Small Business Finances: 5 Reasons Why Finance Should be Your Focus

5 Reasons Why Finance Should be on the Front Burner

January 12, 2018

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5 Reasons Why Finance Should be on the Front Burner

January 12, 2018

Filled in :

I'm Alicia! The Houston Wedding Photographer that gets you the photos you want- minus the stress. 

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5 Reasons Why Finances Should Be On the Frontburner of Your Business| Get your small business finances in order with my financial foundation guide! | Alicia Yarrish Photography | Business mentoring for creative small business owners

My relationship with small business finances

When I tell people about my love for finance and numbers, especially in the creative entrepreneurial space, I get a lot of weird looks. Like, a lot. For a long time, I hid my left-brained tendencies so I could fit in and be a creative.

Then I realized, my love for math and finance makes me, me! Slowly I would creep my analytical mind into conversations. Instead of commiserating when my creative friends would mumble and groan about taxes, bookkeeping, and dolla dolla bills I found myself saying, “It’s not that bad…”

But I still wasn’t confident.

It took me a year, a full year, to willingly and openly state that I love the numbers game in my business! I love projecting my earnings (and making it)! I love me some excel spreadsheets in order to keep a pulse on my business! I love being profitable and taking the financial steps in order to get myself exactly where I want to be!

Then it happened. I began mentoring my friends on all things business- and I didn’t even know it. 

I want to help. I want the business you envision to become a reality! So many creative entrepreneurs believe that as long as they let their creativity ooze from them they will book clients and become profitable- CHACHING! Unfortunately, it just doesn’t work that way.

Stick with me though! After you have systems in place it CAN be that easy, but you have to put in the work. Let’s back up for a second…

Why are Small Business Finances so Important?!

1. Confidently state your prices to clients

How would it feel to quote your clients and know without any doubt that is the amount of money you need to be paid. And by need I mean, you’ve done the work and taken the steps to get this number that you know you won’t take less. That number represents how much you need to live and afford the life you want to live. Wouldn’t it be nice to 100% confident when speaking of prices?! Knowing your business finances inside and out can do that for you!

2. Generate a profit

Literally the point of being in business! Us creatives love leaving the 9-5 and being our own boss, but so many people find it difficult to actually generate a profit. The reason behind that is simple- not enough creative entrepreneurs know their numbers. If I ask your monthly cost of doing business you should be able to answer me with ease! Can’t? Don’t worry- we’ll work on it together.

3. Get the salary you want & need

This is an extension of confidently stating your prices. When you say what you need from a job confidently, you’re way more likely to get it. When you know you’re numbers you’re not only capable of getting what you need to stay in business and generate a profit. You’re capable of getting the salary you want, too!

4. Pay your taxes, and feel great about it!

…Said no one ever- except Alicia! I LOVE paying my quarterly and yearly business taxes! Why? That means I brought in income and am a contributing member of our economy! It brings me joy to have the best job in the world and be 100% legal about it. I’m proud when I make ample income and can give my share to the tax man! Knowing your numbers will make it easy for you to pay the right amount- not over or under. Planning your finances ahead means no surprises at tax time because even I don’t like that!

5. Plan for feast & famine

This is everything! Keeping good financial records means you can see trends! Because I keep good records I know that the Fall is absolutely insane- I bring in double the income in September than in some summer months. I also know that January and February are extremely low-income months. If I didn’t know this trend it would be really easy overspend or overpay myself at the end of the year only to not have enough dolla dolla bills in the bank for January and Februarys cost of doing business! So use your business finances to plan for feast and famine.

& seriously, so much more.

“Ok, Alicia– But my small business finances are a hot mess… Now what?!”

Are you super serious about getting your small business finances in order? You don’t need to be a math genius or excel wizard! Be sure to grab my free guide to find out the foundations of setting your business finances up for success!

Wanting to seriously hone the numbers game of your business? Let’s work one on one!

Get your small business finances in order with my financial foundation guide! | Alicia Yarrish Photography | Business mentoring for creative small business owners

WRITING FROM: GERMANY

5 Reasons Why Finances Should Be On the Frontburner of Your Business| Get your small business finances in order with my financial foundation guide! | Alicia Yarrish Photography | Business mentoring for creative small business owners

My relationship with small business finances

When I tell people about my love for finance and numbers, especially in the creative entrepreneurial space, I get a lot of weird looks. Like, a lot. For a long time, I hid my left-brained tendencies so I could fit in and be a creative.

Then I realized, my love for math and finance makes me, me! Slowly I would creep my analytical mind into conversations. Instead of commiserating when my creative friends would mumble and groan about taxes, bookkeeping, and dolla dolla bills I found myself saying, “It’s not that bad…”

But I still wasn’t confident.

It took me a year, a full year, to willingly and openly state that I love the numbers game in my business! I love projecting my earnings (and making it)! I love me some excel spreadsheets in order to keep a pulse on my business! I love being profitable and taking the financial steps in order to get myself exactly where I want to be!

Then it happened. I began mentoring my friends on all things business- and I didn’t even know it. 

I want to help. I want the business you envision to become a reality! So many creative entrepreneurs believe that as long as they let their creativity ooze from them they will book clients and become profitable- CHACHING! Unfortunately, it just doesn’t work that way.

Stick with me though! After you have systems in place it CAN be that easy, but you have to put in the work. Let’s back up for a second…

Why are Small Business Finances so Important?!

1. Confidently state your prices to clients

How would it feel to quote your clients and know without any doubt that is the amount of money you need to be paid. And by need I mean, you’ve done the work and taken the steps to get this number that you know you won’t take less. That number represents how much you need to live and afford the life you want to live. Wouldn’t it be nice to 100% confident when speaking of prices?! Knowing your business finances inside and out can do that for you!

2. Generate a profit

Literally the point of being in business! Us creatives love leaving the 9-5 and being our own boss, but so many people find it difficult to actually generate a profit. The reason behind that is simple- not enough creative entrepreneurs know their numbers. If I ask your monthly cost of doing business you should be able to answer me with ease! Can’t? Don’t worry- we’ll work on it together.

3. Get the salary you want & need

This is an extension of confidently stating your prices. When you say what you need from a job confidently, you’re way more likely to get it. When you know you’re numbers you’re not only capable of getting what you need to stay in business and generate a profit. You’re capable of getting the salary you want, too!

4. Pay your taxes, and feel great about it!

…Said no one ever- except Alicia! I LOVE paying my quarterly and yearly business taxes! Why? That means I brought in income and am a contributing member of our economy! It brings me joy to have the best job in the world and be 100% legal about it. I’m proud when I make ample income and can give my share to the tax man! Knowing your numbers will make it easy for you to pay the right amount- not over or under. Planning your finances ahead means no surprises at tax time because even I don’t like that!

5. Plan for feast & famine

This is everything! Keeping good financial records means you can see trends! Because I keep good records I know that the Fall is absolutely insane- I bring in double the income in September than in some summer months. I also know that January and February are extremely low-income months. If I didn’t know this trend it would be really easy overspend or overpay myself at the end of the year only to not have enough dolla dolla bills in the bank for January and Februarys cost of doing business! So use your business finances to plan for feast and famine.

& seriously, so much more.

“Ok, Alicia– But my small business finances are a hot mess… Now what?!”

Are you super serious about getting your small business finances in order? You don’t need to be a math genius or excel wizard! Be sure to grab my free guide to find out the foundations of setting your business finances up for success!

Wanting to seriously hone the numbers game of your business? Let’s work one on one!

Get your small business finances in order with my financial foundation guide! | Alicia Yarrish Photography | Business mentoring for creative small business owners

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Comments

  1. Aida says:

    As creatives, sometimes the last thing we want to think about is finances…but of course, it is so important. You make some great points in this post. So helpful for small businesses. Thanks!

    • It’s so true! It gets shoved to ‘the back burner’ way too often when in reality finances should be the foundation of our businesses. Thank you for chiming in! Love getting feedback <3

  2. What a great article for small business owners. I love to read about finances and how I can improve with my business. Thanks so much for sharing your knowledge.

  3. sarah says:

    I love your outlook on paying taxes…. as much as I hate sending off that check, I love knowing that I only send it off because I made the money ! Keep up the good work!

  4. Suzanne says:

    Thanks, Alicia, for such a sincere and educational post about CREATIVE entrepreneurs and the BUSINESS side of things! It’s hard for small businesses in general to stay on top of finances, and I think it’s especially hard for creatives, because we do like to focus on what we love to do most – be creative! Thanks for the reminder about how important these things are!

  5. Georgia says:

    I can’t tell you how great and informative this post was for me!! I have to take time and think more about finanaces

  6. Serena says:

    As photographer I tent to ignore the importance of finances! I’ll grab your guide right now! Thank you!

  7. Melissa says:

    I love this post about finances for creative small businesses! It could not have come at a more perfect time. This year finances are definitely my priority! Thank you so much for posting it.

  8. Jennifer M Outlaw says:

    This is such a great read and something I really needed to hear. I am so much better at being creative than I am at crunching the numbers and keeping up with our books. I know it is so important and I totally need to get batter at it. Thanks for the motivation.

  9. Emily s says:

    Such great insights! I’m a data driven entrepreneur, but finance still has me scratching my head. Thanks for sharing your wisdom!

  10. […] I knew I had to build the foundation for creatives and their business finances. That’s where you have to start, right? And so many creatives build on other parts of their business and leave their finances behind. In […]

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