Business Tips

4 Tips for Entrepreneurs on Financial Management

By
Katherine Penta
|
April 23, 2016
financial management
“Wealth is the ability to fully experience life.”~ Henry David Thoreau

Starting your own business as a freelancer or entrepreneur can lead to the financial freedom you dream of. However, money is sometimes one of the most challenging aspects of going solo. Earning it, saving it, reinvesting it and growing it are all things that most entrepreneurs have to manage alone. If this is something you struggle with, check out this list of helpful articles with insights and tips.

1. Shop Smart

Shopping, it’s a necessary evil. We all need to do at least some shopping sometimes, even just for food and basic necessities. However, we all know too well how stopping by the drug store or the grocery store can suddenly turn into a major expense. How much more true is this with online shopping, where it often feels like money is more flexible and the value is just too good to pass up. Before you make your next online purchase, read our tips for being a smarter online shopper.

2. Throw Out These Wasteful Expenses

Being an entrepreneur and being your own boss can often be such a satisfying position. All of the decisions rest in your hands, and so does the company checkbook. If your startup seems to be bleeding money though, it’s time to closely examine your habits and make some crucial cuts that could save you big-time. Check out the Huffington Post’s piece on some of the most common wastes of money that startups are guilty of.

3. Save Where You Can

Logos are a critical element of branding your business, and companies that know that can sometimes shell out huge amounts of money for a top logo designer to create their perfect dream logo. Getting a great logo is essential, but it doesn’t have to cost a ton of money. Making financially strategic decisions, like using these frugal tips for designing a logo, could make all the difference for your bottom line.

4. Out of Sight Out of Mind

When you’re the boss, the company funds are in your hands. Sometimes the temptation is just too strong, and being able to use your profits to make impulse purchases can end up doing serious financial damage. Lifehacker suggests making your money inaccessible, so that not only can you avoid temptation but when it strikes you won’t be able to give in anyway. Take a look at these tips for money management. What’s the smartest financial decision you’ve made in your business? Tell us in the comments.

Katherine Penta
Brand and copy expert with over six years of experience developing brand personas, managing content, and writing copy for brands like Neutrogena, Visa, and Adobe.
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