There’s no doubt about it that being a successful entrepreneur requires a lot of expertise in a lot of different areas. Arguably one of the most important aspects to becoming a successful business owner is having your finances in order; after all, with no money, you’ve got no business. So, to help aspiring entrepreneurs take their next step towards building their empire, we’ve asked 16 expert entrepreneurs for their best piece of advice for managing your personal finances. Here’s what they had to say:
1. Diversify!”Diversify. Diversify. Diversify. I know that’s canned advice you would hear from almost every other “financial expert,” but it rings especially true for entrepreneurs. Here’s something you might not want to admit to yourself: your entrepreneurial venture has a greater chance of failing than succeeding gasp!. By diversifying and placing funds into another side business, alternate investments, or just setting aside cash, you will give yourself breathing room in the event that you have to call it quits or need to pivot to another business. In my own experience, I have been able to diversify into other ventures that operate independently of each other and that has led to constant growth and more exciting opportunities.”–Jeff Rose, GoodFinancialCents.com
2. Plan For Inevitable Rainy Days Or Months
Dispatches From The Front 