15 Top Tips to Deal with Income Stress As New Female Business Owners

Sharing is caring!

Whether you are bootstrapping or starting with a small seed funding, setting up your business for the first few years can be stressful financially given the limited resources. Even when your business has been up and running for a few years, economic downturns and other unforeseeable macro factors can also cause a dent in our account. Hence, as business owners, it’s important to learn to live with this constant financial stress.

After chatting with several unicorn startup founders, here are 15 best tips to deal with financial and income stress as a new business owner:

1. How much do you believe in your business idea? How do you find proof to support your claim?

I once spoke with the founder of unicorn GoGoX, an Asia based on-demand freight and goods ride sharing service based in Asia (attaching a link of the interesting story of the Highschool dropout turned listed company founder), and he said to me, “you should believe in your business idea to a point that even if no investor give you any money, you will use all your savings, and borrow from your friends and family to do it, because you are SO CONFIDENT that it will work.

If you don’t, it’s probably not a strong enough idea yet!

2. Remember why you start

There must be a problem you want to solve, a mission you belief in. If you look at the bigger picture, then money is just a small limit on resource that’s stopping you from creating the solution to solve business problems.

Read this if your business’ financial struggle is affecting your morale.

3. Be honest and realistic with yourself, is your business still not making money pass the startup stage?

From startup, growth to maturity, have you been exhausting rounds and rounds of money but your product still hasn’t found the product-market fit?

4. Know your numbers

Document everything about numbers in your budget. Always rioritize is knowing your company’s financial position like the back of your hand. This will provide clarity, honesty and also the peace of mind.

5. Imagine your worse case scenario

What the worse case if you loose all your money? Is it laying off all yourt staff? Do you have a safety net? Can you start over? Imagine my worse-case-scenario and you might reach a point, like I did “okay, I can live with that! That’s not too bad!”

6.  Always plan for long-term goals, not just short-term gains

Most business take longer or more money than originally plan to launch successfully. It’s important to anticipate what’s ahead when managing your cashflow. Also, reputation and trust is paramount in business, it’s important to consider the short-term versus long-term impact of your decision.

7. Have a mentor, build a support network and talk to other business owners.

Talk to other entrepreneurs, only those with similar experience and willing to teach will be able to understand your situation and give good advice!

Talking to other trustworthy business owners can also cross-pollinate different market collaborations opportunities and potentially bring fresh solutions to your business problems. But *make sure* you pick ones with integrity!   

8. Exercise regularly, especially in times of business struggles

I understand it’s hard to prioritise self care especially when you business is struggling. But did you know that just 5-minutes of exercise during workday can HUGELY increase in your productivity? Read this study for more details! It’s also keep your spirits up when times are rough, the much needed momentum to move forward!

Do you Math and you know that’s a gain! 

9. Set realistic goals and expectations.

10. Outsourcing or automate tasks that are not your strengths.

11. Focus on building your client base.

Finding help will allow you more time on business development!

12. Review your business, be decisive to cut those who doesn’t work

The Pareto Principle in business states that 80% of a business’s profit typically comes from a mere 20% of its clientele. Does it apply to your case? Be bold to stop those things that don’t really work, that will take a lot of burden off your plate!

13. Keep your personal and business finances separate.

14.  Take time off to recharge and avoid burnout.

Nothing great is completed Be healthy enough to be in the long game. Here is the key solution to end burnout once and for all!!

15.  Talk to your financial professionals.

There are many professionals in finance that can help you out like bookkeeper, auditor and funding consultants. Professionals can paint a clear and objective picture on your business status based on your numbers. They can also provide you with templates for book-keeping, teach you how to do your accounts and also provide you with solutions on fundings that you have possibly never heard of!

Building a profitable business is a gradual journey that typically takes around two to three years. While some small businesses may not survive beyond the first year, other businesses with minimal start-up costs can generate profits from the get-go. Remember to review your financials regularly for better  budgeting and charting a course for growth.