Here’s Your Guide to Becoming Your Own Boss!
Hey there, future business owner! Are you tired of the daily grind, feeling like you’re just getting by with all the takin’ and no givin’? I get it! The idea of becoming your own boss is thrilling, especially for those of us with an independent streak! It’s a dream many of us share. Imagine being able to call all the shots, do what you love all day. Sounds exciting, doesn’t it?
I’ve done both – worked for others to help build up the business and worked for myself. Undeniably, there have been immense rewards in both being an employee and a business owner. It all depends on your situation in life and your mindset, because becoming an entrepreneur can present some real challenges.
Preparing Your Financial Foundation
There’s a TON of details to consider if you feel you’re ready to give it a go. One of the most important aspects is to prepare your financial foundation before you even think about printing those business cards or renting that office space. Just like building a house, you need to have a solid, level foundation before you start building.
The financial foundation includes fleshing out your business idea, conducting a SWOT Analysis (strengths, weaknesses, opportunities, threats), creating your accounting plan, and what I call ‘the accounting cornerstone’ – your Chart of Accounts and accounting process.
Let Me Share a Quick Story
The mistake I’ve seen many small business owners make is rushing into the ‘fun part’ – doing what they love – without setting the accounting cornerstone.
I’ve worked with quite a number of entrepreneurs who jumped right into their business without paying much attention to their accounting. They were passionate and driven, did good work, were great with their clients, and had money coming in. WooHoo!, Right?
But two to three years down the road, they found themselves in tax trouble. They hadn’t kept accurate records, couldn’t remember or find documentation for what the transactions were for, paid contractors incorrectly, and co-mingled business and personal funds.
Consequently, they missed out on important deductions; they overpaid some taxes and underpaid others, and ultimately faced fines. And in every case, it was a BIG-TIME financial stress, time -sucker, and expensive task to deal with getting things sorted out.
It was a tough lesson for them and a clear reminder of why having a solid accounting foundation from the start is crucial.
Helpful Tools
But guess what? You don’t have to navigate this path alone. With a little professional guidance and tools like my favorite accounting software – FreshBooks, designed specifically for service-based small business owners, – the process can be smoother and more empowering than you think.
My one-time, one-price business start-up packages can be customized to your needs and budget. And why FreshBooks? It’s my go-to because it’s incredibly user-friendly, inexpensive, and puts a wealth of control and information right at your fingertips. Whether you’re managing invoices, tracking expenses, or simply trying to get a handle on your finances, FreshBooks makes it super easy. And since its cloud based and has a phone app as well, you can easily upload and keep track of expenses, invoicing, payments, and expenses ‘on the fly ,’ saving you more time to get back to that fun stuff!
Starting out on the right foot by setting your accounting cornerstone will fast-track your understanding of your business numbers, so you can continue to make sound decisions going as you grown.
Get Inspired and Take Action
With the right tools and a sprinkle of inspiration, you’re well on your way to success. But don’t just take my word for it. Dive into some inspiration directly from the FreshBooks team, perfect for those of you dreaming of making that leap into entrepreneurship.
And if you’re curious about how Prima Bookkeeping Solutions and FreshBooks can help you in establishing your financial foundation, click on the pink button below for your complimentary 20-minute call; let’s chat about your dreams and how to turn them into reality.
