My 3 Rules for Managing My Business Money

business management Aug 22, 2023
Artful Contracts

You have to be able to manage your business's money for your business to survive, but unless you had a finance degree, it's probably not something you learned in school. Many, many business owners struggle to manage their business money - either leaving it all in the business and never touching it, or spending it all and running out of money to operate the business.

In this episode, I'm sharing the three rules I follow to manage my business money in a way that makes sure I get paid and my business keeps running.




Key Takeaways

  • The most important thing to maintain your LLC protection is keeping your business money and your personal money separate - respecting that your LLC is a separate being from you, and has separate money.
  • Pay yourself! Your business should support you. It hurts your long-term potential more than it helps if you’re struggling financially because you’re keeping all the money in your business.
  • Save for taxes. Save 25-30% of your profit and pay your taxes on a quarterly basis.
  • Don't take more out of your business than it can support. It's a balancing act between paying yourself and making sure the business can sustain itself.


Resources Mentioned


Next Steps

Thank you so much for listening! If you enjoyed this episode, please reach out and let me know by sending me a DM on Instagram @artfulcontracts

Here are a few other steps you can take to support the podcast:


Watch the free masterclass

If you are an online business owner who’s ready to take the guesswork out of the legal aspects of your business, watch my free training to learn the 3 steps to get your business legally legit without hiring a lawyer. Let’s get the legal stuff covered so you can grow your business with confidence.


Let's make legal easy.

You know you have to step up as the legal department for your business to protect everything you're working so hard to create. But you don't have to do it alone. Let's get you legally legit so you can build your business with confidence, knowing you've got it covered no matter what comes your way.