Biz Ladies: Money Matters

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As the old adage goes, “Mo money, mo problems.” (Yes, I trust the sound financial advice of hip-hop legends. Don’t you?) Or more obviously, one could even say “No money, mo problems.” But whether it’s “no” or “mo,” the time has come to get your finances in check, keep things in order and potentially adopt a “Mo money, no problems” state of mind. (I’ll stop now.)

So in an effort to keep us all fiscally responsible (or at least knowledgable), I thought I’d round up a couple of favorite Biz Ladies posts on the topic. From funding to budgeting, these Biz Ladies contributors offer some great tips and tricks for making and utilizing your dollars wisely. -Stephanie

Financing Alternatives for Women with Small Businesses

Need some financing to get that project off the ground? MoolaHoop founders Nancy Hayes and Brenda Bazan share their expertise on various options available to raise funds and gain financing for your dream businesses and projects. 

Saving for Major Life & Business Events

I like to think you can never be too prepared, so saving some rainy-day cash can always be a benefit. CEO of Smart Cookies, Sandra Grahame, offers some helpful and detailed insight into how she went about saving money for the upcoming birth of her second child in this wonderful post.

10 Golden Rules About Getting Paid as A Creative

The witty and straightforward Leela Cyd shares some must-read advice on how to get paid what you deserve as a creative.

Budgeting and Forecasting

It’s always tricky trying to determine the best financial strategy for your business, but Lynne Robinson of the UK shop Papermash offers some simple and easy-to-follow tips in this post.
 
[Be sure to check out some of the other roundups: Mission Organization and 8 Ways to Beat Summer Slowness]

Sandra

I’m glad that you have all of these posts dealing with money matters. I think that we hear so much about “follow your bliss” and there’s a high expectation to turn your passion or hobby or creative outlet into your full-time paid work BUT there isn’t the same amount of attention paid to the financial side.

Not every creative pursuit can be sustained financially full-time. And that’s okay.

Not everyone is suited to running their own business (you need to be a finder, a minder and a grinder – marketing, managing and producing). And that’s okay too.

So before you leave your full-time paid work day job, really look at the financial side. How much does your lifestyle cost? And how much work would you need to generate to pay for that lifestyle? How much do you need to save up to finance your business until you break even (your monthly burn rate)? What IS your break even amount?

You get the idea. The marketing and the making are the attractive parts – the money and numbers side? You can’t ignore them.

samia

Hi I definitely need some financial advice.. and this seems like good round up.. thanks :)

Stephanie

I couldn’t agree more Sandra! If you’ve got the passion, you can definitely make it happen, but you need to always consider the logistics that go into any creative endeavor.

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