How To Start A Debt-Free Company

Entrepreneur. Girl boss. Boss babe. Womaneur. All hashtag-worthy terms that describe the inspiring notion of owning a business but what about the terms describing the process to get there? Planner. Visionary. Time-manager. Leader. Organizer. Systems-Addict, Money Saver. While the former is inspiring, the latter labels launched my business, Mel Sharell Paper & Company, and helped me create The Pinnacle Planner. Do you have a dream you want to pursue? Here are three ways aspiring to become a planning visionary can help you build your dream company, debt-free.

Sharpen Your Axe

Many entrepreneurship articles suggest starting with the problem that you want to solve. This is fine however, this isn’t possible if you 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 the startup blunders by ensuring that it aligned with my purpose, my life’s calling, and my 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.

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 that I could launch and produce a quality product I believed in. I did not sell myself short. I worked from this figured and created a financial plan. I also learned where I could cut cost by doing things myself. I recommend budgeting for books, credible webinars, and other industry resources to get 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.

Stay Committed to Your Systematic Plan

Let’s be honest. Saving consistently is hard. But, it got 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 is. Since it’s what 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 this 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. Afterward, I researched free, high-interest yielding online bank accounts. I opened one I was happy with then set up automatic transfers without a debit card. By the next pay period, I met my goal and even earned a little interest in my untouched savings!

You can launch, and maintain, a debt-free business by revisiting your purpose in order to establish clear financial goals that you can easily stick to with a systematic plan. Are you ready to get started on your debt-free business? Check out this workbook to get to know yourself again and set clear financial goals that get you closer to your dream. I look forward to launch!

By Melinda Sims

Melinda Sims Owner of Mel Sharell Paper & Company | www.lovedaringgreatly.com
Melinda Sims @ThePinnaclePlanner

Melinda is a traveling wife, mom to a mini-goldendoodle, and Founder of Mel Sharell Paper & Company a boutique lifestyle brand that empowers leadership mindsets and intentional planning habits through luxurious stationery tools. This idea  came to her as she sat staring at her desk, head in her hands, feeling emotionally and mentally overwhelmed from a recent move to Washington, D.C. for her dream job- her first visible leadership role. She understand how busy life can get as a new wife and business owner which is why she created a space to find the tools and resources she needed as an emerging leader to bring balance back into her life and helped her achieve her personal and professional goals. 

Connect with her – IG: @thepinnacleplanner , Website: www.melsharell.com

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