We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

7 Financial Strategies for Business Owners Who Want to Live the Good Life

1 15 0

Working for yourself is a wonderful thing. You get to call the shots, set your own hours and run things the way you want to. With hard work, focus and dedication, self-employment is a phenomenal way to achieve the good life. It’s no wonder 16 million Americans work for themselves!

However, there is a downside to self-employment too. Of all the small businesses in the United States, nearly 20 percent fail after the first year, according to data from the Bureau of Labor Statistics. By year five, nearly half have gone under. There are several reasons for this, but much of it comes down to poor financial management. Without proper savings strategies in place, many business owners have no reserves to tap into when times get tough. Meanwhile, others pour every last dollar into their business and never take care of themselves. Neither approach is sustainable in the long term.

In order to build a strong, long-lasting business that will keep you and your organization financially resilient now and into the future, you need to implement both a personal and professional rock-solid savings plan. Try using the following strategies.

According to recent research, 65 percent of Americans have no idea how much they spent in the last month. Not keeping track of your budget like this is very risky, especially if you’re also........

© Entrepreneur

Get it on Google Play