Expert monetary advice for starting your own business

For many people, the use of money is crucial, especially for those who are self-employed and need funding for their business operations, or for individuals who are dedicated to managing their finances well. Addressing this issue, experts have provided valuable advice.

According to a report by the Huffington Post, if you are a business owner or looking to improve your personal banking accounts, here are some suggestions provided by experts:

Financial expert and lawyer Erika Kullberg told the Huffington Post, “Budgeting is crucial for the success of both your business and personal life.”

Kullberg explained, “Your income may fluctuate, so understanding your cash flow and budgeting is vital to ensure you have money set aside for emergencies and retirement.”

In essence, you should create a budget for essentials such as housing, transportation, food, and healthcare. Once you have covered the essentials, then assess how much budget remains for leisure activities. Most importantly, it’s crucial to understand every dollar coming in and going out of your accounts.

Former World Series of Poker champion and co-founder/CEO of a software design company David Daneshgar emphasized the importance of managing emotions in handling finances.

He stated, “One of the biggest mistakes in poker tournaments and businesses is making decisions when emotions are high. In business, staying rational during setbacks is crucial. Take a walk, breathe, and focus on the bigger picture to avoid making the same mistakes.”

Kullberg suggested that whether you are an entrepreneur, an employee, or a freelancer, knowing what tax deductions are available to you is essential. This can help you keep more money in your pocket, which you can use to pay off debts and save for retirement.

For instance, if you own your own company, you can offset certain expenses (such as office supplies, travel costs, and moving expenses) against your taxes, which can be beneficial in the long run.

Even if retirement may seem like a distant future for some, starting to save early is never too soon.

Kullberg said, “For business owners, even if you plan to eventually sell your business, you still need to invest and plan for retirement.” For employees, it’s important to see what retirement benefits your company offers.

Kullberg mentioned that one thing people often overlook is protecting their assets. “Business owners need to have adequate insurance—such as general liability, errors and omissions, medical malpractice, or other forms of insurance—to shield themselves from lawsuits.”

In the long term, this not only saves you money but can ultimately safeguard your business.

For employees, you can also protect yourself by creating a will, ensuring your insurance coverage is sufficient, and keeping money in appropriate accounts. When drafting a will, legal experts can assist to ensure all your assets are protected.

Jazmin Elon, founder of a candle manufacturing company, stated that being hands-on with every task can waste time and money, limiting growth potential and income.

She advised, “Spend money on outsourcing tasks that are not your strengths or require too much time, so you can focus on high-impact activities that generate income.”

If you are considering starting your own business, this approach can free up time for strategy and growth, enabling your company to expand more rapidly.