Dear Future Women Entrepreneurs,
Many people don’t know that October was National Women’s Small Business month. As a small business owner myself I want to use this opportunity to let women in on the secrets that they need to know as small business owners (or intending women entrepreneurs).
I must admit that starting your own business can be pretty scary, especially if you are coming from a background where you depend on steady pay checks.
There are so many reasons why a lot of women choose to start their own business, but the 3 common reasons to create a startup are:
- To make better income
- Stay home with the kids and be there when they get off the school bus
- To live their lifelong dream of sharing their talent/product with the rest of the world
According to statistics, many women entrepreneurs fold up within a period of 5 years, but in order to be a successful business owner, you need to arm yourself with the right information aside from having a strong passion and drive to see your business succeed.
I founded GoldStar Properties in 2009 with 4 team members in a 430 square feet office. The story is different now and it would be my pleasure to provide women with tips to help them succeed as business owners.
One of the things that you need to keep in mind as a small business owner is to trim your expenses wherever you possibly can, and also be sure to take advantage of several tax deductions that are there for grabs every spring.
Here are some quick tips for current or future small business owner:
1. Tax Deductions – Take Advantage of em!
If you do a really large amount of freelance work, you should make sure that you keep important receipts from the expenses related to your home office such as the purchase of fax machine, phones, computer, mailing items, electricity bill, stationery and mileage to cover happenings/events etc. It is vital that you keep a record all these items and every other purchase during the financial year, so that you will be able to deduct home office expenditure during tax time.
2. Insurance – A Must!
I am often shocked to discover that a lot of business owners do not realize the need to have liability and business insurance. Do not think that your landlord/landlady has you covered if a client suffers a fall within the premises and gets badly injured. You could find yourself slapped with colossal legal bill if the person who came to conduct with you takes you to court. You will also need to ensure that you are covered if part of your business involves mailing out orders to customers. You should ensure that you look for a really sound insurance policy that will cover your business in a variety of ways.
3. Invoicing – Stay On Top of It Like White on Rice!
With every single thing that small business owners have to go through with running their business, ensuring that they get well compensated seems to be like a conclusion that is forgone – oh yes, you will be shocked to know just how many owners of small businesses fall way behind on invoicing their customers/clients! A couple of missed payments can actually add up to thousands of dollars! So, ensure that you stay on top of billing your clients/customers and do not be shy to send out emails reminding them to pay up. If you are uncomfortable “badgering” clients to pay up, then hire someone who has no problem performing this task.
Always remember that running your own business will take a lot of your time and effort. With the proper business concept and financial plan, you will be able to make your business succeed.
More quick tips coming! Here’s to the success of all future women entrepreneurs out there, Salud!
Dr. Tiana Von Johnson
Follow me @tianavonjohnson