But hereās the thing.
When I actually sat down to look at the books, I realised the truth.
While the biz has been funding a very good lifestyle and Iām not in trouble with the taxman (learned THAT lesson a long time ago!)...
It hasnāt actually been āprofitableā.
Meaning that when you take away biz expenses, coaching, lifestyle costs, and the government gets their piece of the pieā¦
There was nothing left.
*cue a quivering sensation in my guts*
Because while I got better at making money, it seems I'm not so good at keeping it!
And I know Iām not alone.
Itās a mistake a lot of freelancers and other business owners make.
Getting so caught up in the month-to-month nature of the workā¦
Somehow magically increasing their expenses in line with their revenue.
That's why I'm sharing this with you today.
Because I donāt know about you, .
But a big reason I ditched my 9-5 and started a business was because I wanted financial freedom.
So, yeah. It definitely stings to be confronted with reality.
But luckily, Iād recently discovered a book on my Kindle thatās now changed the way I think about business
accounting.
One that Iād started reading and put down in favour of a marketing or business bookā¦ or maybe an epic fantasy trilogy š¬
If I'd known that book would be the thing that could actually make my humble little business profitableā¦
Iād have gobbled it up faster than a cave troll wolfing down a grilled Hobbit!
The book in question is, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
I spent the weekend consuming the book and applying the methodology.
I now have a clear budget for operating costs, running ads, and educationā¦ as well as paying for my lifestyle and building up a nice little buffer.
And I figured out a simple way to do it with my existing bank, WISE.
(WISE is actually pretty cool, you can hold balances in different currencies and make international transfers & payments with bare minimum fees.
If you want to check it out, sign up with this link and your first transfer will be
totally free.)
Anyhoo, if youāre a business owner or freelancer and you want to start making your biz work for you, I seriously recommend giving Profit First a read.
Alright, . Thatās all I got for you today. I hope you found it helpful.
Have a good one.
Andrew āWilkoā Wilkinson
Awwā¦ Yesā¦ Marketing!