Daniel G. Taylor

Raising young men from adversity to prosperity through business

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10 Profitable Business Ideas for Young Aussie Men to Launch Today

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Estimated reading time: 10 minutes

As a mentor to young male entrepreneurs globally and the CEO of Mayer Marketing Agency, I’ve seen firsthand the transformative power of entrepreneurship. Whether you’re looking to start a side hustle or dive headfirst into a full-time venture, Australia offers a wealth of opportunities for ambitious young men. In this post, we’ll explore some of the best business ideas in Australia, tailored for young male entrepreneurs like yourself.

Laptop displaying copywriting services website with Sydney Opera House in the background

Table of contents

Key Takeaways

  • Starting a side hustle can be a great way to test the waters of entrepreneurship
  • Mastering business and marketing fundamentals is crucial for success
  • Copywriting is a valuable skill for any entrepreneur, especially in the digital age
  • Local marketing strategies can be effective even for global businesses
  • Creating a unique, high-value offer can set your business apart from the competition

The Entrepreneurial Journey: Is It Right for You?

Entrepreneurship isn’t for everyone, but it can be an incredibly rewarding path for those who will put in the work. As Steve McKnight discusses in his book Money Magnet: How to Attract and Keep a Fortune that Counts, creating what he calls an “Income Accelerators”—ways of making extra money outside your main income—can be a great way to build wealth and test your entrepreneurial skills.

Whether you’re considering a part-time side hustle or a full-time business, you’ll need to master the same fundamental skills. Brad Sugars, in The Business Coach: A Parable of Small Business Breakthrough!, outlines these as money mastery, delivery mastery, time mastery, optimization mastery, leverage, team-building, synergy, and results.

Top Business Ideas for Young Male Entrepreneurs in Australia

1. Copywriting Services

As an entrepreneur who came to the game through copywriting, I can’t stress enough how valuable this skill is. Copywriting is the art of persuasive writing that gets readers to take action, usually to buy or take the next step in the sales process. It’s different from content writing, which is purely informational.

In the digital age, copywriting is more important than ever. Whether you’re writing website copy, email campaigns, or social media posts, strong copywriting skills can make or break your business.

To get started, check out resources like AWAI, Copyhackers, or Copy Chief. Joanna Wiebe, the founder of Copyhackers, has written a series of practical and entertaining books for copywriters, including Your First $1,000: 12 Actionable Techniques to Make Great Money in the Next 7 Days as a Part-Time Freelance Copywriter, Your First $5,000 Month: 15 Actionable Techniques to Turn Your Freelance Writing Side Gig Into a Full-Time Career, and The Six-Figure Freelance Copywriter: 21 High-Earning Freelancers Share Their Strategies to Make $100,000+ a Year.

2. Digital Marketing Agency

With businesses of all sizes recognizing the importance of online presence, starting a digital marketing agency can be a lucrative venture. Offer services like SEO, social media management, content creation, and PPC advertising.

To stand out in this competitive field, consider specializing in a particular niche or industry. For example, you could focus on digital marketing for local restaurants, fitness businesses, or e-commerce stores. My agency, Mayer Marketing Agency specializes in helping franchises grow. This specialization can help you become the go-to expert in your chosen field.

3. E-commerce Store

The e-commerce boom shows no signs of slowing down. Consider starting an online store selling niche products or leveraging dropshipping to minimize inventory costs.

When choosing products to sell, look for items with high profit margins and low competition. You might also consider creating your own branded products to increase your potential profits and build a unique brand identity.

4. Personal Training and Fitness Coaching

For fitness enthusiasts, starting a personal training business can be a rewarding way to turn your passion into profit. With the rise of online coaching, you can even serve clients globally from the comfort of your home.

Consider offering specialized programs for specific demographics or goals, such as weight loss for busy professionals or strength training for athletes. You could also create digital products like workout plans or nutrition guides to generate passive income.

5. Web Development and Design

If you have coding skills, offering web development and design services can be a great business idea. Many small businesses in Australia need help to establish their online presence.

To differentiate yourself, consider focusing on a particular platform (like WordPress or Shopify) or type of business (like local service businesses or online course creators). You could also offer additional services like SEO optimization or ongoing website maintenance to increase your value to clients.

6. Mobile App Development

With the increasing reliance on smartphones, there’s a growing demand for mobile apps. If you have programming skills, consider starting a mobile app development business. You could create apps for businesses or develop your own apps to sell on app stores.

7. Freelance Writing

If you have a way with words but prefer informational content over copywriting, consider starting a freelance writing business. You could write blog posts, articles, whitepapers, or even ghostwrite books for clients. I’ve been a freelance writer for 30 years—it’s my side hustle.

To succeed in this field, it’s often helpful to specialize in a particular niche or industry. This allows you to position yourself as an expert and command higher rates for your specialized knowledge.

8. Social Media Management

Many businesses struggle to maintain an effective social media presence. If you’re savvy with social platforms, you could offer social media management services. This could include creating and scheduling posts, engaging with followers, and running ad campaigns.

9. Podcast Production

Podcasting continues to grow in popularity, and many individuals and businesses are looking to start their own shows. If you have audio editing skills, you could offer podcast production services, helping clients record, edit, and publish their podcasts.

10. Virtual Assistant Services

Many entrepreneurs and small business owners need help with administrative tasks but aren’t ready to hire full-time employees. As a virtual assistant, you could offer services like email management, scheduling, data entry, and customer service.

You may want to read my other post on finding money online or the one on the best small business ideas.

Marketing Your Business: Think Local, Act Global

Young entrepreneur giving a presentation with 'Think Local, Act Global' written on a whiteboard

In No B.S. Grassroots Marketing: The Ultimate No Holds Barred Take No Prisoners Guide to Growing Sales and Profits of Local Small Businesses, Dan S. Kennedy and Jeff Slutsky advise you operate and market your business as if it’s local, even if you serve customers globally. This approach can help create a sense of community and personal connection with your clients.

For example, even if you’re running an online business that serves customers worldwide, you could:

  • Highlight your Australian roots in your marketing materials
  • Take part in local business events or sponsorships
  • Use local references or slang in your content (when appropriate, but be careful not to be misunderstood)
  • Share behind-the-scenes content that showcases your local area

This strategy can help you stand out in a crowded global marketplace and create a strong brand identity.

Creating a Grand Slam Offer

Alex Hormozi introduces the concept of “Grand Slam Offers” in his book $100M Offers: How to Make Offers So Good People Feel Stupid Saying No. A Grand Slam Offer is so good that customers feel like they’d be foolish to pass it up. It places your business in a class of its own and allows you to charge premium prices. Remember, it’s often better to be the most expensive option in the market rather than the cheapest.

To create a Grand Slam Offer:

  1. Identify your ideal customer and their biggest pain points
  2. Create a solution that addresses these pain points better than any alternative
  3. Add bonuses or additional services that increase the perceived value of your offer
  4. Provide a strong guarantee to reduce the risk for the customer
  5. Present your offer in a way that emphasizes its unique value

By creating a Grand Slam Offer, you can differentiate your business and attract high-value customers who will pay premium prices for superior solutions.

The Importance of Continuous Learning

As an entrepreneur, your education doesn’t stop when you start your business. In fact, that’s when the real learning begins. Make a commitment to continuous learning and improvement. Read books, attend workshops, listen to podcasts, and network with other entrepreneurs. A base reading goal for an entrepreneur would be to read 52 books a year.

Some books I recommend for young entrepreneurs include:

  • The Lean Startup: How Constant Innovation Creates Radically Successful Businesses by Eric Ries
  • The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
  • Zero to One: Notes On Startups, Or How to Build the Future by Peter Thiel
  • The 4-Hour Work Week: Escape the 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
  • Influence: The Psychology of Persuasion by Robert Cialdini

Remember, the most successful entrepreneurs are often the ones who never stop learning and adapting.

Balancing Risk and Reward

Starting a business always involves some level of risk. However, as a young entrepreneur, you’re in a unique position to take calculated risks. You likely have fewer financial obligations and more time to recover if things don’t go as planned.

That said, it’s important to be smart about the risks you take. Start small, test your ideas, and be prepared to pivot if necessary. Don’t bet everything on a single idea—diversify your efforts and be ready to adapt based on market feedback.

Conclusion

Starting a business in Australia as a young male entrepreneur can be an exciting and rewarding journey. Whether you choose to offer copywriting services, start a digital marketing agency, or pursue any of the other ideas we’ve discussed, remember that success comes down to mastering the fundamentals and providing value to your customers.

The key is to find an idea that aligns with your skills and passions, and then commit to executing it excellently. Don’t be afraid to start small and grow. Many successful businesses started as side hustles before becoming full-time ventures.

Remember, entrepreneurship is a marathon, not a sprint. Stay focused, keep learning, and don’t give up when faced with challenges. With persistence and the right strategies, you can turn your entrepreneurial dreams into reality.

Action Steps

1. Identify a business idea that aligns with your skills and interests

2. Start developing your business and marketing skills through books, courses, and mentorship

3. Create a detailed business plan, including financial projections and marketing strategies

4. Begin with a side hustle to test your idea and build your skills

5. Network with other entrepreneurs and potential mentors in your industry

6. Continuously learn and adapt as you grow your business

7. Focus on creating a unique, high-value offer for your customers

8. Don’t neglect your personal growth and well-being as you build your business

9. Our next post in this series tells you how to fund your business idea in Australia

Frequently Asked Questions (FAQs)

How to protect a business idea in Australia?

To protect your business idea in Australia, consider the following steps:
1. Keep your idea confidential
2. Use non-disclosure agreements when discussing your idea with others
3. Register for relevant intellectual property protection (patents, trademarks, etc.)
4. Document your idea’s development process
Can you register a business idea Australia wide?
You can’t register a business idea itself, but you can register your business name and structure nationally through the Australian Securities and Investments Commission (ASIC).

How can I protect my business idea in Australia?

Protect your business idea by:
1. Registering your business name and structure
2. Applying for relevant patents or trademarks
3. Using confidentiality agreements
4. Keeping detailed records of your idea’s development

How do you protect a business idea Australia?

Protect your business idea in Australia by:
1. Maintaining confidentiality
2. Using legal agreements like NDAs
3. Registering intellectual property rights
4. Documenting your idea’s development process

How to copyright a business idea Australia NSW?

In Australia, including NSW, you can’t copyright an idea itself. Copyright automatically applies to original works once they’re created. To protect your business idea:
1. Document your idea thoroughly
2. Consider registering trademarks or patents, if applicable
3. Use confidentiality agreements when discussing your idea
Remember, while these steps can help protect your idea, the best protection is to execute your idea well and stay ahead of the competition. Focus on building a strong business with loyal customers, and you’ll be well-positioned for long-term success.

The 7 Steps of Goal Setting: A Comprehensive Guide for Young Entrepreneurs

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Estimated reading time: 9 minutes

As a young entrepreneur, setting clear goals is crucial for your success. I’m Daniel G. Taylor, CEO and founder of Mayer Marketing Agency, and I mentor young male entrepreneurs. Today, I’m sharing my proven 7-step goal-setting process that has helped many achieve their dreams. Whether you’re just starting out or looking to level up your business, these steps will guide you towards realizing your full potential.

A young male entrepreneur standing at the base of a mountain, looking up at seven distinct steps of goal setting (Intellect, Career, Health, Relationships, Impact, Prosperity, Spirituality) leading to the summit

Table of contents

Key Takeaways:

  • Create a comprehensive list of 101 goals across 7 life areas
  • Set long-range and short-term goals with specific timeframes
  • Develop detailed action plans for each goal
  • Regularly review and adjust your goals
  • Balance your goals across all areas of life

Let’s dive into the 7 steps of goal setting that will set you on the path to success.

Step 1: Create Your 101 Goals List

The journey of a thousand miles begins with a single step, and in our case, that step is creating a list of 101 goals. This might seem overwhelming, but trust me, it’s a game-changer. This exercise helps you think big and explore all the possibilities for your life and business.

Here’s how to do it:

1. Grab a piece of paper or open your favorite mind-mapping software.

2. Draw a circle in the center and label it “101 Goals.”

3. Create 7 branches stemming from the center, each representing a key life area:

   – Intellect

   – Career

   – Health

   – Relationships

   – Impact

   – Prosperity

   – Spirituality

4. Under each branch, list about 15 goals. Don’t hold back—let your imagination run wild!

For example, under the “Travel” sub-branch of “Relationships,” you might list destinations like “Visit Machu Picchu” or “Volunteer in Thailand.” Under “Career,” you might have goals like “Launch a successful startup” or “Become a thought leader in my industry.”

Remember, at this stage, no goal is too big or too small. The aim is to get everything out of your head and onto paper. This process often reveals aspirations you didn’t even know you had.

Step 2: Set Long-Range Goals

Now that you have your 101 goals, it’s time to think long term. These are the big dreams that’ll take 1 to 10 years to achieve. Long-range goals give you direction and purpose, serving as a north star for your daily actions.

Here’s what to do:

  1. Review your 101 goals and estimate how long each might take to achieve. Add brackets next to each goal with the timeframe: (1 year), (3 years), (5 years), or (10 years).
  2. Aim for a balanced list of about 21 goals spread across these timeframes. This ensures you’re working towards both near-future achievements and long-term aspirations.
  3. For each of these 21 goals, list at least 200 reasons it’s important to achieve them. How will you benefit? How will others benefit? This step might seem excessive, but it’s crucial. It builds emotional connection to your goals and reinforces your commitment.
  4. Transfer these top 21 goals to a digital notebook or index cards. Carry them with you to review throughout the day. This constant reminder keeps your goals at the forefront of your mind, influencing your decisions and actions.

Step 3: Set Short-Term Goals

A dashboard or control panel with various gauges and metrics, representing goal tracking

Short-term goals are the stepping stones to your long-term dreams. These short term goals take 1 day to 1 year to achieve. They keep you motivated and on track. They provide quick wins that boost your confidence and maintain momentum.

Break down your goals like this:

  • Yearly: Set a milestone one year in the future for your top 21 goals.
  • Quarterly: Set quarterly milestones for your annual goals.
  • Monthly: Set monthly milestones for your quarterly goals.
  • Weekly: Create a dashboard to track daily and weekly progress towards your monthly goals.

Let me share a personal example. One of my 10-year goals is to learn to speak and write the six official UN languages (Arabic, Chinese, English, French, Spanish, Russian). Here’s how I break it down:

– 1-year goal: Achieve a 365-day Duolingo quest streak.

– Quarterly goal: Complete 90 days of Duolingo quest streak.

– Monthly goal: Maintain a 30-day Duolingo quest streak.

– Weekly goal: Complete a 7-day Duolingo quest streak.

– Daily goal: Complete the Duolingo daily quest streak.

This approach makes a daunting 10-year goal feel manageable and achievable. It also allows you to celebrate tiny victories along the way, keeping you motivated for the long haul.

Step 4: Develop Action Plans

Now it’s time to get specific. For each short-term goal, create a detailed action plan. This is where you transform your goals from vague wishes into concrete, actionable steps.

Consider:

  • Priority: What’s most important? Which actions will have the biggest impact?
  • Sequence: What order should tasks be completed in? Are there dependencies between tasks?
  • Resources: What time, energy, and money will you need? Do you need to gain new skills or tools?

Remember, the further in the future a goal is, the more challenging it can be. But for daily goals, aim for tasks you’re 90% sure you can achieve. This balance of stretch goals and achievable tasks keeps you motivated and moving forward.

When creating your action plan, be as specific as possible. Instead of “work on my business,” your plan might include tasks like “spend 2 hours on market research” or “reach out to 5 potential clients.” The more specific your actions, the easier they are to accomplish.

Step 5: Balance Your Goals

As entrepreneurs, we often focus on business and money. But it’s crucial to set goals in all life areas. As Dr. John Demartini says, “Any area you do not empower, someone else will overpower.”

Ensure you have an even number of goals in each of these areas:

  1. Intellect: Wisdom, understanding, creativity. This might include goals like reading a certain number of books per month or learning a new skill.
  2. Career: Business, achievement, service. These are your professional goals, like hitting revenue targets or expanding your client base.
  3. Health: Wellness, vitality, fitness. Don’t neglect your physical wellbeing. Set goals for exercise, nutrition, and self-care.
  4. Relationships: Love, communication, family. Your personal relationships are crucial to your overall success and happiness.
  5. Impact: Social influence, leadership, legacy. How will you make a difference in the world? This could include mentoring others or supporting causes you care about.
  6. Prosperity: Wealth building, philanthropy. Beyond just making money, consider how you’ll manage and share your wealth.
  7. Spirituality: Mission, presence, awareness. This doesn’t necessarily mean religion. It could be meditation, mindfulness, or connecting with nature.

Balancing your goals ensures you’re developing as a well-rounded individual, not just a successful entrepreneur. It also provides stability – if you face setbacks in one area, you can draw strength and satisfaction from progress in others.

Step 6: Review Regularly

Goals aren’t set-and-forget. Make them a part of your daily life:

  • Write your top 10 goals by hand each night. This reinforces your commitment and keeps your goals fresh in your mind.
  • Carry your goals with you and review them throughout the day. Use waiting time or breaks to reflect on your goals.
  • Set multiple goals so you always have something to work on. If you hit a roadblock with one goal, you can shift focus to another.

Regular review helps you stay on track and allows you to celebrate your progress. It also helps you identify any goals that may need adjustment, which leads us to our last step.

Step 7: Adjust and Adapt

Life changes, and so should your goals. Regularly reassess and adjust your goals as needed. Don’t be afraid to change or even abandon goals that no longer serve you.

As you grow and evolve, your priorities might shift. A goal that seemed important a year ago might not align with your current values or circumstances. That’s okay. The ability to adapt is a crucial skill for any entrepreneur.

When adjusting your goals, ask yourself:

  • Is this goal still relevant to my vision for my life and business?
  • Have I outgrown this goal? Do I need to set a more challenging target?
  • Are there new opportunities or challenges that require new goals?

Remember, changing your goals isn’t a sign of failure. It’s a sign of growth and self-awareness.

Conclusion

Goal setting is a powerful tool for young entrepreneurs. By following these 7 steps, you’ll create a roadmap for success in all areas of your life. Remember, the journey is just as important as the destination. Enjoy the process of growth and achievement.

These steps aren’t just theory – they’re tried and tested methods that have helped countless entrepreneurs, including myself, achieve their dreams. But like any tool, they’re only effective if you use them consistently.

Action Steps:

  1. Start your 101 goals list today. Don’t overthink it – just start writing.
  2. Set your long-range and short-term goals. Remember to balance across different timeframes.
  3. Create action plans for your top goals. Be as specific as possible.
  4. Review your goals daily. Make it a non-negotiable part of your routine.
  5. Adjust your goals as needed. Be flexible and responsive to change.

Frequently Asked Questions (FAQs)

What are the seven steps of goal setting?

The seven steps of goal setting are:
1. Create a list of 101 goals
2. Set long-range goals (1-10 years)
3. Set short-term goals (1 day to 1 year)
4. Develop action plans
5. Balance goals across life areas
6. Review goals regularly
7. Adjust and adapt goals as needed

What are the seven steps of setting goals?

The seven steps of setting goals are:
1. Brainstorm and list your goals
2. Prioritize long-term objectives
3. Break down into short-term targets
4. Create detailed action plans
5. Ensure balance across life areas
6. Implement daily goal review
7. Continuously evaluate and adjust

Which of the seven goal-setting steps is most important?

While all steps are crucial, Step 3 (setting short-term goals) is arguably the most important. It bridges the gap between your big dreams and daily actions, keeping you motivated and on track. Without this step, long-term goals can feel overwhelming and unattainable. Short-term goals provide the momentum and quick wins necessary to sustain your journey towards your larger objectives.

Remember, goal setting is a skill, and like any skill, it improves with practice. Don’t expect perfection from the start. The key is to begin the process and refine your approach over time. As you implement these steps, you’ll find what works best for you and your unique entrepreneurial journey. Here’s to your success!

Money Saving: The Ultimate Guide for Young Entrepreneurs

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Estimated reading time: 9 minutes

A young male entrepreneur confidently standing at a crossroads, with one path labeled "Saving" and the other "Spending"

As a young entrepreneur, you’re likely laser-focused on growing your business and increasing your income. But have you considered the power of saving money? I’m Daniel G. Taylor, CEO of Mayer Marketing Agency, and I mentor young male entrepreneurs. Today, I’m sharing my ultimate guide to money saving, tailored specifically for ambitious go-getters like you.

Let’s get one thing straight: saving isn’t just about being frugal or cutting costs. It’s about creating a solid foundation for prosperity and abundance. It’s about giving yourself options and the freedom to take calculated risks. So, let’s dive into how you can master the art of saving while building your empire.

Table of contents

Key Takeaways:

  • Focus on increasing income and smart saving, not just cutting costs
  • Create a budget based on your pay cycle
  • Use a ‘future budget’ to plan for your coming wealth
  • Aim to save at least 20% of your income
  • Set specific savings goals, starting with an emergency fund

Why Does Saving Matter for Entrepreneurs?

You might wonder, “Why should I focus on saving when I could reinvest everything into my business?” It’s a valid question, and here’s the truth: saving money gives you choices. Savings provides a safety net, allowing you to take calculated risks in your business. It’s not about pinching pennies – it’s about building a foundation for growth and giving yourself the freedom to seize opportunities when they arise.

Step 1: Understand Your Cash Flow

The first step in any successful money-saving journey is getting crystal clear on your current financial situation. You need to know exactly where your money is coming from and where it’s going. Where you place your attention is what grows. Starting today, track every single dollar and that comes in and goes out of your accounts.

To make this process easier, I’ve created a spreadsheet that you can download and use. It’s designed to help you categorize your income and expenses, giving you a bird’s-eye view of your financial landscape. Remember, knowledge is power, and understanding your cash flow is the first step towards mastering your finances.

Personal Income & Expense Tracking SpreadsheetDownload

Step 2: Create a Smart Budget

Now that you have a clear picture of your finances, it’s time to create a budget. But here’s the key: base your budget on your pay cycle. If you’re paid monthly, make a monthly budget. If you’re paid weekly, make a weekly budget. This approach aligns your financial planning with your actual cash flow, making it much easier to stick to your budget.

I’ve created another spreadsheet for budgeting that you can download. Use this to allocate your income to different categories, including savings. Remember, a budget isn’t a constraint – it’s a plan for using your money effectively. It’s a tool that puts you in control of your finances, rather than letting your finances control you.

Budget – [PERIOD] Starting [DATE]Download

Step 3: Set Saving Goals

Setting clear, specific saving goals is crucial. Start with an emergency fund. Aim for $2,000 for each person (and pet) in your life. This might seem like a lot, but having this buffer can save you from financial stress when unexpected expenses pop up. And you do want to be able to support your loved ones, don’t you?

Once you’ve built your initial emergency fund, work towards saving six months of living expenses. This gives you an even bigger safety net and the freedom to take bigger risks in your business. You can save fast — even on a low income.

After you’ve reached these milestones, you’re ready to think about investing. But we’ll get to that later.

Step 4: Automate Your Savings

Here’s a trick I use: I have an account where I can deposit as much as I want, but I need to give 90 days’ notice to withdraw. This account pays higher interest than a regular savings account, and the withdrawal restriction helps me overcome impulse buys.

Find a similar option that works for you. The key is to make saving automatic and difficult to undo. Set up automatic transfers from your checking account to your savings account right after you get paid. This way, you’re paying yourself first, before you have a chance to spend that money elsewhere.

Step 5: Create a ‘Future Budget’

This idea comes from Bob Proctor’s book You Were Born Rich, and he got the idea from The Science of Getting Rich by Wallace Wattles. The concept is simple but powerful: create a budget for your future wealthy self.

How will you use your millions when you have them? Will you invest in real estate? Start a philanthropic foundation? Travel the world? This exercise isn’t just fun – it’s a powerful way to attract money by giving it a purpose. Especially when you combine your budget with images on a vision board. When you have a clear vision of how you’ll use wealth, you’re more likely to take the actions necessary to create that wealth.

Step 6: Align Saving with Your Life Goals

Saving isn’t just about money. It impacts all areas of your life. Consider how saving money can help you achieve your goals in these seven areas:

  1. Wisdom, understanding, genius, and creativity: How could savings fund your education or give you time to pursue creative projects?
  2. Business momentum, achievement, fair and sustainable transaction, service: How could a financial cushion allow you to take bigger risks in your business?
  3. Wellness, vitality, beauty, and fitness: How could savings allow you to invest in your health and wellbeing?
  4. Love, intimacy, caring communication, family dynamics: How could financial stability improve your relationships?
  5. Social influence, leadership, and legacy: How could savings allow you to make a bigger impact in your community?
  6. Wealth building, financial independence, and philanthropic contribution: How could consistent saving lead to long-term wealth and the ability to give back?
  7. Inspired mission, presence, equanimity, and enlightened awareness: How could financial freedom give you the space to focus on personal growth and spirituality?

By aligning your saving goals with your life goals, you’ll find more motivation to stick to your saving plan.

Step 7: Increase Your Savings Rate

Start by saving 1-10% of your income, plus an extra 1%. This extra 1% is your “stretch” – it pushes you just a bit out of your comfort zone. Increase the percentage you’re saving by 10% every three months.

Your ultimate goal? Save at least 20% of your income. This might sound ambitious, but many successful entrepreneurs save up to 50% of their income. Remember, as an entrepreneur, you have the unique ability to increase your income. As your business grows and your income increases, challenge yourself to save a larger percentage.

Step 8: Invest Wisely

Once you’ve built your emergency fund and have a solid savings habit, it’s time to think about investing. A simple strategy for beginners is to invest in an index fund of index funds. This provides broad market exposure with low fees.

Remember, investing is about the long game. Don’t get caught up in day-to-day market fluctuations. Instead, focus on consistent, long-term investing.

Step 9: Boost Your Income

A balance scale with "Income" on one side and "Savings + Expenses" on the other

As I mentioned earlier, saving isn’t just about cutting costs. As an entrepreneur, you have the unique ability to increase your income. Focus on growing your business and creating additional revenue streams that relate to your core business. Could you launch a new product? Expand into a new market? Raise your prices? Or could you start a side hustle that gives you a break from your day gig?

The more you earn, the more you can save without feeling deprived. Plus, the skills you develop in growing your business will serve you well in managing your personal finances.

Step 10: Review and Adjust

Your saving plan isn’t set in stone. Review your budget each pay cycle and savings plan regularly – I recommend doing this quarterly. As your income grows, increase your savings rate. Stay flexible and adjust your plan as your life and business evolve.

Conclusion

Saving money is a crucial skill for young entrepreneurs. It’s not about restriction – it’s about creating opportunities. By mastering the art of saving, you’re setting yourself up for long-term success and abundance.

If you want to save faster, make money faster.

Remember, your financial legacy starts with a single dollar saved. Your future self will thank you for the steps you take today to secure your financial future.

Action Steps

1. Download the income tracking and budgeting spreadsheets

2. Start tracking your income and expenses today

3. Create your budget based on your pay cycle

4. Set up an automated savings plan

5. Create your ‘future budget’

6. Review and adjust your plan monthly

Frequently Asked Questions (FAQs)

What is a money market savings account?

A money market savings account is a type of savings account that typically offers higher interest rates than traditional savings accounts. It often requires a higher minimum balance and may limit withdrawals. These accounts invest in short-term debt securities like certificates of deposit and government securities, which allows them to offer higher yields.

Which savings account will earn you the most money?

High-yield savings accounts and some money market accounts typically offer the highest interest rates for savings accounts. Online banks often offer better rates than traditional brick-and-mortar banks because they have lower overhead costs. However, rates can vary, so it’s worth shopping around and comparing options regularly.

How to start saving money?

Start by tracking your expenses and creating a budget. Then, set up automatic transfers to a savings account. Begin with small amounts if necessary and gradually increase your savings rate. Look for areas where you can cut unnecessary expenses, but also focus on increasing your income. Remember, saving is a habit, and like any habit, it gets easier with practice.

Is a money market account a savings account?

Yes, a money market account is a type of savings account. It often offers higher interest rates but may have more restrictions than a traditional savings account. Money market accounts may require a higher minimum balance and limit the number of transactions you can make each month. They’re a good option for funds you don’t need immediate access to, like an emergency fund.

Which savings account will earn you the least money?

Traditional savings accounts at large banks often offer the lowest interest rates. These accounts are easily accessible and may offer conveniences like many ATM locations, but the trade-off is typically a lower interest rate. However, they may offer other benefits like easy access to your funds and integration with your checking account.

Remember, the journey to financial success starts with a single step. Begin your savings plan today and watch your wealth grow alongside your business. As you implement these strategies, you’ll find that saving money becomes second nature, freeing up your mental energy to focus on what you do best – growing your business and making your entrepreneurial dreams a reality.

Here’s to your prosperous future! 🖖 Keep pushing forward, stay committed to your savings goals, and don’t forget to celebrate your victories along the way. You’ve got this!