Working for yourself can be one of the most challenging things you’ll ever do, however it can be hugely rewarding in many ways; freedom to manage your time, not having to report to anyone (except yourself!), being in control of your business finances, and many more.
But the financial side of things can sometimes prove challenging at the very least, in particular the often-precarious cash-flow predicament.
We call it “feast or famine”, where you may be swimming in cash one week when a big contract lands, and down to your last bean another month when work slows down a little. It happens.
Like all businesses, big or small, we entrepreneurs need to pay out household bills and watch when the pennies come in and go out.
When you are working for yourself it can feel like a financial roller coaster with your bank balance bouncing up and down like a yoyo!
Many new entrepreneurs get caught out by this and spend sleepless nights worrying about where the next paying job is coming from, only to be raised to a state of elation weeks later when work suddenly floods in. Again, they can’t sleep, this time due to the sheer excitement of the obvious success of their business!
Spending so much time dealing with customers’ needs and doing the jobs in hand can overtake a business so much that necessary things like admin, marketing and sorting out your cash flow often get put on the back burner.
This is a very easy trap to fall into but is often the downfall of many a new start-up business.
So, here are a few tips to help you and your business finances stay on track when you are working for yourself.
Make time for marketing your business. It’s all too easy to put off those little marketing jobs in favor of client work. But it is vitally important to ensure that you keep on top of your social media and general marketing. Try and plan a little time each day to do your posts or look at your ads, that way it will not seem so onerous and will give you a good, regular stream of up-to-date marketing material.
If you are working for yourself and struggling with any digital or website issues, please do give us a call and see if we can help … 0203 730 1785 or e-mail us at email@example.com