E. Where Does the Money Go?

Where does the money go?
Just as there seems to never be enough time, there is never enough money.  Although your business finances should be separate from your personal finances, your personal financial health will impact your business.  While we respect that your personal finances are private, it is important to take a careful look at your financial situation and consider how it might affect your business.  Think about:

• Budgeting: The simple process of setting limits on your spending and tracking your spending habits can help you stay on target financially.  If you don’t do this now, you will have to for your business.  Check out the following free tools for help with budgeting:
  • Mint.com
  • BudgetSimple.com
  • BudgetPulse.com
  • PersonalCapital.com
  • MySpendingPlan.com
• Debt: Do you have school loans, credit card debt, medical bills, or other money you owe? While sometimes necessary, debt can limit your financial flexibility. Knowing your obligations is important for understanding how much money you can devote to your business.  Check out the BOSS site for helpful resources on getting out of debt.
• Credit Score: Do you know your credit score? Do you even have one? A credit score determines whether or not you can borrow money or get a credit card.  It’s based on your past history of borrowing money.  If you have never had a loan or credit card, you may have difficulty getting loans in the future.  The higher your number (typically a range of 300 to 800), the better.  Additional information on finding and improving your credit score may be found on the BOSS site.