Start chipping away at it ?
At the end of the day
It’s what your bank balance says that dictates how well your business is doing
The general rule of thumb for most non-business owners is 3 months worth of rent and bills
Running a business doubles that, 6 months worth of rent, bills & staffing costs and so on
Therefore if your bank account doesn’t say that
Then you NEED to start chipping away at it
Let’s start with opening 3 bank accounts
The first is your business account that clients pay into
You then have your personal account where you pay yourself
Then we have your SAVINGS account
I would put a minimum of 20% of every single sale into this savings account
Meaning that when the tax year comes to a close your have that money ready and more
If you can’t afford to put a minimum of 20% of every sale into the account
Then you need to start chipping away on payments OUT ⛏
Let’s start with a super simple on
Now if you are not in the UK
Then you may be lucky as the music license people in the UK try to squeeze as much money off you as possible
So instead of paying them £50, £60 maybe even £100 a month
Switch to something like Soundry which is like £20 a month
I can’t stress enough how important getting your finance sorted and putting your money away for tax purposes will make your life much easier
And help you focus on what you do best
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Hi I’m David 🙂
I Help FitPros Around The World Generate Leads On A Daily Basis, With Lead Generating Websites, Laser Targeted Facebook Ads and “The Portal”