. Look at refinancing your home, and use the difference to pay off bills or car notes to improve your cash flow.
9. Seek the assistance of a professional financial advisor to help manage your investments and develop a financial plan for the short-term and long-term.
10. Use financial software such as Quicken to create a monthly budget, track expenses, and plan for the future.
11. Work with a CPA to maximize your tax savings and make sure you're getting the proper deductions if you have a home-based office.
Above all things, learn to be grateful for what you have. It has been said that a rich person is not one who has many things, but is content with what he or she has. Making these simple changes to our lifestyle has enabled me to pursue a lifetime dream to own a business while not having to be Superwoman anymore.
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