In this episode, Jamie and I help you get clear on finances and the secrets to saving money, so you can run a successful (and lucrative) business.
If you’re anything like me you may have fallen for shiny object syndrome a time or two while running your business.
Raise your hand if you’ve found yourself buying courses or subscriptions that weren’t what you really needed to get your business off the ground…
Yep. I’ve been there, too.
Here’s the thing, knowing what financial investments to make when you’re running an online business can be confusing. And it can be easy to invest in a product, service, or tool you think you need but isn’t actually what you need at all.
If you’re just starting out as a business owner or you’ve been at this for a while, figuring out your finances is an essential part of your journey.
This is why I have my peer, student, and financial expert, Jamie Trull on the show today.
During the episode we dive into what it looks like to actually start a business from a financial standpoint.
Jamie’s a genius when it comes to helping business owners, like you, feel confident about their financials. I love having her on the show because she shows that you can absolutely handle the numbers side of your business and have some fun, too.
In this episode you’ll get information to help you really understand:
- What financials should look like when you’re starting a business
- Where to invest in your business so the financial decisions you make align with your big goals
- Ways to save so you can grow quickly and strategically as you build your business
Plus we walk you through the tips you need to start paying yourself, prepare for taxes, and invest back into your business.
Yes – you can absolutely do this — and we are here to help.
Here’s a preview of the episode:
- [05:49] The purpose of investing is to let that asset turn into more money later. Have a money mindset where the things you invest in are things that you will get a return on.
- [06:23] You can start an online business with a small budget. Step one is to figure out what you really need. Be intentional with your money, because you can always add things along the way.
- [07:20] Investing in your list building phase includes getting an email service provider. ConvertKit has a free version for up to a thousand subscribers.
- [11:40] Once you have a proven process down, it might be time to invest in more, like a VA to help with your time crunch. Hire before you reach your breaking point.
- [14:23] You’ll need a course-hosting platform and a payment processor or something like Kajabi. You’ll also need a good microphone and webinar software, and a good camera.
- [17:22] Use your profit to meet your goals in your business and personal life. Use yesterday’s money not tomorrow’s.
- [18:49] Remember PROFFIT – Pay yourself. Rainy day. Opportunity. Future. Fun. Impact. Tax day.
- [27:28] What should the percentages look like for you? It depends on your goals.
- [32:06] It’s critical to pay yourself a portion of each and every launch. If you don’t pay yourself, you may grow to resent your business.
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