If you are running an online business you will have a problem with saving money. That’s one of the dangers of running a profitable business venture.
I am going to use myself as an example in this article, I will talk about how I had a problem with saving money from my profitable online business and blogs and how I was able to solve the problem.
How To Save Money From Your Profitable Online Business
As a blogger, there were times that after making so much money, I would end up squandering every penny either on people or buying things I do not necessarily need. This kept on happening because I do not require so much money to run my blogs and because of that there are always millions of naira and thousands of dollars in my bank account.
And because there’s so much cash that I have access to, cash that I couldn’t invest in any other thing because I’m carried away by the huge profits I make from my blogs, I would start spending that money bit by bit, one million here two million there, without fear, after all, another one is coming.
Before I know it, nothing would be left and I will jump on the new inflow.
Every year ends with me on this same spot. I soon realized the danger in what I was doing.
Then I changed something.
I started investing in other things and I made it my policy never to have access to more than one million nairas a month for my upkeep. Whatever money enters my account leaves within 48 hours.
I became a salary earner— an employee of my business. I made sure my responsibilities revolve around my one million naira salary— if it was something that would require a lot of money I would need months to raise the money if it’s necessary.
This stringent code of living ensured that I never had any money to squander and the code doesn’t care who was pleased or displeased.
Most people who run an online business have this spending problem because they always have cash lying idle in their bank accounts.
Every kobo in the hands of the businessman at Wuse market reduces the cartons of goods in his shop but the same cannot be said of most of us who make money online.
Lucrative Businesses You Can Invest Your Money
There are other lucrative businesses you can invest in and make more money or save money for rainy days, you can check out some of the profitable businesses to invest in here.
Real Estate is one of the profitable business ventures where people who run successful online businesses invest their money.
Farming is another lucrative business for investors looking for where to put their money and get residual profits. Farming is one of the most lucrative businesses in the whole world right now.
You can invest in Digital banking, FinTech, and Cryptocurrencies for a greater profit. In this 21st century, every business is going online and are digitalized, people who tend to invest in the digital world are the richest humans on earth according to Forbes Billionaires List.
In conclusion, as you are running your successful online business, make sure you save some money and invest in other lucrative businesses; this is one way to become a wealthy and successful individual.