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Five Tips for Financial Success in Your Home Business

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Five Tips for Financial Success in Your Home Business

I’m no CPA (although my dad was) and I don’t have an MBA either. So why listen to me about financial mistakes? Maybe because I’ve made a ton of them since launching my business in 2010. Today I thought I’d share a few things I’ve learned and a few I’m still working on.

One person who is an A+ in this area is Barbara Stanny and I hosted her for a webinar last week. She’s the daughter of the “R” from the famous H&R Block and although she grew up surrounded by abundance she hit quite a few of her own financial troubles in adulthood. No one is impervious.

Most women, me and probably you too, love to work to make a difference in the lives of others. And getting paid is not the main motivator. Because of this we sometimes settle for being underpaid, undervalued and eventually end up unmotivated.

How can we avoid the trap of giving too much without expecting to receive? I’d like to suggest five ways to grow your bottom line.

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  • Follow your feelings. If you’re feeling resentful, overwhelmed, unmotivated, frustrated you are likely giving away too much of yourself without expecting enough back. In this case you need to adjust your activity to focus on the revenue generating activities more. This means making more prospecting calls, sending more emails, touching more new people each day.
  • Set clear financial goals. Do you have written down specific financial goals with date to be accomplished? I suggest working backwards. Start with an annual goal and break it down into monthly, weekly and daily targets.  Use them as a guide.
  • Ask for help. When I put on my first conference I had no idea how to manage the finances of it. At that time I sought out the help of a Score consultant. He helped me set up a system to track my ticket sales, invoice vendors and budget expenses. It’s not a good idea to hand off the finances to someone else completely but getting advice is always wise.
  • Create a system and stick with it. Are you going to save receipts? Where? Will you take a pic and scan them? How do you track what’s deductible? Wait…how do I know if it’s deductible? What bills are recurring? Will you pay everything weekly? On what day? What accounting system will you use to track your income? Again, get help with this if it’s not your strong suit.
  • Investing in yourself is the best money spent! When you take an online course, join a coaching group, read books and develop your skills you will become more proficient in all you do. No one can take away your education. Keep fueling the tank and as you grow, your business will grow too.

Remember these two proverbs in closing, “He who is faithful with little will be faithful with much,” and “Don’t despise the day of small beginnings.” We all start with our first client, our first party, our first customer, our first commission check. Be grateful for where you are and know that when you are serious about growing your business, and you follow these 5 tips you’ll be sure to reach the top in no time at all!

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