fbpx

Common Money Mistakes Committed By Entrepreneurs

money

Starting a business is an exciting step, but it can also be an expensive process. There are significant start-up costs associated with launching a new business operation, and you can find yourself in serious money trouble if you aren’t careful. Money mistakes can happen whether you are quitting your job to chase your dream full time or you will be working your business as a side hustle for the time being. Thankfully, with careful planning and a few smart steps, you can lay the foundation for the future success of your business without it costing you your entire financial future.

Financial planning doesn’t come easy for everyone, and it can be especially difficult to focus on these issues when you are also thinking about things such as business expenses, hiring employees, choosing a business entity and more. In fact, forgetting financial planning during the initial stages of a small business is one of the most common mistakes entrepreneurs may make. Some of the other common money mistakes you’ll want to avoid include:

  • Failing to speak with a financial expert regarding smart investment moves you may need to make
  • Forgetting to plan and save for retirement
  • Not having any financial goals for the future
  • Failing to set up a budget and stick to it, especially during a financially uncertain stage of your business
  • Not taking opportunities to learn more about financial management

There is a lot on your mind during the initial stages of your company, but there are important money matters you will not want to overlook. Failure to consider these things and making money mistakes could ultimately result in an uncertain future, wiping out your savings or being unable to pay your bills while you work to get your business off the ground.

With so much on the line and your financial security at stake, you will want to consider the guidance of a financial professional as you start your business. You don’t have to be wealthy to benefit from the support and expertise of a person who has your long-term well-being in mind. Don’t sacrifice your stability to start a business — think about things you can do to get a safety net in place before you take the leap into entrepreneurship.

By Meagan Kerlin for Vertu Marketing LLC

Is It Important To Have Friends In The Workplace?

friends

You spend the majority of your life and time at work. Whether you work in an office with several other people or you work as a solo entrepreneur, a lot of your life is spent working. This is why many people find it necessary to have friends at work or to at least be social with the people they come in contact with in their professional life. Making the effort to make friends at work may seem useless — after all, these people are not your family. However, having good work relationships can make your career richer and more enjoyable.

Having friends at work can be tricky. Besides, you may want to be friendly, but you also have to do your job. This could mean disagreeing with someone, having to evaluate his or her work, or other things that could be awkward for two people who are also friends. Some practical ways you can make friends at work and still do your job include the following:

  • Be a good listener, even if you do not agree with what the other person is saying.
  • Try to see issues from the perspectives of others, and do not insist on “winning” every argument or discussion.
  • Ask about people’s lives, and be genuinely interested in what they say.
  • Be honest, and don’t just say things that you think people want to hear.
  • Be supportive, even when it means others get to have the spotlight and recognition.

Being friendly and having friends can make your work-life better — and a simple way you can make this happen is to just not be a jerk. You can still chase your career goals, pursue promotions and keep your focus on your long-term professional objectives without being a loner. You may find that you are better at your job and enjoy your career more when you look forward to seeing your co-workers and heading into work each morning.

By Meagan Kerlin for Vertu Marketing LLC

Is Your Personality Costing You Business?

personality

Have you ever been around a person who was difficult, annoying or high-maintenance? You know how difficult it can be to speak with this type of person, especially if you have to do business with him or her. In some cases, bad personality traits can be enough to turn you off from working with a person entirely. You know how damaging certain personality types can be to professional relationships, and it’s worthwhile to make sure that you have not developed habits that could be damaging your reputation or even costing you business. You could be the most knowledgeable person in the world or have the best products, but the way you come across to people could have a significant toll on your success.

People are often completely unaware of how others think about them, or they may not see how bad personality traits could be standing between them and more business — not to mention happier customers. Some of the specific traits you may need to look for include the following:

  • Sarcasm — This often does not come across well in conversations that take place in professional settings.
  • Negativity — Negative outlooks can be a turnoff to potential clients.
  • Overly controlling — It’s sometimes necessary to roll with the punches and be flexible when unexpected things happen.
  • Impatient — Losing patience with a client or customer is a sure-fire way to make ensure you do not get his or her business.
  • Lack of empathy — Coming across as mean or uncaring can have a significant impact on your business.

Your personality will have a significant impact on your business, perhaps in ways you don’t even realize. Self-improvement is a constant exercise and goal, and one thing you can do in this effort is to make sure that you are striving to display positive personality traits. It’s prudent, no matter your career or job, to ensure you’re giving a good impression and not driving people away unintentionally.

By Meagan Kerlin for Vertu Marketing LLC