Today I am sharing with you Part Two in my Budgeting 101 series!!
Last week I shared with you how to get your business budget started (and why) and some software and apps you can use to help! If you missed it, you can check it out HERE!
This week we are going to dive in on some specifics. Often when I talk to new clients they get hung up on what to include in their budget. It can be overwhelming to think about all the pieces that should be included and sometimes (okay lots of times…) we forget important ones!
Here is a list of things you might want to include in your budget (keep in mind that some businesses won’t need all of these but they will help you think about your budget as a whole).
Include in your budget:
- Accounting expenses (if you pay for software or have an accountant, etc.)
- Marketing expenses
- Bank service charges
- Credit Card fees
- Delivery charges (if you ship product this is a must!)
- Team members pay (if you have others working with you)
- Equipment Maintenance
- Debt Repayment
- Inventory Purchases (supplies)
- Legal Expenses
- Loan Payments
- Office Supplies
- Printing Fees
- Professional Fees (i.e. coaching, courses, continued education, etc.)
- Subscriptions (monthly or yearly – things like email provider, canva, website hosting, etc.)
- Utilities (if you work in your home, you can claim part of these expenses as business)
- Phone Service
- Vehicle Expenses if you travel in your car for business
- Entertainment/Restaurants (especially if you meet clients for meetings)
- Travel Expenses
This is a great list to get you really thinking about all the expenses that come with a business. As you can see there are probably more than you thought of. Having a complete list is vital to having a working budget. I also include an “other” category for things that may just be a one-time purchase.
The other topic I wanted to talk about today is SEPARATE accounts for your business and personal expenses. If you’ve been around for a while you will have heard me talk about this before because it is one of the FIRST things I ask when I start working with you. If you do not have separate accounts, I am telling you right now – head to the bank and open up a business account. It is WAY too hard to budget and see what your numbers are doing if they are all mixed together with personal money.
I am going to send you over to a blog I wrote JUST about separate accounts (that is how important it is). You will find lots more information about why it is important and my 3 easy tips for separating your accounts! Head right HERE to check it out.
I hope this helps with getting you going creating a budget and making sure you are set up for success in your business! As always if you have any questions, leave them in the comments and I will make sure to get back to you!
And…don’t forget to check back in next week for the last part of the budgeting 101 series where I am sharing my tips and tricks for making budgeting easier and your numbers sassy and sexy!