What's the number one..?

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Ask Andi With Andi Smiles

Business


Today we are mixing things up a bit and not focusing on one topic, but the questions of what’s the number 1….I get a lot of questions that usually start with “what’s the number 1…?” because people want a straight answer on what my favorite thing is or my biggest piece of advice. Today I am sharing those questions and sharing the most common number one type of questions I receive. We’re still tackling topics such as accounting platforms, managing your finances when you start your business, and much more.  Get ready for this rapid fire episode that is filled with questions and answers! What we’re talking about  Starting Your Business Structuring Your Finances First Step In Business Finance What I Wish I Knew When I Started My Business Categorizing Transactions Best Bookkeeping Tool For An Online Business Best Money Earning Hack Starting Your Business The first question I get asked most often is “What’s the first thing I need to start with in my business?”. I’ve said this time and again and will continue to say that separating your personal and business finances is the first thing you should do in your business.  Structuring Your Finances Going hand in hand with what to do with your finances when starting your business is how to structure your finances. What’s the best way to structure your finances to keep them easy and clear? Just as separating your personal and business finances is what you should do in the beginning, this is also the way you should structure your business finances going forward.  Just that one tiny action will have such a tremendous effect on your financial organization.  First Step In Business Finance What one action should I make a habit to get my business finances in order? If you want to get your business finances in order, then I suggest you do your bookkeeping on an ongoing regular basis. Once a week is ideal. This habit is one you’ll carry with you throughout your business journey and it will ensure organization and stress relief.  What I Wish I Knew When I Started My Business So often I get asked what is the one thing I wish I knew about finances when I first started my business. The truth is that I wish I had simply paid attention to my finances and dealt with them. I avoided dealing with them and it caused me stress. By paying attention to your finances and dealing with and engaging with them, you’ll avoid stress that you otherwise would have if you pretend they didn’t exist.  Categorizing Transactions I talk a lot about ensuring you properly categorize your income and expenses and because of that, I often get this next question. What is your biggest challenge with categorizing transactions correctly? The answer is simply knowing what “correctly” meant.  Best Bookkeeping Tool For An Online Business What’s the best bookkeeping tool for an online business? This is by far the #1 question I get! My advice is to find the right tool for yourself. Selecting a digital bookkeeping program or software is the best way to go about managing your business income and expenses because it automates so much and there’s a low risk of human error. Quickbooks online is the best that currently exists. Best Money Earning Hack I am all about finances and money, therefore it’s not uncommon for me to be asked what my best money hack is to making more money. The business model strategy I believe in and practice is to diversify your income streams. Diversifying cushions you from unpredictable things happening. Diversification is about who you work with and not just about solely having different products and services you sell. Things you should look at are the types of customers you serve, the price points you serve customers at,  your various offerings, and sales channels. Diversification is having enough roots in enough places. It’s ensuring that if some roots get chopped off or sick or rotted….that the other roots are healthy enough to still sustain the tree that is your business. What’s your number one question about business finances? LINKS MENTIONED Ep #2: How do you separate your business and personal finances? https://askandi.libsyn.com/how-do-you-separate-your-biz-vs-personal Ep. #17: How much time should I spend on my business finances? https://andismiles.com/podcasts/e17/ Ep. #10: What's the best way to track my documents and receipts? https://andismiles.com/podcasts/e10/ How to Add Passive Income to Your Online Business: https://andismiles.com/2018/12/10/passive-income-ideas-business/