Being Financially Accountable for Your Tattoo Business Success - Tattoo Business For Profit Being Financially Accountable for Your Tattoo Business Success

The Importance Of Being Financially Accountable for Your Tattoo Business Success

Posted on: August 28th, 2013 by Hayley James No Comments

To achieve your tattoo business success, go back to the basics and remember what you have always been taught regarding your actions— take responsibility.

It doesn’t matter how many staff you have employed in your tattoo studio, or even if you are a solo operator, being financially accountable for your tattoo business is crucial. You can either learn from trial and error and create costly mistakes or you can follow in the tracks of people who are successful in your field and avoid them.

Know your numbers!

Here are a few tips to assist you on how to become financially accountable for your tattoo business and become successful:

  • Discipline Yourself
    Most financial mismanagement comes from not being able to control yourself. Yeah, you are your own worst enemy. But at the same time, you are also what you need to counter this.
    It sounds so ironical but it is only you who can make or break you in your tattoo business. Through your own financial discipline you can determine your financial success. It may take a lot of effort and practice in order to develop and maintain financial discipline just like any other discipline. But this is necessary for proper financial management and without it you cannot accumulate or accomplish anything. You will always be going in circles or starting out from zero level and never going anywhere at all.
  • Plan the finances in your tattoo business and create a budget
    It is imperative that you discover how to manage your own investment. Do not rely too much on your staff to tell you what the numbers are.
    Begin by planning out your finances and creating a budget. Make a forecast of at least a year. In the beginning stages, allow time for your business to take off and be prepared for this.
    Then, take control. If you don't know anything about finance, read as much as possible and research to better equip yourself with the skill on the "how tos."
  • Keep a Financial Journal
    By simply writing down the ins and outs of your finances in your business (what you spent, when and where you spent it, and what you spent it on plus how much money is actually coming in) you will see a pattern and you can develop your own system. You will be able to discover some pretty significant figures. Look it over.
    Doing this will open your eyes to where most of your money is going. Doing this will give you a clear direction of where your business is and where it is going.
  • Review
    Make it a point to monitor your finances. Set a schedule for it. It will serve like a financial “check-up” so you can decide to take advantage of strategies and financial decisions. This will also give you an opportunity to measure the progress toward your plan of action or to see where you have fallen short and make changes. This way, you can better protect your assets and prepare for the unexpected.

Image courtesy of adamr / FreeDigitalPhotos.net

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