Content Creator = Entrepreneur - Small Business Tips
In case you missed the Hawaiian Media Makers Workshop, Content Creator = Entrepreneur, Small Business Tips for those Following Their Passion, Chief Operating Officer of Solutions Pacific, and presenter, Rebecca Soon, shares tips and tricks to conquering your small business.
Starting a business is fun! Who doesn't want to be their own boss? The glitz and glam can often begin to fade once we as small business owners get buried in mountains of paperwork, confusing tax structures, questions we didn’t even know to ask and being responsible for everything that goes into running a small business.
In June, 23 small business owners and budding entrepreneurs joined the Hawaii Media Makers Series to talk story with small business consultant Rebecca Soon and learned some quick tips about how to take care of the back office so we can spend our time and energy focusing on our true passion.
Tip #1: Keep your finances separate. It’s incredible how quickly personal and business finances can get muddled when we are disorganized. First, it’s us paying for a few supplies out of pocket, and eventually, it becomes unclear which money is the business and which money is ours. Keeping separate bank accounts is the first step. If you need to lend the business money, as many small business owners must do especially at the beginning of a business or project, go ahead and do it. But, be sure to actually put that money in the bank account and then make a note in your books that the business owes you that money back.
Tip#2: Everything goes in and out of that account. Now that you've opened your bank account, here's a quick trick (at the very minimum) for the worst case scenario if you didn't have time to do your accounting, and if every single revenue or expense has gone in and out of this account. You can use your bank account ledger at the end of the month to help you track your finances and input it into your accounting. If you need cash, create yourself a petty cash account. Get an envelope, put cash in, spend from it and put the receipts in it.
Tip#3: Paperwork day! Give yourself one day a week that you are not typically busy with projects and clients and make that your administrative day. This day on every week will be the day you do things like, pay your taxes, update your accounting information, invoice your clients, make sure you have all of your compliances wit the Department of Labor and Departement of Commerce and Consumer Affairs, all those administrative things we usually put off.
Doing this work one day a week will keep you up to date, and you won't feel that stress hanging over your head making you feel overwhelmed and behind. Giving up one day a week assures that while you're out the other five to six days a week, you can actually focus on your work without thinking about all of the back office duties that need to be done.
Mahalo to all the attendees who took the time to come out to this workshop. ALOHA!
Rebecca Soon is passionate about local, home-grown, small business as a way to empower and enrich communities. She has worked with small businesses as an advocate, counselor, lender, consultant, planner, and sounding board. Rebecca has been part of the Hawaiian Media Makers Conference since it was just a dream over five years ago and has helped in securing funding, organizing, and executing the programs. Chief Operating Officer of the small Hawaii consulting company, Solutions Pacific, Rebecca and her team work with individuals, families, and communities toexplore passions and engage innovative concepts to achieve sustainability. Her team specializes in small business solutions, personal and household credit and budgeting, and community economic development initiatives.
Categories: HMM, Newsletter