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Tips for Managing The Finances of a Stay-at-Home Business

admin Posted in Work at Home Comments Off on Tips for Managing The Finances of a Stay-at-Home Business

Managing business finances is challenging for any business owner but when you have a stay-at-home business, the challenge gets amplified. This is because you are responsible for handling all your business’ finances because you may not have any employees yet. Even when you have the skills to create the products and services you sell, managing your finances can still feel like a chore, leading to financial habits that can lead to business failure. To help you out, here are a few tips to help you manage your business’ finances better.

Woman at Laptop

Pay Yourself

If you are  running a small business from your home, it is easy to set aside some money to pay yourself. A lot of people end up putting all the money back into the business and forget that they have financial responsibilities outside the business.

Once you start paying yourself, it gets easier to extend that type of thinking to employees and to see the need for them because you know you can work the business’ finances to find the money needed to hire extra help.

Have a Billing Strategy

Almost every business has a client who is always late on their payments. If you have such a client, it can be difficult to maintain a healthy cash flow. This is why it is so important to have a billing strategy in place.

Some strategies include considering discounts for clients who pay early and letting all customers know that you need them to pay within a certain number of days, usually 30 days after an invoice has been sent. If not, it is always better to find alternative clients than to deal with the headache and cash flow issues caused by one client.

Do Not Be Afraid of Loans

There is a false notion that if you run a stay-at-home business, you might not be eligible for a loan. While loans can be scary, there is no reason why you cannot apply and get one while you work from home. Lenders will want to see your numbers and a demonstration of your ability to repay the loan. Businesses like Advance Business Capital are helping people find the right types of loans for their businesses, regardless of the types of businesses they run. If you are ready to give your business the financial reserves it needs to be successful, you can talk to them to get a quote for the right type of loan.

Keep an Eye on Your Books

Even when you have someone taking care of your books, it is important to set some time aside every week or month to go through the books. Doing this ensures you are intimately familiar with your business’ finances. Also, it can help you notice if anything nefarious is going on.

Running a stay-at-home business can be hard, especially if you do not have someone helping you with your finances. However, it is possible to learn everything you need to so that you can know what is happening in your business as well as to find the extra cash you need if you ever need it to grow your business.

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4 Ways to Balance Working from Home with Being a Mom

admin Posted in Work at Home Comments Off on 4 Ways to Balance Working from Home with Being a Mom

When starting a business from home it can take up a lot of your time, particularly to begin with, which means it is important that you find a good work-to-mom balance. As working from home does not require you to physically leave the house to work, it means you are living in the same environment you are working in, which is why it is crucial you separate your work life to your home life.

Set a routine

Routines are particularly beneficial when you are running a business from home and have the responsibilities of a mom at the same time. If your child goes to daycare during your working hours, that is already a good starting point for a routine as you can have set working hours, and still make time for family duties such as taking your child to the dentist, for information on family friendly dentistry, search asheville dentist.

Separate work and home life

For many moms, it can be hard to separate work life and home life if your business demands a lot of your attention, which is often the case. If you have not already, try and physically separate your work and home life by setting up a designated workspace in a separate room of the house. This way, you are not just sitting on the couch or in your bedroom, which will not only make you feel more productive, but it will also help you switch off from your work responsibilities after work hours.

Once your work hours are over, turn off your laptop and designate time to spend with your child. It can be tempting to check your emails late at night, but part of being a mom is making sacrifices to your children and sometimes that means watching cartoons with your child instead of being on your phone.

Make time in the evenings

The evenings are your time. Cook a nice family meal, relax and enjoy the company you have around you. You can worry about work related things tomorrow.

You can find out how to make the most of your evenings here.

Take time out

For anyone who works from home, it can be challenging and stressful, especially if you are running a business by yourself with a young child to care for too. A lot of moms feel guilty whenever they consider taking some time out just for themselves to relax and often just breathe. You should never feel guilty from needing a mind de-clutter in the form of a nice hot bath and glass of wine. Looking after yourself is a key way you can balance your work life and mom life as you are giving yourself well needed time out, which means you are more likely to carry a positive attitude at home and at work.

Most importantly, remember you are doing the best you can as a work from home mom. It is not easy setting up a business from home when you are a full-time mom, so give yourself credit whenever it is due.

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5 Basic Steps to Reach Your Financial Goals as a Working Mom

admin Posted in Work at Home Comments Off on 5 Basic Steps to Reach Your Financial Goals as a Working Mom

Steps to Reach Your Financial Goals as a Working Mom

Financial management is a challenge for many working moms. Some women overspend on grocery shopping and cosmetics. It is important to set financial goals to manage your income and assets prudently. Create a weekly or monthly budget for your family’s expenditure. Working moms can use their disposable income to wager in to make profit. Besides, they can follow these five basic steps to achieve financial goals.

1. Set the Right Priorities

Compile a list of all activities you intend to save up for. They include paying your mortgage or buying a new car. Also, indicate why each activity is important to your family. It helps you prioritize your financial goals and create strategies on how you will achieve them.

2. Create a Time Frame

Typically, there are long term and short term financial goals. It is advisable to organize your goals based on their urgency. For instance, you can arrange them as medium-term goals, long-term goals, and short-term goals. An ideal long-term goal would be saving up for retirement. It is essential to have a definite time frame for each goal.

3. Evaluate Your Finances

Some people dread finding out how much money they have at a particular time. However, you need to calculate your income to avoid being heavily indebted. Accrued debts and expenses can hinder you from achieving certain financial goals. Working moms should write down their net monthly income, savings, debts and fixed expenses such as insurance and mortgage. Consider your finances when you create a budget.

4. Create a Realistic Strategy for Your Goals

Formulate a strategy on how you will achieve your financial goals once you set them. Pick actionable items to support each goal. For example, you can start saving $200 a week if you intend to purchase a family in two years. Many people overspend when they go for grocery shopping. Financial analysts recommend creating meal plans for each week.

5. Track Your Progress

Most short-term goals need little financial commitment compared to long-term targets. You could set up an emergency fund for short-term goals. Prepare properly for long term goals such as college education for your children and early retirement. Assess your progress after a few months to adjust your financial plans.

Besides managing household events and activities, moms should manage the family budget. It is prudent to be actively involved in handling family finances to avoid getting bankrupt. However, it is tricky to balance finances and family commitments. A nice financial plan can help you improve your current financial position.

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