It's certainly been a while since I blogged on here but I am lucky enough to have been incredibly busy over the last few months. I'm extremely glad of that given the fact that there is a credit crunch now in full swing! Work seems to be steady at the moment but I credit the fact that I am extremely conscious of my finances to explain the fact that my business is doing well so far. Of course, that is not to say that I will not need a helping hand in the future but I have confidence in the fact that my finances have been pretty stable so far and may continue to be so.
One of the reasons behind this is adequate financial planning and I can offer tips to help others, the first of which concerns the proverbial rainy day! Always make sure that you have a business savings account or a personal savings account with a little set aside for those just in case moments because you never know. Try to have at least two months operating costs and personal costs put away because that gives youtime to either get back on track or to find a part time job to supplement your writing. Also, you may want to consider having an emergencies card just in case you are waiting for a buyer to pay you. I am having difficulty with a client who keeps putting off payment. As annoying as it is, it prevents me from purchasing stuff that the business could do with. However, I have an American Express credit card that I put any expenses on and then pay off in full every month. This also helps separate business expenses for tax purposes as well, which is a bonus.
Just be smart and make sure that your financial future is protected as far as possible. This will save a lot of heartache in the future.
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