4 Things Every Entrepreneur Should Know About Running a Business

This is a sponsored post written by me on behalf of Sun Life Financial for IZEA. All opinions are 100% mine.

Flashback to 2013. I was graduating law school and becoming a government lawyer and I didn’t yet have a blog. I thought I’d be working for someone else, getting a pay cheque every two weeks and that would be that. Flash forward to today. I run my own law practice and this fashion/lifestyle blog. I couldn’t have fathomed 5 years ago that I would be running not only one but two of my own businesses. Becoming an entrepreneur is one of my biggest life moments.

I’d never taken a business class before and knew nothing about how to manage my finances as a self-employed woman. Over the past five years, I’ve learned so much about financial planning as I run my own business(es).

Today, in partnership with Sun Life Financial, I want to share 4 financial lessons I’ve learned from running my own business, and get real about what every entrepreneur should know about running their own business.

Lesson 1: Establish a Support System

When you’re starting your own business, it’s easy to fall into the trap of doing everything yourself. You likely don’t have employees, but that doesn’t mean you don’t need and deserve help. Figure out who you can go to for advice and establish a network of people who understand what you’re trying to achieve and support your dreams. Two important team members to consider are an advisor and a tax professional. Both can save you time and money and give you the tools you need to make smart borrowing and investing decisions. What I love about Sun Life Financial advisors is that they can also put you in touch with other entrepreneurs who have gone through – and conquered – similar challenges.

Lesson 2: Don’t Neglect Your Personal Finances

When you’re starting a business, there’s so much to consider that your personal finances often go by the wayside. It’s important that you maintain a plan for your personal finances. Keep track of what you are spending every month, have a budget, and think about how to reduce your personal expenses while your business gets off the ground.

Lesson 3: Educate Yourself on Small Business Benefits & Taxes

As an entrepreneur, your business comes with a number of unique financial benefits. There can be tax write-offs and other grants that may help you. Spend some time learning about these are in your area. Sun Life has benefits and savings plans specifically for small businesses that may be of interest to you!

Lesson 4: Focus on Your Future

As much as I’m preaching a focus on your current financial situation, I’ve also learned that you can’t ignore the future either. You want to be thinking about retirement. Sun Life has great articles on their website that discuss issues such as retirement planning when you don’t have a pension.

More tips on managing your career

For more great tips and helpful articles about managing your career, succeeding as an entrepreneur and saving for retirement with or without a company pension, check out Sun Life’s website. You’ll also find interactive tools and calculators – I found these really useful for understanding what and how much insurance I need to protect my business. And if you’re looking to add an advisor to your team, you can enter your postal code to find ones in your local area. I really like how they have bios so you can get a good sense of whether they’ll be the right match for you before you set up an appointment.

To all my fellow female entrepreneurs: keep up the hard work and enjoy the process! 🙂

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14 Comments

    • Lee August 25, 2018 / 2:00 pm

      Thank you for reading Tanvii. Glad you found the tips helpful!

  1. Candace August 24, 2018 / 7:46 pm

    Great tips!! I think that the toughest part is dealing with finances, taxes and budget if you are not a math fan like me lol Thank you for sharing!

    XO
    Candace
    http://www.thebeautybeau.com

    • Lee August 25, 2018 / 2:01 pm

      Haha that has definitly been my personal biggest struggle; taxes make NO sense to me so I have been really glad to have help in that department.

    • Lee August 26, 2018 / 7:19 pm

      Thank you!

  2. sarasab August 26, 2018 / 6:10 pm

    This is such a helpful post! It’s been quite the learning curve in trying to understand the complexities of taxes now that I’m an LLC and work for myself!

    • Lee August 26, 2018 / 7:56 pm

      Im so glad you found the post helpful! And ughh I feel ya girl, taxes have been my biggest learning curve to understand as well.

  3. ashley hargrove August 26, 2018 / 6:27 pm

    So many great tips!! I started my own company a little over 10 years ago and learned a lot of lessons very quickly in regards to finances!

    • Lee August 26, 2018 / 8:12 pm

      Ah girl that is amazing, good for you!

  4. Meghan August 26, 2018 / 10:41 pm

    I love the tip about personal finances. You should always be aware where you stand so you’re not over spending.

    • Lee August 27, 2018 / 8:02 am

      I totally agree – it’s one of those things where I think most people (myself included) are scared to know and it’s easier therefore not to, but once you do it’s liberating!

  5. Rachel Kennedy August 31, 2018 / 9:27 pm

    Definitely Pinning this! Such good info I could have used years ago when starting my businesses!

    • Lee September 1, 2018 / 11:16 pm

      Aww thank you so much!!

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