Money

How to make a financial plan as an entrepreneur

When you have uneven income, financial planning can feel daunting. Here's how to make it easy

Don’t forget about fun

It’s common to hear that entrepreneurs often have difficulty disconnecting and taking a break. But doing so can be vital to recharge yourself, and your business.

When you’re self-employed, it can become easy to convince yourself that you can’t have fun or get away. You worry your business will lose clients or completely collapse under the pressure if you take time off.

don't forget about fun in your financial plan!

With a financial plan in place, you can have guilt-free fun knowing that the likelihood of a financial emergency is minimal.

When it comes to planning vacations explicitly, try the following tips:  

  • Marking time off in your calendar before you’ve booked anything – create a sense of accountability to take time off
  • Let life’s moments guide time off. Important family holidays or other dates (birthdays, anniversaries, etc.) can be the anchor that encourage you to take time off. Bonus here: other entrepreneurs are likely off as well for major holidays, as may be your clients
  • Hold your team accountable to taking a mutually-decided upon minimum number of days off per year

When you’re an entrepreneur, finances become much more complicated. Having a financial plan is essential to make sure your business is not only sustainable but continues to grow. It can help you plan for the future while also setting you and your venture up for success.

No matter your goals, a financial plan will help you shape your financial future. When a good business plan and a good financial plan come together, inspiring things can happen.

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Claudia DoRego is a marketing coordinator at Planswell

Grow your wealth. Manage your borrowing. Protect your assets. Planswell gives you a free plan that ties investments, insurance, and mortgages together so you can maintain your lifestyle throughout work and retirement.

Photo by Matthew Henry from Burst

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