Taking the plunge to start your wedding business is usually such a big focus of entrepreneurs that they forget to budget for personal expenses. It’s easy to get so wrapped up in the business and making sure you have money for moving that forward that you don’t end up with money to pay your own personal bills.
The sooner that you catch yourself and get your finances balanced the better. In fact, if you are at the starting point you may want to wait to quit your current job until the new business can cover all expenses on both the business and personal front. However, if you already took the plunge you are going to need to start working slowly at getting balanced.
One of the biggest things you can do for yourself is to set a salary for yourself. Even if it’s a budget that is low per work hour it’s a step at making sure that your bills are covered. This may mean that you’re going to need to cut back a bit on marketing, or software expenses but it’s a necessary step if you want your business to make it long term. What do you think? Have you found anything that helps you keep financially balanced? Make sure to read Marla Tabaka’s article for more financial tips!