by the Poor Capitalists Club
Entrepreneurs work for free. You chose to forgo the luxury of a steady paycheck with benefits when you signed up for this life. A restaurant owner gets paid by the hamburger. A landscaper gets paid by the lawn. In both cases, the entrepreneur works until the job is done- not until quittin’ time. The upside is a lot of money coming your way when you’re able to sell lots of burgers or mow lots of lawns. The downside is that you will be broke until then.
So, how do you handle being broke?
Trim the Fat
Don’t delude yourself that your creature comforts are necessary. You can always survive with less. Cancel or pause all those streaming subscriptions that you don’t use very often. Keep the ones that you DO use often, or the ones that you need in order to run your business. If music keeps you focused for the grind, then keep Spotify. If you drive for a living, keep Audible. Be honest with yourself about which monthly expenses are really helping you, and kill the rest.
Socialize cheaply
Doesn’t it get exhausting to party every night? Save the parties for when you’ve made that big sale and you have something to celebrate. If you’re struggling with cash, the last thing you want to be doing is waking up hungover every day. An entrepreneur’s job is to solve problems, and you need your brain for that.
But if you do need to scratch that social itch, there are ways around it that don’t involve a $50 bar tab plus tip. Invite the homies over and post up on the porch with a couple six-packs and a pack of Pyramids. It’s more fun than you might think.
Responsible Credit Use
There’s nothing wrong with credit cards. You can keep yourself alive on these things, but make certain that you pay it back as soon as you get paid. Aside from keeping your needs met through those rough times, you can build your credit in case you need a loan for future start-ups. Kill two birds with one stone.
DON’T do this if you know that you can’t control your spending. NEVER use a credit card to indulge your vices. If you’re jonesing, use that as motivation to get some work done. Keep an empty beer bottle on your desk like a carrot on a stick.
Don’t Take Breaks
It isn’t a rut, it’s a losing streak. Getting up from the table and coming back later doesn’t break a losing streak- playing until you win does. Shake up your strategy as you go along, try different approaches, try selling to different people. Get creative with it. Keep at it until you finally do get that win- only then should you celebrate. Then, get back to the table and do it again.
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