I’m here to deliver the five mini sessions from my podcast for the challenge coming up called the next level. This is session four and we’re talking about managing your cash flow for your personal business.
We have two types of business owners:
If you’re a limited company, you pay yourself a salary, usually then a dividend. And that goes into your personal account that pays for all your personal bills, and has nothing to do with your business expenses.
Sole traders sometimes don’t separate their business and their personal. They have all their revenue coming into one account, or their business expenses going out of one account and all their personal expenses going out of one account.
Always have a separate business account and personal account, so that you can exactly see how much is a business expense and it shows you more clearly what’s left over. Then you pay yourself effectively a salary from the profits of that business.
In the challenge, we will be talking about how do you start paying yourself? How do you start managing that cash flow? And how do you start saving? We’re going to talk about what things you can start to do to give your money a job to allow yourself the space to put systems and things in place.
We want to set our goals so that by the end of the year we won’t have absolutely nothing left in the bank and nothing to show for.
Listen to the full podcast here
Here are links you need to check out:
Sign up to Next Level Challenge: https://wealthstrategist.kartra.com/page/nextlevelchallenge
Facebook Group for the challenge: https://www.facebook.com/groups/womensmoneymastery