Building on a Budget

One of the most important things to do, whenever you invest money, is to know exactly where that money is going and to identify a job for each dollar bill. I want to share how I first got into budgeting and how that carried over into Catchall Creatives and in turn helped me "build CC on a budget". I also want to preface this with saying I am NOT a financial expert by any means lol, but I want to share my experience!

A few years ago, I always told myself that I wanted to be smart with my money, and I always knew about investing, but I had ZERO clue of where to start. I was lucky enough to meet someone that taught me everything I know about how to invest my money and even helped me build my first budget for my personal finances. Yep, that person is my fiancé lol He shared a ton of great resources with me (podcasts, finance blogs, YouTube vids, etc.) to learn more, so I'll share those links with you guys too in this blog, so keep reading!

Fast forward to January 2021, when I was preparing to launch CC, I was so nervous that I didn't have everything together! In my head I kept wanting to put off the launch to perfect the website, clean up my business strategy, develop my style a little more, yadda yadda yadda. However, I got the push I needed to just START and I have learned so much along the way. One thing that has become evident is that if I didn't keep track of where my money was going for my personal life and for CC, there is no way that I would still have the motivation to keep my small business a float.

I will say this though, props to those that their only source of income is their small business. As well to those that work full time jobs on top of having a small business. Both types of business owners put major time and effort into their small business, and both require a crazy amount of dedication, discipline and self-motivation! So here is a virtual pat on the back, from me to you :)

Having a solid budgetary foundation, and exercising that financial muscle for about two years prior to launching CC, was key for me to be able to financially compartmentalize where my money was going into my small business. So currently, I have a personal budget that I manage, as well as an Art Budget (I also have a wedding planning budget on top of all the chaos that this season of life has to offer lol but that's neither here nor there).

Before we dive in...

Catchall Creatives is all about encouraging you to reach your max creative potential - whether that be artistically, personally, in your job career, ANYTHING. The goal, and perspective that I want to portray, of this blog post is that of a creative perspective/approach. Don't look at budgeting as a "ugh I have to do this", but as something that you can take control of and build it in any way that best serves you and your small business - which in turn will best serve your clients. Let's unlock that creative potential together and come up with creative ways to be just that, creative! Thank you for coming to my TED Talk - now keep reading for budget tips, how-tos and resources!

How To Build Your Budget

Starting your budget can be fairly easy to be honest - this is where the compartmentalizing mentality comes in handy. Below is a screen shot of a budget template that I started out with for CC.

Take a look at the itemized list and the targets that I set - this obviously varies based on what your small business is offering. The target I set was on a monthly basis, and that is the number that I want to try my best to stick to and not go over that number. In addition to your expense tracking, you should definitely keep track of what money you are bringing in too - the money you bring in can go directly back into your business. As you get started it is considered a HUGE success to breakeven (the point at which cost and income are equal and there is neither profit nor loss) - consistency and discipline is what will hold you accountable and get you to the point of where you are making a profit from your small business.

Some people may look at this and roll their eyes since it's an Excel spread sheet - I know there are software systems out there where you can do all your business management from (like Honeybook, Wix, ect.), but for someone that is just starting out, and trying to build a foundation, spread sheets are sometimes all you need. This is, of course, different for everyone with how they prefer to manage their budget - there is no right or wrong way to do it! I would love to hear more about what system/budget strategy you use! Comment what you like to do to keep track of your finances (personal or business!).

More tips on "how to build you budget":

• Business Strategy: being able to answer questions like "who is my audience?", "what problem/question am I solving?", "overarching goal/purpose?", "what's my 'call to action'"etc. Knowing these things can help you come up with your itemized list and therefore help you assign a job to EVERY dollar bill you spend and invest into your business.

• Marketing strategy: this is a huge part of your budget! And one of the most important ones to invest in. For example: this blog is part of my marketing strategy!

• Discipline: having the self awareness, financially savvy mentality, and discipline to stick to your budget (even before you build it!) is super important and will give your business long lasting financial results.

Helpful Resources

The below list of resources is more so geared towards building a financially savvy mindset and looks more so at personal financing - that's where I started and I've learned so many important skillsets that I apply to Catchall Creatives today! Go check these out RIGHT NOW! If you have questions or just want to talk about building a budget, comment or message me!!

• Podcasts: The Money Guy (on Spotify!), The Ramsey Show (Spotify)

• Blogs: Mr. Money Mustache: https://www.mrmoneymustache.com/ , The Money Guy: their website has great articles and other financial resources - https://www.moneyguy.com/)

• YouTube: The Money Guy (if you don't have Spotify), Dave Ramsey (if you don't have Spotify), Millennial Money (these videos show different personal finance journeys for individuals from all over - here's a link to one of their YouTube shows to get you started down that rabbit hole: https://www.youtube.com/watch?v=AO-jbZYX-uc)

If you made it to the end of this blog, 1) you rock. 2) I would love to help share my experience and start the conversation of "building on a budget". Catchall Creatives is all about encouraging you to reach your max creative potential - I actually enjoy budgeting by taking a creative approach. Another cool thing to note is that your budget is one thing that you can 100% control - with that being said, take control and have fun with it! Figure out what works best for you and ask questions - when it comes to finance it can be really confusing (at least it is for me!) so I promise you, any question you have has been answered a million times.

Interested in starting your budget foundations today? Email me at catchallcreatives@gmail.com and I'll send you a blank budget template for free and you can get creative with budget building!!

Have a great day from CC!!! :)