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Starting A Business Money What Do You Need To Know – Ep. 138
Starting a business? Let’s talk MONEY! In this episode, let’s delve into insights on what business owners need to know about managing finances when starting a potential company. So, here we go!
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Podcast Key Points:
0:00 – Episode Overview
1:30 – Goldfish Struggles
4:47 – Prioritize The Money
8:43 – Recap
Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist
Starting Your Business Right: A Money Guide for Entrepreneurs
Do you have any tips for business owners like me starting up a potential company when it comes to the money? Yeah, of course I do. Have a question I got the other day.
So let’s talk about starting a business. When it comes to your money, what do you actually need to get paid to net? So here we go!
This is the Your Money Your Life podcast. I’m your host, Aimee Cerka, money confidence coach for female entrepreneurs on the path to six figures. After over 10 years in the personal finance industry and multiple personal financial and medical crisis.
I was fed up with the lies that are being shouted from the rooftops by the Gurus and the media said I help you simplify, solidify and scale your money. By blending tactile money strategies with mindset work, you can create unstoppable finances. Together, you’ll finally figure out the money thing. So you can make more money in less time without living off of beans and rice, or sacrificing your lifestyle.
Episodes here on the podcast are short and sweet. Being married, having four kids at home, homeschooling being the CEO running the household, I’m kind of busy. And I know you are too. So let’s keep it simple and get to the point. Welcome. I’m so glad you’re here!
Welcome back to the Your Money, Your life podcast. I’m your host, Aimee Cerka. We are talking today about starting a business money wise, what do you actually need to know? Because this is the question I got the other day on LinkedIn.
Goldfish Chronicles: Lessons for Money Management
And yeah, we’re gonna talk about it. But first, we’re going to talk about goldfish because right now, it’s been a struggle here, it just bugs me. My kids love goldfish. This is like one of our current favorite snacks.
Of course, the youngest Natalie, her favorite is granola bars, but everyone loves goldfish. And as a result, you know, we buy the big curtains, a goldfish. And even though we have all of these expectations in place, and things that like you know, I’ve talked with the kids about when they know they need to do you know, like, just bring a bowl like a little snack bowl of goldfish and not walking around with the entire carton, so that it gets dumped out, there’s currently a pile of goldfish on the ground over here.
So clearly, they’re not listening to like, what they know they need to do is then we have to keep cleaning up because you know, the goldfish gets stepped on and then crumbs and then we have to vacuum and you see how it all kind of cascades. Before we get into like what we need to do with our money, I need you to know that I need you not to do this, the goldfish situation with your money because we can know what we need to do.
Like they know what they need to do with their goldfish. But they’re not actually doing it. So knowing what you need to do with your money and actually doing it are two very different things.
And a lot of it’s not rocket science of what we do with our money. It’s kind of simple, you know, easy, easy to do, easy not to do, right simple things. And you know, that’s what I specialize in making money simple.
Prioritize Your Money: The Key to Business Success
So I can break it down for you to make it super simple, but I need you to actually do it. And this is the part that most people get stuck on, because there’s so many other things that are calling your name that need your attention, like all the time, right? So it’s not on you, I want you to take this information, and I want you to use it.
But I want you to actually use it. So I’m going to make sure in the show notes below that there are links and information on how that I can help support you during this because while these episodes are very necessary, we need to do this and I’m happy to give you all the information I give.
I don’t like giving you all the information because I know at the same time. It gives you this level of like, Hey, I’ve got this but it’s only just one step and I need you to actually do it. Because otherwise we’re just going to end up with goldfish crumbs everywhere.
And putting it off just makes things worse because even more crumbs they get stepped on it gets messy gets complicated. Same thing happens with your money. Okay. So resources in the shownotes help is not as far out of reach, as a lot of people think it is so that.
Again, something else I’m very passionate about but like, hey, reach out. Let’s have a conversation. I’ll put that link in the show notes as well. Okay.
The Prosperity Simplified System
What any of the questions I got the question I got that we’re really talking about today was any tips for business owners like me starting up a potential company when it comes to finances? I need you to prioritize the money. This is the first thing if you take care of the money from the beginning you’re set up for success especially as an entrepreneur a small business when you set it up for success from the beginning If you’re that much farther ahead, everything is so much more scalable systemized.
It works that much faster because you’re not sitting there, figuring it out, okay? To give a little clarity around this, the prosperity simplified system, which is my business budgeting system is designed specifically for this. Because I know, when you’re starting out building a business, a lot of times you’re investing into business, from your personal finances, personal finances.
Setting Realistic Goals
There are exceptions, of course, but for most of us, this is how we’re starting out, which is fine. But when you’re investing into your business, from your personal finances, the idea of what life is going to be like when you’re talking, paying yourself from your business, whether it’s take a pay cut, because you’ve got the S corp election or you know, we’re just, we’re going to avoid the big terms, right? Whether you’re just paying or how you’re going to pay yourself from your business, okay, there can be a hang up like we will self sabotage, and you’re not going to do the work that you need to or you’re going to create a bunch of busy work.
So you’re doing work that you really don’t need to do, but you feel like you need to do it. And we just end up running in circles doing a bunch of extra things. Nobody has time for that. Because we don’t have the money part figured out.
So what the prosperity simplified system does is a percentage based budgeting system, because percentage based budgeting is the best budgeting system out there, you’re not going to change my mind because it’s designed for regardless of your income level, it can handle income fluctuation, it scales with you as your income grows, it handles all the things that it needs to within your business moving forward.
But Prosperity Simplified, makes a seamless transition from you investing in your business. So prosperity, simplified business budgeting side, budgeting simplified the personal budgeting site, it’s the same system, they work together. So you had the visit the but the budgeting simplified system, the personal budgeting side, where you’re funding your business into the prosperity simplified system.
But once it’s there, it’s a seamless transition the part from you paying into your business, funding your business and you paying yourself from your business, it works together, like it’s already set up from the beginning, you’re set up to scale, you’re set up to pay yourself, you’re set up to be prepared for taxes, legal, outsourcing, all of those things are already funneled in there and created in the system. And it’s simple, you might have heard a Profit First, okay, it’s a similar, similar concept. But it’s simple.
Strategic Scaling Blueprint
We have to be able to use things that we know we need to do. So you need to have a system that’s set up to scale with you, you need to know what the numbers are, you need to know what your expectations are.
What are we spending? What are we? What are we wanting to make, we have to set these goals and know what realistically is actually going to work? Not just pulling six figures, I want to have $100,000 business out of there like Will that really work for you? Or is it not enough? Is it too much? What are those hours look like?
All of those questions we have to be able to answer and to be able to answer those, we have to look at the numbers. What are you spending? What do you want to make? How are you going to make it is that actually feasible.
QuickBooks: Your Accounting Ally from Day One
And then of course, QuickBooks, with the accounting software, like start from the beginning with a system that scales with you. So again, you’re not worried about a spreadsheet, and it’s professional, you’re set up if there is ever if you’re ever audited, which we talked a couple of weeks ago about like how unlikely that is, but again, just starting prioritizing the money and starting setting yourself up for success from the beginning, do the things that you need to so that you can show up at 100%.
Okay, business budgeting software, business budgeting system, knowing your numbers, having QuickBooks, those three key things all need to be in place in the beginning. And we’re gonna leave it at that because I can hear because in the other room, so I’m sure they’re going to show up every single minute, or any minute, you have questions, make sure to send me a message on Instagram, I’d love to hear from you.
Let’s take this from knowing what we need to know and actually using it getting these things in place. You don’t have to worry about it any longer, because several of these things are kind of like set up and then once you’re maintaining them, it doesn’t take a lot of work. Prioritize it now so that you can show up as a CEO that you’re called to be.
And we’ll see you next time. Bye for now. If you love today’s episode, make sure to subscribe wherever you like to listen to podcast. That way you’ll receive new episodes right when they are released, then leave a rating and review. It helps amazing people just like you find the show faster. We’ll see you next week.
