It is not a very easy task setting up a new business. The fact that you’ve overcome your initial fears and decided to start a business is applaudable. However, if you don’t know some right financial hacks for entrepreneurs, your business may not survive the first year.
Running a business also involves knowing how to effectively manage money. I’ve compiled three financial hacks for entrepreneurs that will be helpful for new entrepreneurs in running their business effectively.
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Let’s Dive Into Top Three Financial Hacks For Entrepreneurs :
1. Practice Outsourcing
2. Online Tools
3. Keep your personal and corporate accounts separate
1. Practice Outsourcing
Many processes are involved when it comes to starting and running a company. Most of these processes are often expensive and will involve you creating a team, with needs for wages, office allocation and transport. As a new entrepreneur, you don’t have all the thousands of naira to spare, one financial hack that can prove useful in this regard is outsourcing.
There are a lot of websites and job boards available online today where you can find affordable employees who are also competent to do your jobs. Websites and job boards like Upwork, Fiverr, Contana boasts of employees that can handle your content marketing, graphics design and content writing jobs. Doing this will save you a whole lot of money.
2. Online Tools
As a new entrepreneur with a newly launched business, you must opt for less expensive tools. This is similar to outsourcing, just that you are recruiting the services of online tools. Nowadays, companies and seasoned entrepreneurs use new techniques and tools to make their work processes easier, you too can do this. You can use simple online tools like Dropbox for cloud computing, Mailchimp for email marketing, Zendesk to communicate with your employees and even Canva for minor graphic designs. All these tools come with free packages that you don’t have to spend a lot to get your job done.
3. Keep your personal and corporate accounts separate
After you’ve successfully registered your company with the authorised agencies, the next step is to open a company account. One mistake most startup owners make is mingling company funds with their own money. Doing this might ruin your business because you won’t be able to differentiate between the company’s money and yours. Also, keeping track of profits and spending will be difficult in this regard. Separating your personal and company’s accounts is very important. It will help you track your expenses and also manage your company’s profits better.
Other useful tips are;
Register as a legal entity
Monitor all expenses
Give space for growth
The financial hacks for entrepreneurs I mentioned above will go a long way in helping you keep your business finances in a healthy mode, creating space for growth both in your business and personal life.
