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3 Financial Tips Every Fempreneur on the Rise Should Know
Have you ever searched for the hashtag “fempreneur” on Instagram? There are 1.4 million posts of stunning photos representing women living their best lives. Shots of women rockin’ the stage, inspirational quotes, power stances in the office, glittering awards, vacations to the tropics, luxury purchases…where to sign up, right?
If you’re currently looking to join this club of women who have finally said YES to their big dreams, I’m here to support you. As a credit expert who once had poor credit and not even $100 to her name, I want you to be set up for success financially so you can enjoy the highlight reel that comes with entrepreneurship. Part of the journey to finding complete and total freedom comes from financially securing your business plans, eliminating excessive debt, and building your savings so you can future-proof your business.
Small Business Trends has reported that the average cost of a startup business can range anywhere between $30,000-$40,000 within the first year. Obviously, this can fluctuate dramatically to as little as $1,000 or less depending on your industry and vision. This isn’t said to put you into analysis paralysis, but rather to make you aware so you can begin informing yourself of what your business will require.
No matter your industry, there will be costs to consider like marketing, advertisements, space rental, software, hiring a team, etc. The inevitable costs can feel overwhelming and downright crushing if you haven’t adequately prepared for them.
To avoid this common pitfall right out of the gate and not become part of the 20% of businesses that close their doors within the first year, I have three must-know tips to support the financial startup of your business! While I’m sure the temptation runs deep to jump right in (trust me, I get it!), there’s merit to strategizing first before taking the leap.
Start a side hustle.
You’ll hear me advocate the beauty of side hustles often. If you’re currently in a 9-5 and are looking for an exit strategy, a side hustle can help to financially secure your departure. With virtual opportunities being incredibly accessible, there’s a variety of flexible jobs that require little demand including becoming a virtual assistant, taking online surveys, managing social media accounts, starting a blog, and many more. A recent report that analyzed side hustles for 2023 shared that the average monthly income generated from a side hustle is between $200-$1,200. Putting this extra cash aside while capitalizing on your regular 9-5 paycheck, can help you build decent savings to jumpstart your business rather quickly. Give yourself a deadline of how much you want to save by when and stick to it!
Pay down any current debt & boost your credit score.
There’s no secret that having an excellent credit score and being masterful with your debt will position you at the top when it comes to receiving the best interest rates (if you’re eyeing a business loan in the near future…wink wink). This is the time to strive for a credit score above 700. Some small adjustments can make all the difference, one being to make your monthly payments on time. Today, sit down with your bills and document the due date of each so there are no surprises. To avoid missing a payment, opt-in to automatic withdrawals so you know it gets done. If you currently have debt due to school loans, car loans, or mortgages, you can use your side hustle income to split 50/50 towards paying down debt and saving for your business.
Play the credit game.
It may sound counterintuitive, but the truth is there are great advantages to opening multiple credit cards and wisely using them to dominate the credit game. Various cards can yield various rewards such as cashback, discounts, and travel advantages. The key is to be on top of your cards, know which perks to take advantage of, and always be smart with your credit utilization ratios. If you can do that, this is a great way to optimize your credit score and reap the rewards. To see if this is a good fit for you and come up with a personalized plan, be sure to book a credit consultation call with me.
With the implementation of these three tips, you should be well on your way to launching the business of your dreams and joining the #fempreneur club. There’s no better feeling than to know you’re making an incredible impact doing what you love most all while creating time and financial freedom to live life on your terms. By setting yourself up for success right from the start, you’ll undoubtedly overcome all challenges and continue to rise!
About the Author
Name: Jeanne Kelly
Professional Title: Credit Coach
Bio: I am the founder of The Kelly Group, a highly sought-after credit coach, motivational speaker, and author of The 90-Day Credit Challenge & The Credit Makeover. What started as a single decision to pursue a better life for myself and my daughter, has since become an empire raising awareness and supporting thousands in reclaiming their financial status.
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