057 How Much Does Your Business REALLY Cost? (And Why You Need to Know!)

Do your business costs feel as sneaky as your toddler? It's easy to feel like you're just reacting to things that come up but knowing your true business costs is essential for smart financial decisions. Understanding your costs is key. The impacts of not knowing your expenses are stress, cash flow issues and pricing problems. Understanding costs helps you set realistic goals, avoid suprise expenses and feel confient about your financial decisions.  What to Track:  Step 1: List out all your monthly expenses (Examples: software subscriptions, website hosting, marketing tools, office rent, internet, insurance, payroll, etc.). Step 2: List out annual expenses (Examples: domain renewals, business licenses, tax prep, professional memberships, yearly software renewals). Step 3: Don't forget variable expenses—advertising, professional development, occasional tools. Tip: Go through your bank statements and QuickBooks reports to catch anything you may overlook.   How to Make Your Costs Work FOR you: Categorizing expenses: essential vs. nice-to-have. Cutting unnecessary costs or finding alternatives. Planning ahead for annual charges—setting aside money each month.   Knowing yoru costs is one thing, but how do you turn that into a solid income goal? That's exactly what I walk you through inside Take Home Target. It's my step-by-step system to make sure your prices actually support the paycheck you want. No more guessing!If you're not sure if your prices cover your costs AND your paycheck, Take Home Target helps you break it all down easily!   Here are the ways we can connect: SIGN UP FOR EMAILS: https://erikamillard.myflodesk.com/podcast   Reach me: https://erikamillard.com/contact Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard   New Tool: Take Home Target erikamillard.com/takehometarget   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks   Don't forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist      Happy Bookkeeping!