Start a mompreneur/WAHM business - Wave Accounting

This post by guest blogger Maggie Geiser appears in our series of tools for WAHMs and mompreneurs.

Maggie Geiser, left, and a mompreneur customer, Caragh Maskery (caraghmaskerycollection.com)

You have an idea, and it?s a great idea. Everyone ? your friends, even your mother-in-law ? thinks it?s a winner. So off you go and start your new venture.

As you tackle your To Do list, let me propose a short ?Don?t? list: things that you shouldn?t do, at least not yet. Avoiding the unnecessary at this stage will keep your business streamlined, and make your new venture easier and maybe even more profitable:

1. DON?T register for anything you don?t need. In Canada, there is no need to register for GST/HST when you first start.
2. DON?T incorporate until your business is making more money than you need to live on. If you are concerned about financial liability, talk to your insurance agent.
3. DON?T sign up for a credit card merchant account with associated monthly charges. Use PayPal instead and pay as you go.

When it comes to your finances, here are some more things to avoid:

4. DON?T mix your business income with your personal income.
5. DON?T mix your business expenses with your personal expenses. If you have a bank account already, it?s simple to open another account and have this as your designated business account. Keep all your business income and expenses in that account. Transfer surplus funds to your personal account.
6. DON?T forget to put aside money to pay your taxes. There are two sure things in life, death and taxes. (I can never remember who said that first!)

And lastly, some general rules that hold in business as in life:

7. DON?T do something just because everyone else thinks you should. Ask WHY and then WHY again.
8. DON?T be afraid to ask for help.
9. DON?T give up.
10. DON?T forget to say ?Thank You.?

?Maggie

Maggie Geiser is a member of the Wave Pro Network, and provides a wide range of business and management services to her customers in the Vancouver area. She also provides remote support for clients further afield. Maggie can help with the challenges of navigating transitions from starting a new venture, selling a business, moving from non-profit to registered charity, to succession planning.
Find Maggie on LinkedIn
Email Maggie

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Wave is free online accounting for small businesses. It?s perfect for home-based businesses, freelancers and other small businesses.

Source: http://waveaccounting.com/starting-a-business-wahm-mompreneur/

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