In this fun and friendly guide, we’re going to talk about the importance of having a healthy relationship with money as a woman entrepreneur in Nigeria. We know that starting and running a business can be challenging and often overwhelming, but managing finances doesn’t have to be!
First things first, let’s talk about mindset. Your relationship with money is deeply rooted in your thoughts and beliefs. It’s important to identify any limiting beliefs you may have around money and work on shifting them. Remember, you are capable and deserving of financial success.
Next, let’s talk about setting financial goals. It’s important to have a clear idea of what you want to achieve financially and to work towards those goals. Whether it’s saving for a rainy day, investing in your business, or even just paying off debt, having a clear financial plan will help you stay on track.
Now, let’s talk about budgeting. This is a crucial step in financial management and will help you keep track of your income and expenses. It’s important to be realistic and to prioritize your spending. And remember, budgeting doesn’t have to be boring!
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Another important aspect of financial management is investing. Whether it’s investing in stocks, real estate or even just a savings account, it’s important to start planning for your financial future.
Problems women face in financial management are:
- Cultural biases
- Stereotyping and how can you access these funds
- Women need proper documentations
- Women try to juggle Work-life and business life
- Have a strong support system
- Have systems in place and automated
- Be intentional about the goals you set to achieve
- Break the goals down
- Be more flexible with your products
- Be intentional about your budgeting
- Set SMART goals
- Break them down into daily activities and look at your year at a glance
- Have documentation and it is very important
- Start small and you will get there to show that the business is viable
- They need to see the track record
- Start with a notebook and draw columns like Expenses, Income, Losses
- Separate your personal accounts from your business account
- Open a business account to track your income and revenue
- Record effectively eg salary for January 2023
- Pay yourself salary from your business
- Trusted platforms for funding available for women like @herventure.ng and @enterprisedevelopmentcentre on Instagram
- Remit Tax and be compliant to access funding
- Think about your business from the angle of an investor
- Pay taxes
- Get investment from people who have your best interest
- Take advice from your accountant and legal counsel
- Understand the interest rate
- Don’t do anything you don’t understand
- Enterprise development centre offer grants for women entrepreneurs
- Have a network of women who share information like Her venture
- Build a community of people
- Ask for help and people offer help, take them.
- Give yourself leave as an entrepreneur to take days off
- Make sure you have that one person that can hold the business
- Have team players and delegate
- Have a detailed hand over note so when a staff leaves it is easy to get the next person in
- Financial management using apps like Wave app, Zoho, Fresh books and Quick book
Herventure app that educates women entrepreneurs and gives them the confidence to launch and it is free of charge. It is available on IOS and android. You will also learn how to manage your employees while signed up on the app.
Finally, let’s talk about seeking professional help. Whether it’s a financial advisor or accountant, having someone with expertise on your team can help you make informed financial decisions and keep you accountable.
In summary, managing finances as a woman entrepreneur in Nigeria can be challenging, but it doesn’t have to be. By shifting your mindset, setting financial goals, budgeting, investing and seeking professional help, you can take control of your finances and achieve financial success. Remember, you got this!