One of the greatest gifts of being an entrepreneur is the opportunity to flex your financial muscles. It’s also one of the greatest challenges for me personally. In fact, many entrepreneurs make the decision to start their own business because they have a certain skill or talent – or an idea for a product.
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They don’t know anything about the financial aspects of business – like payroll, budgeting, P&L statements, profitability, cash flow, taxes, etc. So what happens? We learn as we go! We rely on the experts. And we develop those financial muscles.
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Many of the moms I work with are creative types – writers, photographers, caterers, artists, graphic designers, fitness trainers, dieticians, chiropractors, counselors… and the financial aspects of business don’t come naturally. Very few of them are “in the business of money.” Yet, all of them are in business for themselves. And if you’re a mom entrepreneur… if you own a business of any kind… no matter what your company is… no matter what service you provide or product you sell, as a business owner, it’s YOUR JOB to know about the money. And if there’s something you don’t know, your job is to find someone you trust who does know. It’s a challenge for some of us to accept this responsibility, but we can’t have a thriving business unless we do.
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