3 Things You Need to Remember to Budget for in Your Business
Budgeting and general business finance can feel so overwhelming. Once you’ve got your head around what you need to be saving for your tax and how you’re going to do a tax return that’s just about all you’ve got energy for. Am I right?
But there are things that we often forget to budget for. Sure there’s all of the obvious stuff like tax and covering the cost of the subscriptions and services we use to keep our businesses afloat but what about the things that are just as important but not so obvious? In this post I’ve shared three things that would be a good idea to budget for, but are often forgotten.
1) 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.
2) 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.
3) Rewarding yourself
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 activity) you can be recognising the successes in your business by putting money aside to reward yourself 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.
I hope that's been food for thought. Are you missing any of the above? If you want to sense check your budgeting and money planning as a whole, I've created my free Money Planning Workbook to help you get clear on your business budgeting.
To get your hands on a copy right away, make sure you’re signed up to my fortnightly side-hustle letters. You’ll get access to my free resource library, packed with eBooks, workbooks and templates to help you level up your side-business.