How I Built My Dream Business Debt-Free

If you have a dream you want to pursue without the pressure of debt, here are three ways to build your dream business, debt-free.

Melinda Sims, Founder of Mel Sharell Paper & Company | Source: Courtesy Photo
Melinda Sims, Founder of Mel Sharell Paper & Company | Source: Courtesy Photo

#Entrepreneur / #Girlboss / #Bossbabe / #Womaneur

All of these hashtag worthy terms describe the inspiring notion of owning a business, but where are the terms that describe the process to get there?

#Planner / #Visionary / #Timemanager / #Leader / #Organizer / #Money Saver

While the former labels are inspiring and catchy, the latter launched my business, Mel Sharell Paper & Company and helped me create The Pinnacle Planner.

If you have a dream you want to pursue without the pressure of repaying a loan, here are three ways to become a planning visionary and build your dream company, debt-free.

 

1. Sharpen your axe

Many entrepreneurship articles suggest starting with the problem that you want to solve. This is fine however, it misses the mark if you first do not know who you are or what you want. Self-awareness provides a clear perspective on the problem to solve and your place in that ecosystem to solve it effectively.

As Old Abe wisely stated, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” I had to give my idea a fighting chance to overcome common startup blunders by ensuring it aligned with my purpose, calling and legacy. This is sharpening the proverbial axe. Why is this important? Because any mis-aligned pursuit will be a heavy burden instead of a creative journey.

Lessen this risk by doing the internal work first to identify who you are and what you want. If you want to pursue a debt-free company then first start with yourself. This will give you the leverage to stick to your goals, execute your plan with precision and make wise financial decisions.

 

2. Create knowledge-based goals

It is important that your goals are based on research. I created financial goals after learning about industry standards and trends. This knowledge helped me find a figure to work towards saving so I could produce and launch a quality product.

 

Photo: Kaboompics.com, Pexels
Photo: Kaboompics.com, YFS Magazine

I did not sell myself short. I worked from this figure and created a financial plan. I also learned where I could cut costs by doing things myself. I recommend budgeting for books, credible webinars, and other industry resources to access insiders tips. Spend time studying industry trends to establish researched-backed financial goals along with hard deadlines. The goals and the corresponding time frames will get you ready for the next step.

 

3. Commit to a systematic plan

Let’s be honest. Saving consistently is hard. But, it is easier with an action plan of systems and deadlines. I broke the large figure down to monthly, weekly, and daily goals. Then I directed my energy to the daily goals. This is where the magic happens – it will keep you motivated and accountable.

My daily figure forced me to review my spending which was a routine Starbucks and Whole Foods run each morning and another coffee run once I got to the office. As you can imagine, these expenses added up. I eliminated excess spending by cooking and only treated myself once a week. The cost of this treat meal was calculated into my daily number so I was never taking away from my business savings.

Afterwards, I researched free, high-interest yielding online bank accounts. I opened one I was happy with and set up automatic transfers without a debit card. By the next pay period, I met my goal and even earned a little interest on my untouched savings!

Revisit your purpose in order to establish clear financial goals that you can easily stick to.

 

Melinda Sims is a wife, mother to a mini-golden doodle, and the founder of Mel Sharell Paper & Company. Her goal is to help entrepreneurs lead with love, meet their goals, stay organized and to help others to do the same –all in a day’s work. Are you ready to get started on your debt-free business? Checkout this workbook to get to know yourself again and set clear financial goals that get you closer to your dream business.

 

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