"Don't Fear Failure, Fear Regret"
Dominique Broadway is a award winning Personal Finance Coach and the Founder of Finances De•mys•ti•fied. She has been named one of the top Financial Advisors in the U.S. for Millennials. Dominique is a Bowie State University alum and has received many accolades such as Top 30 Under 30 in Washington DC, the DC Future Business Leader of America Businessperson of the Year and a nominated for the Changemaker of the Year for her work with Financial Literacy.
Top 5 Financial Tips for Budding and Thriving Entrepreneurs
Know Your Numbers
As an entrepreneur, it's vital to know exactly how much money your business is making and the amount that it is costing you to run your business every month. Take the time to use a free tool such as Mint or a low-cost tool such as Quickbooks to track your business expenses.
Set Sales Goal
You're in business to make money right? So you need to set sales goals. You should set an annual sales goals and break it down to a monthly, weekly or even daily amount to ensure you are on track to the money you desire within your business.
Keep Your Business and Personal Finances Separate
Commingling business and personal finances is a common mistake that many new and established entrepreneurs often make. To help avoid getting into this situation, be sure to open a business checking and savings account ASAP and ensure your personal expenses come out of your personal account and business expenses come out of your business account.
Establish Business Credit
You can start establishing business credit as soon as you start your business! To do so, make sure you obtain your Employer Identification Number from the IRS and this will serve as your businesses social security number. You also want to obtain your DUNS number from Dun & Brad Street and be sure to use both numbers for all bank accounts, credit card and credit lines for your business.
Remember Your Why
Being an entrepreneur can be tough and in those times when money can get pretty lean, it is very easy to forget why you started! Keep your "why" posted somewhere near your workspace so, in times when money may not be flowing as well as you desire, you can remember why you started and keep pushing to reach your financial goals.