Hey there mamas,
I’m glad to see you are joining me as I continue my mompreneur series. My first two posts in the series were how to avoid mistakes when becoming a mompreneur and the costs of starting your own home business . Today, I will be showing you how to manage your earnings as a blogging mompreneur.
How To Manage Your Earnings As A Blogging Mompreneur
Blogging is a great way for busy moms to earn money. Whether you write your own blog that you monetize or you make money from writing blogs for others, it’s a flexible venture that can help make the most of your writing skills. While it can be a good money-maker, it can also be an unpredictable business – particularly from the financial side.
Working for yourself means that you’re going to need to get a handle on your finances. The following tips are a good place to start from managing your blogger earnings so that you can make a living from out of your blogging work.
Get some savings behind you
If you’re leaving another job to start blogging full-time, you’re going to need some savings behind you. Having some savings is important for those months when work is quieter than usual, or you’re struggling to get those invoices paid. As you continue to earn from your blogging, make sure you save a portion of it to put in your ‘rainy day’ fund. Try to save enough to cover your outgoings for three months, which should give you time to seek alternative work if blogging dries up.
Keep your blogging earnings and other finances separate
When you’re making a business out of blogging, you need to treat it like a professional business, and that means having a separate account. Make sure that all of your earnings are paid into one bank account that you can then pay yourself out of. This will help you to manage any business expenses you might have and make it easier for you to keep control of your money.
Save for your taxes
As well as having an emergency fund, you’re going to need to save for your tax bill too. Nobody wants to deal with that shock at the end of the year, so make sure that you put aside what you need as you earn it. Read up on what you need to know about tax and make sure you know all of the deadlines of when key payments are due.
Get savvy with invoicing
Working for yourself requires an element of trust in your clients. You expect them to pay their invoices on time and in full, but there are never any guarantees that someone will stick to their word. If you find yourself struggling with late payments, agree on payment terms firmly in advance and set clear deadlines for when you expect to be paid. You can ask for a retainer before you begin work so that you’ve had at least a partial payment upfront. I highly recommend using PayPal for all of this.
If late payments start affecting your finances, you might want to read up on how fast cash loans work. A cash loan could tide you over until your invoices are paid, but you should be cautious about how much you borrow. Other solutions include hiring a collection service to help you resolve any disputes or seriously overdue payments.
There’s some good money to be earned from blogging, and it can be a great career to fit around being a mom. If you’re thinking of going for it, learn to avoid the common mompreneur mistakes that many moms face at the beginning. With the right attitude and some organization, you can turn your dreams of being a full-time blogger into reality.
I thoroughly enjoy my career as a blogger and I know you will too! Horray for blogging mamas!
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