Do you know how much income you need from your business...and when you need it? If not, don't worry, you're in the right course. I'll provide you with:
I've kept the course short (<1 hour) and focused on the how-to's, so we make good use of your time. The budgeting spreadsheet--like the others in this series--are pre-populated and set up for easy use. They don't require any knowledge of how to use Excel...all calculations are handled for you.
What are you waiting for? If you're serious about starting or expanding your business, let's get the party started!
Welcome to the course! Let me introduce myself and the Create Your Personal Budget course.
When you step back and think about the pricing of your consulting services, at the end of the day, you need your business to generate enough personal income to enable you to cover your personal expenses and put aside savings. Before you can really set business goals and pricing strategies, you need to have a good handle on your personal finance needs. For example, your personal situation will likely dictate how much you risk your business can take on, how aggressive your pricing will be, and the payment terms you can extend.
I recommend creating two personal budgets: one that represents what income you need from your business in order to maintain your household's current standard of living and a second budget that represents what you absolutely need to make in order to avoid dipping into your personal savings. The difference between these two numbers represents what I call your financial warning track. Hopefully, you'll always reach or exceed your financial targets but if you don't, your warning track will prompt you to make adjustments in how you run your business.
Download and save the attached Personal Budget Template, the first you'll be using from the Pricing Your Services Toolkit. The video introduces the template and previews the instructions.
In this video, I'll give you a guided tour of the Personal Budget spreadsheet, just to familiarize you with it.
This video demonstrates step-by-step how to complete Personal Budget A, calculating what income you need from the business in order to maintain your household's current standard of living.
This video demonstrates step-by-step how to complete Personal Budget B, this time calculating what income you need from the business just to avoid dipping into savings. This is your bottom line...what you absolutely must have. Say bye-bye to discretionary expenses.
Do you remember the key points from this course? Take a moment to check your knowledge.
Now it's time for you to apply what you've learned and create your own personal budget. Sit down with your significant other and work through the budgeting spreadsheet together to come up with your A and B budgets.
Once you've completed this course, know that there are many more available on our Pricing Your Services roadmap. The next logical course for you to take would be Pricing Your Services: Create Your Business Budget.
Here's a coupon to help you continue your journey.
Gus has run his own talent development consulting practice for over 20 years and has worked with hundreds of client organizations ranging from pharmaceutical and consumer healthcare product companies to brokerage, banks, and insurance companies, from IT startups to long-established telecommunications service providers as well as law firms, retailers, hospital systems, and chemical manufacturers. His proposals have won—and lost—multi-million dollar deals as well as much smaller ones.
He has earned a PhD in Education with a minor in Leadership, an MBA, and a BS in Marketing as well as a Certified Performance Technologist designation. He has taught Masters-level elearning design courses and frequently delivers live and virtual workshops for leaders at all levels. He regularly presents at industry conferences and is a recognized thought leader in the talent development industry. His passion, though, is mentoring colleagues and fellow consultants as they launch and expand their businesses. Over the years, he has counseled hundreds of business consultants and budding entrepreneurs.