1. Keep your business account separate. Your business account should be used for business expenses and to deposit the accounts receivable only. Do not mingle your personal or household finances with business; it will make tax information more easily accessible.
2. Estimate your earning potential. Project the number of business approaches to prospects and the average sale per approach. Factor in what you want to earn per hour and know exactly how much it costs to produce your product or to bring your service to your customer. You can then estimate how many sales you will make over the year and what your income may be.
3. Set goals and priorities. Charting your course in financial matters, as in all other areas, depends on knowing where you want to go otherwise you can easily get lost. Set both short term and long term goals both personal and business and be sure to write them down.
4. Make sure to track your GST charged and spent. Remit GST payments and income tax installments as well as income tax returns on time. The penalties for late filing are steep.
5. Have an emergency fund. An important part of financial planning is to prepare for unexpected events so you are not forced to take on heavy credit card debt. Fund this account with monthly savings which can be used for your annual expenses or vacations and income tax installments. Making money in a new business can be challenging and an emergency fund will keep money relatively liquid and secure, to help during business slow times.
6. Set a budget for each aspect of your business, office costs, marketing, advertising, etc. Re-evaluate and adjust your plan and measure your progress to make sure that you stay the course.
7. Protect your income and assets. The good news is we are living through serious medical problems; the bad news for the unprepared is living through serious medical problems brings an added expense. For Self employed individuals if we don’t work we don’t make money. I encourage you to investigate different types of insurance to protect you and your family, such as term insurance, critical illness insurance and income replacement plans such as disability insurance
8. Invest in RRSPs. Most entrepreneurs are busy concentrating on building their business to the exclusion of future planning especially since we don’t have the benefit of an employer sponsored retirement plan. Although RRSPs are intended for retirement they can also be used in an emergency.
9. Have an up to date will and power of attorney. If you have minor children it is important to appoint a guardian for them, and plan to allow for the additional financial burden on the guardian looking after a larger family. Estate & Tax planning will ensure Canada Revenue Agency is not one of your beneficiaries
10. Don't rely on someone else. Throughout the years women have rarely been encouraged to interest themselves in financial matters; money was something that was often taken care of by fathers and husbands. Financial planning should be a family affair, so make sure you and your spouse are on the same page. We all have different money personalities and most of us are either Spenders or Savers. Conflict arises when spenders marry savers but when spenders marry spenders we are heading for a rough financial ride. Couples with different financial personalities can create a workable plan but they need to acknowledge their different spending habits first.
Are you prepared for the unexpected? In many instances, death, divorce, job loss, illness or some other unforeseen event can change a woman's situation overnight. No-one wants to think of divorce, but unfortunately approximately half of all marriages now end that way and there are always financial consequences. Women live longer than men and the divorce rate is at an all time high, so chances are pretty good we will be on our own at some time in our life. Stress causes a lot of health and marital problems, and as a matter of fact money is the number one cause of arguments between spouses or partners. Getting your finances in order and planning for your future will create success and balance in all areas of your life.
“It is good to have an end to journey toward; but it is the journey that matters, in the end”
Ernest Hemingway
Financial Tips for Women Entrepreneurs - To learn more about this author, visit Sharon Alderson's Website.
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