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Erie Business - July 2021
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www.RustBeltLegal.com 814-315-9255
July 2021
HOW DO YOU AFFORD THAT?
I admit, I’ve never been great at saving money. In the past, and before I owned my own business, I contributed to my employer- sponsored retirement account and received the company match. I stayed on top of that. Beyond that, not so much. One of the things I enjoy about having my own business is that I’m in charge of the money I make. This is something not many entrepreneurs and business owners appreciate. Your financial situation is in your hands, whether you’re a good saver or not. If your business produces more, and does it efficiently enough, you earn more money. It’s all in your control. A few months ago, I wanted to take my family to Disney World. I set that goal and knew how much I needed to earn. If I know how much I need to make, I know how many new clients I need. For example, if the trip costs $5,000, I know exactly how many clients we need to help to earn that money. So, I go out and work to get those clients. I know what my lifestyle, including family vacations, costs, and I can build an effective business plan to reach those goals. Now, I say I’m not the best at saving, but I’m in control of my financial situation. Control is the operative word. Many entrepreneurs start businesses because they want freedom. It’s freedom to set their own schedule or to work on their own terms. However, when you start a business, you quickly learn you’ve created a massive job for yourself. The freedom and flexibility disappear if you’re not careful. That doesn’t mean the freedom you want is gone. It means you’re now working toward that idealized freedom. What you do have is control. You have control over the growth and future of your business. What you need is to build a clear plan to work toward the freedom you have in mind for yourself. As you work toward the goal, you must track everything. It’s collecting every piece of >Page 1 Page 2 Page 3 Page 4
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