Welcome to The Money Diaries with Sage , where we dive into the finances of business owners and discover how they deal with money matters on a daily basis.
We’re asking entrepreneurs how they’re managing their finances over a seven-day period, to give you a picture of what incomes and outgoings really look like from their perspective.
Today is the turn of a sportswear side hustler-turned e-commerce entrepreneur.
And make sure you check out Reader’s Response at the end of this article , where accountant and best-selling author Carl Reader reveals his thoughts and shares some top tips for our entrepreneur.
Here’s what we cover in this article:
Day 1 – Monday
Day 2 – Tuesday
Day 3 – Wednesday
Day 4 – Thursday
Day 5 – Friday
Day 6 – Saturday
Day 7 – Sunday
Download your free copy of How to boss your small business banking for advice to help you stay on top of your finances Meet our entrepreneur
Industry: Online retail (sportswear).
How long you have been an entrepreneur? Three years.
Day job: The business started as a side hustle around my full-time job as account manager in a graphic design studio. It has been my full time job since October 2020.
Location: South Wales
Salary: £22,000
Household: I live with my husband, two daughters, two cats, a dog and two rats. It’s a happy, crazy zoo. Day 1 – Monday Opening balance at the start of the week: £2,439.88OK, so not the most productive start to the week but a very important one none the less.As well as being a business owner, I’m also a mum and today our youngest was heading off on a residential trip with school.Most of the morning was spent finishing her packing and popping to the supermarket to get enough treats and snacks to feed the whole dorm room.She is one of the main reasons I work for myself.Two months ago, after a seven-ish-year journey, we finally got her diagnosis for autism, ADHD (attention deficit hyperactivity disorder) and mild ODD (oppositional defiant disorder).She’s a superstar and a brilliant kid who makes me laugh every day.But some days are harder.When I worked full time, she had to go to breakfast and after school club, and she didn’t cope very well with that.When the business started, I had hope that by the time she made it to high school I will have built it up enough for me to work from home.And that’s where we are now, two years later!Kiddo was dropped off at school with a fully packed suitcase at 11am… time to start work. I’ve been feeling ill all weekend and I’m never ill.There’s no time for that, so I took a few hours to catch up on admin and figure out a plan for the week.I needed to escape the house to avoid the distractions of the washing machine and the dishes in the sink, so my canine assistant and I packed up the laptop and headed to a local café to get things done.It’s next to a car park where you can park for free for three hours, and I’d rather spend my pennies at independent cafes rather than the mighty Starbucks and Costas of this world.This café is geared up for daytime workers and is dog friendly-win win.Three hours well-spent ploughing through emails and a to do list which looked like this: Chat to one supplier about an issue Collate invoices to send to accountant ready for our end of year Activate outstanding listings on new website (we’ve just switched from Squarespace to Shopify and its all been done in house by our web team… me) Check in on production progress with our leggings manufacturer Reply to customer emails/social media messages Email companies to confirm giveaway collabs Plan social media content for December Also – new thing for the business: make contact with with buyers at independent retailers to talk about us going wholesale. Worked slightly into the evening on the sofa sorting a few more things out on social media. I really enjoy having so much flexibility that I can work when and where I need to. Incoming: Online sales: £167.10 (7 orders) Outgoing: Badges order for stock: £5.36Tea, Diet Coke and two Welsh cakes in the café: £6.70 Total in: £167.10 Total out: £12.06 Day 2 – Tuesday Tuesday morning and full […]
source Sage : A sportswear side hustler-turned e-commerce entrepreneur on £22k
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