Ep 05 | Financial Management for Creatives
Financial Management for Creatives
Financial management is crucial for business creatives like photographers, as it empowers them to transform their passion into a thriving enterprise. By effectively managing their finances, entrepreneurs can gain a deeper understanding of their business's financial health, make informed decisions, and seize opportunities for growth. However, many often struggle, from tracking expenses and pricing their services to handling taxes and saving for future investments. Overcoming these challenges and mastering financial management is key to taking your business to the next level and achieving long-term success.
In today's podcast episode, Rhea dives into financial management for creatives. With a background in accounting, Rhea is passionate about numbers and wants to assist creatives in saving money and effectively managing their finances to elevate their businesses. She discusses five actionable steps that can lead to improved financial management.
By tuning in, you'll gain valuable insights and unlock your creative business's true potential. The real game-changer lies in taking action and implementing these strategies you may not be currently utilizing. Prepare to seize control of your creative business's finances and propel it to new heights of success.
What You Will Learn:
- [00:01] Intro and what’s in for you in today's show
- [03:48] Five things you can do to have better financial management in your business
- [05:13] Separate your business income and expenses from your personal
- [09:10] Embrace bookkeeping within your business setting
- [13:39] Know your monthly cost of doing business
- [16:50] Create a budget for yourself
- [20:05] Track your cashflow
- [21:15] Golden inspirational tip from the episode
- [21:50] Call to action and ending the show
Standout Quotes:
- “When our business and personal finances mix, it gets messy and moving forward in the business becomes a nightmare .”- Rhea [06:16]
- “Bookkeeping is the process of categorizing your expenses, allowing you to see the financial position of your business at a glance”- Rhea [09:54]
- “What you manage grows. What you don’t goes.”- Rhea [15:48]
- “Whatever mess you may be in financially in your business, you can still work through it and triumph. There is always a solution.” - Rhea [21:15]
Resources Mentioned:
Wine Not Elevate - A chill, vibe check info session about the Elevate Accelerator - https://www.photobombacademy.com/wine-not-elevate
Online Bookkeeping (Bench Bookkeeping Affiliate Link): https://bench.co/partner/rhea-whitney-photography/
Stay Connected
Learn more about me here: https://rheawhitney.com/
Follow me on Instagram at: https://www.instagram.com/RheaWhitney/
Connect with me on Facebook: https://www.facebook.com/RheaWhitneyPhotography
