Top 5 Money Tips for Women Owned Businesses

If you're a woman who owns a business, you can already pat yourself on the back. That's an admirable feat, especially if you're someone who is either approaching the five-year mark or you have well surpassed it because, reportedly, approximately 50 percent of all businesses close their doors within the first five years of opening them. A big part of this is due to financial challenges.

That's what the focus of this article is all about. If you are a woman who would like a few money tips--- ones that will help to keep you and your company thriving---we have five of them for you below:

Have a plan (be specific). A lot of times, we tend to have an idea of what we want, but we're not always the most specific in mapping it out. If you desire to be out of debt by the end of next year, write down what you owe, what you want to pay per month to pay off the debt and when you'd like to see all of that happen by. Then, when you reach that goal, toast yourself with a glass of champagne (or cider) and then immediately write down another. Progress comes by good planning.

Buy what you need and pay for it wisely. All businesses have expenses, but where a lot of them mess up is that they either buy more than what they need or the profits that they do garner, they spend rather than invest back into the company. You can waste a lot of money by simply making "immediate gratification purchases", so make sure to be thoughtful about what you get and that you pay for it, as much as possible, with cash. Credit cards and loans are really easy ways to go into (deeper) debt.

Hire an accountant or tax attorney. Even if you are pretty good with money, it can be pretty overwhelming to keep up with it during tax season. That's why using an accounting service or having a tax attorney on retainer is so imperative. They are professionals who know how to get you the highest amount of a refund (or at least the least payment to the IRS) possible. They can also help you to keep your books organized so that you can avoid experiencing an audit.

Get some mentors. If you want to be rich or successful, you really do need to be around some people who have already reached those goals. This is why it's a good idea to join some entrepreneur groups (whether locally or online), to subscribe to magazines such as Forbes and Inc., and to read books on individuals, especially women, who are (or have been) in fields similar to your own. They can help you to figure out what works best and what honestly, doesn't.

Make your family a priority. It might seem like an odd money tip, but the reality is that divorces are expensive and so does the cost of trying to mend broken fences with your children due to the fact that you didn't spend a lot of time with them because you were always at the office (even if it was a home office). So, make sure that you keep your family's needs a priority. Oh, and while we're at it, hospital bills aren't super cheap, either. The majority of illnesses have a root of stress in them, so make sure that you make pampering time for yourself a priority too. One of the best ways to make money is to start with saving money. You can do that by not spending money on the results that came from a lack of consistent self-care.