finances Archives - Her Business Directory™

How to Create Your Money Systems – Everything from Invoicing To Tax Preparation

Here’s an all-too-common scenario: A seemingly successful coach (or service provider) is hard at work growing her business. She’s working lots of hours, and her hourly rate is respectable. But her cash flow is dismal.

Why?

Because she’s working so hard that finding the time to actually take control of her money is impossible.

Invoices don’t get sent on time. Past due balances are ignored. Taxes aren’t done. And maybe worst of all, she’s got dozens of recurring payments that go out automatically each and every month, and she has no idea what they are or if she’s even using the programs she’s paying for.

Sound familiar? Sadly, that’s exactly what a lot of “successful” businesses look like. When you work at home, and you’re accountable to no one but yourself, it’s far too easy to let these little things slide until, like an avalanche, they have a devastating effect on your business.

The good news is, cleaning it up is easy, whe…

How to Raise Money in Difficult Times

Just because the banks aren’t giving out loans as easily as they used to doesn’t mean you have to give up on your dreams to start a business. Raising funding just requires a little bit of creativity and a whole lot of perseverance and determination. Here are a few ideas on how to raise funding in difficult times. * Sell your stuff. Small business experts from around the world are recommending aspiring business owners stop knocking on the doors of banks and start looking around their homes, garages, closets and attics to find valuables to sell. Ebay, garage sales and consignment stores are all great places to sell your stuff and raise the money you need to see your business dreams become a reality. * Partner up. Be creative and seek business partners. Forging mutually beneficial business relationships can really help you get where you need to go with little or no funding required. For example, if you’re looking to open a marketing business but need a website up and run…

Is Borrowing from Your 401(k) a Good Idea? Weighing the Pros and Cons

By Charisse Mackenzie It’s nice to have a 401(k), but how helpful or damaging is it to dip into your retirement savings to cover an unexpected expense, to pay down a deluge of debt, or to make a major purchase? Some people borrow from their 401(k) for those reasons and others, such as helping a family member, paying for large medical expenses, funding a business startup or going on vacation. There are pros and cons, and those considering the option need to balance long-term impacts with their immediate needs for tapping into what should be a long-term retirement savings account. “Most financial experts caution against borrowing from your 401(k),” says Charisse Mackenzie (www.saturnwealth.com), a financial advisor. “But they also concede that a loan may be a more appropriate alternative to an outright distribution, if the funds are absolutely needed.” Mackenzie lists a few of the advantages and the disadvantages of borrowing from a 401(k): PROS No credit c…