Why is it important to focus on your personal finances when you are starting a business?
It is vital to have a solid personal financial foundation when starting a business. Unless you have private investors or business partners who are willing to fund your start-up, you will eventually need to obtain funding from a local financial institution to scale your business. If your business doesn’t have financial history, you will personally represent your business. And if you’re struggling, the bank assumes the business will too.
Jamie Wallingford
Capital Access Program Manager
With the introduction of AI, and its ability to answer any question, Jamie Wallingford, the Capital Access Program manager at the Missouri Women’s Business Center, says it’s crucial now more than ever to have a trusted resource to answer life’s most important questions. “As you embark on your entrepreneurial journey, it’s essential to intentionally build a strong business ecosystem made up of individuals and partners who are committed to your success,” she says. The truth is, it really does take a village.” Through the Capital Access Program at the WBC, they have identified a critical gap in the startup funding process, which helped jumpstart the microlending program. “I work directly with individuals to build a strong personal financial foundation, while they collaborate with their business coach to develop a solid business plan,” Wallingford says.
Since 2005, Wallingford has been strengthening her knowledge in the financial industry and, more recently, in the non-profit world to help people learn how to manage their money. “My ability to help individuals budget, learn to save, pay off debt, prepare for large purchases and more really allowed the members I serve to gain the trust in me as well as the knowledge and financial literacy that I was providing to them,” she says. As a certified financial coach, Wallingford can help you succeed and find financial freedom, just as she once had to do. “There is not one thing I have not seen or experienced personally, and because of that, my ability to connect and build trust stands the test of time.”
Wallingford and her team understand that financial barriers are one of the main reasons so many businesses don’t make it past their first year. “Grant funding can only go so far, which is why building a strong business ecosystem is essential to long-term success.
