5 Personal Finance Tips For Small Business Owners

The phrase Starting Strength" (SS) has two distinct meanings. Never lose sight of why you went into business in the first place — perhaps you had a niggling small business idea that kept you up at night, you noticed a gap in the market or you wanted to share your expertise by offering your services to businesses or individuals who need it.

One reason software-as-a-service (SaaS) has grown so rapidly in popularity—Forrester Research estimated $170 billion in cloud subscriptions in 2020 can i get a startup business loan with bad credit even before COVID spiked work from home—is that SaaS gives even the smallest businesses access to advanced technology on a pay-as-you-go basis.

But sometimes, business owners will go too far in the opposite direction, spending so much time running their business, working on their business, and investing profits back into their business that they end up not paying enough attention to their personal finances.

For your coffee shop, you'd want to explain what you do (sell coffee), your services (the drinks you offer), what makes you special (maybe the coffee you serve is rare or locally roasted), and what you plan to do next (expand to another location, new products, etc.).

Studies conducted by the Small Firms Economic Development Initiative found that 70 percent of small businesses that receive mentorship from experienced business owners survive their first five years, compared to 35 percent of small businesses that aren't advised by an industry mentor.