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  • Writer's picturePeggy Romero

Small Business Success

If you are considering starting your own small business consider these basic practices (and things I've learned in my own entrepreneurial life) to set yourself up for success.

  • It is important to start with the correct habits in the first place.

  • It is hard to change later.

  • Be ready to succeed.

  • Make sure that you have a great business plan in writing and stick to it. A good business plan will keep you on track when you get busy. Much like personal goal setting- know your purpose and stick to it.

  • Avoid commingling your money at all cost- pardon the pun. It creates a giant mess that will be a lot of work later. It also makes doing your taxes almost impossible. I have two credit cards. One for business and one for personal. Make sure you use the right one every time to make life simple. Same with your checking accounts. One for personal and one for business. If you have to loan yourself or your business money, do it by transfer and keep records.

  • Plan ahead for expenses. Like I stated in #2, it is essential to have separate accounts; one account for business separate from your personal accounts for home.

Additionally, it is a good idea to have a savings account for business too. you will have taxes to pay so put your money aside. You will also need an emergency fund for your business just like you do for home. I suggest keeping those separately from your cash flow system.

  • As soon as you can, start saving 10% of your oncome. It is often hard to do, but worth it. This way when something comes along , you will have the money without having to get a loan , or worse; miss the opportunity all together.


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