Finance Tips for First-time Entrepreneurs

Just starting out as an entrepreneur or new small business owner? Congratulations on taking the leap in 2022! Small business start-up is exciting, but can also be risky without the right blueprint. Managing your finances is an essential first step to running a successful business!

Here are 5 simple tips to get you started on the path to financial success:

Get serious about a budget. Creating a business budget can help keep your finances on track and prepare you for future growth.

Make sure you get paid. Don’t forget to pay yourself! Even in the start-up phase of your business, it’s important to take a salary. It provides tax benefits, incentives and increases savings for you and your business.

Boost your savings from the beginning. Saving funds early, where you can, will set you up for a brighter future and provide a cushion when setbacks arise.

Manage and monitor your books. Bookkeeping is an essential part of maintaining a healthy business. Organizing your books early will alleviate headaches especially when heading into tax season.

Consult advisors like bookkeepers, accountants and legal pros. Hiring the right finance team will give you the support you need to make the right financial decisions.