How other people perceive business owners to be – People loaded with money, easy cash flows, no worries about savings or spendings, tons of money in their lockers to spend as and when needed, multiple streams of passive income that keep adding to their wealth and stacks kept in banks taking care of them for their lifetime.
How most Business Owners really are – All the money invested in the business with no or very little money left for personal and family use, very tight cash flows to somehow run the show, stress of keeping the business as usual going on let alone scaling it up, total dependency on business for income, pressure of keeping the business stable in the highs and lows of the economy.
When business consumes most of what you earn leaving only a meagre amount for you and your family, you work harder and harder to make more money only to realise that business still absorbs most of it. This never ending process makes you compulsively work for money rather than working passionately and joyfully.
Doesn’t this make Financial Freedom for Business Owners even more important? Isn’t this why you choose a business over a job?
The essence of Financial Freedom for business owners is not just confined to having enough or abundant money to take care of your business, your family and your personal goals but also allowing you TIME to indulge in your hobbies and your passion rather than just getting stuck in the constant chase for money. As rightly said by Mr. Arpit Arora, India’s leading personal finance expert and Passive Income Coach, “Money is the biggest distraction on your journey towards your Passion”. Financial Freedom, thus, becomes the key to lead a worry-free and a passionate life.Here are some key points on why Financial Freedom for Business Owners is a must.
- Fixed Monthly Income
Business owners are generally struggling with keeping their cash flows at steady through the ups and downs of the economy. Unlike salaried employees, business owners can only take money back home when their business is not only in profit but also has enough cash flows to pay them after paying taxes, workforce, rents, etc.
Having another stream of Passive Income will help generate a steady and a fixed monthly income making business owners less dependent on their businesses and also financially independent from their business.
- Work Life Balance
While Employees are required only to work within their permissible working hours, the working hours of a business owner are not dictated by a clock but the requirements of the business.
Business owners are relentlessly working to earn more and more money, which in most cases is largely consumed by the needs of the business. This leaves them with neither the time and/or the money to be spent on themselves or their families.
Passive Income can provide that cushion to the business owners which can take care of their personal and their family spendings.
- Follow Your Passion
Running a business is like a wild-goose-chase where you keep working really hard to make money for the growth of the business, yet never be able to come out of this constant chase. Business owners spend their lives running after money for their business that it consumes them to an extent that they give up their hobbies and passions. In this rat race, they start to work compulsively than work with passion and joy.
Passive Income in many ways extends financial freedom to business owners that they can relieve themselves from the stress of making more money, therefore, leaving them with time and energy to follow their passions and hobbies. Thus, helping them live a life free of money worries.
- Reserve for the old age/Retirement
Most of the business owners are so busy concentrating on meeting ends meet in the present and meeting the needs of their families that they most often forget about creating a cushion or a stream of income for themselves when they retire from the business.
Passive income not only takes care of the present but if planned wisely, can very well take care of you in the future without impacting your lifestyle.
Financial Freedom for Business Owners, thus, is as vital a matter of attention as is the growth of the business. It’s only when you have multiple streams of steady income coming to you that you can lead a stress free life and release yourself from the constant chase of money and stability.
Begin your Financial Freedom journey with Arpit Arora, Mission Financial Nirvana, and become free of money worries for your lifetime. This is a 4 day enlightening program to help you get started on the journey to become a master of your time and money. Read more about the program here.