Financial Tips for Women Entrepreneurs
Financial Tips for Women Entrepreneurs
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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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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 1.2 Mission Objectives: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
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| The mission objectives for Tanzania were to:
• review recent ILO and other relevant research on women in enterprise in Tanzania; |
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10.3 Training for existing enterprises: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
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| Once in business, women entrepreneurs express a strong need for training in
marketing, product quality, financial management and business planning. But access to
this business and management training is limited. |
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Loans For Women Business Owners
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| There are many places on the Internet where you can find loans for women small business. Search for "loans women business" and you will get results in the tens of millions. |
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4.0 The state of women’s enterprises in Tanzania: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
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| Currently, there is no comprehensive data on the number of women in the MSME
sector, the size of their enterprises, or their distribution by sector. Only proxies are
available. In NISS (1991) women accounted for a... |
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Women Small Business Loans
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| The number of female entrepreneurs across the world, and particularly in North America, has increased enormously over the past few years. That, however, is in no thanks to the amount of women small business loans th... |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Bernard ReberBack in late 1992, MS Access hit the streets. About that time the company I managed needed new software to handle their growing client base and I decided to try this new product. I had little difficulty writing and adapting a database to suit us and discovered a hidden talent for programming. A business was born. With business studies and 25 years of management experience in three different countries under my belt, I could offer a unique combination of skills and my customers agreed. From these humble beginnings my software 'invoiceit' emerged in 1999 and has since been taken to 49 states (hello Wyoming, won't you join us?), all across Canada and more than 70 other countries. From the very beginning the program included cashbook accounting, the simplest form of keeping financial business records. The Dictionary.com defines 'cashbook' as "A 'book' in which to record money received and paid out". For 'book' substitute 'simple software' and that's what I'm about. Now I have published Simple Accounting, an inexpensive spreadsheet solution which even you can master. For just $14.95 it costs less than a takeout meal! More at http://www.scrambled-card.com/simple_accounting_main.htm - Visit Bernard Reber's Website |
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Michel NerayMichel Neray has over 25 years of experience as an award-winning copywriter, an Internet pioneer, a tradeshow pitchman and a senior sales and marketing executive. An online pioneer, he was one of the first marketing professionals to embrace the Internet by building websites as early as 1993. In 1994, Michel co-authored a book entitled "The Great Crossover: Personal Confidence in the Age of the Microchip", which made it to Jack Canfield's Achiever's Recommended Reading List. Michel founded Portfolios.com in 1995, the world's first online source directory for creative professionals and one of the first websites based on community generated content. Since creating The Essential Message in 2003, Michel has helped thousands of independent professionals and entrepreneurs as well as growing corporations find a better way to differentiate, position and brand themselves. In 2005, his chapter "Everything Starts With A Conversation" was selected as the lead for the book, "Sales Gurus Speak Out" and re-published in 2008 for 'Awakening The Workplace Volume 3'. He is also a co-author of "In the Company of Leaders" (2008) with 40 top North American leadership experts. - Visit Michel Neray's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) Jay Kubassek is a Canadian born entrepreneur, internet marketing genius, professional speaker, international real estate developer/investor, executive film producer, extreme sport enthusiast and a passionate supporter of several charities worldwide. In 2007, Jay's vision and dedication to help other entrepreneurs and business owners duplicate his marketing success led to the creation of his fourth company CarbonCopyPRO, an internet marketing firm already worth over 15 million dollars that has over 20 employees and contract workers with clients is 12 different countries. Jay resides in NYC with his girlfriend Jamie, three year old son Milo and dog Cooper. As executive producer he recently premiered his first film in the 2008 Cannes Film Festival. As an adventurist he is racing the 2008 Baja 1000 off-road race and is a member of the 2008 U.S. National Elephant Polo Team, The New York Blue who will be representing the US in the 2008 World Championships in Nepal. Visit Jay's Blog: www.JayKubassek.com - Visit Jay Kubassek's Website |
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 Sharon Alderson (Visit Sharon's Website) Sharon has over 25 yrs experience in the financial services industry. She holds the Certified Financial Planner (CFP) and the Financial Divorce Specialist (FDS) designations. Sharon is a member of the Academy of Financial Divorce Specialists and has completed training to help divorcing couples reach a negotiated settlement around financial issues. Sharon is instrumental in helping and supporting her clients to gain clarity and direction. She works with women experiencing transition in their life, whether from job loss, the loss of a life partner, or a relationship through separation or divorce. Sharon provides education and guidance and takes the time to get a clear understanding of her clients’ goals. She makes a difference in people’s lives by designing a Financial Plan which includes all aspects of Financial Planning including building wealth, protecting clients and their families against illness and death, cash flow, retirement and tax planning. She has always put her clients’ needs above her own with encouragement and support no matter what obstacles life throws in their way. She has helped many families achieve a comfort level in their financial lives, knowing she is looking out for their best interest. Sharon is also an experienced speaker on topics relating to women such as “Insights to Financial Transitions”, “Worry or Wealth”, “Financially Planning Your Divorce” and more.
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