Evolved Finance Archives - Page 16 of 16

February 27, 2017 by evolvedfinance

We get it. Finance is hardly the most fun aspect of running your online business. It takes you away from creating products, driving sales, and managing marketing efforts. That’s the fun stuff that leads to cash flow and sweet entrepreneurial glory. However, as you’ll hear us say time and time again, generating revenue is only half the battle. If you want stability and growth, you need visibility into the operational and financial aspects of your business. The only way to achieve this level of clarity is to utilize the financial data your bookkeeper is organizing for you.

With our clients at Evolved Finance, we go over their P&L (profit and loss statement) with them every month so they can see exactly how much money they made and how much money they spent. Seeing this data opens their eyes to a side of their business they simply weren’t in tune with before. If your bookkeeper isn’t sending you a P&L every month, or you’re not taking the time to look at it when they do send it, you’re missing out on valuable insights into your online business.

Here’s why:

Knowing where you stand financially allows you to make critical adjustments to keep your business healthy and thriving.

Looking at the P&L every month allows you to find potential issues before they become big problems. While there is no question that trusting your instincts is important as an online business owner, running a business solely on instinct is not wise. You might have a general idea about your cash flow for any given month, but once you see the actual numbers in front of you, it becomes apparent where you can make adjustments to correct profitability issues.

Additionally, you don’t need to have a master’s degree in finance to recognize obvious overspending. If you can see how much total revenue your business generates every month, as well as how much you’re spending to keep it running, it becomes pretty obvious where cash is getting chewed up. You can then make the necessary adjustments to your spending and/or operations and get your profitability back on track.

You can’t plan for future growth if you don’t know how much the business is actually making.

Growing pains are part of building any business, but knowing what to do when they happen is another story. Without financial clarity, it can be tough to determine where you need to invest to better support the influx of business. That’s where utilizing your P&L can be a huge help, allowing you to answer questions like:

Do you have enough cash flow to hire another employee?
Can you afford to overhaul your website and e-commerce platform?
How much can you really increase your advertising spend?
Will you have to take a cut in pay so you can further invest in the business?

Here’s another way to look at it:

If you were to take a cross-country road trip from Los Angeles to New York City, I imagine most of you would grab a map and use that to plan out your trip. You would probably do this for two reasons: 1) you wouldn’t want to get lost and fail to reach your destination, and 2) you’d want to take advantage of any sights or special locations along the way. This is in essence why having financial clarity is so important for the future growth of your business. Without it, you’re essentially traveling without any sort of a guide, putting yourself at risk for getting lost and missing out on key opportunities to grow.

Seeing your business making money is satisfying!

Entrepreneurs love looking at their numbers when they’re making money. It is both satisfying and motivating to look at your P&L and see that your hard work has paid off. You also get a warm and fuzzy feeling when you see that the business you have created is supporting the livelihoods of others, be it full-time employees, part-time employees, or independent contractors. Obviously, you don’t want to shamelessly bask in your success, but it’s meaningful to know when you’re doing something right. It’s important to not only develop a sense of pride in the amount of revenue you generate, but also in the community of people your business supports.

And, sometimes you need a dose of the truth.

We talk to almost every one of our clients at Evolved Finance on a monthly basis. Sometimes those conversations aren’t easy. If one of our clients sees a negative number at the end of their P&L, meaning they spent more than they made, it’s usually a big wake-up call. They typically know that they didn’t have a good month before we get on the call, but looking at the actual numbers allows them to see exactly why the business lost money for the month. It might sting at first, but our clients tend to bounce back more motivated and focused to get their business back on track.

If you’re lacking financial clarity in your online business, you can make that change. Whether you need to hire a bookkeeper or you need your current bookkeeper to start sending your P&L to you every month, gaining the financial clarity you need to manage your business more confidently and with better insight is just a matter of making it a priority. It could provide the perspective you need to developing a more reliable and stable online business.

February 26, 2017 by evolvedfinance

When entrepreneurs start making money for the first time with their online businesses, the last thing they want to do is worry about bookkeeping. After all, they’re enjoying the high of finally generating revenue, so why ruin it with thoughts of balance sheets and income tax? It’s such a buzz kill!

If you’re an online entrepreneur and your business is starting to generate revenue, it’s really important that you get your finances in order as soon as you can. Good bookkeeping practices are the foundation to accomplishing this. It might not be as sexy as managing your sales funnel or running your social media campaigns, but establishing good financial practices in your online business can mean the difference between thriving and simply getting by.

If bookkeeping is a new concept to you, or you’ve never really understand the full benefit to having good bookkeeping practices in your business, the five reasons we’ve shared below should make it very clear why bookkeeping can make running your business less stressful and provide some real benefit.

1) You shouldn’t be spending your time doing bookkeeping

As an online business owner, there is enough work to do as it is, so why add bookkeeping to your list? The best thing you can be doing for your business, no matter what stage you’re at, is focusing on driving revenue, which is why reconciling your bank accounts every month is hardly the best use of your time. Plus, unless you have previous experience doing bookkeeping, you’re probably making mistakes that will need to be fixed by your accountant, which means more billable hours they’ll ding you for when tax time comes around.

2) Monthly bookkeeping makes your accountant bill cheaper at the end of the year

Hiring a bookkeeper is actually going to make your accounting bill at the end of the year cheaper. By working with a bookkeeper every month, your finances are organized and ready to go for your accountant when it comes time to file your tax return. That means he or she doesn’t have to round up all your bank statements or sift through your homemade spreadsheet to try and figure out how much your business made. Additionally, when a bookkeeper is maintaining your books throughout the year, the data will be much more organized and accurate. Having your accountant try to get everything done right at the last minute (especially when they’re trying to do the same things for numerous other businesses at the same time) leaves a lot of room for mistakes and missed tax write-offs.

3) It’s easier to estimate your taxes during the year

Does the thought of your tax bill keep you up at night? If you’re one of the many entrepreneurs who stress about what they will owe the government at the end of the year, it’s because you don’t have accurate financial data for your business! When a competent bookkeeper reconciles your accounts every month, it becomes ridiculously easy to look up how much profit your business has made. With that kind of visibility, estimating your tax bill is something you can keep track of month-by-month instead of waiting until the very end of the year.

4) Real financial data helps you make better decisions for your business

A lot of online entrepreneurs think that bookkeeping is just for tax purposes. This is a perception we’re trying to change at Evolved Finance, because although bookkeeping is definitely a way to keep yourself out of trouble with the IRS, it’s also the most valuable tool for monitoring the health of your business so you can make better strategic decisions. When you’re able to clearly see how much revenue you generate every month, and exactly how you’re spending your money, it becomes obvious where potential problems and opportunities lie. If you wait until the end of the year to have your accountant compile all of your financial data, you’re missing out on an opportunity to utilize valuable information that can help you make smarter and more informed decisions.

5) You’ll be better prepared for an audit

The “a” word is any business owner’s worst nightmare, but it really doesn’t have to be. The IRS performs audits on business owners and corporate entities all over the country every year (around 1-1.5 million audits), and if you’re one of the unlucky chosen, there is really no reason to stress if you have good bookkeeping practices. When your books are clean, organized and properly maintained, it becomes far less grueling and painful for the IRS to see the state of your business and make sure you are not underreporting your income or overstating your expenses. Any bookkeeper worth their salt is going to have organized financial data on your business that will show the IRS that you’re playing by the rules.

Remember, the need for a bookkeeper is good! It means your business is making money, and that’s a beautiful thing! Don’t wait until your finances are a mess or the IRS is knocking at your door. You’ll not only sleep better knowing tax time will be dramatically less stressful, but you’ll start thinking like the CEO you need to become in order to make your business more stable and reliable.

February 25, 2017 by evolvedfinance

There is something about running an online business that makes many online entrepreneurs feel like they don’t need to utilize the same practices and tools a more traditional business would utilize. Financial reporting is one of those areas.

When it comes to reporting, online business owners tend to rely more heavily on website and sales analytics than traditional financial reporting. Now don”t get me wrong, these reports are very important tools for analyzing any online business, but the one financial report every online entrepreneur should be looking at every month is their profit and loss statement (also known as the P&L or income statement).

The P&L is one of the most useful tools that can be used for analyzing the health of a business. It offers a clear snapshot of how much money is coming in and how much money is leaving over a given amount of time, usually viewed in months or years. With some simple addition and subtraction, the final number at the end of a basic P&L is the net profit (be it positive or negative). The net profit, or the “bottom line,” is a quick and easy measure of your business’s profitability.

In order to generate a P&L for your business, you need to have good bookkeeping. Seeing how Evolved Finance is in fact a bookkeeping firm for online businesses, it would be easy to understand why we hard-sell the importance of utilizing the information found in a P&L, but there are truly some legitimate reasons why you should be talking to your bookkeeper about generating this report for your online business on a monthly basis.

It’s the Pulse of Your Business

There is no better way to see and understand the health of your online business than by using a P&L. Sure, your CRM might be able to tell you how many units you’ve sold or how many subscribers you have, but the only way to know exactly how much money you’re making every month, every quarter and every year, is through the use of your P&L statements.

It’s One of the Reasons You Pay a Bookkeeper to Reconcile Your Accounts

Sure, the primary reason most businesses hire a bookkeeper is to record their transactions for taxes purposes at the end of the year. However, having access to valuable financial data on a monthly basis and not utilizing it is a disservice to the business. If you’re paying a bookkeeper to reconcile your accounts, and they’re not already sending you a P&L after the end of each month, you need to request that they start doing so immediately.

It’s a Very Straightforward Report to Understand

Just hearing the term P&L sounds very “financey,” which scares away a lot of online entrepreneurs because they think It’s going to be too complicated to understand. The reality is a P&L statement is pretty straightforward to review, especially when It’s for your own business. With a little time and with some help from your bookkeeper, you can easily become P&L literate for your online business.

As mentioned earlier, talk to your current bookkeeper and have them start to email your P&L once a month. If they’re open to it, hop on a call with them to review it together so you can not only learn more about what the numbers mean, but also to help your bookkeeper make sure they’re categorizing your income and expenses properly. It’s an easy way to catch mistakes and gain insights into your finances at the same time.

February 24, 2017 by evolvedfinance

When most online entrepreneurs make the jump into the world of self-employment, the areas of business that they typically prioritize are the development of their product or service and the sales and marketing strategies that will help connect their offerings with potential customers. They spend hours developing their sales funnels, honing their brand identities, and building their promotional machines, but the one thing we have seen over and over again is that they aren’t prepared to manage their money.

Very few online entrepreneurs are truly ready to manage the flow of money into and out of their business. Until they’ve had the chance to actually do it, it’s difficult to know what to expect and what to look out for. Even seasoned entrepreneurs can experience huge hiccups in this area.

At Evolved Finance, we work with many amazing and talented entrepreneurs and small business owners to help them successfully manage the financial aspects of their business. Over time, we’ve identified five frequent financial mistakes that online entrepreneurs can easily avoid. Learn from these mistakes and you’ll be miles ahead of the game.

1) Combining business and personal finances

The perfect way to make your finances as confusing and difficult as possible is to only keep one bank account. Luckily, this is a very easy problem to fix! Simply open a new checking account/credit card and use it only for your business. Any revenue you generate should be deposited into this account and any expenses that can be attributed to the business should be paid out of this account. If you have incorporated already and received an Employer Identification Number (essentially a social security number for your business), you can open a checking account and credit card tied specifically to your business entity.

There are three main reasons why it is important to separate your business and personal finances. First, it’s dramatically easier to keep track of your business’s finances, because you do not have to sift through numerous personal expenses to find your business expenses. Second, it makes things much simpler for your accountant during tax time. Your accountant will be able to clearly separate your tax-deductible business expenses from your personal expenses, which means fewer billable hours and more money saved. Finally, it makes the IRS happy when your accounts are separated. The more your personal and business finances are intermingled, the more murky things become if you get audited (knock on wood!).

2) Failing to track business finances

Many of our new clients come to us without a clear picture of their business’s financials. They might be running a healthy six-figure business, but don’t know what their biggest expenses are or how profitable the business truly is. This is typically due to a lack of monthly bookkeeping.

When a bookkeeper reconciles your business accounts (including checking, savings, credit cards, PayPal, etc.), they categorize all the income and expenses that your business generates on a monthly basis so you can see exactly how much money is earned and spent. This report is known as a profit and loss statement. Once you have this type of information at your fingertips on a monthly basis, you will gain new insights into your business that are based on quantifiable data, not just guesswork. This not only elevates the quality of your business decisions, but it also enables you to make them much sooner.

3) Trying to do it alone

When you’re in the very early stages of building a business, you have to wear many hats to ensure everything gets done. Bookkeeping and taxes tend to get sorted into the “I’ll just do it myself” category for many entrepreneurs.

We encourage entrepreneurs to learn as much about all aspects of their business as possible, but doing your own bookkeeping is generally not a good use of your valuable time. Plus, chances are slim that you’re doing your books properly, which means a bigger mess for your accountant to clean up at the end of the year.

Even with simple bookkeeping software, there is still a huge learning curve before you can effectively and efficiently reconcile your business account every month, sucking up hours of time that could be better used to drive sales for your business. Do what you do best and pay experts to do the rest.

4) Not planning ahead

When we say, “plan ahead for your business,” that doesn’t mean having a plan for what you want to sell and how you’re going to sell it. Most entrepreneurs are pretty clear on those points. What we mean is putting together a budget so you can map out your expenses and forecast the sales you need to support that budget. Taking the time to proactively think about how much your business will cost to run will help you make needed adjustments sooner and avoid expensive mistakes.

Because most businesses start out fairly simple, it should be relatively easy to figure out what expenses will be needed to launch the business (start-up expenses) and what expenses will recur monthly (fixed expenses).
Start-up expenses can include things like the cost to create a web site, develop sales materials, coaching and educational programs, accounting and legal fees, etc. Recurring expenses are things like your mobile phone, Internet, virtual assistants, advertising expenses, insurance, payroll, etc.

Once you’re able to anticipate your basic expenses, you can more accurately forecast how much revenue you need to generate every month. Knowing that magic number you need hit in order to keep your business thriving can be extremely liberating. It provides a clear target to shoot for, allowing your sales and marketing efforts to be much more focused.

5) Avoiding taxes until the end of the year

Few things put the fear of God in an entrepreneur like tax time. This fear tends to do one of two things to business owners; it either motivates them to be hyper vigilant around anything tax-related, or it causes them to put their head in the sand and hope the IRS isn’t paying attention.

As soon as your business starts generating revenue, you have to file a tax return. Even if your business is not making a profit, it’s important that you file a return to show the IRS where the business stands. And, this can actually be a benefit if you make a profit the following years.

If your business is already making a profit, bookkeeping becomes much more important, especially when it comes to estimating your tax bill. By looking at your profit and loss statement every month, you can begin to estimate your taxes for the year and set money aside to prepare for your tax bill. Even better, you can make a quarterly tax payment to make the financial burden a little easier to bear.

We’ve talked to many entrepreneurs who are behind on their taxes. When they ask for advice, our answer is simple: pay your taxes! If you want to move forward, get on a payment plan and start chipping away at what you owe. The IRS is not going to forget about your debt, so it’s best to address the problem head on with the help of a tax professional.

February 3, 2017 by evolvedfinance

There’s no business without revenue, but too many online entrepreneurs fail to realize that managing their income is just as important as generating it. Most are simply not prepared for the extra complexity that comes with managing the cash flow and controlling the expenses of a quickly growing business.

That’s where Evolved Finance can help!

In this post, we review seven crucial financial practices to adopt so you can manage your financials more effectively. The sooner you start thinking about these aspects of your operations, the more profitable your business will become, and the better prepared you’ll be for future growth.

1) Putting money aside for taxes

We’ve said it before and we’ll say it again: it never ceases to amaze us how many entrepreneurs just don’t prepare for taxes until it’s too late. The bottom line is that any profit your business generates will be taxed.

The easiest solution is to automatically put 20-40% of your profits into a savings account that will be used to pay your tax bill at the end of the year. This way, you won’t be tempted to spend money that will eventually have to go to the IRS.

Calculating your estimated tax bill can be complicated because there are so many variables to take into consideration, so talk to an accountant if you have concerns about how much money you’re going to owe the IRS. Your accountant can also provide additional advice about where you should be on the 20-40% savings scale.

2) Planning for future expenses

It is always important to understand your business expenses, but it is even more critical when you’re business is starting to grow. It’s not very fun to get sideswiped by new costs that you just weren’t expecting.

This is why it’s important to understand early on how you want to grow your business and where you think that growth will come from. This way, you can forecast which expenses will increase and where new expenses may pop up. A little bit of planning with a simple spreadsheet can go a long way in helping you to support an influx of new business, so it’s no surprise that our most successful clients are often the most effective planners.

3) Creating the right business entity

Creating a business entity can be a great way to limit your legal liability as the owner. It can also provide some pretty big tax benefits once your business gets into the six-figure range.

Thanks to the Internet, it’s now easier than ever to create a business entity. We’re big fans of CorpNet, mainly because their customer service is phenomenal and their pricing is competitive.

However, despite the ease of creating a business entity, it’s always safe to talk to an accountant and/or lawyer first to make sure the business entity you choose is right for your situation. Depending on the size of your business and your long-term strategy, the entity you choose now can cause big headaches down the road from both a tax and legal perspective.

4) Having an accountant who understands your business

Believe it or not, making money online is still a relatively new concept. Although there are some online entrepreneurs who got an early start and have been actively generating income for the past ten to fifteen years, many accountants still don’t understand how this world works.

If you are running an online business, any accountant should be able to file your taxes for you, but not every accountant will understand what your business does and know how to maximize your tax write-offs. Things like affiliate income/expenses, merchant accounts, and digital products may feel like commonplace concepts to you, but be totally alien to an accountant who has dealt primarily with personal tax filings or brick and mortar establishments like restaurants, retailers, and dry cleaners.

If your accountant has to spend extra time trying to understand your PayPal statements or figuring out all of the affiliate payments you’ve processed for the year, that’s going to mean a larger accounting bill for you. We feel that you shouldn’t be charged more money because your accountant doesn’t understand how your business model works. Do some research and find someone who gets it. For a more general overview of the services an accountant provides, check out our August article, What’s the Difference Between a Bookkeeper and an Accountant?

5) Setting revenue goals

During my time in Corporate America, I got to work with a world-class sales team. One of the commonalities I saw among the best sales reps in the company was the setting of clear sales targets.

Once a rep set their sales target for the year, they would then break that down to more achievable monthly targets (and sometimes even weekly targets). By doing so, they made their goals much more achievable and easier to track. This type of revenue forecasting isn’t very common with online entrepreneurs, especially when so many businesses lack the financial data to keep track of their monthly progress.

To illustrate, let’s look at the following statements:

“I want a six figure business this year.”

“I’m going to have my first $10,000 month 12 weeks from now and I’m going to do X, Y, and then Z to make it happen.”

See the difference? Having clear revenue/sales targets will help you visualize a clearer path to achieving your goals, leading to much more deliberate and focused actions. This type of clarity is tremendously useful whether you’re aiming for your first thousand dollars or your first million.

6) Creating a budget

The way the owner of an online business manages their expenses not only decides how much profit they get to keep, but how much fuel the business has for continued growth. The best way to keep your expenses under control is to create a monthly budget.

Driving big revenue is definitely an accomplishment, but it doesn’t mean much if your expenses are out of control, resulting in little or no profit to show for all of your effort. We rarely see our clients creating budgets on their own and feel this is a very undervalued exercise in the online entrepreneur community. If you desire longevity and stability for your business, wrapping your head around your budget is vital to accomplishing this.

7) Start a business savings account

We regularly see entrepreneurs take all of their profit out of the business every single month. This leaves the business with no savings buffer for unexpected expenses or for slow months when there is less revenue generation. Without a business savings account, owners are forced to use their personal funds to cover basic expenses until things pick back up again.

Once you stabilize your business to the point where you’re able to pay yourself a consistent salary, use your extra profits to build a business savings to cover 3-6 months worth of your expenses. For example, if your business has $10,000 in expenses every month, you’ll want to build up a savings of $30,000 – $60,0000 in case you hit a slow period.

This savings nugget can also come in handy as you start to strategize for the future growth of your business. Maybe you need to hire a new employee? Perhaps you need some cash to create a new digital product? Or, you might want to try a new advertising strategy and need to kick up your add spend. You now have the cash to invest in these ventures, eliminating the need to take out a business loan, rack up credit card debt, or front the money personally.

We hear from entrepreneurs all the time how stressful this side of their business can be for them, but it really doesn’t have to be. Taking some time to plan ahead and getting the right people involved in managing your finances and taxes is the biggest battle. If you’re capable of creating a business that is actually making money, you’re more than capable of getting the financial side of your business under control as well.

February 2, 2017 by evolvedfinance

It’s inevitable. All entrepreneurs make mistakes of varying degrees during the development of their businesses. In fact, this is a big part of the entrepreneur experience. These failures can be small, like ineffective copy on a landing page that results in poor conversion rates, or they can be massive, like realizing your business model is flawed after you’ve already invested capital.

Inc. recently published their annual list of the fastest growing businesses in America. Of the entrepreneurs who made the top 500, 60% said that this was not the first business they had started. A staggering 76% of those individuals had founded at least two other businesses before they got their current business right. You can read more of Inc.’s findings here.

Running into roadblocks is how you learn. It’s the wake up call you need to change your approach and make adjustments. That’s why the following quote from the great John Wooden is one of my favorites:

“Failure isn’t fatal, but failure to change might be.“ – John Wooden

It’s easy to make mistakes early on in the development of a business because you’re usually learning new skills, while also developing a deeper understanding of your business model and the market as a whole. But, there are unique issues that can arise for online entrepreneurs who are running more established businesses.

1) Losing relevance in the marketplace

With many online businesses, maintaining a connection with your customers and followers can be crucial. This is doubly true for businesses where the brand relies heavily on engaging with the audience through blog, email marketing, or social media outlets. If you take your foot of the gas pedal for too long, followers and potential customers can lose interest in what you’re doing and begin to perceive your business as less relevant (especially given how much competition now exists online). This can affect website traffic, social media engagement, and ultimately your sales. Luckily, you can bounce back from this, but it can take a lot of time, energy and money to get engagement and sales back to where they once were.

2) Failing to adapt to new challenges

If you utilize a business model that has generated revenue for your business in the past, it can be difficult to admit when that model is no longer providing sustainable results. Coming to this realization too late can bring small businesses to their knees, but massive corporations fall prey to the same problems as well. Blockbuster failed to capitalize on the consumer shift to on-demand entertainment and Kodak missed the train when digital photography began to replace film.

In the online entrepreneur community, these challenges tend to be much smaller in scale, such as realizing too late when a product launch is’t going as expected or when affiliate partners are no longer generating revenue like they once did. As Mr. Wooden’s quote says, these missteps aren’t fatal themselves, but failing to find solutions quickly enough can be.

3) Financial irresponsibility

When most entrepreneurs start a business, they spend the majority of their time planning out how they’re going to make money and very little time thinking about how they are going to manage their money. In our experience, taxes tend to be the biggest financial issue that hinders the growth or success of an online business. Often, entrepreneurs dig themselves into such a big hole with back taxes that it becomes a huge source of stress and anxiety, which limits their ability to imagine a brighter future for the business.

In these instances, the problem is usually caused by thinking of the business only from a sales and marketing perspective and neglecting the financial and operational aspects of their business. Generating revenue for your business is certainly important for survival, but knowing how to manage the other aspects of your business – or seeking help from someone who does – can be just as important. If you’d like to learn more about how you can avoid common financial mistakes, check out our blog post from July: The Five Biggest Mistakes Online Entrepreneurs Make with Their Finances.

4) Expecting growth from evergreen products

If you’re unfamiliar with the term “evergreen product,” it’s essentially a digital product (usually an online course or program) that stays in your product line for an indefinite period of time and is continuously promoted throughout the year. An entrepreneur should feel lucky to have a product in their arsenal that they can call evergreen because it can provide a consistent stream of revenue. It’s also validating to know that you’ve created a product with enough value that customers are regularly willing to pull out their wallets to make the purchase.

Where entrepreneurs make mistakes with evergreen products is assuming that they can repeatedly invest the same amount of money into promoting a product and still see flat or increasing sales every month. Whether you’re Apple selling iPhones or a graphic designer selling a Photoshop tutorial, there is a limit to how many people you can sell the exact same product to. Sales will eventually dip, even if you’re spending the same amount of money on promotional and advertising activities. If you have plans to establish an evergreen product in your business, make sure you have a strategy for freshening up and revitalizing the product when sales start to decrease, or be prepared to a launch a new product or service to supplement the dip in sales when the time comes.

5) Lack of drive and focus for the business

Running your own online business can be exhausting. There is a lot of energy that goes into managing the day-to-day operations of running a business, let alone the mental strain of planning future products and services to keep the business thriving. So it’s no surprise when entrepreneurs get burned out and lose enthusiasm for what they’ve created. That’s why it’s so important to find work-life balance that allows you to spend the time needed to support and grow the business while also allowing yourself the time to enjoy the other aspects of living your life. That might mean hiring people to take some of the workload off your plate or scheduling out your vacations way in advance so you have plenty of time to prepare the business for your absence. There’s no magic solution here. It’s up to you to discover what feels right for your situation.

One thing we want to emphasize is that no matter how many books or articles you read in order to prepare yourself for life as an entrepreneur, it’s important to know that you will run into obstacles that are unique to you and your business. That’s why it can sometimes be more effective to take action, make mistakes, quickly fix those mistakes, and then move forward. Chances are those little failures will be far more beneficial than detrimental to the business in the long run.

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