Tag Archives: entreprenuer

How to Financially Plan for a Startup Business

As the world of work changes, more and more people are taking steps to go into business for themselves. Sometimes this is done via freelancing, the gig economy, or simply by launching a startup company. However, making the right moves when launching a startup business is absolutely imperative and can be the determining factor in success or failure. One of the biggest and most common mistakes made by aspiring entrepreneurs is the failure to engage in full financial preparation. Thankfully, there are a series of steps that each person can take as they work to create or get their startup business off the ground.

Write an Excellent Business Plan

According to reports from Inc, having an understanding of the financial section of a business plan is paramount for any startup. This includes taking note of matters such as accounting, cash flows, profits/losses, etc. Essentially, the purpose of a business plan is to serve as a guide for how the entrepreneur will run his or her own business. Without a business plan, it is impossible to assess the structure of the startup and determine what is needed in order to turn it into a success.

Unfortunately, many entrepreneurs who are new to the world of business and startups remain unaware of how to write business plans. In these particular cases or situations, hiring a professional or accountant to help one come up with a business plan can be wise. Even though the added fee of doing so may seem initially scary, it is a worthy investment. The fact of the matter is that anyone who is serious about success and launching their startup needs to have a clearcut business plan. It is the only way. Going forth without one is a virtual guarantee for disaster.

Determine How to Manage the Day-to-Day Operations

Financial planning for any startup business is all well and good; however, management of the day-to-day operations is equally as critical. As noted by Startup Grind, the ins and outs of accounting play a very big role in whether or not one succeeds or fails in business. Thankfully, there are a variety of apps which can help with day-to-day tasks such as creating invoices and estimates, tracking transactions, generating receipts, managing payroll, pitching to investors, and more. The list, quite literally, goes on and on.

Some of the available apps to manage the aforementioned tasks (and others) include PlanGuru, Wave, FileThis, and CalcXML.

A Final Word

The intricate and required financial planning that comes with building a startup business should never serve as a deterrent or a cause of discouragement. While getting starting as an entrepreneur can be difficult in the beginning, the merits and rewards which come later are indescribable and immense. As automation and artificial intelligence begin to emerge into society, business ownership and self-employment will be some of the most lucrative ways to build a life and ensure financial and job security.

Putting in the work now ensures that entrepreneurs are able to reap the benefits later.

Authored by Gabrielle Seunagal

How Self Employment Can Increase Your Income

In this day and age, “work” has various meanings, depending on who is asked. Some people remain in the workforce as traditional employees, while others are self-employed. There are multiple forms of self-employment, but ultimately, self-employed individuals work for themselves, as opposed to working for another individual or corporation. A person who is self-employed may have various clients or customers, however, the success, or lack thereof, of their business ultimately depends upon them. Self-employment in an inherently risky venture, although few things worth having come with ease.

The Potential for Income Growth is Limitless

In most cases, individuals who work as employees generally receive paychecks. Upon being hired, there is usually an agreed upon salary or amount of hours to be worked. Employees generally stick to these hours and for the most part, the ability to significantly increase income from the aforementioned stream is difficult, if not impossible. Workers can ask for a raise, but there is no guarantee that an employer or boss will agree to it.

The game is completely different for self-employed individuals. Income surges are readily attainable, so long as the person at hand is willing to take the proper steps, market themselves accordingly, or offer new products or services. For instance, a freelance writer who wishes to increase her monthly income can do so by taking on various styles of writing, working with a wider network of clientele, or even increasing her current rates. Conversely, were that same freelancer working as an employee 40 hours per week with a set salary of $15.00/per hour, growing her earnings may be a more difficult feat.

When an individual works for someone else, their income is greatly dependent upon the person who employs them. However, when someone works for themselves, their earnings are determined by their quality of work, ability to market themselves, and make lucrative business decisions. While self-employment is not for everyone, those who are serious about growing their income may find this economic route to be beneficial.

The Options For Tax Deductions Are Plentiful

Most employees’ taxes are automatically deducted from their paychecks prior to reception. While tax season may be easier for traditional workers, easier does not always mean economically fruitful. A full list of self-employed tax deductions can be found and read on Quickbooks; some of the most common deductions include marketing tools, home office expenses, meals with clients, wages paid to employees, etc.

In some cases, self-employed individuals may be able to write off so much that the government actually owes them money. That money can then be saved, invested, or otherwise used to grow one’s business.

A Final Word Regarding Self-Employment

Success in the self-employment field takes work, dedication, and the willingness to work hard, never give up and continue growing one’s business. In current times, every working individual should be striving to increase their economic capital. Living expenses are surging and financial emergencies can occur at any time. Opportunities to grow one’s income and decrease owed taxes are two of the most productive ways self-employment has and continues to transform lives.

Authored by: Gabrielle Seunagal