An increasing number of people, as a result of the pandemic and otherwise, have ventured into the world of entrepreneurship since the first quarter of 2020.
If you are considering that path for yourself or believe, like we here at Explorer Hop do, that your child is likely to consider such a path in the future due to the boom in entrepreneurial endeavours currently occurring, please read on for our five financial hacks and tips for entrepreneurs.
1. Consult Experts
Don’t go into entrepreneurship alone. There’s always help. One of our biggest financial tips is to always use any help and resources available to you because it will help you manage your money in the present and be more profitable in the future. Who knows… this help from an expert could be the difference between two very dissimilar leasing strategies for your fashion business that could lead you in very different directions with how you use your initial investment money for your business. Use the help you can access as you start your entrepreneurship journey because it will help you greatly when it comes to handling money later on.
2. Be Smart. Set SMART Goals.
SMART goals can be anything from where something you want your business to accomplish by a certain date to how much revenue you want to make in a particular time period. SMART, or Specific/Measurable/Attainable/Relevant/Time-Based, goals are a great way to keep your business on track. Setting these types of refined goals, financially but also generally, will be a great tool for your business to keep track of everything you are doing and all the money you are spending as you progress towards becoming the next great small (or HUGE) entrepreneurial success story.
3. Separate Your Money
Keep business money and personal money separate. Money is a lot easier to control when you know how much of it you have. In other words, it is a lot easier not to overspend and over-step your limitations when you separate personal money from business money. This will also help you maintain a good level of balance and make sure you do not put yourself in a financial hole with respect to your life outside of your business, an especially important consideration when you think about how much money you will be investing into this venture.
4. Work out taxes EARLY and Keep Money Aside
Paying taxes can be a hassle that puts unprepared or under-prepared entrepreneurs bankrupt and out of business. That’s why we want to highlight the tip/hack that relates to working out your taxes early and setting money aside for taxes quickly. This way, you’ll never be scrambling looking for money to pay your taxes and you will be able to comfortably operate your business with the remainder of your money, not having to worry about handling an otherwise mundane task when you should be focusing on the growth and prosperity for your business.
5. Set and Never Forget Your Budget
Remain aware of your budget at all times. This point is very similar to the one we just made about taxes. Setting a budget and always remaining cognizant of what you are and are not able to do within the confines of that budget will simplify your journey to entrepreneurial success by giving you a good idea of your limitations so that you do not run into trouble stretching your money further than it is able to go.
There you have it. We’ve now given you what we believe are five of the most crucial hacks/tips for entrepreneurs, whether you intend to become one yourself or you intend to share the information from this blog with your future young entrepreneur child.
But we’re not done there. We encourage you to take that knowledge-sharing a step further by signing your child up for one of our entrepreneurship programs. With classes and courses for all ages from grades 1 through 12, our renowned entrepreneurship programs teach children about everything from marketing and operations to sales and finance while helping them develop practical skills in these areas simultaneously, putting them on the road to future success as an entrepreneur if they choose that life path!
We hope to see your child in one of our upcoming classes real soon!
Happy learning and we wish you all the success in the world in your entrepreneurship-learning journey!