{"id":45587,"date":"2018-03-27T12:00:18","date_gmt":"2018-03-27T16:00:18","guid":{"rendered":"https:\/\/www.adorama.com\/alc\/?p=45587"},"modified":"2018-03-22T12:50:48","modified_gmt":"2018-03-22T16:50:48","slug":"grow-your-freelance-business-budgeting-for-success","status":"publish","type":"post","link":"https:\/\/www.adorama.com\/alc\/grow-your-freelance-business-budgeting-for-success\/","title":{"rendered":"Grow Your Freelance Business: Budgeting for Success"},"content":{"rendered":"

Imagine a world in which you set your own schedule and don’t worry about what your boss thinks of you. Or, perhaps you already work for yourself doing what you love but are not entirely confident in how you manage your business.<\/span><\/p>\n

In this three-part series, we\u2019ll talk about a few practical tips for launching your small business (or growing the one you currently have). First things first: budgeting. <\/i><\/span><\/p>\n

At Terms & Conditions<\/a>, we believe following basic principles about budgeting and managing finances will set you up for success and reaching your business goals. <\/span><\/p>\n

Budgeting doesn\u2019t have to be a dirty word<\/b><\/span><\/h3>\n

Budgeting isn\u2019t the most glamorous topic to talk about, and it isn\u2019t an ideal way to spend a Friday night. It is, however, one of the most helpful things you\u2019ll do with your finances, especially if you\u2019re wanting to become a full-time freelancer. <\/span><\/p>\n

Think about it: the most powerful tool you have is your money<\/b>. If you don\u2019t have money, you can\u2019t do much \u2014 let alone build a freelance business. If you don\u2019t budget, growing your business will be difficult \u2014 especially when it comes to buying new equipment.<\/span><\/p>\n

Take control of your money<\/b><\/span><\/h3>\n

Budgeting tells your money where to go. <\/span><\/p>\n

It doesn\u2019t have to be a hindrance or what prevents you from getting what you want. It also doesn’t have to be so restricting that you never have fun. If you don\u2019t tell your money where to go, you\u2019ll end up wondering where it went by the end of the month. Not good.<\/span><\/p>\n

There\u2019s a saying that goes \u201cIf you fail to plan, you plan to fail.\u201d If you create a plan and stick to it, you won\u2019t have to worry anymore, right? It\u2019s that simple! <\/span><\/p>\n

Starting a freelance business doesn\u2019t happen overnight. It\u2019s about being intentional \u2014 and that starts with budgeting. <\/span><\/p>\n

Self-control<\/b><\/span><\/h3>\n

Many people say they have a \u201cbudget,\u201d but don\u2019t have the self-control to stick to one. Self-control is often disregarded in the realm of budgeting.<\/span><\/p>\n

Think about it. When your favorite store is having a sale, it\u2019d be stupid not to take advantage of it, right? Well, not necessarily. Indulging here and there adds up. Buying a few things \u201cbecause it\u2019s on sale\u201d typically means you left the store paying way too much for things you don\u2019t even need. We\u2019ve all been there. <\/span><\/p>\n

It takes time to develop self-control. Don\u2019t expect to be good at it right off the cuff. Developing self-control takes motivation and determination. A little sacrifice now means big a reward later. Self-control plays a vital part in the success of your budget.<\/span><\/p>\n

Plan your spending<\/b><\/span><\/h3>\n

Spending money usually means business has been good, and that means new equipment can be purchased, making everyone\u2019s lives easier. <\/span><\/p>\n

If you budget for a new camera, then you won\u2019t feel guilty about buying one. Because you planned<\/i> on buying it in your budget. How liberating is that? Sure, it took three months to save, but you earned it! Budgeting for a new camera gives you permission to spend.<\/span><\/p>\n

Can you think of a successful business that doesn\u2019t use a budget?
\n<\/span><\/p>\n

(We couldn\u2019t either<\/i>.)<\/span><\/p>\n

Every move a business makes should be intentional. All successful businesses keep track of monthly operations and expenses \u2014 whether it brings in millions, or if it\u2019s your personal side-business making $10K per year. <\/span><\/p>\n

Strategizing your finances will set your business up for growth and success. This might look like: <\/span><\/p>\n