How to Budget as an Entrepreneur
Don’t Blur the Line Between Personal and Business Finances
When you open a new business it’s very common for people to grab from one pot of money to top up another. That is not a good habit to start because it sets the stage for a lot of trouble further down the road. Keeping your business and personal finances well defined is imperative if you want to run a successful business AND stay on the good side of the Canadian Revenue Agency!
Whether you are a sole proprietor or incorporated, you must keep a clear division between personal and professional funds. Take a few minutes to watch this video that outlines some basic good habits that you can use in your own business management practices.