Let’s begin a series on transitioning to your creative business full time, eh? And to kick it off, let’s go ahead and get into how you can begin to free up more time and money for your business.
Cutting expenses and creating more time for myself were keys to being able to finish my first book and launch byRegina.com. I won’t lie to you–some of it was painful . . . truly difficult, but I’d absolutely do it again 17 times if I had to. The day I was able to leave my blah/meh/ahhhhh! job so that I could create materials that matter, was pretty much one of the largest turning points in life for me. If you’ve done the same, then you’ve likely felt this for yourself. If you’re working toward making the transition to full time, then I have a little story for you.
The video below is a smidgen of my story and some of the things that made the biggest difference in my transition. At the end of the video, I make a special call for help with a project I’m planning and launching soon, so please share if you know someone it applies to. But P.S. There’s a whole post below as well with some additional resources to help you with Step 1 of transitioning to working for yourself full time: freeing up more time and more funds for yourself and your business.
How to Free Up More Money for Your Creative Business
So, the first step of this process is to honestly and accurately assess how much you’re spending each month in life and in business. I want to take you through this process and give you some suggestions on how to cut back.
First: Look up bank statements, credit card statements, your PayPal account, and receipts from the last three months (for both your personal life and business). Use the spreadsheet below to total up all of your expenses.
Note: If a category is missing, add it. Try to remember any cash you spent as well. Only you can see this document, so try to be super duper honest with yourself. Click on the spreadsheet below, then select File –> Make a copy to create a copy in your own Google Sheets.
As I said in the video, cutting back on the unnecessary stuff and only spending money where I had to, really helped clear my mind. It also relieved some stress and freed up funds for when I needed them for business expenses.