What are the biggest financial challenges for a solopreneur?

The perfect picture of a solopreneur or small business owner…..

It’s 7am and you’re sitting on the back deck in your pj’s, drinking a coffee in the morning sunshine. You’ve been up for hours tapping away on your laptop, updating the website, writing quotes, finalising the new radio ad script, making sales and building an empire. You are turning your passion into a healthy profit.

But the reality is that while you DO have flexibility, freedom and the ability to go to work without ironing a shirt, the responsibilities of sustaining a financially successful business can be challenging and sometimes overwhelming.

In the next set of videos, Deborah and Natalie discuss the challenges faced by a solopreneur, small business and those operators over 50.

As in personal partnerships, business partnerships thrive when the individual’s strengths compliment each other.

“You have to surround yourself with a team of people that can support you and give you the best advice and encouragement to grow your business,” said Natalie.

Deborah and Natalie discuss the challenges for a solopreneur in finding a balance for their business operations, especially if understanding and managing finances aren’t a strength.

Natalie believes those who aren’t financially minded need to work with an advisor who understands their goals and then presents the financial information in a way that allows the business owner to make appropriate decisions for the growth of their business.

“Keeping on top of these things is really important and having some goals and objectives for your business and for you personally because you as a business owner have a personal life as well and there needs to be some sort of balance,” she said.

Deborah then goes on to seek Natalie’s advice on what she considers to be the biggest financial pitfall for women over 50.

“I think women over 50 have a lot of experience and a lot of fantastic ideas. I think the digital age is probably something which people may struggle with being an older generation,” said Natalie.

“But I don’t think it’s out of reach,” she said.

“Surrounding yourself with people that know websites and retailing online and advertising on Facebook (and) making sure your marketing and everything is right, is the key,” said Natalie.

About Natalie Ducki

Natalie graduated with a Bachelor of Economics (Majoring in Accounting) from the University of New South Wales. She continued her professional development by becoming a registered Certified Practising Accountant (CPA), as well as a registered BAS agent. As a numbers aficionado and a people person, Natalie is committed to sustaining the financial health of your business. Now with 20 years of experience, Natalie has worked across various industries, however, her passion and expertise lie in the entertainment and not-for-profit sectors. Natalie’s recent position as Financial Controller and Operations Manager of Baz Luhrmann and Catherine Martin’s group of companies has provided her with the industry knowledge, ambition and collaborative skills to strive for excellence. Leading the team at Collective Works, Natalie oversees all accounting and financial services, providing the necessary counsel to assist businesses in better managing all aspects of financial controls and discipline. Collective Works provides boutique accounting, bookkeeping and business advisory services.

About Collective Works

Focusing on small to medium sized businesses, Collective Works assists with everyday financial, commercial and business requirements. While media, retail and entertainment businesses are our specialty, our services span all industries. Collective Works is a Certified Practising Accounting firm and BAS Agent. Members of Certified Practising Accountants Australia, The Institute of Certified Bookkeepers and registered suppliers with Supply Nation. Our team comprises of qualified accountants, bookkeepers and Xero advisors.