How to Be a Successful Entrepreneur: Financial Tips

A Challenge for the budding entrepreneur

I know that sometimes it is oh so scary to just go out there and sell your product or service. So here is a challenge for you to bolster your bravery and make a little money. Your challenge is to make $100 by selling something or providing a service to someone. Here are the rules:

• You cannot sell to an immediate family member who just pities you! Why? That’s not much of a challenge and it will not allow you to practice your communication and persuasive speaking skills.
• Make your 100 dollars within 1 month.
• Whatever you sell must be legal. I do not need to explain why!
• Document what you sold and to whom. Get their contact information. They may be interested in hearing from you or purchasing again. See how easily you have begun building your contact list?
• Next, save your money to invest in your business. Open a bank account or any other means of saving is fine. Of course if you are starving or need something, then spend it!
• Finally, share your progress and your progress with me!

I gave my students this same challenge and boy did they make even more than a $100 dollars. They used their talents and did manicures, sold cupcakes, gave haircuts. It was inspiring.

Keeping track of your finances

I know that as new entrepreneurs we are always minding our money – as we should. So I’ve decided to assemble a short list of apps that you can use to help you stay organized and on top of your finances.

 WaveApps – Now I can speak about this amazing software because it’s what I use and have used for more than two years. I love it. Not only does it allow you to enter transactions individually, create estimates, invoices and issue receipts when invoices are paid. It also sends automatic reminders of payments due if you wish. If you live in the United States you can also accept credit cards through WaveApps. You can do payroll, add vendors, create financial statements and run reports – all of that for FREE! Told you I love it! There is a pro version, but truth be told I have never investigated it, as the free version is just so robust, for most new and small entrepreneurs it has more than enough functionality.

Fastdue – Fastdue.com has a library of business forms that you can easily modify to suit your business’ needs. The often used receipts, invoices and estimate are of course available for use. However, more complex documents such as Non-disclosure and Sales Representative Agreements; leases and intellectual property contracts. What is  exciting about Fast Due is that you simply type in your information and it slots it in for you. There is no need to register to use their templates and forms, so in a pinch you can create the document you need, customized for your small business and send it by email in pdf format.

SEE ALSO: If you want to get more from your life, and are looking for concrete action steps to get you there, check out our Request a Coach page. It’s a “cut the fence-sitting and take action” way to tackle your issues and actually find success. You’ll be matched with the coaches most suited to you to get you from where you are to where you want to be. To get off the fence and start to take action, click or tap here.

Erply.com – ERPLY is your very own Point of Sale System. No need to purchase an off the shelf POS for hundreds of dollars. ERPLY allows you to turn any computer, smartphone or tablet into a Point of Sale System. Cool! Everything is stored in the cloud so that you can access your sales history, customers, transactions and everything you need from anywhere with an Internet connection. You ca issue coupons, give discounts, create multiple user accounts, accept credit and debit cards. The list of features is long and lovely and FREE!!!

Making Money Takes Time

I know that you do not want to hear this. Yet, it’s true. I know that when you began your entrepreneurial journey that you just knew that your idea was so great, your passion so palpable, your vision so clear that you would be guaranteed success overnight. Now, I am not saying that overnight success does not exist, but it may not be so simple to get there.

• Success may happen overnight. Yesterday you had 100 views – today 10,000. Guess what though? It took a whole bunch of tasks, and redefining, and well work to get you there. You put in lots of work for many nights and days before your fortune changed. You were innovating, creating, redefining and well working all the time.
• There is literally no such thing as something for nothing. It does not exist and actually defies the laws of the Universe. You must give in order to receive. There is no other way. It is a cyclical process. The more you give the more you will eventually receive. See eventually. Making it takes time.
• Every big business was once a small business. Everyone seems to forget this fact. Every huge corporation was once small. Think of Facebook or Microsoft or even Whats App. The common theme that runs through all of these stories is that they started small – often in dorm rooms or basements. It takes time.

I am like you often impatient and wondering where is the success I see. However, you know what I’ve found? When I have poured my heart into projects that somehow the Universe conspires to eventually create opportunities to reach the right people and grow all because of the work I have done before.  So:

• Don’t be daunted
• Work on your patience
• Keep giving your best at all times
• Stay focused

Then money will come – but it takes time!

If you want to get more from your life, and are looking for concrete action steps to get you there, check out our Request a Coach page. It’s a “cut the fence-sitting and take action” way to tackle your issues and actually find success. You’ll be matched with the coaches most suited to you to get you from where you are to where you want to be. To get off the fence and start to take action, click or tap here.