THE MONEY BIT

Financial advisor Helen Baker reveals her tips for start-up success HAVE AN EMERGENCY FUND Your emergency fund is your financial safety net. Put aside at least six months of payments. Then you’ll be able to keep on top of bills for that time, even if you can’t pay them yourself.

DON’T MAKE IT PERSONAL

If the business starts to sink, the absolute worst thing you can do is use your personal wealth to keep it afloat. Don’t even think about redrawing on your home loan – just don’t risk it.

DON’T FORGET SUPER

Make sure you pay yourself superannuation – just as you would if you were employed by someone else. It’s the most tax effective investment you can make for your future. COVER YOUR BASES

With 50 per cent of new sole traders likely to fail in the first three years, make sure your finances are in order. Take advice on income protection, professional indemnity and public liability insurances.

GET PROFESSIONAL ADVICE

It pays to enlist the help of a professional accountant and financial adviser early on. This will help you avoid expensive blunders while freeing up your time to focus on the business itself.

SEEK BALANCE

You – not the fantastic service or product your business represents – are your greatest asset. You need to eat well, sleep well, exercise, de-stress and relax. It’s essential for the long haul.

Baker is the author of On Your Own Two Feet: Steady Steps to Women’s Financial Independence.