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Getting Your Business Finances In Order
Manage episode 315227049 series 3003631
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This is an information heavy episode, so get ready to take some notes!
First, calculating how much your business should make based on your personal financial needs. Start with listing all your personal expenses like rent and utilities, then add 20%. That’s a starting point for the amount of money you need each month. To find your business revenue goal to support that, double that number. That’s your revenue goal in order to cover your owner pay, business expenses, and 20-30% saved for retirement and taxes. This is just a starting point, so adjust as needed.
Now, the big F-You to “profit first.” On paper, it sounds like a great idea, but in reality it’s much easier to mess up when you’re trying to do it yourself. Most businesses getting started aren’t making enough profit to support this system, so there are more transactions happening than necessary just moving money around. I recommend 1 checking account, 1 savings account, and 1 credit card for your business.
How can you make things simpler? Can you set some bills on auto pay? Does traditional budgeting work for you or not?
We cover ALL of this in the “Get Your Finance Sh*t Together” self-study course at confidentmoneypodcast.com!
Join our community at confidentmoneypodcast.com where we’ll share tips and resources, and you can suggest topics for future episodes.
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DISCLAIMER: I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.
Music credit: Neon Fairies by Wolves
A Podcast Launch Bestie production
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