Class Introduction
Lesson 1 from: FAST CLASS: Put Your Money to Work: Take Control of Your Business’ FinancesDominique Broadway
Class Introduction
Lesson 1 from: FAST CLASS: Put Your Money to Work: Take Control of Your Business’ FinancesDominique Broadway
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Class Introduction
Hi my name is Dominique broadway, award winning financial planner, personal finance expert and the founder of finances Domestic Fied and I am so excited to be here today in partnership with Creative Live in Honey Book to teach you about all things money, business financing and running a super successful business. So let's go ahead and jump right in first things. First that ends and outs of business funding. Now we all decide one day that we want to be an entrepreneur. I know it's something that I did and when I started my company, I didn't really necessarily think about the numbers to be honest. I was super excited and passionate about creating a business that would demystify people's finances, helping them to understand all things about money so they can live their very best life. And I did not take the time to make sure that I had the best pricing in place and that I wasn't spending too much hours on one thing versus another. And believe it or not, this is where a lot of entrepreneur...
s go wrong. And with me doing this I ended up going broke within two years just because I did not take the necessary time that's needed to make sure that I was making enough money and not overspending and things that nature. So as we're preparing you to start and kick off and launch your super successful multimillion dollar business, I want to make sure that you always know your numbers Now believe it or not over 50% of businesses fail within the first five years because of this simple thing because they do not take the time to make sure that their pricing their things effectively and also taking the time to make sure that they're making enough money and they're not spending too much money in the process. So one of the things I want you to think about as you're starting your business and even as you're growing, your business is your business budget. Now, your business budget is the financial foundation of your business. It's also the financial foundation of your personal finances. I tell people all the time, if your personal finances are a mess, I can pretty much guarantee you that as you start your business, your business finances will be a equal mess as well. So it's really important to make sure that you take the time, as you can see on this spreadsheet on this worksheet and separate your business and your personal finances. Now, I know this is all about business finances, but I want to make sure that you're putting the same effort in your business as you are, into your personal finances. So before you even start your business budget and your business finances, make sure that you sit down and do a personal budget, this is gonna help you for lots of reasons. One is going to help to make sure they're not co mingling funds from your business and your personal finances. But also when you finally do get to the point where you can start paying yourself that you know exactly how much you need to pay yourself to keep things running. So as you're looking at your business budget, there are a couple of different things that you want to think about. One. You want to think about different types of income and the income that you have coming in. I know with my business there's different types of income that can come from sponsorships. It can come from public speaking. It could come from online sales, digital courses, things that nature and you want to make sure that your accounting for all of that. So for you it could be consulting income if you're a photographer, it could be income from various photo shoots, video shoots, things that nature um it could also be from in person sales if you're selling books or if you're selling flowers or anything of that nature. So make sure that your accounting and estimating about how much money you should be bringing in every single month. Another thing I want you to think about is your expenses. Now, I typically call these your two magic numbers, your income and your expenses and when it comes to your expenses, this is where a lot of business owners go wrong, okay, they will start making money and then just start hiring and buying and bringing all all these different expenses. And believe it or not, it's a lot of times often more expenses than what they're bringing in. So definitely make sure that you're sitting down and going over your list of expenses. These expenses could be employees. It could be traveled, it could be office space. Various software is, I know I sit down often every few months and look and see exactly what software is I'm paying for because so many different services nowadays are subscription based. It's super easy to sign up for a trial. Totally forget about that. You signed up for the trial and month after month, you're getting charged over and over and over and over again. And all of a sudden you look up like, oh no, I'm paying for something that I have not used. So you want to make sure that you have a super tight business budget in place because like I said, the income and expenses is really the financial foundation of your business. If you can't get these two magic numbers right, I can pretty much guarantee you that you're never gonna be able to grow and see your business flourished the way you want it to
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