Introduction
Whenever we watch a video about entrepreneurs on YouTube or talk to one, we rarely hear them say that the ability to separate business from their personal life is the key to being successful.
Every entrepreneur runs after qualities like passion, knowledge, and motivation. While these qualities are good to have, there are a few things that are far more important than these. It is the ability to separate your professional space from your personal space that is essential to be successful.
The ability to separate these two is not something that someone will tell you if you are trying to become a successful entrepreneur, it is something that you need to teach yourself.
Managing the money you earn is the hardest task. Everyone knows and understands the hardships that come with managing personal finance.
you should always try to draw a line between your personal finance and business finance for the following reasons
- It makes filing tax returns easy.
- You see a clear picture of your expenses and understand where you need to cut them down.
- You will be able to see a clear picture of the profits your company is making.
- It makes it easier for you to evaluate your cash flow and make effective decisions.
Here are a few tips that can help you separate your personal finance from your business finance
- Create separate bank accounts for your company and your personal needs.
- Maintain separate debit cards and credit cards for both aspects of your life.
- Invest in good software that can help you track your business accounts.
- Have separate software for your business and personal expenses.
- Separate time for your business as well as for self-care.
People usually have a wrong image of self-care. Self-care is not about staying in bed, watching movies, and drinking coffee. It is more about following a routine that makes each day of yours relaxing and stress-free. The day you decide to leave your 9-to-5 to become an entrepreneur and work for yourself, the hustle starts. That is when self-care becomes important, to keep your sanity and prevent burnouts.
Following are the reasons why you should separate your work timings from your time
- When you create a boundary between your personal and work timings, you start to understand how much time you need to devote to which activity. It helps you plan your days accordingly.
- You make it clear to your family and to your employees about when they should be contacting you.
- You can give time to your family and your loved ones.
- Another important aspect of separating is separating your workspace, especially during work from home.
Most entrepreneurs start their company from home because purchasing an office space can be very expensive, and in the beginning, you can’t invest your funds in that. But whatever you do, have a dedicated workspace in your home where you do nothing but work-related stuff. If you fail to do so, you won’t feel productive. When you mix your workspace with your personal space, your mind is subconsciously still thinking about tasks you need to do, and you won’t be able to relax. You will always feel trapped in your work.
There are a few things to keep in mind while deciding your workspace
Dedicate an area of your home specifically for business-related work. Be it a room, garage, or a small corner.
Make sure that the space you choose is not comfortable enough for you to sleep. Avoid selecting places like sofas, couches, and beds as your workspace. If you feel too comfortable, you will eventually feel lazy and not work efficiently.
Upgrade as soon as you raise enough funds.
Separating your needs. We know that it can be challenging to make decisions as a grown-up because you will be responsible for everything that happens afterwards. But a successful entrepreneur understands their personal needs and the needs of their company and takes responsible decisions. They are also able to separate their business and personal needs.
Separating these needs has a lot of benefits like
- These needs are very different.
- Neither your business suffers nor your personal life when you understand your needs and separate them.
- You don’t take your business-related with a heart you take them with your brain.
- Separation doesn’t mean not treating your business personally. It is to make you give your best to both worlds and work to your fullest potential. It takes time to become a habit, but it will be worth it.
: By- Ria Prasad
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