Building A Business On A Strong Foundation

 

Are you Separating your Business and Personal Life

Your work space should be  set up in a designated area with a professional surroundings. Have your office hours set in place to secure personal time so business matters don’t intrude on your free time and family time. Last but not least,  separate your home and business finances by having bank accounts to handle your business funds.

Put your Business Plan into Action
 
Remember to keep focused on your goals, objectives and deadlines for your business. When you become busy in your business, you will find yourself serving your clients and not keeping up with your daily day to day that is need to run your business. Go back to your business plan and out it to action.

Be Prepared when Business is Slow or do not Receive Payment from your Client

By keeping good records will help you to know how much money you will need to carry your business monthly. Once you have established this, it is important to have a business savings account and not a personal bank account to build up a cash reserve. Having a cash reserve can make a difference when business is slow and not going bankrupt.

Are You Paying Yourself

We tend to under price our services to get the business and because of this is why you may not be able to give your self a paycheck. Your time is valuable as well as the knowledge and experience you have in your field. The rule of thumb is 60/40 percent and you will be able to pay your self biweekly or on a monthly basis.

Being a Self Employed and Lovin’ It

When you have built your foundation to fit the needs in your business, you will be able to enjoy taking vacations, having a day off and most of all seeing your dream come true. Enjoy the benefts of being your own boss!

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