How To Advertise My Small Business For Free

How To Advertise My Small Business For Free

How To Advertise My Small Business For Free – As an online business owner – part copywriting agency, part digital product e-commerce – I have to manage my cash flow and small business budget in detail. That means sticking to a detailed budget for spending and paying myself on time (every week). It also means taking some risks like investing: hey-o ads, hiring, contractors, etc.

I didn’t happen to learn how to pay yourself until oh, … 12 months into entrepreneurship. Yes! The Blueprint Model by Shanna Skidmore rocked my world in 2017, but since then I’ve combined that with some other tips and tricks – that’s what I want to talk about in this post .

How To Advertise My Small Business For Free

How To Advertise My Small Business For Free

If it’s something like figuring out how to be a better steward of your creative small business’s financial management, how to pay yourself, or how to increase your profit margin (at least whether you want to increase sales or not) on your list of annual goals, you would be one in a million: According to statistics reported by the Small Business Administration (SBA) in 2019, about 20% of startups fail in the first year. (source)

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I love talking about this because I buried my head in the sand for a full 12 months in my business. I was the girl always in math coaching class from 3rd grade through​​​​​​college, I just thought I was bad at math for life.

Fast forward to entrepreneurship, and I didn’t pay myself consistently my first 11 months in business. 😫🙈 It was awesome. I was afraid that all the success would disappear (I was good at marketing, so I sold, sold, sold… where it landed in the business bank account – I had NO (family) pockets. Finances scared me. I had NO CLUE how to pay myself as an LLC…so I ignored that problem.

It was a complete blessing when I met my good friend Shanna Skidmore: My husband and I were working with her through The Blueprint Model, her curriculum for small business financial management. LIGHTBULBS everywhere, it changed my whole pricing structure … I went from like, 32 annual clients to 17, and I increased my profit margin. I’ll spare you the whole story, but in short, I equated more clients and working hours to more MONEY in the bank. I said yes to EVERY job that came my way, and left myself in the process…

Finance so I’m not afraid of finance (instead of acting immaturely like it’s not a thing, which I also did (a-hem, 1 year after college with the first money -I have to pay) – this way I can honor God

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Here’s an overview of how I set up my annual small business budget NOW, and how I’ve had it since 2017.

Anyway, I’m not a financial expert. Shanna yes, I don’t. I am not the most profitable business on the planet. But I run a business I started in 2016 that hits about $1M in annual sales, employs 4 women and about 10 contractors, and hits about 60% :: 40% in expenses :: profit. In full disclosure, I worked in a marketing firm before this job…not in finance!

Every year, Shanna launches The Blueprint Model – I’ll be leading a team through it again when it opens on February 17th, if you’re interested! Click here to learn more.

How To Advertise My Small Business For Free

The easiest way to get a clear idea of ​​how much you should spend in each category is to use an online budgeting tool like Mint.com and know your spending plan, but I’m a bit anal about knowing all the details: so that we know an estimate for what will happen to our money in any given year (and it helps when we plan). The more specific the details

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Just money passing through these categories – even if they seem small or unnecessary at first glance – tends to provide more clarity in the end, in my opinion.

(Tools note: I do this on a Google Sheets spreadsheet and duplicate it to a new tab/update it every year. Once it’s “done” for the year, I use Mint.com to create budgets.)

Now, we have to find the rest. I’ll be moving over to my small business budget template for this part.

Software, pay.. when you first start you may not have much expenses – at least for my copywriting & calligraphy business, it was kinda just me and some software apps.

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The process of writing down all business expenses in a year drags me OFF our family spreadsheets and into my business Blueprint. My annual Blueprint Model template includes a tab with business costs mapped out and cost of goods broken down (as well as a financial projections tab, but we’re not there yet!).

Step 3: Set your prices based on a combination of what you need to do, industry standards, and supply/demand

Craft your prices through the lens of what you need to do – in terms of industry standards & supply/demand. I hate the “follow your heart and the money will follow” b.s. …that’s no way to set your price and sales goals!

How To Advertise My Small Business For Free

Typically, if you need your services to bring in about $100, 000, and a $4K package, you need about 25 clients, or about 2 a month. If that sounds boring, you may need to raise your prices a bit.

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Some rules of thumb? I try to stay around 60% costs to 40% profit as profit margin. You can run 50% expenses to 50% profit if you have very, very few expenses. If you have a bigger team, salary will be a piece, you may be more than 70% to 30%. I monitor all of this every week, I always look at our numbers, which brings me to… the #FinanceFriday routine itself.

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This routine makes perfect sense for Fridays: I’m excited about the weekend, ready to play with my kids, and have no calls/meetings.

So? I roll up to the office with my work clothes on, Olaplex skincare/bun in place, and do this first thing in the morning. It takes about 30 minutes to an hour (ish), and serves as a weekly income for our business (and family).

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If you want to make your small business cash deadline within a couple of hours a week, run through the glitter tunnel: here we go!

As a small business owner, this is critical to our family finances – I’ll start with the family first because I’m the family bookkeeper. The easiest way to do this is through a budget system tool like Mint.com. Again, above I mentioned how I track our budgets in detail from year to year for various things. What do I do on Friday? Sorting the expenses of the previous 7 days into the correct department.

Is that a Target order baby formula or a gift for someone … what Amazon bought … etc. Most of these apps learn your habits which is nice – Chick-fil-A costs always filed to restaurants by the Mint.com bots in their accounts, for example.

How To Advertise My Small Business For Free

For business expenses, my bookkeeper Madison (hi, Madison!) organizes all my business transactions. I used to do this on my own…bookkeeper was one of the first 3 contractors or things I fired!

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All I have to do for business expenses is come into Slack and make sure she doesn’t have any unanswered questions about where things need to go.

BTW, bookkeeping is the recording of financial transactions and accounting is the analysis, reporting and summarization of the financial data. <<< I didn't know the difference when I started my business!

Personal credit cards are paid off weekly. For the business (I know the Dave Ramsey people are crying), I love credit cards. Hear me!

That’s learning the Profit First method – if you’re disciplined enough, there are good points systems and rewards out there, like cash back, travel points (hello, flights for work!), etc. I pay them off in full on the 10th and 25th of each month.

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Believe in carrying some debt (as a family as we have established a line of credit, but divide it between big expenses and what is in whose name, like the house and our two cars)… You spend money to make money as a business owner. Dyed in the wool from a book my grandfather gave all of us grandchildren to read, I grew up a huge fan of Dave Ramsey. But now as a business owner, I sometimes think it is

To go into some debt to start a business. For more on that, listen to this episode of Ben Shapiro interviewing Dave Ramsey – it’s a great, healthy discussion about whether or not to go into debt to start a business.

It’s time to get all the money in the pot! Accounts Receivable is the process of making sure you get paid. If your small business has hundreds of customers on payment plans (this can happen FAST if you are a course

How To Advertise My Small Business For Free

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