3 things you need to budget for in your business (that are often forgotten)
With creative business budgeting there can be all sorts of business expenses, depending on what you do. There are all of the obvious ones like taxes, transaction fees and the cost of materials but there are also a few other important things to budget for, which are often forgotten.
Here are three essentials you need to make sure you're budgeting for in your business
Your own learning
As a creative business owner you are your business’ biggest asset, by far. Learning new skills and making connections through going to in-person events are some of the most valuable ways of you can grow your business.
Sure, there are some places where you can learn for free and there is so much great content out there in the shape of podcasts and blogs, but nothing can beat real human interaction when it comes to learning and making connections. I wrote last month about my experience of going to Blogtacular and how I quickly learned it was worth every penny.
Sick days and holiday
Don’t forget you need breaks and holidays! You also need to factor in some time in case you’re sick. This is something I often see forgotten when business owners are setting income goals. If you want to sense check your income goals and how holidays and sick days are factored in, I've created a free money planning workbook to help with figuring this out.
When you reach milestones in your business, would you like to be rewarding yourself? I'm hoping that's a yes. If you were in a corporate job, the chances are you'd have a Christmas party and lots of team days throughout the year. In the same way (but much better because you get to pick the venue) you can be recognising the successes in your business by putting money aside to reward yourself for when you reach big milestones.
It doesn't need to be glamorous and lavish but rewarding yourself in some way, whether it's a day off to explore a new place, a weekend away or just a new book and the time to read it, can help to motivate you towards a goal and keep you motivated once you've reached that milestone.
[OVER TO YOU]
- I hope that's been food for thought. Are you missing any of the above? Or do you perhaps want to start putting aside more for rewarding yourself or for learning?
- Go to your budget breakdown and give it a sense check, make any adjustments needed
- If you want to sense check your budgeting as a whole, I've created my free Money Planning Workbook to take you from setting income goals to budgeting and pricing your products.