Cash Flow Scenarios
Starting a Services Business
Nicole Rollender established her copywriting business, Strand Writing Services, after spending a decade in the traditional publishing industry. And she spent most of that time writing about entrepreneurs.
Once she left her executive position in publishing in 2017, Nicole felt prepared to found her own business. Starting out, her goal was to make her transition from full-time employee to self-employed business owner as seamless as possible.
To do that, she needed to position herself correctly, come up with sustainable pricing models, and delegate.
Check out our video interview with her here to learn how she structured her business.
Related: You might also enjoy this article based on the interview ➡️ Starting a Services Business: Tips from Writer Nicole Rollender of Strand Writing Services.
5 Steps to Getting Small Business Loans
Tom Thunstrom offers in-depth advice on how to get financing in this article for Fit Small Business. It includes:
- Deciding what you need the funds for
- Determining your eligibility
- Gathering your information
- Finding the right lender
- Submiting your application
Get the specifics here.
Cash Flow Tips and Business Insights from a Certified Financial Planner
Justin Green, CFP®, MSPFP started Assist FP because of a passion for finance and a drive to help Millennials become financially stable.
As a financial planner and fiduciary for Gen X, Millennials, and older Gen Z entrepreneurs, Justin has seen many business owners struggle with cash flow. Some of his cash flow tips include:
- Tracking the numbers
- Not making assumptions when forecasting
- Staying aware of expense creep
Check out our video interview with him here to get more cash flow tips and insight into how he started his business.
Related: You might also enjoy this article based on the interview ➡️ 5 Cash Flow Tips and Business Insights for Self-Employed Millennials from Justin Green CFP.
Pulse Q&A
🤔 Should I Separate My Personal and Business Financial Acounts?
If you're self-employed or an entrepreneur, you might be in charge of your business' finances as well as your personal finances.
🙋 Yes, you should always keep your personal and business financials in separate accounts.
There's a few different reasons why it's important to keep these financials separate:
1. It's easier to see what goes in and out of your business
Separating your business financials into its own bank account makes it easier to see what goes in and out of your business. If you intermingled your personal and business finances, you'd be doing extra work to keep track of which income and expenses were business and which were personal.
2. It keeps you honest
It's easy to take more money out of your business and put it in your own pocket if all of your financials share a bank account. A separate business bank account helps keep you disciplined.
3. It leads to more efficient accounting
Justin Green, a CFP we interviewed for The Cash Flow Show, recommends having multiple business bank accounts to split taxes, expenses, and profit. This can lead to a better accounting system for your business.
In Pulse, you can separate your personal and business bank accounts using Financial Accounts. Toggle different Financial Accounts on and off to drill down into the cash flow of each, or toggle them all on to see a full picture of your cash flow.
New to Pulse?
Check out this video tutorial and written guide to get started on the path to cash flow clarity.
Looking for more cash flow content?
Here are some links we think are worth your time:
- One Business That’s Loving the Supply Chain Crisis
- How to Enhance Your Company’s Longevity
- 3 Must-Have Attributes for Great Business Leadership
- 10 Ways to Thrive in Hard Times
- Small Business Grant Opportunities for Women and Minority Entrepreneurs
- Ongoing: Would Small Businesses Benefit if Congress Approves a Global Minimum Tax?
Trivia Answer
2% of Elon’s Net Worth = $6 Billion
âś… Take a moment to wrap your head around that number.
Done? That means his net worth is $289 billion. Here's why David Beasley thinks it could help. Note the correction at the bottom of the article and you’ll understand why we’ve made sure to phrase things carefully.
See you next month!
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