135 | Business Finances: How to Set Up Your Business So It Can Actually Pay You & Support Your Family's Budget

⁠⁠Book a free 20 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠ 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. 4 Ways To Connect With Us: 1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall  2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook  3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget  4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching  "I love Shana & Vanessa and this podcast is amazing!" < If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone.  Click here to view our privacy policy. This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!