Welcome back to Business & Budgets! In this post we will be covering the importance of separating your business and personal life and I will also give you a few tips on exactly how to get it done.
As you transition your side-hustle into a real business there are many things that will need to be adjusted so that you can be operating legally and efficiently. There are four things that you will need to separate in your life regarding your business and personal life. Prior to making these changes (if not already in place), you will first need to legal setup your business structure. If you need more information regarding business structures, check out my blog post about them here, if you would like The Sonshine Enterprise to incorporate your business, click here. Once your business is setup to exist and operate as a separate entity you must begin to treat it as such. Here are my four tips on how to separate your business and personal life:
1. Separate your contact information
When individuals reach out to you for business, they shouldn't be reaching out to your personal cell phone via text. Ensure that you setup a professional phone number and email address. If you do not have any money for a second phone line, don't worry, just setup a free Google voice account that forwards to your cellphone. Use this new number as your business line, list it on your social media, websites and business cards.
Make sure to setup an email address that includes your business name, something like email@example.com no more MissHoneyMuffin@yahoo.com and please get rid of those outdated Yahoo and Hotmail accounts. Gmail and Outlook accounts will definitely be more effective for your new business. If you have an extra $12 buy your domain! Google Domains will also allow you to forward up to 100 custom email addresses for free! For example, I have firstname.lastname@example.org, email@example.com and firstname.lastname@example.org all forwarded to free Gmail accounts. When you are ready to setup your website, you'll already have your domain on lock.
Be sure to use your professional number and email when connecting with clients, always! Connect your contact information to your social media and payment accounts.
2. Separate your finances
Filing your taxes and keeping up with your accounting are already difficult tasks. Don't make this harder on yourself my mixing up all you finances. Setup a business bank account, business Paypal and Square/Stripe account to ensure that you are ready to accept all payment types.
Please DO NOT accept payments on your personal Cashapp or through your personal payment accounts. It will be extremely difficult to find these funds when it is time to file your taxes.
If you are mixing your funds and have no plans of changing it, that's fine, but you should start referring to yourself as sole proprietor instead of a business owner.
3. Separate your social media accounts.
So, you just started your business, you share it on your Instagram or Facebook feeds. Makes sense to tell the people you know about your new endeavor but be sure to lead them to your actual business platform. If your business is focused on doing nails, you shouldn't be mixing in your full-set with your daily selfies.
Giving your business it's own page gives you credibility, gives clarity to what your business offers and makes it clear who's really interested in continuously seeing what your business has going on.
Do not be discouraged or disappointed if your family and friends don't follow or support your page, they aren't your target clientele. Make sure you stay focused on the audience that pays you, in dollars and attention.
4. Separate time and space
One of the biggest transitions into entrepreneurship is finding a place for your new business in your current life. When will you work on your new business? Where will you work? How will ensure you are not distracted during this time?
First, set aside some time, whether you still have a full-time job or not. If you do not have a job, make yourself a daily and weekly schedule to decide when you work on which tasks. If you do have a job it is extremely important that you build yourself time slots throughout your schedule where you solely focus on your business. I recommend at least ten hours a week.
Next, you need to setup a space that will be dedicated to your work. This is where you will store your paperwork, your merchandise, your ideas and whatever else you need to be successful.
Once you determine where this space will be, make it your own! Be sure it is as distraction-free as possible. Use that space when it is time to get the work. Not only will that encourage you to stay focused but it will give a heads-up to everyone else in the household that you are hard at work, which means you shouldn't be interrupted.
I hope these tips help you get organized with your new business or help you reorganize your current business so that you can become more efficient and successful. Do you have any other tips about how you should separate your personal life from your business? I would love to hear from you! Be sure to like, share and join our email list for updates!