Accounting and finance aren’t my strong suit…it’s boring and it’s one of the first things I delegated as we grew. Because…why are we using ME to make big important financial decisions?
Here are some big marketing expenses that I wasn’t prepared for.
💰️ A re-brand or website update will take 50% longer and be 50% more expensive than you think. I don’t make the rules but be prepared. It’s part of what got me into a scary situation last year. I went into a rebrand with cash reserves and a plan…but when it didn’t go according to plan I was in big trouble.
💰️ Taxes. Look, many of you will not have this problem and even though finances aren’t my strong suit I’m not a total idiot. I always put money aside for taxes but there have been years where I have been totally blindsided by new expenses or entering a new tax bracket.
💰️ The scale of the expertise. EVERYTHING just gets more expensive as you grow because you need higher levels of expertise. I’m talking marketers, ad budgets, coaches, etc. As your business grows you need to expect your costs to grow with it…even the small things like needing to pay for more email addresses every year!
💰️ Turnover. I am lucky to have really low turnover but it’s a part of business. Make sure to have some money set aside or budget for double the labour when onboarding someone new.
💰️ Mistakes. I have had to eat some BIG costs because we f*cked up or because we didn’t deliver. I’d rather pay to fix it than pay with my reputation.
What other BIG mistakes were you not prepared for? HELP ME I NEED TO KNOW WHAT ELSE IS OUT THERE!