Whether your aim is to keep on top of your personal finances or grow your company with investor relationships, there are a number of money matters to master when running a small business in your 30s.
Find a balance
From buying your first house or investment property to raising children, your 30s are a decade associated with a lot of big-ticket spending. Throw running a small business into the mix and you have your work cut out for you.
Matt Hale, 30, runs financial planning business Rising Tide. Hale says balancing his personal and business finances can be a challenge but he stays on track with online tools and outsources some responsibilities.
Hale uses cloud accounting to monitor all areas of his finances, while he outsources the running of personal finances such as investment properties to give him more time to focus on the business.
“I also use offset accounts to ensure money is easily accounted for and doesn’t get mixed up in the wash of day to day life,” Hale says.
Now as we get further into our 30s, we have steered more into automating our business.
Make time to grow
Dean Salakis, 33, has a goal to find investors to fund the expansion of his party supplies store The Party People, which he runs with his 31-year-old brother, Peter.
But a key challenge is finding the time to meet with investors and drill down on numbers while also running the business, Salakis says.
“Potential investors want specifics on everything from debt ratios, to conversion rates and advertising spending, which takes time to prepare,” he says.
However, Salakis recommends making time to meet with investors from all walks of life even if they may not be the right fit initially.
“It’s still worth meeting, as you may be able to work with them down the track,” he says.
Know when to shift
On the flipside, 32-year-old Sarah Saputra and her husband, Danny, 35, are stepping away from the day-to-day operations of their online jewellery store Belle Fever to concentrate on building personal assets and spending more time with their four children.
“At the start we handled marketing, accounts, production – everything,” Saputra says. “Now as we get further into our 30s, we have steered more into automating our business and channelling wealth towards property investments and some shares to build our own finances and passive income for when we get older.”
Heather Jennings is a Sydney-based journalist who writes about technology, finance and business for publishers including ninemsn, Yahoo7 and Thomson Reuters.