#StartupChats Recap | Income Stability for Entrepreneurs
On Wednesday, July 27th, we hosted #StartupChats to talk about Income Stability for Entrepreneurs with TD Ready Commitment.
We were joined by a great lineup of expert guests;
- Nancy King, AVP Small business Banking, TD
- Vanessa Teran, AQUA Services Group
- Tracey Bissett, Bissett Financial Inc
- Jennifer Monaco, Regional Manager for Women in Enterprise, TD
- Joy A Adams, Covenant Wealth
What does income stability look like for business owners?
1. Revenue is growing
2. Your cash balance demonstrate positive long-term growth
3. Debt ratios should low-down
4. Most importantly, you aren’t afraid to invest in equipment, technology or tools that will make your business grow #StartUpChats— Vanessa Teran (@vanessateranm) July 27, 2022
A5 They say to try to be able to maintain a stable income for 12 months ( not shifting more than 25% ) It depends on the source of your earnings, day job, a direct paycheck from your company, and or capital investments. #StartupChats @TD_Canada
—
Cydney Mar (she/her) Product Business Consultant (@CydneyMar) July 27, 2022
A5: One of the surest signs is that you are seeing a healthy and consistent cash flow because your revenues are growing. #StartupChats
— Joy A. Adams
(@startupbenefits) July 27, 2022
What is step one to achieving income stability?
A4:Every entrepreneur needs to know their business success metrics. Look at the key metrics that put money in the bank and/or bring customers through their door or to websites? Is there efficiency in these areas? #StartupChats
— Joy A. Adams
A4-1 It depends. Entrepreneurs need to b able to cover their nut. Whether they have a day job, an income from capital investments or enough coming in already to draw a salary. #StartupChats @TD_Canada
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Stability is important. What about sustainable income?
A8. 3/3 Stay client focused – market consistently, listen to client feedback, provide great customer service etc. When you focus on the client money will usually follow.
Finally, generate multiple, profitable revenue streams. #startupchats
— Tracey Bissett (she/her/hers)
A8: I believe Covid has taught us many things about business stability and sustainability. This first lesson is to start with a business model that is adaptable to current as well as future market conditions. #StartupChats.
— Joy A. Adams
Want to keep learning about Income Stability for Entrepreneurs? Read the whole conversation!
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