a mom entrepreneur - financial fundamentals
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A Mom EntrepreneurMini Master ClassFinancial Fundamentals
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A Mom EntrepreneurAbout us:Real Moms, Real BusinessA Mom Entrepreneur is an online resource and gathering place for women who want to do it all. Be a great mom, business owner, partner, friend, sibling, daughter….the list can go on infinitely.
We do it because we can but it’s not easy. Connecting with like minded women can give us the strength and support when we most need it.
A Mom Entrepreneur is THAT place! Keeping It Real!
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A Mom EntrepreneurAbout me:I’ve done many things in my lifetime from cosmetology to real estate, from retail to academics, and being self employed.
I haven’t always been successful but I have learned a lot of what NOT to do.
I am passionate about controlling my own destiny and LOVE helping others do the same.
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A Mom Entrepreneur
Money is better than poverty, if only for financial reasons.
Woody Allen
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A Mom Entrepreneur$$$$$
We all need it to live and we already know that financial issues are the leading cause of divorce.
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A Mom EntrepreneurBeing a ‘trep (entrepreneur) means you won’t necessarily be getting that Friday direct deposit in your bank account.
Can you handle that?
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A Mom EntrepreneurFinances are like weight loss.
Calories in/calories out.Money in/money out.
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A Mom EntrepreneurDo I quit my day job?
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A Mom EntrepreneurThe financial part of your business plan.
Where to start when you’re not an accountant.
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A Mom EntrepreneurThe basics. Money isn’t something any of us like to think about. Especially, when it’s about needing money.
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A Mom EntrepreneurMany of us are not financially savvy and while I would say just for your own personal reasons if you don’t know about money you should learn but if you want to start a business you REALLY need to learn.
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A Mom EntrepreneurWhen a business fails it’s usually because they no longer have the money to keep the doors open.
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A Mom EntrepreneurTwo of the top reasons businesses fail are:
1. Not having a business plan.2. Inadequate capital, poor cost control,
misuse of capital.
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A Mom EntrepreneurWe addressed the importance of having a business plan a few weeks ago so hopefully you are working on that.
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A Mom EntrepreneurPart of a business plan is having a a solid financial plan in place. That starts with a budget.
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A Mom EntrepreneurYou generally have to types of costs:Fixed and variable.
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A Mom EntrepreneurYou want to make sure not to forget any potential expenses and if you need to draw a paycheck then you need to put that amount in the budget as well. To do so you will want to have a good personal budget.
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A Mom EntrepreneurOnce you have that solid budget in place you will look at your product/service part of your business plan. This is where you will need to make sure your pricing and potential sales will at least meet, if not exceed, your expenses.
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A Mom EntrepreneurThe scary part is you MUST sell what you put down on paper you’re going to sell to meet your budget. Or have the capital to fund your business in those times you aren’t meeting your sales goal.
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A Mom EntrepreneurStaying on top of your finances and understanding them is key. While it may be more fun temporarily to live in denial it won’t help in the long run.
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A Mom EntrepreneurUsing financial software such as Quickbooks can help with this task.
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A Mom EntrepreneurMake sure to get in a routine of weekly bill paying, bill checking, and invoicing. ALWAYS know where your money is.
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A Mom EntrepreneurWhile you put together the list of expense you may start to panic. Don’t.
One thing entrepreneurs are usually good at is figuring out how to leverage resources.
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A Mom EntrepreneurStart Up Funding – Seed Money
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A Mom EntrepreneurHow to start a business with little (or no) funding.
Boot Strapping – the self sustaining process with no external help.
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A Mom EntrepreneurKeeping costs low. Be creative but also know sometimes you need to spend money.
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A Mom EntrepreneurBargaining and bartering.
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A Mom EntrepreneurSet goals 1 month, 3 months, 6 months, and a year out. Assess where you are to those financial goals weekly.
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A Mom EntrepreneurHolding yourself accountable. Find an accountability partner or group.
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A Mom Entrepreneur
Questions?
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Start/Rev Your Business
Oct. 21st Time Management 10am-11am EST with 30 min Q & A after.
Oct. 28th Networking: Online & Face2Face 10am-11am EST with 30 min Q & A after.
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Thank You!You can reach me at laina@lainaturner.com
Twitter @lturnermolaski
Facebook https://www.facebook.com/pages/AMomEntrepreneur/186136878119800
And please join our group on http://www.amomentrepreneur.com/forums/forum/lets-talk/
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