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A Mom Entrepreneur Mini Master Class Financial Fundamentals

A Mom Entrepreneur - Financial Fundamentals

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  • 1. A Mom Entrepreneur Mini Master Class Financial Fundamentals
  • 2. A Mom Entrepreneur About us: Real Moms, Real Business A Mom Entrepreneur is an online resource and gathering place for women who want to do it all. Be a great mom, business owner, partner, friend, sibling, daughter.the list can go on infinitely. We do it because we can but its not easy. Connecting with like minded women can give us the strength and support when we most need it. A Mom Entrepreneur is THAT place! Keeping It Real! www.amomentrepreneur.com
  • 3. A Mom Entrepreneur About me: Ive done many things in my lifetime from cosmetology to real estate, from retail to academics, and being self employed. I havent always been successful but I have learned a lot of what NOT to do. I am passionate about controlling my own destiny and LOVE helping others do the same. www.amomentrepreneur.com
  • 4. A Mom Entrepreneur Money is better than poverty, if only for financial reasons. Woody Allen www.amomentrepreneur.com
  • 5. A Mom Entrepreneur $$$$$ We all need it to live and we already know that financial issues are the leading cause of divorce. www.amomentrepreneur.com
  • 6. A Mom Entrepreneur Being a trep (entrepreneur) means you wont necessarily be getting that Friday direct deposit in your bank account. Can you handle that? www.amomentrepreneur.com
  • 7. A Mom Entrepreneur Finances are like weight loss. Calories in/calories out. Money in/money out. www.amomentrepreneur.com
  • 8. A Mom Entrepreneur Do I quit my day job? www.amomentrepreneur.com
  • 9. A Mom Entrepreneur The financial part of your business plan. Where to start when youre not an accountant. www.amomentrepreneur.com
  • 10. A Mom Entrepreneur The basics. Money isnt something any of us like to think about. Especially, when its about needing money. www.amomentrepreneur.com
  • 11. A Mom Entrepreneur Many of us are not financially savvy and while I would say just for your own personal reasons if you dont know about money you should learn but if you want to start a business you REALLY need to learn. www.amomentrepreneur.com
  • 12. A Mom Entrepreneur When a business fails its usually because they no longer have the money to keep the doors open. www.amomentrepreneur.com
  • 13. A Mom Entrepreneur Two of the top reasons businesses fail are: 1. 2. Not having a business plan. Inadequate capital, poor cost control, misuse of capital. www.amomentrepreneur.com
  • 14. A Mom Entrepreneur We addressed the importance of having a business plan a few weeks ago so hopefully you are working on that. www.amomentrepreneur.com
  • 15. A Mom Entrepreneur Part of a business plan is having a a solid financial plan in place. That starts with a budget. www.amomentrepreneur.com
  • 16. A Mom Entrepreneur You generally have to types of costs: Fixed and variable. www.amomentrepreneur.com
  • 17. A Mom Entrepreneur You want to make sure not to forget any potential expenses and if you need to draw a paycheck then you need to put that amount in the budget as well. To do so you will want to have a good personal budget. www.amomentrepreneur.com
  • 18. A Mom Entrepreneur Once you have that solid budget in place you will look at your product/service part of your business plan. This is where you will need to make sure your pricing and potential sales will at least meet, if not exceed, your expenses. www.amomentrepreneur.com
  • 19. A Mom Entrepreneur The scary part is you MUST sell what you put down on paper youre going to sell to meet your budget. Or have the capital to fund your business in those times you arent meeting your sales goal. www.amomentrepreneur.com
  • 20. A Mom Entrepreneur Staying on top of your finances and understanding them is key. While it may be more fun temporarily to live in denial it wont help in the long run. www.amomentrepreneur.com
  • 21. A Mom Entrepreneur Using financial software such as Quickbooks can help with this task. www.amomentrepreneur.com
  • 22. A Mom Entrepreneur Make sure to get in a routine of weekly bill paying, bill checking, and invoicing. ALWAYS know where your money is. www.amomentrepreneur.com
  • 23. A Mom Entrepreneur While you put together the list of expense you may start to panic. Dont. One thing entrepreneurs are usually good at is figuring out how to leverage resources. www.amomentrepreneur.com
  • 24. A Mom Entrepreneur Start Up Funding Seed Money www.amomentrepreneur.com
  • 25. A Mom Entrepreneur How to start a business with little (or no) funding. Boot Strapping the self sustaining process with no external help. www.amomentrepreneur.com
  • 26. A Mom Entrepreneur Keeping costs low. Be creative but also know sometimes you need to spend money. www.amomentrepreneur.com
  • 27. A Mom Entrepreneur Bargaining and bartering. www.amomentrepreneur.com
  • 28. A Mom Entrepreneur Set goals 1 month, 3 months, 6 months, and a year out. Assess where you are to those financial goals weekly. www.amomentrepreneur.com
  • 29. A Mom Entrepreneur Holding yourself accountable. Find an accountability partner or group. www.amomentrepreneur.com
  • 30. A Mom Entrepreneur Questions? www.amomentrepreneur.com
  • 31. Start/Rev Your Business Oct. 21st Time Management 10am-11am EST with 30 min Q & A after. Oct. 28th Networking: Online & Face2Face 10am-11am EST with 30 min Q & A after. www.amomentrepreneur.com
  • 32. Thank You! You can reach me at [email protected] Twitter @lturnermolaski Facebook https://www.facebook.com/pages/AMomEntre preneur/186136878119800 And please join our group on http://www.amomentrepreneur.com/forums/for um/lets-talk/ www.amomentrepreneur.com
  • 33. Start/Rev Your Business Questions? www.amomentrepreneur.com