Episode 36: Managing Your Business Budget

Your business needs a budget. Even if you’re a freelancer or a solopreneur. If you want to make more money, a budget will help you build a plan for success in your services business. Pin now, listen later.

You need to spend money to make money. You’re standing in the way of your success. We’ve ALL heard the cliches when it comes to spending for your business. In this episode we’re talking about managing your business budget in a way that works for you and helps you actually get paid.

Here’s the scoop from episode #36:
  • Talking about budgeting isn’t exactly exciting, but it’s hard to stay motivated in your business when there’s no money actually going into your wallet
  • Be honest with yourself: look at what’s happening over time, if you’re in the hole month after month, it may be time to investigate that
  • Look into your monthly bills: make sure you haven’t signed up for something that you no longer need and can cancel; we talk about how this has happened to us and how we’ve managed it
  • We talk a lot about ‘abundance’ in the online world: we talk about the important distinction between having a limiting belief, and the financial reality
  • As a business owner, you have to be really steadfast into what is important to you, we explain why and how
  • When taking advice for your business, make sure to check your source
  • We’re sharing some helpful resources for budgeting that we’ve used ourselves
  • The more people you add to your business, the more important budgeting becomes
  • Find someone you can talk about money with: we explain why and how
  • Once you decide to spend on something, make sure you’re re-evaluating often to make sure it’s worth the money

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Links for this show:

Profit First by Mike Michalowicz

YNAB (You Need A Budget)

Marie Poulin’s Post – The Case for I Can’t Afford It

ISS Episode 34: 5 Places To Go Pro in Your Business

How to Rate and Review the Inside Scoop Show