15 Money Tips for Women Entrepreneurs to Secure the Bag

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15 Money Tips for Women Entrepreneurs to Secure the Bag

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Why do people hate talking about money so much? We all need it but we hate having honest conversations about it. Not us though, we’re committed to helping women dominate the decade, and to do that, they’re going to need some money.

Shanté recently chatted with Crystal L. Johnson who is an attorney, accountant, and investor, and Amy Schults who is a money coach. Here are some of the money tips they shared in their conversation that could propel you towards success and help you secure the bag.

1. Set Realistic Money Goals

As Amy says many people aspire to have a six-figure business. While there is nothing wrong with that, the money goal should be realistic. That means if you haven’t hit five figures yet then maybe that should be your goal and not six figures right away. Start where you are and aim for the next milestone.

In addition to that, remember your “why”. Why do you have a particular money goal? What does that mean to you? People sometimes adopt other people’s goals and end up being demotivated and disappointed because they’re trying to achieve else’s goal.

To set realistic goals, use the SMART method. In addition to that, keep your why in mind and use it to motivate you. 

on a table there is a keyboard that seems to be a part of a laptop, cup of coffee and a notepad with the word goals and numbers one, two and three

2. Create an Emergency Fund

An emergency fund is crucial in helping you survive expenses like car troubles, hospital bills, or any other unexpected expenses. Otherwise, you may be caught off guard and have to use the money that would be needed to do other important things. 

The amount in the emergency fund differs from person to person. Usually, it’s advised that you save a couple months of expenses. To find out how much money would be ideal for you, you can use the Emergency Fund Calculator from NerdWallet.  

If you need help cutting expenses or freeing up money, you can check out How to Take Care Of Your Finances During COVID-19. 

3. Have an Exit Strategy for your 9-5 If You Intend to Leave

You may be ready to take the leap and start your own business. However, businesses are often not profitable right away. So before you tender your resignation, have an exit strategy in place.

An exit strategy can include a vetted business plan and an emergency fund. This helps your transition from 9-5 to full-time business owner run more smoothly. 

You could even manage your small business when you’re in your 9-5, at least at first. 

4. Use a Bank for Your Business Not Cash App

Even though Cash App may seem to be convenient for your clients, don’t give them that option. 

Businesses should always run their money through a bank. Not only does that mean your finances will be easier to manage and positions you to access opportunities but it’s much safer. Banks offer better protection for your money, your balance is not FDIC insured on Cash App. Therefore if something happens to the company, your money could be gone. 

 In addition to that, your money won’t earn interest in Cash App. 

5. Change Your Network

Surround yourself with people who are already where you want to be. They will not serve as motivations for you but they’ll be able to give your valuable tips. 

Your network can actually influence you. For example, if you’re around people who are always saying your dreams are too big or don’t believe in you, it can affect you negatively. 

Find big dreamers like you and people who achieved your wildest dreams and see how much that positively impacts your life. Trust us. 

women hi fiving in business clothes

6. Use The Resources at Your 9-5 While You’re There

There are usually helpful resources at your 9-5 job that could help you become successful. You’ll need to speak to HR about this because the resources vary from job to job.

One great resource some full-time jobs have is a matched 401k. That means whatever money you put towards your 401K they’ll match it. Of course, there will be limits, however, that’s free money that could come in handy. 

7. Make Sure You’re Bankable 

There are so many opportunities for small businesses available these days. Between the grants and loans, you could get so much help. However, as Shante says, if you don’t have your business affairs in order, you’re going to miss out on these opportunities. 

You can check out our guide on how to become bankable so your business can be better positioned to secure the bag.

handshake

8. Don’t Be Afraid of Loans 

Loans can look scary. People generally run away from debt, not towards it. However, a loan may be just what you need to scale your business and start making more money. 

Crystal mentioned that many entrepreneurs didn’t apply for the EIDL loan simply because it was a loan. But she pointed out that the interest rate was low and you had a long repayment period. Every loan deal is not a great deal but you have to be able to see which ones are worthwhile. 

The bottom line is, loans can help you secure the bag.

9. Apply For Grants 

Grants are free money and are a way to secure the bag for your business.

There are so many grants available out there and the truth is, many women entrepreneurs don’t take advantage of them. The reasons behind that are numerous. In some cases, entrepreneurs don’t even know which grants are out there. If that sounds like you, check out 6 Small Business Grants You Probably Didn’t Know About.

In other cases, small business owners may not be aware of the strategies required to apply for grants. Applying for grants isn’t hard but there is a way to do it successfully.

Look at it this way, chances are, you won’t be the only person applying for the grant. You can’t control that. But what you can control is how good your application looks. You can grab our The Winning Grant Application Cheat Sheet & Checklist to get our proven framework. 

a calculator, a laptop and a hand filling out a form

10. File Your Taxes 

All of us won’t be tax experts and that’s okay. However, it’s important to seek tax advice so that you do your tax planning properly.

There are so many myths about taxes that aren’t even true that can hurt you in the long run. For example, some people believe that if you don’t make $20,000 for the year in your business, it means you don’t have to file your taxes. That’s just not true. 

If you fall behind on filing your taxes, it’s going to be hard for you to access certain opportunities such as loans, grants, and government contracts. 

11. Build Your Business So You Can Sell It

Yes, people shop for businesses like how they shop for houses and cars. However, to have a business worth selling, you’re going to have to scale and grow it. If you need any motivation to keep working on your business, this is it. 

As Shanté pointed out, this is another way to grow wealth. You can sell your business and then invest the money in something else. 

business deal being done. a man is shaking a woman's hand while other coworkers watch

12. Take Advantage of Free Resources

If you’re not working with a lot of cash, especially in the beginning, you may want to use free resources. There are a lot of free resources out there. Make Google your best friend, there are many free resources out there that can help you succeed in your business. 

Crystal mentioned SCORE as a free and accessible resource. SCORE is the place to go if you want a mentor or want to be a mentor. Even though Crystal is a successful business owner she still sees the importance of mentorship in her professional journey and you should too!

13. Have an Abundance Mindset

There is a lot of money out there waiting for you. Both Shanté and Amy say that mindset is so important. 

Any implored listeners to make sure they’re not holding themselves back. You have to believe that there is money out there for you and that you can access it. Have the confidence to go out and find resources and request funding. 

Amy suggested these mantras saying things like “My business deserves this” and “I have a valid mission”.

a notebook with new mindset and new results written on the bag. there is a pen beside it and they're all on a green wooden table

14. Let Your Money Work For You

Have you ever heard the saying that scared doesn’t make money? Well, it’s true. If you want to secure the bag in your business, you have to put money into your business.

Don’t look at the money you spend in your business as a loss. Instead, choose to look at it like it’s an investment because it is. 

Invest in tools, equipment, education, staff so that you can make more money and accomplish your business goals. 

If you’re strapped for cash, you can start with small investments. One small investment we recommend is an accounting tool. We recommend Quickbooks to get your accounting on track. Even though you have to pay for Quickbooks, it helps you to be more organized which in turn helps you win grants, qualify for loans and government contracts.  

15. Don’t Sell Yourself Short 

As women, we are conditioned to not take up space or be assertive. However, in business (and life) you have to take up space, be assertive and never sell yourself short. 

One way in which women sell themselves short is by pricing their products and services.  If you’ve ever priced something too low and then regretted it you know exactly what we mean. 

Even though you may feel you’re doing your audience a favor by having low prices, chances are, you’re not. First of all, if your prices are too low, it can deter people from buying from you. That’s because it looks like you don’t value your own services and products and so they don’t think it’s valuable either. If people aren’t buying from you, you won’t make money and you’re in business to secure the bag.

When pricing your products and services, Amy says to think about the value you’re providing. When someone tries to lowball you, remind them of the value you’re providing them and why it’s worth that price. Remind them of the impact and results they will get.

woman smiling confidently with two men in the background having a conversation

Next Steps

It’s time for you to talk about money and secure the bag. We’re challenging you to share this article with your network and take some time to discuss it. You can hold each other accountable and motivate each other along the way. 

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