Stoping Startup Founders From Going Financially Insane
Startup life is really hard. So they say…
It sounds like some kind of cliché and justification to the outside world. Like some sort of protection blanket everyone says, just to cover them when they fail, badly and stupidly.
It sounded like a cliché to me too, until I was about to embark on this journey. At that moment, I was facing a really minuscule door, ready to enter and not knowing what to expect.
But once you enter through that teeny tiny rabbit door, like Alice, you will find yourself in Wonderland. You open the door and go through a deep, dark rabbit hole that seems to never end. It seems like it lasts forever, and maybe it does.
The initial days, weeks, months down the rabbit hole are a story on its own, but this is for another time. After quite some time, you are here, in the startup Wonderland. What a magical place. A crazy place filled with mystical creatures and surreal events.
This is where the real fun … and madness begins.
Startup Wonderland
Having a startup business and a personal life (although sometimes it doesn’t seem like) makes you not know what to expect and it makes you feel insecure about your future. You are living 2 parallel lives, the startup life and your personal life. Both with intertwined dependencies on each other.
And one of the most important parts you have to deal with on a daily basis, are finances. This is extremely difficult for people like me who have a startup and are on the payroll in their own company.
This becomes exponentially difficult if you have a family and a partner.
You ask yourself a lot of questions every day.
Is my startup doing financially good?
Do we have enough money on the bank account?
Are our users/clients paying us on time?
What are we spending our money on?
Are we better than last week?
Do I have enough money to book a vacation or to buy a gift for my partner?
Am I overspending on Club Mate or Fritz-Kola?
You know, I am a numbers guy and I love to know at any time how much money I have around. Knowing your finances is maybe one of the most important things a founder should possess. It doesn’t matter if you raised 100K or 100 Million, you need to stay on top of your money.
If you don’t care about your finances, you should and you must!
Stop immediately reading this and go read The Richest Man In Babylon, to begin with.
You remember the questions above, right?
You have to live with those questions day in, day out. Only the idea of not knowing where you are going with your business will drive you insane.
Deals that didn’t go through, unpaid invoices, unexpected expenses, you name it. The startup world is an extreme rollercoaster, full of surprises. And if you are not careful, you might risk going insane, like the Hatter in Wonderland.
Or like me.
Stopping financial insanity for startup founders
During my “Insanity” period, I felt the need of a tool to help me visualize and understand my financial situation better, so I can project and forecast the future, both for my business and for my personal life.
Now, we created the award-winning MoneyCoach for this purpose more that 2 years ago, but the app didn’t also assist me in my dual life.
I went on to find something on the market, but there weren’t any. There are thousands of financial apps, but none of them seem to cares for startup founders.
These solutions are focused mainly on people with only one source of income, salary for example. They are all about your personal finances, but what about a founder, a co-founder, an early stage investor? How are they supposed to have an overview of their financial life?
Until one day, we said “Screw it”!
We dropped everything and we set on to fix this, for us and for all other insane people, just like us.
When I founded MoneyCoach, we set out on a mission to help people achieve financial freedom. And we have a weak spot for startups, since we are one.
We went on to create the easiest and fastest way to learn about your business financial health and your personal finances.
That is why we are introducing in MoneyCoach, Business Life vs. Personal Life. It let’s you see in an instant, inside a single app, how are you doing, in both of your “lives”.
Wanna know how much you spend this month on tech gear? Boom, select your “business life” and you’re done.
Wanna know how much are you spending on eating out with your partner? Kaboom, just select “personal life”.
And we integrated this feature on our best reports, so that you can see in an instant how are you doing.
Having a detailed overview of your finances, will help you become a better founder and stop financial insanity. At least, you will have the tools to deal with this. Just download it out and let us know what you think, it is completely free.
And I am sure you will make it through. At the end of the day, you live and breathe startups. You must do it, I know you can!
Mental health matters to startups in particular. There is a lot going in raising awareness, especially in Silicon Valley.
We want to do our part in this initiative, as we know finances are one of the key factors to succeed in the startup world. And we are making the impossible to empower each and every one of our users to achieve tranquility and piece of mind.
See you on the “sane” side…
