When you were a broke entrepreneur, when you didn’t make that much, you were actually living a frugal lifestyle as an entrepreneur. Now if you are making a lot more revenue, it doesn’t mean that you need to change your attitude against your spending habits.
Because it’s a state of mind.
Frugality is not a phase, it’s must be your lifestyle if you want to build a successful business. It’s not about buying the cheapest things, it’s about making the most logical move every time you buy something. Luxury isn’t a need but comfortability is.
By living a frugal lifestyle it will not beneficial for you, but for your customers too. Think about how you spend your client’s money. How are you going to be frugal with the money of others, if you can’t be frugal with your own?
Frugality is transparency.
Being stingy to your employees while having the best stuff for your own will make you hypocrite. While if you really adopt the frugal lifestyle for yourself, you will be transparent and reliable for your team.
You never know when your success goes down.
You worked hard and built a perfect business which is making high revenue. However if you get out of your frugal lifestyle just because you are making a lot, you may have very hard times if things go bad for your business.
Just make sure you are always yourself and you don’t lose your frugality. Because whether you make a lot of revenue or not, frugality will always help you.