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Small business budget workbook12/26/2023 I’ll spare the whole story, but in a nutshell, I equated more clients and hours working to more MONEY in the bank. LIGHTBULBS everywhere, it changed my entire pricing structure … I went down from like, 32 annual clients to 17, and upped my profit margin. It was an absolute blessing when I met my now good friend Shanna Skidmore: My husband and I worked with her together through The Blueprint Model, her curriculum for small business financial management. This lead to as many marriage arguments as you can imagine it did. I had no CLUE how to pay myself as an LLC … so I just ignored that problem. I was terrified all the success would disappear (I was good at marketing, so I just sold, sold, sold … and didn’t work on the whole business operations side of things), so I hoarded anything I made, keeping it tucked right where it landed in the business bank account-NEVER in my (family’s) pocket. I was the girl constantly in math coach class from 3rd grade through college, I just figured I was bad at math for life.įast forward to entrepreneurship, and I didn’t pay myself regularly my first 11 months in business. I love talking about this because I stuck my head in the sand for 12 whole months in my business. Plus, you’ll also get a peek into what my day-to-day finance workflow looks like on Fridays-my #FinanceFridays routine.How to pay yourself as an LLC ( Profit First method die-hard over here!).How to set your own small business budget.If something like figuring out how to be a better steward of your creative small business financial management, how to pay yourself, or how to up your profit margin (whether you want to up sales or not) isn’t on your annual goals list, you’d be one in a million: According to statistics reported by the Small Business Administration (SBA) in 2019, about 20% of business startups fail in year one. Whoopsadaisy! The Blueprint Model by Shanna Skidmore rocked my world in 2017, but I’ve since coupled that with some other tricks and tips-that’s what I want to talk about in this post. Learning how to pay yourself never occurred to me until oh, … 12 months into entrepreneurship. It also means taking some risks like investing: hey-o ads, hiring, contractors, etc.īut hoo boy, has it been a messy process to get here. That means sticking to a meticulous budget for spending and paying myself on time (weekly). As the owner of an online business-part copywriting agency, part digital product e-commerce-I have to manage my cash flow and small business budget with precision.
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