ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Achieve Financial Stability As a Business Owner

Updated on May 13, 2019
Dylan Buckley profile image

Dylan is a freelance writer specializing in the self-development and cryptocurrency investment industries who loves producing great content.

Entrepreneurship: the word itself brings up visions of massive success and a life of luxury as a result of running and owning a business. Despite this common end goal, the act of becoming an entrepreneur requires a lot of work that may or may not be fruitful and often requires quite a bit of struggle and personal sacrifice. If you have come across this article, you can most likely relate to this situation and are probably looking for ways to eliminate some of the financial instability that comes with this career choice. While you cannot completely ensure a stable income, you can set yourself up for success so that you don’t have to deal with as much of the income fluctuation that you are currently dealing with. Here are some of the best tips to achieve stability so that you can keep your income flowing more steadily.

Set Up Financial Goals (Daily, Weekly, and Monthly)

When I first started freelancing, I didn’t have any income goals in mind. I was working and picking up work simply for the sake of advancing my career. While this is one important aspect of running a business, your business and your lifestyle cannot be sustained if the money isn’t coming in. Regardless of where you are in your current business journey, take a second to sit down and to figure out what your income needs to be in order to for you to continue to afford your current lifestyle. Take into account all of your expenses and set up a budget that reflects all solid and potential expenses. Then, figure out how much money you should be making to cover all of these expenses as well as any unforeseen expenses. After that, break that number down into a daily and weekly goal so that you can carefully monitor your progress as you work towards those goals.

Seek Out the Clients That Can Help You Meet Those Goals

As a business owner, you need to be asking for what you are worth based on what value you provide to your customers or clients. You shouldn’t be tackling work that doesn’t pay well or serve you in the long run. You should only be seeking clients who pay your rates and who can help you reach both your professional and your business goals. When you settle for less, you lose out on both profit and progress. Keep this in mind when reaching out to new clients or accepting offers from interested clients and companies.

Provide Value to Encourage Repeat Business and Never Let the Client Pool Empty

A lot of people think that the process of acquiring clients is the most important and while you must know how to properly draw in clients, the ultimate goal is to retain those customers to ensure that you have money constantly coming in and to also show other clients that you are able to consistently provide value to others. In addition to making sure that your hook repeat clients rather than doing single jobs and attempting to find more afterward, you want to make sure that you have a consistent pool of existing and potential clients. You should never be at a point where you are not talking to or bringing on new clients. This is necessary as a client may end up not having work for you at any given moment and if this occurs with many clients at the same time, you will be out of luck and money.

Pursue Multiple Income Sources Rather than Relying on One Type of Source

As a freelance writer, my income stems from (obviously) writing. However, that does not mean that I do not have multiple sources. For example, some of my income comes from part-time jobs, some of it comes from random briefs, some of it comes from various platforms or content mills, and some of it comes from one-time sources. I do not rely on one type of source but rather pull from various sources in order to make sure that I will always be able to turn to something in order to make money. Regardless of what it is you do, you should make sure that you have multiple streams to rely on so that you always have a backup plan and a guarantee.

In the beginning stages of entrepreneurship, supporting yourself financially can be difficult. If you are currently struggling and are trying to prosper rather than survive, use the tips listed above and let me know some more down in the comment section that helped you to overcome your financial struggles as a business owner!

How to Grow Your Artistic Side Hustle Into a Striving Business

Side Hustle Success: How to Make $500 Dollars a Day

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com 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: https://maven.io/company/pages/privacy

    Show Details
    Necessary
    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 googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    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)
    Marketing
    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.
    Statistics
    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)