“Business is business and art is art. You can support whatever art you want if you run a successful business”.
That’s a quote from Jon Taffer, of Bar Rescue fame. Many entrepreneurs (especially if they are a service-based business not delivering a tangible product) look at what we do as “art”. I would agree to that to a point. We are artists in our own right with what we create. However, if you don’t handle the business side, you’re going to have a VERY expensive hobby or at worse, you may find yourself living out on the street.
If you want to be able to affect the world in the most positive way you can, one of the best ways to do that is to be frugal with money and then give.
I see MANY business owners who have to have the latest equipment or software out there when in reality it won’t make them any more money WHATSOEVER. It’s cool to have the latest “thing” but that’s not what is going to drive your business. Invest in marketing. Invest in sales. Invest in your customers. Invest in your operations. Invest in almost every other facet first before the tangibles. Don’t get me wrong, tangibles are necessary for operations, but they won’t always make you more money. Let’s look at a way you can affect your cash flow in a more positive way and be frugal with your money.
For every $1000 you charge for a service, what if you just took $10 and set it aside in a completely separate account and never touched it?
Would you REALLY miss the $10? Probably not. Yet many companies aren’t profitable. If you started that exercise and over your next 50 transactions did this, you’d have $500 cash saved up. What if you could do the same exercise and set aside $20? You’d have $1000. I think you get the point, but there are many business people I’ve talked to over the years who say they can’t afford things but yet if they just had the discipline to follow this little exercise, they’d have the money to support their art when they needed it.
Protect your business, your inventory, your lifestyle and ensure that you can support the arts and provide for your family.