![]() The last thing I want to do is overwhelm you with the data. You may find yourself getting frustrated, take a deep breath and maybe step away for a couple of minutes. Likewise, if you’re terrible at math, this section will confusion you. If you’re not familiar with excel/google sheets, this section may confuse you. But I figured the amounts I allotted for would be plenty for the year. I choose these for flexible expenses because I’m not sure how much I want to spend each year. For me, I decided to go with three categories – marketing, education, and equipment. To make sure that I didn’t miss anything, I reviewed my previous years Pixifi account.įlexible expenses came next. In the template you will see a breakdown of the cost of each gift, those costs added together, and then multiplied for projected bookings.Īfter looking at what my expense for editor and second photographer would be and gift giving, I analyzed my fixed expenses. I try to gift back 3-5% of what couples pay. Again, I broke it down with how many weddings I could have booked for the year. I budget $200 for each, but for reasons I can explain later, I also wanted to project what my net income would look like if I budgeted for $250. Next are expenses for every wedding that are guaranteed – second photographer and editor. Having this breakdown allows you to see the significant change in income when you raise your prices and allows you to plan for the future. In the template, you’ll see collections for $2,000 and 3,000. The second way that I organized, bookings was by average booking price. 1 – the number of booked weddings – 20, 25, 30, 35. ![]() When I created my simplified yearly budget, I started first with my weddings. You can predict how much you’ll owe for income tax.You will be able to (rather quickly maybe) see if you charge enough for your time and talent. A yearly budget gives you direction in your business.You will be able to budget for education, marketing, equipment upgrades, and even retirement! (YAY baby step number four!).There will be slow months, and busy months! You’ll be able to see what those busy months look like and set money aside during your slower months. You can see how much money you could make based on your wedding collections and how much you charge on average. A yearly budget gives you vision for the future.It breaks down your expenses, and you’ll be able to see your profit (and hopefully not a loss) for the year. ![]() A yearly budget is necessary for successful businesses. You may have never created a budget because you didn’t know how to. ![]() If you’ve never created a yearly budget for your business before, that’s okay! But 2016 was the LAST year without one. Sitting down with a glass of sweet tea creating an excel file is total bliss for me! Needless to say, I had an absolute blast creating this yearly budget to “show” Josh I could quit my teaching job and we wouldn’t go broke! What is a Yearly Budget I’m the nerd in our marriage (Dave Ramsey fans know what I’m talking about here). If I’m 100% real here, I LOVE crunching numbers. I was praying for a big change, and I knew if I were going to convince my husband that a significant change wouldn’t sink our marriage, I would need numbers to back it up. At the start of 2016, I made it a personal goal to get truly organized in my business. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |