6 Signs That Prove That You Are More Financially Successful Than You Realize

Entrepreneurship is a career for the brave and bold. Between highs and lows, achievements and failures, managing a personal business is certainly not for the lazy or timid.

As a business owner, it’s easy to think that you could be doing better than your present condition. However, what you may not realize is that you are relatively in a much more better position. I’ve had my fair share of wins and losses, and it has helped me learn to quantify success differently.

If you are in the rough patch to founding your own business, then there is every chance that you are in a much better position than you think. And here are six possible reasons why:

1. You have a thorough business plan

In this modern and fiercely competitive business world, your business plan is the index to the success of your business. However, you need to give your ideas and plans time to sink in.

When I founded my business, although I had a very decent business plan, I still had my fair share of doubts and worries. As life would have it, all I needed was to give it a little bit of time. It took a while, but eventually my business plans and ideas began to take shape. If you are confident in the drawn-up plan for your business, exercise ample patience and allow the dust to fully settle before you begin to panic.

1. You have ample emergency savings

A 2017 study revealed that less than 39% of Americans families have over $1000 saved for an emergency. This just goes to show you how much people are ill-prepared for an emergency that requires cash.

As a business owner, if you have managed to stash an emergency fund to see you through potential hard times, then recent statistics indicate that you are in better financial shape than most people.

Before starting my new business, I had successfully saved up a year’s worth of emergency cash to sustain me through any rough revenue patches that I may encounter in my new business. So, if like me, you have managed to build a considerable emergency cash reserve of your own, then unlike most people, you are well-prepared to face any major financial crisis in the near future.

But make sure you’re making the most of this saved up reserves. I see too many business owners not taking advantage of high yield savings accounts with this money. In some cases they are getting paid next to nothing. Do your research and make sure your money is working for you.

1. Your net worth is appreciating

To succinctly put, your net worth is the sum of your asset minus your liability. You should, therefore, pay close attention to your net worth, especially if it is on the rise. Your net worth represents a fair way of calculating your wealth since it also factors your debts into the equation.

Most business owners are quick to forget that as a business grows, equity increases and it gains more market share while forming loyal customers in the process. So, keep a keen eye on the value of your business and its assets as well.

1. You are enjoying every bit of it

Owning your own business is only half the dream; enjoying the entire process is the other half. As you plot your way to financial prosperity and independence, it is equally important to enjoy the whole process.

In my case, I tiptoed through the first few years of my business, believing that it was impossible for me to take a break or go on vacation. I convinced myself that my company would cease to exist the moment I took my hands off the wheel. Alas, I couldn’t have been farther from the truth.

When I finally decided to take a break, I felt like I just struck my “Ah-ha” moment. I realized that I could live the life I wanted while growing my business, and this can be true for you too. If you are one of those that can take their foot off the pedal to admire the beauty of the road, then you are better off than most people.

1. Your personal life is in order

It is nice to make a lot of money from a business you built and grew from nothing. However, money can sometimes be acquired at a higher cost – one that sometimes is more valuable than the money itself. Your pursuit of wealth and success should not stand in the way of your marriage or meaningful relationships.

Unfortunately, most entrepreneurs are too entrapped in their goals and aspirations for their business at the expense of meaningful relationships. It is vital to avoid this slippery slope. I made it a habit to spend the weekends with my family regardless of what was going on in my business.

Remember, money isn’t the answer to all of life’s problem. So, remember to build and nurture close relationships as you grow your business.

1. You anticipate better days

The 2008 financial crisis was forlo for many businesses, mine included. My business had plummeted severely that all my progress in the past five years amounted to nothing. However, deep inside me, I knew the situation was out of my hands.

Fortunately, I chose to focus on the bright side. Amid the darkness, I focused on a burning candle. I realized that I could start a bonfire with a lit candle. I focused on the positives. I sought new avenues for growth; you too can turn disaster into success.

My advice is that you do not allow the doubt of today exacerbate your hope in tomorrow. You must continue to remain positive and optimistic – this mindset will see you through any hard time. Be persistent!