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Dont Forget Yourself - Surviving The Financial Strain

Aug 17, 2007
Starting a new business can often make quite the financial strain on your personal finances. It is very important to treat businesses as with any investment with great caution and a disaster plan in mind in case everything goes wrong. Many home business owners simply ignore this stress, instead of dealing with it. When youre worrying about money, you tend to be worrying about everyone else and what will happen when you let them down. Don't forget yourself and you should do just fine.

1. The End of Stability... or the Beginning?

A home business can often send everything out of whack - your hours are suddenly valuable and there is no end in sight to how much you are working. Did you make a great choice to be more financially free or did you just throw your financial stability out the window?

2. Living With It

You knew this was going to be hard on you financially when you started - its no excuse to give up. Talk to any home business owner and theyll tell you how much stress theyre under. Its part of the way of life. Big companies are designed to take financial strain away from individual employees, since everything is decided by committee and its the investors who are going to be losing out anyway. You dont have this luxury.

The only advice to give here is that you shouldnt take any more financial risk than youre comfortable with - decide in advance just how much youre willing to lose before you throw in the towel. You should agree this point with your family before you start, though, and dont let them pressure you into giving in before youve reached it.

3. Keep Clear Records

The absolute worst and most stressful thing is not to know exactly what your financial situation is from day to day. While you might think you dont want to know, things are never really as bad as they seem when youve got the numbers in front of you. Its when you leave it to your imagination that things really start to seem bad.

The simplest way to keep records for yourself is to use a simple accounting program, or even just a spreadsheet. Enter what you started with, and then record everything you spend and everything you earn. Remember: its never that bad.

4. Dont Start Taking Sick Days

It can be all too easy to take sick days when the only person you answer to is yourself - when you feel stressed, the natural reaction is to hide away and ignore whatever it is thats making you stressed. you will only make your financial situation worse if you do this, so its important that you only stop working when theres something actually wrong with you, not just when you feel low.

5. Whats the Worst That Can Happen?

Disaster planning is key to any business that is sucessful - if you fail to plan, you plan to fail. Plan for the absoulte worst scenario and hope for the absolute best.
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