ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

6 Finance Tips for Start-up Business Owners

Updated on March 7, 2019
tomjwillis profile image

Tom is a blogger and freelance writer with a vested interest in digital marketing and online business.

So you’ve taken the leap from the daily grind to becoming your own boss and are inspired by the challenges that lie ahead. One of the most crucial components to surviving in start-up land is getting your financial ducks in a row. Here are seven rules to guide you for long-term business success and commercial stability.

1. Pricing your product or service

Managing to turn a profit, whilst being competitive and remaining true to your brand is a mark many business owners often fall short of hitting. It all comes down to pricing your product or service correctly through determining an honest pricing objective. This will impact how you make decisions about business costs one day to the next. Pricing objectives can be defined as the following:

  • Sales and finance targets.
  • Profit and/or cash flow targets.
  • Product positioning in the industry.

Pricing strategies are easy to come by online. The Department of Innovation, Industry and Science is a rich hub of information on this topic with comprehensive reading material outlining pricing strategies, should you need it.

2. Monitor your budget and expenses

The second rule of financial start-up success is laying the foundations to monitor cash flow. It’s understandable that the early stages of business will be a test of patience and character, yet this shouldn’t stand in the way of your creating a budget and maintaining daily spend.

Software and apps like Mint which track account usage and spending are a lifeline if you are feeling overburdened by money matters, and assist even if you operate an established enterprise but are time-poor or don’t have access to a financial planner on a regular basis.

Keeping tabs on your balance sheet helps you to identify trouble areas and show you where you’re spending too much. Similarly, online tools like Evernote are ideal for storing important documents such as receipts and invoices and in one place for added convenience with easy access.

3. Take out insurance

How would you and your loved ones cope financially if you could no longer work and provide a fixed income? Getting insurance for your life or business serves to eliminate that very real risk.

Insurance products, such as income protection and business expense insurance work by paying a sum of money to you or a beneficiary in case the inevitable happens. This can range from simple accidents and injury in the workplace to the worst case scenario of death. It’s important to undertake due diligence to compare premiums from major insurers to access the most suitable cover.

In setting up a new company you may also want to integrate workers compensation insurance and liability insurance into your plan of operations.


4. Automate your business accounting

If taking on the responsibility of managing your own finances look to consolidate smaller administrative tasks by using automated systems and software programs. Freeing up your time with accountancy leaves you more wiggle room and less stress for attending to other important areas of business.

The internet is a goldmine for software resources and guidance. QuickBooks and Peachtree are two examples of user-friendly tools which help entrepreneurs to produce reports that follow financial best practise.

5. Know your annal tax obligations

There’s no shortcut to ticking off tax obligations for your business each financial year, however, you can take steps to be better prepared by understanding you’re your legal requirements and the processes to follow are. Hiring a tax professional with comprehensive startup involvement is a smart way to ensure sure you’re staying on top of your tax to-do list, from payroll taxes, sales taxes, to filing your quarterly and annual taxes.

6. Explore options for external funding

For a helping hand to launch your product and realistically compete in the marketplace you may consider visiting a business lender or investor for capital. Funding can arrive in many different shapes and sizes.

Your future benefactor will inevitably profile your company to gauge whether you can offer sufficient ROI, so be prepared to answer routine questions about your financial history and projections. Use this opportunity to present your business as a viable way of making money for potential investors, both in the short and long-term.

ROI calculators work well for scaling the financial growth of business.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)