Necia's Financial Literacy Series – September Edition

Welcome to our Financial Literacy Series for September!

Topic: Managing Multiple Businesses and Keeping Finances Separate

As I introduce Jones Company Party Rentals, many of you have asked how I manage running multiple businesses at once while ensuring financial clarity. In this month's Financial Literacy Series, I’ll be sharing practical tips on how to manage multiple businesses and keep expenses separate for smoother operations and better financial health. 

Key Tips for Managing Multiple Businesses: 

1. Separate Accounts for Each Business 

   One of the most important steps in managing multiple businesses is keeping your finances separate. Create dedicated bank accounts for each business to avoid any mixing of funds, which can lead to tax issues and confusion. 

2. Bookkeeping Tools and Systems 

   Use financial tools like QuickBooks, FreshBooks, or Xero to track income and expenses for each business. This will help you manage cash flow and ensure that each entity is financially healthy. 

3. Pay Yourself Properly 

   It’s easy to get caught up in reinvesting in your businesses, but it’s important to pay yourself properly and allocate profits back into each business for long-term success. 

4. Tax Considerations 

   Understand the different tax liabilities for each business. Working with a professional accountant can help ensure that your taxes are managed properly across each entity. 

How This Ties Into My Journey 

As the owner of Jones Company Consulting, Jones Property Company, and now Jones Company Party Rentals, I’ve had to learn the importance of separating finances to ensure that each venture thrives on its own. This has allowed me to scale my businesses while maintaining clarity and organization. 

Running multiple businesses takes careful planning, but by managing expenses carefully, you can ensure long-term growth and sustainability. 

Countdown to Small Business Saturday 

Supporting local businesses is vital. As we count down to Small Business Saturday on November 30, 2024, I encourage you to support my three businesses: 

• Jones Company Consulting 

• Jones Property Company 

• Jones Company Party Rentals 

This Financial Literacy Series ties seamlessly into Necia’s Insights and Inspirations, providing you with actionable insights to help you manage your finances and scale your businesses. Stay tuned for more tips and resources this month!