Financial Recovery and Self-Care Tips
Financial Recovery and Self-Care Tips for Prospective Business Owners
If your goal is to start your own business, but you’re recovering from a financial crisis, it’s important not to get discouraged. It’s not too late to repair your finances and start fresh. Just be sure to have a plan and keep your focus on the positive — past mistakes or misfortunes don’t have to define you! Here are some basic guidelines for getting a new business off to a great start, even after financial hardship.
Practice financial self-care.
Financial worries can negatively influence every aspect of our lives, from our wellness to our relationships. That’s why tending to your financial well-being is vital, especially if you’re trying to recoup a loss. Having a healthy relationship with money can improve how you thrive overall, as well as prepare you to transition to entrepreneurship. So how can you practice self-care in your financial life? Set a budget for your expenditures — and stick to it, especially when you’re tempted to stress-buy. Instead of spending, find satisfaction in saving, with your eye on the prize of business ownership. And try to reduce debt, both to relieve stress and increase your purchasing power.
Care for yourself, too.
Just as your finances influence your wellness, your health will also affect your financial success. When you are energized and clear-headed, it’s easier to make good decisions and work towards your goals. Eating well is one way to protect your physical and mental health. Avoid bingeing on sugars or processed foods, which can leave you feeling sluggish and even depressed. Stick with foods and beverages that give you the nutrition you need to keep up with your busy schedule and stay motivated. And don’t forget to stay hydrated, for the sake of your brain and body.
Exercise is also crucial. As busy as you may be planning your startup, set aside time for physical activity. Not only will exercise make you physically healthier; it may also decrease anxiety and depression and improve clarity. Over time, you will find that regular exercise makes you more productive.
Stay organized.
Lack of organization can be a major contributor to financial woes. If you are struggling to recover from a financial setback, you may also be trying to establish consistency and organization. One way to get more organized is to set a strict budget for both your personal and business finances. You should also be operating according to a detailed business plan. If you have difficulty staying organized, see if tech can help. Scheduling apps and digital calendars can help you make sure nothing slips through the cracks. Use alarms and notes to remind you when a deadline is approaching. And utilizing online tools can help you create plans, as well as share them with collaborators.
Protect your business and your property.
If your past financial difficulties put your property at risk, you are probably keenly aware of the need to protect yourself and your business. This means having a good business insurance plan. The type of insurance you need depends on the nature of your business. Shop around and compare plans so you can be sure to get the right one.
Another way you can protect your assets is by making sure you register as a limited liability company (LLC). As an LLC you will also access certain tax savings. Though regulations governing LLCs differ from one state to the next, the bonus of being an LLC is that your personal assets are protected from liability. If you’re not sure how to go about registering, get a formation service to help you.
Don’t let negative messaging dissuade you from your path to entrepreneurship. If you practice responsible care of your finances and of your physical and mental wellness, you should be primed for success in this venture. Work with Susan Foxley if you’re interested in coaching services that will help you thrive mentally and physically as you pursue your dreams. See Susan’s upcoming workshops here.