Money is a stressor for so many people and entrepreneurs are no different. In fact, money — or lack of it — is one of the major stressors for business owners. You can start your business on a shoestring, but then the shoestring gets frayed because of a lack of clients and you want to give up. We have 5 ways to overcome business finance stress. It may not take all your financial stresses away, but it may help you gain or regain perspective.
Take a deep breath. Take a step back. Remember why you started your own business and center your thoughts.
5 Ways To Overcome Business Finance Stress
- Know what you need to make. Do you need to earn $1,000 a month or $10,000 a month in order to pay your bills and live what you deem a comfortable life. If you don’t know what you need, you may always be under stress of thinking you need to make more.
- Keep a to-do list. To keep stress at bay, write down a clear and concise list of what is lying ahead and what you can do about it. Can you truly bring on more clients? Will you need to hire someone to help you grow? Write the to-do list and that will help keep your tasks in persepctive.
- Let someone know what you’re stressing about. If you keep it all to yourself it will truly eat away at you. Whether you talk with a family member, business colleague or a business coach like Rex Richard, getting an outside perspective might be just what you need.
- Write down: what you’re making, what you’re spending (you may be frittering away money you aren’t even aware of — fancy morning coffees for example truly take a bite out of your budget.,” what are your fixed expenses, what are fluctuating expenses. How can you make more and spend less? Keep track of all your spending for an entire week — it could be very eye opening.
- Now that you’ve looked at income and expenses, create a monthly budget. When all the income and expenses are accounted for it’s easier for you to stick to the spending habits you’re trying to build.
Listing out recurring expenses such as gas, groceries, utilities, etc.
Prioritize contributing to your emergency fund each month
Set up automatic payments to avoid late fees or interest
It’s been said you need to spend money to make money, but sometimes you can operate on a shoestring and keep money rather than spending it. Contact Rex Richard and discuss your stresses and your potential need for a business coach as an outside set of eyes.