​You have finally done it! 

​You are mentally prepared to launch your own business.  The battle of second guessing yourself is over.  Keep in mind, that when you own your own business, there will always be something to do.  Without a doubt, you can handle this challenge you have embarked on yourself because of the pure combination of brains, ambition and bravery.  As you step out, be bold about it -- by understanding how to build a financially healthy business.
 
It’s no secret that capital is needed to fund any business.  When just getting started, it is important to first be realistic about how much is needed to fund your business venture and where the funds will come from.  Ask yourself, do you have enough in savings or will you borrow from family members?   Ideally, if you are still working a 9 to 5 job, you will be using those funds to build your business.  Don’t elude the importance of how much of your personal funds are necessary to maintain personal expenses, such as monthly mortgage and utilities.  

Believe it or not, one of the key reasons entrepreneurs do not survive past five years is due to the process of poor accounting.  For you, that will not be the case.
 
Here are 7 key actions to consider when funding your passion project:
 

• Passion projects deserve a carefully designed business mission and vision so that you can stay afloat long enough to show profit.
• The early stages of business may bring in less funds, which means you ideally need to spend less. If you set goals within reason, you can easily find ways to spend less and live within your means.
• It will be important to not take on any new debts. No new loans for cars or equipment.  The less monthly liabilities you have the more comfortable you will be with starting a business.
• Create clear boundaries between your personal and business finances.  When funds for the business decrease, having a separate account will make it easier to identify business expenses and know what needs to be cut.
• Open a Retirement account as soon as you make the decision to start your own business.  The earlier you start saving, the longer your money will have time to grow.  Even if it’s as little as $75 a month, which equates to $18.75 a week.  That’s a Starbucks coffee and lemon pound cake, right?
• OMG!  Don’t forget the taxes.  Once you become a business owner, it’s no longer an employer’s responsibility to withhold Social Security and Medicare taxes from your paycheck.  That responsibility now belongs to you.  Many business owners forget to save for this during the year and find themselves in a bind when it comes time to report and pay to the IRS. 
• Don’t’ rush.  Your overall goal is to either leave your 9 to 5 and never return or build a business from the ground up that will support you and your family without you ever having to go and to apply for another 9 to 5 job.  Therefore, start working your business part-time.  It’s imperative to remember that one client doesn’t start a show.  You need to have multiple clients on your list before into full-time business owner mode. 

 
Will it require some amount of risk to start a profitable business?  Absolutely!  However, in the process, you should not lose your passion.  If you prepare yourself financially for the risks ahead, you’ll provide your business with the necessary runway to take off.
 
Putting in the time and effort up front to stack the odds in your favor and will help light the everlasting fire of entrepreneurship.
 
Please email us, [email protected] if you should have any additional questions or need business support with the development of policies and procedures or accounting.  

The Women's Business Resource Guide was created by and for women entrepreneurs.  It includes GREAT tools for women entrepreneurs to build and grow their business for web, photo, health and business just to name a few.  Download your copy and share with another womenpreneur who is looking to network and support team!

Clarity is defined as “the quality of being clear, in particular.”  As a business owner, how clear are you about the future of your business and how clear is the plan to share that message with staff and customers?  Most business owners in the small to medium market are identified as owners who spend more time working in their business than working on it, in comparison to their counterparts.  Counterparts in bigger businesses, the owners are not working in the business, but they tend to lack resources and professional development.

The goal that is not clearly defined will not be clearly achieved as expected.  Believe it or not, clarity allows passion and purpose for business owners to align and it becomes a means of overcoming obstacles.  In a perfect world, business owners have the resources and means to develop clarity from day one.   Since we do not live in such a perfect world, we strongly suggest that business owners start with self.  Start with self-awareness, self-purpose, self-goals, self-strength and weakness and self-values.  These will give business owners a head start on answering the “why” about the business.  These will help you determine why a goal or vision is important and how it will help you achieve your overall business goal.

​When taking on a challenge like this, the best recommendation is to start with simple steps.  For example, have you ever come across a business who says “We offer GREAT customer service”?  Any business can say it but do you know what it means?  How do you strive for “something” if it’s not clear what that “something” is? You must give it some clarity and strive to put a definition to GREAT.
 
Here are 4 tips of how clarity can work for your business:

• It can help reduce stress and improves efficiency
• It gives focus to the company's future
• It can help get clear on where you are today
• It can help develop a plan

We encourage everyone to take a step back and think about your answers to these questions.  Get very clear about what you want to accomplish in your business in the next 60 days and then act.  By acting, you are then allowing yourself to meet up with success.
 
As a support to your business, Fontenot & Associates Solutions, LLC can develop your management policies and procedures that can not only bring clarity to your business, but also enhance business performance.  Working with our team of professionals will help you define what your company does and where the company is going.
 
Visit us on the web, www.FontenotSolutionsBlog.com or join our community by emailing us [email protected].  We look forward to hearing from you!  

Let’s make it happen!