Many people dream of running their own business. While some are driven by the pursuit of money, many want to control the W’s in their life.
Running your own successful frugal business gives you control over many of life’s W’s.
- What you do.
- When you do it.
- Where you do it.
- and with Whom.
Money is multiplied in practical value depending on the number of W’s you control in your life:
what you do, when you do it, where you do it, and with whom you do it.”
Timothy Ferriss
I’ve worked with hundreds of successful business owners over the years. Many are fond of saying, “I only work part time. I only work 16 hours out of 24.” Others will say, “When you own your own business, you get to choose which 12 hours of the day you’ll work.”
When you run a frugal business, you have more control over the 5 W’s listed above than the business owner who isn’t frugal.
“Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises.” —Aristotle
Frank A Clark was an American politician. A private attorney, he served 2 two year terms in the Florida House of Representatives, with nearly a decade separating those two terms. At the turn of the 20th century, he was elected to the US. House of Representatives, where he served for the next two decades.
He has achieved internet fame with this quote, “Many folks think they aren’t good at earning money, when what they don’t know is how to use it.”
Frugal Business owners know how to use money. They know how to invest it wisely. They know that many financial problems aren’t rooted in making money, instead they’re rooted in spending or using money.
MC Hammer is an American hip hop recording artist, dancer, record producer and entrepreneur. His meteoric rise to fame in the 1980’s was followed by a very public downfall. The recording artist who at one time had an estimated net worth of over $33 million according filed for bankruptcy protection in 1998 with $13 million in debt.
This is just one example of someone who was great at earning money, but terrible at using it. The entertainment and professional sports industries produce a new crop of overnight millionaires who regularly fall on hard economic times despite earning millions of dollars.
I believe it’s impossible to run a frugal business if you’re not living frugally in your daily life. If before you began your business, you weren’t living frugally then you’ll probably find running a frugal business is difficult.
“Money is only a tool.
It will take you wherever you wish, but it will not replace you as the driver.”
Ayn Rand
This Ayn Rand is truly inspired. Frugal business owners (and people who live frugally) view money as a tool instead of a destination. There’s a certain sense of calm when you have control of your spending.
“Money is a terrible master but an excellent servant.”
P.T. Barnum
The frugal business owner knows that if they aren’t master of their money, then their money issues will have mastery over them.