You made a mistake with your business’s money. Maybe it was even a big one and cost you your business. Yikes! That’s a tough pill for any entrepreneur to swallow, but it doesn’t have to sidetrack all of your entrepreneurial hopes and dreams. If you still want to achieve your goals of owning a thriving business, you can start with these recovery tips.
 
Create More Time to Focus on Finances
 
Recovering from a big setback can take patience, self-compassion (we’ll talk about this in more detail later), and of course, time. If you’re a motivated entrepreneur though, extra time may not be something you have right now. This is why you need to make more time in your schedule.
Virtual assistants are a perfect addition for entrepreneurs who may not have time for tedious tasks, like filing and data entry.
 
If you’re not quite sure what the average virtual assistant salary is, online job boards are a goldmine. To help you with budgeting, most freelancing virtual assistants will charge clients anywhere from $10 to $20 per hour, although some simply charge a flat rate for each completed project. You can also use online job boards to find virtual assistants with niche skills, like social media marketing, networking, and even bookkeeping, to suit your business needs.
 
Ask for Help or Advice Before You Proceed
 
Getting administrative help from a virtual assistant can give you the time to bounce back from a mistake, that’s for sure. But you may also need some sage advice to figure out what your next move should be. If you’re looking for some basic lessons in financial literacy, the courses and articles from DoughMain Financial Literacy Foundation can be incredibly helpful.
 
Because even if you have a great business idea, you may not have the financial savvy to bring it to life, and that’s okay. DoughMain was founded with folks like you in mind and a recognition that many adults find their finances confusing or overwhelming. In terms of your big mistake, it may also be beneficial to sit down with a financial expert and figure out what went wrong.
 
A financial advisor can help you straighten out common mistakes, like not planning for taxes, and set you up for success in the future. Since this is an added expense for your budget, be thorough when asking about fees and rates. If you have specific questions about setting up your new business, you can also seek out a mentor who can offer you support and guidance.
 
Practice Some Self-Care and Self-Compassion
 
People make mistakes, so don’t waste time beating yourself up over yours. If you start to feel down or like giving up, just remember that failure isn’t a lack of success. In fact, some of the most accomplished people in business got where they are because they realized that failure is just part of success. To achieve big dreams, you have to be willing to fail big time!
 
Financial mistakes are also pretty common and this may have something to do with the lack of financial literacy classes available in schools. Learning about money is so important and if you didn’t have these lessons early on, it makes sense that you would make mistakes. Since you can’t go back in time, the next best thing you can do is educate yourself and get back up.
 
Both of these pointers can help you exercise more self-compassion towards yourself, but what you really may need to recover is some extra self-care. Instead of jumping right back into trying to establish a new business, maybe take a few breaths and take some time to rest and recharge. Even if you don’t take time off, be sure to take time for basic self-care!
 
Failure is a part of success, but you still shouldn’t make the same mistake twice. So make time to work on your recovery plan, learn about your mistake, business and money in general, and most importantly, be gentle with yourself and you get back up and get back out there.
 
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If you have dreams of purchasing a home, you probably already know there's a lot of work involved before you can get started. Unfortunately, the home buying process is not an easy one to understand, especially if you are the first in your family to purchase a home or you are purchasing a home for the first time. There’s a lot to learn, but DoughMain Financial Literacy Foundation’s FitKit personal finance curriculum helps students (and their teachers) understand the pillars of the process, everything from taxes and budgeting to credit and banking.
 
If you already have debt, such as from student loans or credit cards, you might feel even more intimidated and unsure of how to proceed. Even with previous debt, it’s still possible to pay it off and realize your dream of buying a house. Your best bet may be to take a financial literacy course to ensure you know your personal finances first. Here’s a quick primer on how to begin the process.
 
Know Your Current Debt Level
 
Before you start dreaming of purchasing a home, take the time to go through your current debt. This can include credit card debt, other types of obligations you might have such as student loans or a car loan and any outstanding monies owed. Rather than fear what the end total might be, face it head-on, knowing you are working toward paying off your debt. It's likely that once you find the total cost of what you owe, you can focus on getting everything paid off and figure out when it might be possible to buy a home.
 
Prioritize Paying Debts
 
Once you have a list of all your debts, decide how you'll begin paying them off. Many individuals utilize the snowball method, where, as CNBC explains, the focus is on eliminating the smallest debt first. Once that liability is gone, they are free to move on to the next smallest debt until all commitments are paid off one by one. This method is helpful when dealing with credit cards or a car loan prior to buying a house. It isn't suggested for larger debts, such as a student loan, because it is unlikely you'll have that all paid off by the time you buy your house. This offers a helpful method for reducing overall debt.
 
Create a Budget To See You Through
 
Putting together a financial plan gives you the chance to list all your expenses and see where your money is going. You can then review your budget and decide where to make cuts to help keep your spending down. By paying upfront for items rather than using credit, you can reduce debt, save money in certain areas and pave the way to buying a home. Your budget can help you decide how large a mortgage you can take on and if you need to increase your overall income, perhaps by picking up an additional part-time job.
 
Understand Home Loan Options
 
When seeking a mortgage, find out what different alternatives are available to you to lower the overall monthly costs. You can do this in a number of ways, such as paying points on your mortgage. This means you'll pay a fee to the lender when you close, according to Bankrate, giving you the opportunity to get a better interest rate in return. Overall, your monthly mortgage payment may be lowered. The best way to determine if this will work for you is to evaluate the home you want to buy, review your current finances and project the number of years you think you'll live at the property. Using a mortgage points calculator can help with this decision.
 
If you are ready to get a home loan, make sure you know your current debt level and figure out a definite plan to reduce it. Create a budget and find out what home loan possibilities are open to you so you can select the one that best meets your needs.