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Finances
Personal Budget Review
Several months ago you created a budget to track expenses and income. Initially your expenses and income are blended with your business because the business isn't a full fledged entity yet or it's simply a pass through to your personal income. This card asks you to revisit all your expenses and start to list out any current or future expenses directly related to the business. Keep track of those in a spreadsheet. Keep receipts in a digital file. These may be tax deductible but also help you understand the costs of the business outside of your personal costs and expenses. You don't need to purchase a fancy system to track. At this stage a simple log will do.
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TASKS CARDS
Do First
You should complete the following tasks before proceeding to the current one.
Runway
Entrepreneurs need a 'runway' to focus on their business. You can work full-time or part-time as you grow but there are times you might have to go all in. Knowing how long you can sustain your living expenses on just saved reserves is important. Most advisors suggest 18 months worth of runway. If your business is struggling don't use up all your runway before you start looking to get back into the workforce. Give yourself 3 to 6 months to re-enter.
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Create a Personal Budget
One of the biggest stressors of beginning is worrying about money. To move forward, you need to know where your money comes from and where it goes. The best way is to use a personal budget for all expenses and income. You can make your own or adapt a template. This step will take a few hours to gather information. You will need to revisit this throughout your journey as personal expenses and income can vary and change throughout this process.
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Small Business Marketing 101: Using Email, Social, Video and More
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TASKS
Tasks Within the Stage
STAGES
Keep Moving Forward
Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
