S1E9: Change Your Lifestyle to Help You Raise Capital
In this second part of the 5-part series on Raising Capital, I wanted to focus on how changing your lifestyle can help you to raise capital for your business. It's a simple tweak in your life that can help you push your savings into your capital pool.
This episode talks about the exact step I took to raise capital for the 3 businesses I've started. I can't wait for you to tune in to this interesting episode here.
Listen to the Episode below:
In this episode, you'll hear about:
How to cut back on your personal expenses
Where to keep your capital money
Listen to all the episodes from Raising Capital Series:
Welcome to Fempreneur Secrets, where business secrets are revealed.
This is a five-part series on how to raise capital for your business. We started off the first part in the previous episode, episode number eight, on how much should you raise for your business.
So in today's episode, in the second part of the five-part series, we are going to focus on how changing your lifestyle can help you set aside some money for you to raise capital for your business.
The first thing that you need to do, is to change your lifestyle.
Take a look at your personal habits.
If you're spending more than $100 a week on eating out, it's time to cut that by half, and refocus to purchasing groceries instead.
It may require you to reorganize your time, so that you can cook a meal, but it will help save you so much money, that you can set aside while building up capital for your business.
Subscriptions is another is another thing you can consider cutting out on. If you've been paying for some subscriptions which you barely use, it's time to stop them from running.
Cutting back on subscriptions, could help you push that savings into your business capital.
So, what you need to do now, is to take a look at all your lifestyle habits.
Jot down how much you've been spending on certain things in your life. For example, as a woman, I'm sure you know we spend a lot on makeup as well. So take a look and see whether you really need to spend on all those makeup, or you can do with maybe the basic three items in your makeup bag. So think about all your lifestyle habits, and cutting back on the expenses that you don't need, and then set aside those savings into your capital bank. That is where you can start to raise your capital, and also improve your lifestyle, by living for less.
Now it is time for you to take action.
Look at your lifestyle currently, and see what is the one thing that you can do to reduce your expenses, so that you can satisfy the savings, and then convert it into your capital. Think about it, look through your expenses.
If you need to, go down to the details of looking at your bank statement, and see how much you've been spending on things that you actually can do without.
List them all out and think about how your lifestyle can improve once this particular element of your life has been eliminated.
Great, so you just have one more thing that you need to do, which is to set up your capital bank. This can be done in many ways.
So the first way that I can think of for you, is to set up a monthly savings account plan with a bank of your choice, so that you can set aside a certain amount of money every single month for your business.
Another way that you could consider, is to create a separate account for your business capital only. So all the money that goes inside that, is just specifically for you to raise capital for your business.
Eventually when your business actually starts jumping off, what you can do is to convert that account into your own business banking account.
So this ties in nicely to the next part of this five-part series, part number three, on how to live for less, so that you can raise your capital for your business.
What do you think?
I'd love to know what you think of this episode. Do you plan on leaving your full-time job soon to start your business? If so, where are you now in that plan? Share with me in the comments below!
Here's How to Subscribe & Review
Want to be the first to know when new Fempreneur Secrets episodes are released? Click here to subscribe in iTunes!
Also, podcast reviews are really important to iTunes and the more reviews we receive, the more likely we’ll be able to get Fempreneur Secrets Podcast and message across more women entrepreneurs (something about iTunes algorithms?). I’d be extremely grateful if you left a review right here letting me know your favorite part of this episode.
#FempreneurSecrets
Loving our podcast? I encourage you to use the hashtag #FEMPRENEURSECRETS to share with our community of Fempreneurs what you’re inspired by. As a bonus, you’ll get to go through all the posts to find women entrepreneurs who are in your similar industry — get inspired to collabore and go beyond competition. I’ll be reposting some of my favourite posts too!
Keep learning and keep believing in yourself, because the world needs an inspiration just like you.
Thank you so much for listening, and I hope to see you in the next episode, which is part number three, for the five-part series on how to raise capital for your business.
Love This Post? Pin it!
