Happy #moneymakingmonday ! What’s the best piece of advice you’d give someone on how to manage money in their online business?
87% of small businesses fail due to cash flow problems. Whether you’re just starting your business or already hitting 7-figures , it’s important to have a strong grip on your business finances and what I’ve seen far too often is that many struggle to properly manage their personal finances and those same poor habits sabotage their biz. It’s not enough to make money in your business - the goal is to be profitable and create a next-level lifestyle from the fruits of our businesses.
My #1 piece of advice is to always set an intention for your biz revenue! Know how much you want to make each month and plan for what you’ll do with the money. When I challenged myself to want more and I created a clear vision for HOW I would use the money from my business to advance my personal life AND my business, my manifesting game skyrocketed to another level. With clear goals and plans, you’ll see significant growth! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 7 money habits of successful biz owners. Do you adopt any of these?
Regularly review your finances (I recommend at least monthly to my clients)
Maintain a budget (I follow the Profit First budgeting method...have you heard of it?)
Save for taxes (20-30% of your client revenue)
Proactively reduce business debt & NEVER pay late
Pay yourself (in the earlier stages you may invest 100% of profits back into your business, but you should get in the habit of paying yourself, even if it’s just 1-2% to start out)
Establish an optimal business structure for liability and taxes (E.g. sole proprietorships, partnerships and corporations)
Maximize tax write-offs and deductions (hire a savvy CPA & financial advisor to help you with a wealth accumulation strategy & reduce your tax liability). ⠀⠀⠀⠀⠀⠀⠀⠀⠀
My mission is to help women not just successfully launch & grow businesses, but to do so profitably & sustainably! #legacybuilding - 2 hours ago