151: Financial Foundations Whether You Are Starting A Business Or Side Hustle, A Solopreneur
151: Financial Foundations Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Have you ever wondered why some businesses thrive while others barely survive? Well, it often comes down to one fundamental quality…financial literacy. Understanding your business finances is one of the most critical aspects when running your own business and overall leads to your growth and prosperity. In today’s podcast episode, I’m diving into a topic that’s absolutely a cornerstone for every business out there. Taking the time to understand and build your financial literacy as well as the financial foundations for your business is crucial for your success, and it doesn’t matter if you’re just starting your entrepreneurial journey or you’ve had your business for a while. It’s all about laying the groundwork and moving forward with your financial understanding. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, having an understanding of the tools and the financial knowledge will help you take control of your business’s financial destiny…
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Show Notes:
Have you ever wondered why some businesses thrive while others barely survive? Well, it often comes down to one fundamental quality…financial literacy. Understanding your business finances is one of the most critical aspects when running your own business and overall leads to your growth and prosperity. In today’s podcast episode, I’m diving into a topic that’s absolutely a cornerstone for every business out there. Taking the time to understand and build your financial literacy as well as the financial foundations for your business is crucial for your success, and it doesn’t matter if you’re just starting your entrepreneurial journey or you’ve had your business for a while. It’s all about laying the groundwork and moving forward with your financial understanding. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, having an understanding of the tools and the financial knowledge will help you take control of your business’s financial destiny…
Welcome Back…Today I want to start off with a quick story. Picture this; you’re the owner of a cozy little café. You’ve got the best coffee in town, loyal customers, and a passionate team, but you’re struggling because the numbers aren’t adding up. You’re not sure where your hard-earned money is going, and that dream of expanding to a second location seems like it will never happen. But what if I told you that with the right financial knowledge and a few practical strategies, you could turn things around? What if you could transform your café into a thriving chain, all by understanding and mastering your finances?
Today I want to talk about some of the tools and knowledge you need to take control of your business finances. Financial literacy is the ability to understand and effectively use various financial skills, whether in your business or your personal life. These skills include personal financial management, budgeting, and investing. You can increase your financial literacy with books, courses, and of course, by listening to this Mastering Your Small Business Finances, so you are in the right place.
Let’s start today’s conversation with budgeting. I know many of my listeners don’t like to think about budgeting for their business, but it is an important place to start with your business and even your personal finances. When you are creating your budget, you are taking into consideration your budgeted revenues as well as the expenses you foresee with your business. Let’s take the example I mentioned earlier with the local café. If they were setting up a budget, they would be able to budget what they thought they would be bringing in for their revenues, and they would also be able to budget for their expenses. When they do this, they would know exactly where they are overspending and if they are not meeting the financial goals they set for themselves. Make sure that when you are setting up a budget for your business that, you set it up so that your business allows enough cash flow to achieve the goals and intentions you have for your business. Once you have this budget in place, you can start to do some financial forecasting to see what your plan for growth will enable your business to do.
Having organized financial systems will be another area you want to focus on in your business. I’ve mentioned many times on this podcast that I highly recommend Quickbooks Desktop and QuickBooks Online to help you automate the bookkeeping for your business. Not only does it streamline your finances, but you are able to enter your transactions one time, and you can pull up information about that transaction in a variety of different reports, which enables you to understand your finances even more. I understand that not all business owners are ready for a computerized bookkeeping system, which is fine. Just make sure that when it comes to your bookkeeping, you have a solution that works for you and that you are able to stay up to date with all of your bookkeeping, and that you have a system in place so that you can find transactions easily if you ever need to for an audit or other circumstance that would require you to have proof of your income or expenses. If you find that you are constantly searching for paperwork or certain information for your finances, take some time to get organized. I know it may seem like you are spending additional time on something that you already don’t have time for in your business, but over time, you’ll surely thank yourself for getting organized and relieving some of the stress that business owners have when they are unorganized, or when their bookkeeping gets behind.
I also want to touch on a few of the common pitfalls that business owners can face. One is overspending. It can be easy to overspend in your business, but if you are following a budget, you’ll quickly see where your overspending is happening, and you’ll be able to put a stop to it before it becomes an even bigger problem. Another pitfall I see business owners experience is neglecting taxes. This often happens when their bookkeeping is behind and they are not ready to file their taxes. They then file an extension, but they still don’t follow through, and a few years may pass before they have their tax returns prepared. To save yourself a lot of stress and anxiety, make sure you have a system in place so that your bookkeeping is up to date and you can follow through with all of your tax obligations by the due dates. Having a plan in place for this alone will not only save you penalties and interest, but you’ll also find that you are able to make better business decisions without all of the stress and anxiety you had when you knew you were behind on your taxes. If you feel that you are unable to stay up to date with your bookkeeping, it may be time for you to find a bookkeeper who can help you. Just imagine how much better your decision-making would be in your business when you are able to see exactly how your business is doing on a month-to-month basis, and you are able to comply with the requirements of your business.
Take a minute and think about the financial foundations you have with your business. Think about this for your personal life as well. What is the first thing that is coming up for you? This may be the best place for you to start to ensure that you are building a solid financial foundation for your business. If you are unsure about what you could do next, I’d like to ask if you have created a budget for your business or your personal finances. If not, this could be the place you want to start. There are many options for you to increase your financial literacy and understand more about what your financial statements tell you about your business. If you feel like you need additional help with the financial foundations in either your business or your personal life so that you can relieve the stress, anxiety, or overwhelm you are currently feeling; I’m here to help. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your business, which enables you to go back to enjoying your business like you thought you would when you first started it. I work with business owners and accountants to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week we meet privately, one-on-one, and you get to bring whatever is on your mind on any given week. It could be your highest priority you want to work on, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every call, you feel energized, and you know exactly what to do for the week to come, and relief knowing we will meet again the next week to go over anything that comes up after the call. You’ll gain self-awareness while you take each step toward your goals. The investment in this program is an easy yes for you. I’ve set this program up in the most supportive way for you. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the program. Sign up now. There are limited spots available for this program due to the one-on-one aspect, and it does sell out. If the payment link is gone, you can get on my waitlist to join the program when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. Everyone has something they want in their lives, and I help them get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create this exact program. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
