Call Us (561) 994-0880 ☰ ˟
(561) 994-0880 info@parkassociates.com
Park & Associates
Client Portal  Request a Quote
  • HOME
  • ABOUT US
    • About Us
    • Employee Directory
    • Location Map
    • Privacy Policy
    • Testimonials
    • Giving BackImage of right arrow
      • Mission Trip to Haiti
  • CUSTOMER SERVICE
    • Client Portal
    • File a Claim
    • Request Declaration and Coverages
    • Request ID Card for Auto Policy
    • Request Proof of Insurance
  • MAKE A PAYMENT
  • RESOURCES
    • View our Blog
    • Insurance Glossary
    • Newsletter Archive
    • Refer a Friend
    • Request A Quote
    • Proof Of Insurance
  • CONTACT
    • Contact Us
    • Join Our Newsletter
    • Join Our TeamImage of right arrow
      • Join Our Team
Association Insurance Icon Business Insurance Commercial Real Estate Insurance Icon Association Insurance
Preschool Insurance Icon Preschool Insurance
Contractor Insurance Icon Contractor Insurance
Homeowners & Car Insurance Icon Automobile Insurance Flood & Umbrella Insurance Icon Homeowners Insurance 
Home > Blog > Financial Tips For New Business Owners
WEDNESDAY, JANUARY 10, 2018

Financial Tips For New Business Owners

New Business Owner

Being a new business owner is exciting and scary at the same time. You might be wondering: What if I don't have enough clients? What do I do when my steady stream of work suddenly dries up?

Here are five tips to help you manage your finances:

  1. Overestimate expenses. It takes years to get to the point when you can quote a project with extreme accuracy. Until then, make it a point to budget an extra 10% more than you initially think something will cost. Buying more stock to get ready for a seasonal sale? Plan to spend $550 rather than $500. Giving your lawn care client a landscaping quote? Add in 10% to cover excess costs that will pop up. This will save you from embarrassment, losing clients and losing money. Of course, do not overcharge clients for some of the costs.
  2. Save early and often. Setting aside money for your salary and ongoing expenses is essential. Some expenses, such as business insurance and association fees, are due once a year. Others, such as rent, are monthly. You also need to save for taxes. Add up these infrequent expenses and then divide the amount by 12. Set aside that much each month so that you'll have a sinking fund that you pay these expenses from.
  3. Track your sales. Depending on your business, you'll notice there may be seasonal or monthly trends. Pay attention to these so that you are always stocked on inventory or have enough people or time to provide your service. Accountants are wise to not plan their yearly vacation in the weeks leading up until April 15. This is a time when they get lots of business without doing a whole lot of marketing.
  4. Keep a budget. Having a budget does for your money what food journaling does for your weight loss clients. It helps you see where your money has gone previously. Going forward, you should only spend what you will take in that month.
  5. Remember that time is money. Know which tasks you excel at, which ones you are competent at and which you have no business doing. You can probably fix the leaking faucet in the bathroom. But the work you give up from three hours of watching YouTube tutorials may be worth more than the $100 plumber fee. Sure, he might have it fixed in 15 minutes, and still charge you $100. That's okay because you're able to work three hours at your hourly rate doing something you excel at.

Use these tips to get your new business off to a great start. Don't forget to talk to your Park & Associates insurance agent about the ways to comprehensively and affordably protect your business. Contact us today to get started.

Posted 4:00 PM

Tags: business insurance, coverage, financial, insurance, park and associates
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017

  • park and associates(28)
  • coverage(14)
  • business insurance(12)
  • insurance(11)
  • home insurance(9)
  • protection(7)
  • auto insurance(5)
  • car insurance(5)
  • commercial property insurance(3)
  • community association(2)
  • epli(2)
  • park & associates(2)
  • cyber liability insurance(2)
  • workers compensation insurance(2)
  • condo association insurance(2)
  • building ordinance & law coverage insurance association(2)
  • general liability insurance(2)
  • renters insurance(2)
  • homeowners association insurance responsibilities(2)
  • 2020 covid-19 insurance high premium cyber attacks and insurance(1)
  • insurance rates high; florida; homeowners rates(1)
  • how to calculate business income property insurance(1)
  • hurricane tips florida storm(1)
  • workers compensation(1)
  • property owners insurance coverage needed building ordinance or law(1)
  • personally identifiable information(1)
  • environmental impairment liability insurance pollution(1)
  • employeer liability(1)
  • valentines day(1)
  • texting(1)
  • reading(1)
  • crime coverage(1)
  • financial(1)
  • how insurance companies determine your premium for your home property(1)
  • holiday season hazards fire cooking christmas lights(1)
  • business income property insurance(1)
  • sole proprietor(1)
  • employee accident(1)
  • jewelry(1)
  • commercial auto insurance(1)
  • extortion ransomware association cyber liability insurance(1)
  • swimming pool(1)
  • insurance disclosure information risk exposures(1)
  • bop(1)
  • risks(1)
  • kitchen home fire and insurance coverage(1)
  • small business(1)
  • ho3 and h06 insurance coverage difference(1)
  • cyber insurance(1)
  • cyber attacks insurance(1)

View Mobile Version
Park & Associates
Quick Links
Home Our Products Customer Service Make A Payment Report a Claim
About Us Refer A Friend Our Carriers Blog Contact Us
Location
5255 N Federal Hwy.
Suite 200
Boca Raton, Fl 33487

Phone: (561) 994-0880
Fax: (561) 994-1740
Email Us

TrustedChoice
Facebook Twitter
Licensed In The Following States: Florida
Please Read Our Privacy Policy
Copyright © 2009-2019 Park & Associates, Inc.
All Rights Reserved.


Powered by Insurance Website Builder