It’s true that the economy right now is a bit topsy-turvy. Inflation continues to rise, making the cost of everything from a loaf of bread to a new car more costly than it was a year ago.
Small business owners—even those who aren’t selling bread or cars—are feeling the pinch. Every week I hear from clients, customers, and friends who say their sales are down, their expenses are up, and they’re beginning to wonder if they’ll still be in business in a year.
Now is not the time to panic. Instead, there are some smart, practical strategies you can follow to smooth out that income roller coaster we so often face as small business owners—and not only when the economy is on shaky ground, either.
Listen in for tips you can use at any point in your business to take control of your finances, lessen the stress of unpredictible income, and recover quickly when things start to trend in the wrong direction.
Prefer a transcript? Here you go!
What you’ll learn in this episode:
- Why budgeting is so hard for new business owners, and how I almost made a whopper of a mistake when I started my business.
- Why having an emergency fund is especially important for freelancers and others who don’t have a “regular paycheck,” plus how much you should save.
- How much money you might be spending that you’re not even aware of, and how to find out the true numbers so you can cut back if necessary.
- Easy ways to bring in more revenue without working more hours. Put these systems in place today so they can’t start bringing in a trickle of cash that will grow over time.
- How freelancers, course creators, and others can create cash on demand. This is the one skill that will serve you best as a small business owner.
- Why it’s critically important to always have an eye on the future, and to never stop marketing yourself and your business.
- Six-Figure Systems is my monthly program where I teach you everything I know about starting, managing, and scaling a six-figure business. Start a 7-day trial for just $7 and get instant access to all the courses, toolkits, workshops, and other resources.
- Three Ways to Earn Passive Income in Your Business goes into more detail about setting up passive income streams that will serve you for years.
- C & R Research reports on subscription service costs.
- Nerd Wallet recommends having three to six months of expenses in your emergency account.