Wedding pros don’t get into the wedding industry to become financial gurus, right??
You get into the wedding industry to serve people.
But what we don’t realize until we’re in the the thick of it is that without the financial aspect of there is no business!
So that’s what we really need to talk about!
We often talk about the profit and loss and what to look for and how to run it, but we rarely talk about the balance sheet.
And that is why Danielle is here to give us all the amazing golden nuggets!
Danielle covers these 3 finance red flags:
The first red flag is having a significant amount of debt on your balance sheet, which can hinder your cash flow and overall financial health. We discuss the difference between good debt (strategic investments) and bad debt (unplanned or high-interest debt) and offers tons of advice on managing debt effectively!
The second red flag is not paying yourself a reasonable salary. The goal is for you to pay yourself at least 50% of your net revenue after accounting for revenue-generating expenses. This will get you into a healthy financial habit of paying yourself a salary and also ensures an income for you from your business.
The third red flag involves negative retained earnings on your balance sheet. This means that you’ve taken more money out of the business than it has generated over time, often due to debt repayment. We dive into different strategies for addressing negative retained earnings and improving overall financial stability.
Tune in to hear more about the 3 red finance flags you should recognize right away!
Connect with Danielle:
I help creative business owners sustainably scale their business so they can create a thriving career and work-life balance.
small biz coach
I have experience speaking at both live and virtual events, educating creative and wedding entrepreneurs how to step into their role as CEO. If you're looking for speakers for your next conference, workshop, event, or the next guest for your podcast, I'd love to see how we can collaborate!
your business bestie + mentor + coach + cheerleader for wedding professionals and creative entrepreneurs
Want to learn how to Convert more leads into buying clients?
Get the emails!