Business Owners have an uphill battle trying to make ends meet, but today’s economy makes it possible to work from the home if you’re responsible and have the drive to do so. That said, this economy has also left many independent operators struggling to figure out the best ways to manage their finances. Being your own boss means taking responsibility for everything, including credit card processing and financial management. Here are some tips to help you save more of what you earn.
One of the best things you can do is get a bank account with a higher interest rate. If you can avoid a monthly fee on merchant processing, you’ll effectively save a few hundred dollars of income every year. This extra money can go toward business expenses to help you advertise or expand, or it can go towards your vacation fund or long term savings.
Make sure you work with an internet merchant account that can accept payments in many currencies. There is a good chance you’ll work with people outside your home country, no matter where you may be located, if you decide to sell online. You’ll want to make sure you have a means to send them funds for the work they do.
Once you quit your day job to accept the owner/operator lifestyle, you’ll need to make ends meet without much room for error. Especially in the beginning. Having an emergency fund you can take from when you need to pay unexpected bills is crucial to relieving some of the stress that comes with running your own business.
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