Building a business usually has the goal of financial freedom in mind. When you’re at the beginning stages of building your business, the financial side of it can feel daunting. Chasing invoices, watching your expenses, and accounting can all leave you wondering if it’s all worth it. Creating financial freedom with your business is completely possible for you right now! With just a few intentional shifts, your business can completely transform without having millions in the bank.
Define What Financial Freedom Means to You
Financial freedom looks different for everyone. Getting a clear vision of what it means for you allows you to know what you’re aiming for. For you, it might mean:
- Being able to take a vacation without worrying about the money
- Paying yourself a consistent salary
- Having some money left over each month
- Saving for your retirement while enjoying life right now
These goals are different for everyone, so picking the goal that motivates you will help you get clear and focused.
Know Your Numbers (Even If You Don’t Like Math)
A lot of creative entrepreneurs avoid looking at their finances—it’s confusing, worrying, and the stress builds up. As uncomfortable as it may seem, if you’re running a business, you need to get clear on your numbers. Use a tool or even a spreadsheet to understand your numbers. Start simple by tracking:
- What’s coming in (monthly revenue)
- What’s going out (expenses, subscriptions, tools)
- How much you’re actually paying yourself
Pay Yourself First
Get into the habit of paying yourself. You may need to invest some money back into your business, but without any reward, you’re likely to give up. Try setting up an automatic monthly bank transfer to a personal account and you’ll feel amazing when you see that money hit your account.
Create Multiple Income Streams
To create secure financial freedom, having more than one income stream allows you flexibility and security if one of your income streams stops for some reason (it happens). Adding additional layers to your business helps protect you. From selling on multiple platforms to multiple products, you could offer coaching or add affiliate marketing into your strategy. Even creating a YouTube channel with ads or sponsors can be an extra boost to your income. Remember, you don’t need to do these all at once. Start with just one, and once you have mastered that, move on to the next one.
Set Financial Goals That Excite You
Having a goal gives you something to work for. Create a goal that is trackable and keeps you motivated. Some ideas are:
- Save 3–6 months of expenses
- Hit your first $10K month
- Be debt-free by next year
Think Long-Term, Act Weekly
Consistency is what will make or break your financial goals. Implement time to work on your financial goals. Review your finances every week—even for just 10 minutes. Make one smart money move each week (cut a cost, raise a price, start a savings pot). And keep learning about money management—research will help you maximise the money you already have.
Financial freedom is possible for you and your business.
You don’t need to be rich right now to feel rich. Start implementing habits your future self will thank you for and watch the money roll in.