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Starting and running your own business can be emotionally, physically, and mentally tiring as you never really “switch off”. There is always something to think about, whether it is paying bills, time on social media, or building your business branding. Sometimes there never seem to be enough hours in the day or money to do what you need to do to enjoy life.
The most obvious one is being able to afford day to day living and household bills. Being your own boss comes with a rollercoaster salary of highs and lows as there can be quieter times when money is tight. Struggling financially is the main health concern for many entrepreneurs as unfortunately, we all have bills to pay, which is why you need to focus on budgets from the first day you start your own business.
Having unexpected expenses can also cause major issues. From technology repairs or home accidents, money does give many business owners headaches and stress. This is why looking after your health is paramount to being able to cope financially with clients and work/life balance.
The most obvious one is having a budget strategy in a business plan. Working out how many clients you can take on, pricing guides, or products you need to sell will give you an insight into how your cash flow will work month to month. Making a profit from the first day does not usually happen as most money is then spent on new stock or traveling expenses. Being financially savvy helps as added stress can make it harder to focus on your business and personal life.
If you are not so great with budgets or financial planning, asking a friend or family member for advice is a better plan as accountant charges will be added expenses you do not need, unless you feel it is necessary.
Eating healthy meals and getting enough sleep is essential for your health when being your boss as these can hurt your health if you do not look after yourself. Taking regular breaks away from the computer and your phone are also beneficial even when you are busy. You do not need to spend a fortune on organic fruit and vegetables or a gym membership unless you have a budget to spend on these things. Taking a walk in the park or listening to music can be simple positive actions that do not cost anything.
Working on a financial plan every month will allow you to budget your business better as well as making sure your client’s work is completed and business deadlines met. Finding new clients could come from networking conversations, phone call inquiries, or through an email marketing campaign, so keeping a database of clients you work for is key for effective management and administration.
Worrying about money can be stressful, causing many health issues and anxiety that harm your business. If you are struggling financially, it is far better to discuss matters with family, friends, or independent advisors instead of ignoring the problems. Not being able to pay bills or getting into debt is a serious business failure that can be easily avoided if you tackle the predicament head-on.
Getting a loan or borrowing money from banks, credit cards or other people can be a short term fix, especially if you know you can afford to pay the money back. However, it is not always the best solution if your business has just been launched or you are unsure of how you will make the repayments as it will be added stress that affects your health.
Many people launch their own business as a side hustle, so they have a regular wage as well as building their own business in their spare time. Although this is the most logical way to launch a business without any financial issues, it is not always possible for some. Individual circumstances cause people to start their own business so being logical on budgets is needed whatever the personal situation.
The best solution to any new business or entrepreneur is to speak out and ask for independent advice on finances, bills, or health matters. No one wants to struggle with bills or food or see anyone else worry without support. Being healthy will ensure your business continues making profits and adds financial security.
Contributed By: Autumn Knight, Guest Blogger at D’orandae