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"Do you want to learn how to save and when to spend so that your business can eventually support you one day?"
We get it; managing your business finances is crucial, especially if you're starting a small business with a family to support.
1: "No Makey, No Spendy"
We've coined the phrase, "No makey, no spendy." It means you shouldn't spend money on your business until it's consistently making money. This is the #1 mistake peopel make when starting a business so let's talk about how to avoid it. We'll talk about how to be resourceful and frugal in the early stages of your business by using free or low-cost resources.
2: Separating Personal and Business Finances
Let's talk about separating your personal and business finances. It's essential to maintain separate bank accounts for your personal and business finances. Trust us; it leads to better financial organization and more straightforward accounting practices.
3: Implementing the Profit First System
We're introducing you to the Profit First money management system by Mike Michalowicz, and it's a game-changer. You're going to love this system's core principle: income minus profit equals expenses. It ensures you get paid from day one in your business. Grab his book here: Profit First by Mike Michalowicz
4: Setting a Business Budget
Now, let's talk about setting a budget for your business. We can't stress this enough; it's crucial. You'll want to include both monthly and annual expenses. We'll guide you through determining what expenses are essential for your business's survival in its early stages.
5: Growing at the Speed of Cash
When it comes to business growth, we want you to grow at the speed of cash. Avoid unnecessary investments and expenses. As your income increases, make sure your financial decisions are deliberate and well-planned.
We're here to help! If you've got any questions about business finances, reach out to us. We're always ready to assist.
Next Steps > > >
Email us any questions: info@myidealbalance.com
Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you’re interested, click the link below to set up a FREE 30 minute free session with us. We’ll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management!
⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠ ⁠
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