There are endless benefits to having a confident understanding of your business finances. Whether you make four figures or six figures, you will certainly want to have clarity on your money in and money out!
The more knowledge you have about your business’ finances, the better the decisions you make as a business owner can be!
Many creative entrepreneurs feel out of touch when it comes to money and math, I am one of them so I totally understand. It took me years to even consider learning more about bookkeeping and taxes for my small business because it felt so intimidating.
Thankfully, I found some amazing resources that helped make this process of learning a bit easier and more accessible. I want to share them with you today!
Financial Resources: Small Business Bookkeeping
In order to sleep soundly at night, so that I can wake up refreshed and tackle the day as the CEO of my business, I need to have zero worries about the IRS coming for me. That means paying my taxes on time and accurately. All of that begins with good bookkeeping.
If you need help with your bookkeeping as a small, handmade business owner, you need to meet Janet of Paper and Spark. She specializes in helping makers gain more clarity and confidence with their money and has an entire shop dedicated to spreadsheets pre-formulated for common maker endeavors. If you sell on Etsy, Shopify, eBay or Squarespace, Janet has a spreadsheet for you!
Here are our recommendations:
Choose either of these, based on which platform you use the most:
Then, add the import sheet for the other and any other platforms you use.
Also, be sure to grab this Inventory Cost and Pricing sheet.
Be sure to browse her whole collection as well!
These are already set up for you to be successful with, simply plug your unique numbers in, and voila, no more IRS nightmares. Okay, you might still have an IRS nightmare every once in a while but it won’t be because you haven’t sorted out how to properly keep your books. If you can commit to entering your numbers once a month, you can get the maximum benefit from these spreadsheets designed specifically for makers who don’t WANT to do this work, but definitely want the benefits of having the information!
Financial Resources: Small Business Tax
For more specific help about taxes, check out Janet’s free class all about when to start worrying about taxes here.
Financial Resources: Small Business Pricing
Another problem that absolutely plagues small business owners is pricing. Pricing handmade can be very tricky and stressful! But getting it right is literally the foundation on which your business is built. When you price your handmade items incorrectly, you do yourself and your customers a disservice. (We have spoken about the importance of pricing properly several times before, please check out these posts from our archives to learn more about pricing for handmade businesses.)
Pricing goes so far beyond your basic formula, but a formula is a good place to start because pricing is a science AND an art. Janet and I collaborated to create a free class for you that will help you determine if you need to change your pricing structure and set you up for success with the next steps forward to fix it! Click here to watch this free training we co-present! Janet of course brings the math side while I cover the art side of pricing – and together, we can help you get more mileage out of the work you’re already getting paid for! We made it simple to understand and easy to fix!
Finally, when it comes to business, we here at Merriweather Council believe that your business needs a confident, empowered, educated CEO in order to thrive and that person is YOU! If that is the case, and you are a one-person show, then you are ALSO the CFO of your business. If that feels like a scary prospect to you, you will want to check out this course created by my own CPA who I trust entirely and love endlessly. Be Your Own CFO will give you the tools you need and the framework you’ll want to have in order to successfully manage all the financial aspects of small business, even if that’s totally not your thing in just 6 lessons! It doesn’t make much when you have the best information available. If you are looking for a one-stop resource for getting confident about the money side of your business, this is absolutely it. Get all the details here.
These are resources we love, use, and trust! I truly hope these help you to feel more confident and clear about the money your business brings in and your responsibilities related to revenue!! It’s not my favorite part of the job but it is part of the job, so it’s best to have trusted resources to learn from!