A letter to the mompreneurs. I’ve been in business a little over 7 years now. My goal is to inspire and motivate more of you to do the same. I want you to accelerate your business and bypass some of the small mistakes new entrepreneurs tend to make. Mitigating your mistakes could be the difference in you being in business years from now, just like us.
Keep in mind there are fees that come with doing business. Don’t let the sticker shock of the start-up fees keep you from doubling or tripling your current income. There is so much to gain from those initial investments with dedication and consistency. Scared money doesn’t make any money. If you are ready to take your dreams to the next level here are 5 ways I saved money to fund some of my costs.
Make a list of everything coming in and going out
Unless you are keeping track of your expenses there’s no way you can gauge accurate numbers. Take this time to get acquainted with your finances. See where you can spend less and save more.
Eat out less
The first thing I noticed was I was eating out a lot. As a bookkeeper, not as much as many, but I could make some adjustments. With this method, you can really knock out two birds with one stone. I began meal prepping. All my meals were planned for the week. Even if the meal wasn’t prepped I made sure some of my meals could be easily accessible. Grab and go. Now, not only am I saving money, I am saving time. More time I was able to put in my business.
Stop or limit your salon visits
I know I know it sounds like madness. With a little creativity, it isn’t as bad as you think. I took this time to make the decision that I wasn’t going to get sew-ins (extensions) any longer. My edges were thinning and between the hair and labor, I couldn’t keep spending that kind of money every few months. I cut my hair into a bob and began my natural hair journey. Protective styles and braids became my thing. You guessed it! I’m saving more time and money.
Stay out of the mall
I have found some great lightly used pieces at thrifts stores. The clothes rack can be overwhelming but with creativity a patience you can still be eye-catching and light on the wallet. Keep in mind all of these things are temporary.
DIY (Do it yourself)
The goal is to get going. In 2018 there are so many platforms you can utilize to get things done from graphics, logos, to DIY web builders. You can also hire freelancers for individual jobs. These kinds of things can get costly but are so essential to growing your business. The good thing is brands re-brand all of the time! When your business begins to flourish you can hire a team to clean it up. At the beginning of your business perfection should be the least of your worries. Your focus is to launch!
I didn’t leave you with ways to just fund your business, I dropped some jewels to kickstart below.
Where do I begin?
All businesses should be properly created with a professional presentation. Here is a list of things to tighten up that can lead to smooth operations, lower costs, building business credit and obtaining funding:
- Choose your business name
- Check name availability with your Secretary of State, domain, and social media.
- Set up a legal entity (LLC or Corporation)
- Identify your company’s SIC and NAICS code
- Obtain an EIN Number
- Obtain permits or licenses as necessary to your business
- Set up or Hire someone to create a professional looking website
- Professional email address (firstname.lastname@example.org)
- Physical or Virtual Address (you don’t want to be treated as a home based business)
- Professional phone number, preferably a toll-free number
- Fax number
- Business bank account
- Register will all 3 business credit reporting bureaus – Duns and Bradstreet, Experian and Equifax
- Begin tracking and recording expenses
**BONUS** Develop a system for managing your financials, such as Quickbooks or Freshbooks. You will need it for tax purposes and to secure certain types of funding later. Stay ready, so you’re not always trying to get ready.
Have you started your business already? Do you think you are ready for business credit? That means you have completed everything above. If so, let’s begin building business credit for only $99 a month.