Financial tips for female entrepreneurs

If you are one of those self-willed women, desirous of starting or expanding your business unit, here are a few financial tips for you.

Women entrepreneurs may have been few and far in the previous decades, but their tribe has steadily increased, and has reached an astonishing number today. Driven by a wish to exercise more control over their career and be their own boss, women are putting their skills to good use successfully. Not only are they multitasking, they are now more confident and not afraid of taking risks.

If you are one of those self-willed women, desirous of starting or expanding your business unit, here are few financial tips for you.

Set a budget

Include specific financial goals you'd like to achieve in the business. You can track your revenue and net income via accounting software to see if you're on target.

Take care of yourself

Remember to allocate enough resources to sustain yourself and/or your family. Pay yourself a salary of some sort, continue to save for retirement and make sure others in your life and business circles are making comparable contributions.

Do your research

When trying to finance your business, it helps to know all of your options. Look into grants provided by the government and other sources. If you're thinking about taking out a loan, be sure to compare fees and annual percentage rates. The same goes for business credit cards. It can also help to "look for lenders who value women entrepreneurs.

Check your credit

If you have a bad personal credit score, it may affect your chance of getting a small business loan. Plus, scores may cost you in interest, so building credit can be instrumental to your business's success. If your credit scores are looking shoddy, consider paying down high credit card balances, disputing errors on your credit reports and limiting inquiries until your score improves.

Know the banker

These days, it's all too easy to avoid your local branch, but, for entrepreneurs, face-time can prove worthwhile, since it can help you build a solid relationship with your banker. They can provide you with the right information and the financial support needed to keep your business growing in the future.

Use credit cards wisely

If you've got a business credit card on hand, avoid revolving a balance by paying off your entire balance each month as much as possible. All that interest can quickly add up and business credit cards aren't subject to the CARD Act, so be aware that your APRs can go up at any time.

Save, save, save

Avoid taking on debt whenever you can, keep business and personal expenses as low as possible and budget for an emergency fund.