Tips to help you manage money being a business owner

 Tips to help you manage money being a business owner. Another post on the weekend. Well, it's a new schedule. I will explain to you in a bit. There are some changes to posts and social media. However, I will share posts on the same days as before. 


Today's will be about business. And I would like to talk about some tips that can help you. Managing money being a business owner can be tricky sometimes. We need to do some things. Maybe you already have an idea and that's nice. This post will be for the fresh business owners. Anyone who finds it difficult to manage money. 


Tips to help you manage money being a business owner

Tips to help you manage money being a business owner



Well, today is supposed to be no post. But I decided to share four posts a week. And the fourth one will be on Saturday from now on. At least for the next few weeks. Because I lost my old content and now I'm trying to share as much as I can. 


So, it will be the same as always but with an extra post on Saturday. I also did some adjustments to my social media posting as well. The DIY projects are also not ready yet. But once I manage to get them back. You will be the first to know.


There will be more updates to the blog. I moved to the blogger platform. And it will be for at least a couple of months. Then. I will get back to WordPress again. Because I had some issues with my hosting and bank. 


Quick updates for you guys. I want to talk more about today's post. And share with you some business tips. Well, it's for business owners. Something that I learned or got from business owners that are my friend.


Managing a business is not so easy. Let alone when you have to be an accountant. If you already got one. You may share this with them. Because it may help them. But if you still manage everything. There are some things that you need to know. Tips to help you manage money being a business owner.


FYI

The purpose of this list of tips is to help you successfully run the business. And manage your money carefully. Things might get messy if you are not careful. Understand how to do it. So many things could ruin it but it should be possible for you to take control. 


Managing money can be for spending and saving. How to purchase and what to do before you purchase. As a business owner, you will come across these in your journey. Hopefully, you will find these helpful to you. 


1. Always Track spending and saving


One of the things that I learned the hard way. And I assume there will be a lot of people who did the same. So, you don't need to do the same thing. Make sure that you track everything you do with the money. This way, you will be in control of spending and saving. 


Well, this is one of the tips to help you manage money being a business owner. Small business owners should prepare for managing huge money. If you have some money now. It doesn't mean you will stay like this unless you choose to and don't work hard. 


Tracking the small amount of spending is important. Anything you spend or save. Make sure you write it down. Without writing them. You will forget about and it will keep happening over and over. Therefore, I highly recommend you to track and write too. 


When you do this. You will be able to know and stay in control of the money. One of the Tips to help you manage money being a business owner. Also, you will need another one that I mentioned on this list and it's very important. Keep reading to know more about it. 


2. Spend money very carefully and attach why to it 


You become more responsible with the money. Being a business owner is different. And you should have some ideas of how to manage. But this is very important for anyone. However, small business owners are more. 


It could lead to ruining the business if you are not careful with spending the money. Attach a good why to buy anything. Don't buy anything just because you want to or felt like doing so. This will lead you to more trouble in managing the money. 


When I say carefully. I also mentioned below a good tip that can help you. So, keep reading to know more about it. We will need to do it whether being a business owner or just a normal person. Anyone could spend money and they would need this as well. 


Having a why you will need to buy something is important. At some point in our life. Being responsible is necessary to be in control of the money. And aim for the life we are trying to achieve. And it starts following these tips to help you manage money being a business owner.


3. Separate the business money from your own money


Here is one that differentiates a business owner from a normal guy. When you own a business, you will need to separate your own money from what you get or save from the business. This way, it will make it easier for you to manage everything. 


Don't mix things and you will regret it later. If you don't have money for yourself. Then, you will need to do something about that. Business money will be only for the business. There are a lot of things that you will use the money for. 


Whether have two different banks or use cash for yourself and bank for the business. Whatever you do. Make sure that you have them both separate. This way, you will know how much you have and what is for the business. 


A lot of people would do two accounts. Maybe it's different for you and you can do whatever suits you. Also, depending on how much you earn. Do you have an online business or a local business? this makes different 


4. Keep your eyes on deals and offers 


It's not just about the money. But also how and in what do you use the money. Big pat of managing the money relay on this one. You could save a lot of money when you do this. Also the next one as well. Both of them are good for anyone who wants to spend money.


So, you will need to keep your eyes on the offers and deals. I'm sure any online shop or local will have this. It just matters if you look or not. Don't forget to read the next one because it will also help with saving money as well. 


Even if it's a little bit cheaper than the actual price. Don't avoid it because every cent could add up to more money. However, I'm sure you will find deals and offer that save more than one dollar. And it's the same or similar to what you wanted. 


That is something I used to avoid as well. My cousin would spend more time looking for offers or deals. And I would just buy whatever and don't pay attention to the price. But now I changed that bad habit. It helped me to save more money. So, it's one of the important tips to help you manage money being a business owner.



5.  Don’t buy from the first option 


Well, one of the most important things is when you want to save money. Stop buying things from the first option you find. Even if it's perfect and the one. Still, take some time to look around. Check if there are any other options. Maybe you will find other better options. 


It doesn't mean that you buy the second. But spending some time looking around can help. And if you didn't find any better. Then, you can go back and buy the first option. At least you will be sure everything is good and you have the best one in the market or shop. 


This applies to small or big business owners. Especially, small business owners need to be more careful. As they don't have a lot of money. Wasting money when you can save it. That would not seem good and it might hurt a bit your money management. 


6. Read the instructions and details of each item/product 


Being a business owner. There should be more responsibility when buying or spending money on anything. That includes making sure that you everything about the product or item. If you will buy something, don't waste it on anything which is not what you need. Therefore, it's important to learn these tips to help you manage money being a business owner.


Well, it's also something that I learned the hard way. And I wasted tons of money. Now, for any product I buy, I will have to learn more about t. Does it match the one I need? Avoid buying things quickly because it might not end well. 

Tips to help you manage money being a business owner


Thank you for reading until this point. I hope you find these tips helpful. Don't forget to share your thoughts on these tips. Also, subscribe to my email list to receive new posts on time. Follow me on social media. I'm on Twitter and Pinterest

28 Comments

  1. I don’t have a small business but I can see that these tips would be helpful to have.

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    1. Yeah, thank you for reading and sharing your thoughts!

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  2. These are great tips!!

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    Replies
    1. Thank you for reading and sharing your feedback!

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  3. Very valuable Tips, have saved this to manage my money being a business owner. Thanks man

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    Replies
    1. Thank you so much for reading and sharing your thoughts!

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  4. I started my blog 6 months ago. But I have to be careful with money, because I want to buy every blogging course! Thank you for practical tips!

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    1. That's awesome. I hope you will have great time blogging!

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  5. Keeping your business money and personal money separate is a good idea. I typically lump it all together, but I do keep track of everything.

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    1. Yeah, it will make things complicated. Well, that's good you keep track of everything.

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  6. This is so well laid out and informative! I always love reading about ways to help with my finances so I’m grateful for this. Thank you so much for sharing your wonderful insight it’s helpful ! :)

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    1. Thank you so much for reading and sharing your thoughts!

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  7. These are good tips. I need to take note on all these tips. Thank you for sharing.

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    Replies
    1. Thank you so much for readig and sharing your feedback!

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  8. Great tips, Nb.5 is especially hard for me 😋 thank you!

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  9. Great post with useful tips, I don't own a business but a lot of these can relate to personal finances, like keep 'fun' money separate to house money. Thanks for sharing, Sarah

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    1. Thank you for reading and sharing your lovely feedback!

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  10. Separate Business money from personal money- very important!

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    1. Yeah, it's important to do that. Thank you for reading!

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  11. There are so many things that go into running a successful business. But the bottom line is, no matter how well you are doing this, you need to maintain cash flow and manage money more than anything.

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    1. Yeah, it's important to manage the money. Thank you for reading!

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  12. This is a great post with some useful tips on how to run your business and manage money.

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  13. There are so many things when it come to save money. I do some follow some of these tips. Watching out for deals and offers do help a lot in saving money

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  14. Hehe....I really need to stop buying the first item I come across. I realised a lot of my money flies away like that.

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  15. Good tips! I also agree that having two separate bank accounts helps and making sure you don't use up company money for personal expenses is a must!

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  16. Great tips! Thanks a lot for sharing them

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  17. This is a good list of tips. There are a lot of tips here that I need to keep in mind. Your sharing is greatly appreciated.

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