[MINI-COURSE] Creating a Business Budget

Well before all the dough comes rolling into your business, we need to put our heads together to figure out how you will spend it.

This is where your business budget comes into play. It’s a roadmap for your revenue and expenses. The bottom line is you need to know how much money you have, how you need to spend it and how much you need to bring in to meet your business goals. Every dollar that comes through yur business needs to have an assignment. In this mini-course, I’m going to share some tips to help you create a simple budget that is comfortable for you to start out with and one that can grow with you and your business.

Check out the video teaching below to get started!

Here’s a quick recap:

Here are some line items you may need to consider adding when building out your business budget:

• Inventory

• Graphics

• Legal paperwork, filing fee’s (generally these are one time fees)

• Logo and graphic work (consider services like www.fiverr.com - This is usually a one-time fee as well.)

• Boxes and packaging material if you have a product based business.

• Add money in your budget for continuing education. This is important as a business owner to make sure you are constantly sharpening your skills. And you may also want to set aside some money for investing, retirement and an occasional splurge.

• Consider your Insurance needs costs

• Legal, accounting and other professional fee’s

• Licenses and permits if this applies to your business

If you have a business that requires you to sell products you will need to create a shopping budget and include it in your overall business budget.

Also factor in your income and business taxes. Make sure you get expert advice from your accountant as to what you can expect your estimated taxes to be on a monthly basis so you can set that money aside.

A simple way to understand your budget is that your revenues need to equal your expenses to have a balanced budget. Your expenses should never be more than your revenue. This will put you “in the red”. The goal is to always aim for revenues that exceed your expenses. This will yield you a profit in your business.

To set the most accurate budget possible, I always recommend you consult with an accounting professional who can help get you started on a more robust budgeting system that will work for your individual business needs.

Now, I want to extend an invitation to you to join the Accelerate Circle™. This is my VIP list where I share business strategies + inspiration to help you grow in faith, life, love & business. As an added bonus, you’ll receive a FREE copy of my Quarterly Business Goals Planning Guide for signing up. Join HERE.

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What was your favorite takeaway from this mini-course?

Share your thoughts with me in the comment section below. Have questions or want to share advice you’ve learned on your business building journey? Drop ‘em below in the comments too!