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171. Non-Monthly Business Expenses You Need to Plan For

Updated: Mar 7

As a business owner, you know about the everyday monthly expenses it takes you to operate. But what about everything else? We’re talking preparing for the unexpected, budgeting for growing your business, making savings goals, on top of tackling yearly expenses and seasonal expenses. These are the 24 non-monthly expenses you should have in your business budget if you want to rise to the top!


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FULL TRANSCRIPT

Disclaimer: this transcript is autogenerated by otter.ai


Jessica McKinley Uyeno 0:00

spending should feel as good before, during and after you spent. And if you're making all of your decisions when you're being targeted in an Instagram ad, and didn't previously budget money for this course or training, oftentimes what ends up happening is you buy the course, then you feel shame because you couldn't afford the course. And then from that place of shame, you don't even show up to the course. You don't even open it. I see this so many times. And all of that can be avoided when we just simply budget and plan Welcome to sincerely future you a podcast that helps ambitious women like you make decisions today with the future you in mind. Are you feeling like there's always some unexpected expense coming up in your business? Or maybe you have dreams of opening a studio space or investing in a business mentor, but the payment of a couple of $1,000 always feels just too far away. Maybe you're even pretty organized with your budget already tracking your bills and excel or QuickBooks. But yet, there's always something that you hadn't planned to spend that keeps setting you back. First, I just want to say that supernormal even my more advanced business owner clients who have bookkeepers and accountants still feel plagued by this. And if this is you in any way, today's episode is for you. We're going to get super practical today. This is an episode where you're going to want to take notes or if you're lazy bones or showering or driving, no worries, no need to take notes while you're driving. Okay, safety first. Just check out my Instagram at Jess McKinley bueno. Because there I've broken this down into an infographic for you and you could just go and save it. Again that Instagram handle is at just je s s. McKinley MC k i n le y way no UYE en Oh, I know it's very confusing Japanese the whole thing. But today we're going to talk to you about the 24 non monthly expenses you should already have in your business budget. And if you don't, don't worry, we're gonna handle it today. Welcome back to the show or if you're new because I know there's a lot of new listeners I'm so jazzed are here. This is what you can expect. In today's episode, we're gonna shout out the listener of the month is it your review, we're gonna find out in about 10 seconds I'm on the edge of my wrist and my seat, then we're going to do your weekly hype. sesh give you some tough love truth bombs that will leave you with the energy of a four year old amped up on Pixy Stix, who's been jumping on a trampoline. And then we're going to talk to you about budget. And I'm going to give you the inside scoop on how you can join other bad asses. Or as my husband says badass bad asses, women in applying this work in real time on your business. So that come the end of 2023 you have your business decisions just made and you're already seeing the fruits of your labor in the form of more money, more time and more emotional calm as the CEO of your business. You're ready to leg up. Today's listener of the month is restoration. myofacial release. Imagine that's what it says on her birth certificate. Just assuming it's a sheet. She says I or hey, I guess I love this podcast, Jess is so fun to listen to. And she gives such great and valuable information in each episode. I love it when she does hype sessions. Oh, you're about to get a good one girl, and then goes on to deliver valuable and usable information all for free. Imagine what happens in her paid offers. Thanks so much for this invaluable podcast. Oh my goodness, you can only imagine what does happen in the paid offers. It is so good over there. But I'm really glad that up until you are ready to dive in, you know, I'm not going over anywhere. You can just binge this show and get some results right off the bat. Now, let's do that hype sesh you were just talking about this is the part of the show where we're going to push you a little bit where we ask the tough questions that may trigger some tough emotions, where we get real and raw. When I first was writing the notes for this. I wrote Raul accidentally when we get real unravel about the things that we need to change and the things that we need to bring into our awareness if we want to meet our future best self to do her justice. And yes, well this is tough love hype sash segment today we're actually going to be talking a little bit about self care. But I don't mean the self care that immediately relaxes and energizes you because that's not just what self care means. I'm talking about the long term self care that in the moment might trigger you to feel selfish, the things we need to start saying no to that might make you want to eat your hair you feel so uncomfortable. The things we need to handle the side a dress that make our stomach drop, just thinking about them right now, the purging the grieving the numbers we have to face the things we know we need to do, but for the life of us can't figure out how to get ourselves to do it. I was just coaching one of my clients in the masterful CEO school. And she's in a heavy moment. Emotionally, she's managing her business, as well as balancing her close personal relationships as we all are. But she's had a pattern of taking responsibility for them. Because of course, she's a darling, loving, nurturing, generous, kind, empathetic giver of a human. She's my favorite kind of human and you listening, you need to hear her story, because you too, are a darling, loving, nurturing, generous, kind, empathetic giver of a human. And you will still be that person. When you set boundaries, when you find a way to tell the truth to your loved ones, even if it may cause them to have to do some work on their end. Whether that be logistically or emotionally. Today, you're going to in one simple and small way, break a pattern of putting everyone else's dreams, goals and convenience, above your own self care, it's not just about taking the time to do things that fuel us and relax us. It's sometimes a giant, regular pain in the ass burden. So if you feel that way, know that you're not alone, and that we can do this together. And we're going to your business is going to impact hundreds, 1000s Millions, you're a big dreamer, and you seek a big life, you're in pursuit of a big business, you want to make a tsunami like impact in a good way, right, like not like wrecking towns and livelihoods. You know what I mean? That's why you're here, right. And if you don't want that, maybe you're listening to the wrong show. Because here insincerely future you we pursue a future big life in a big business. Now, don't misinterpret me, I'm not saying that in order to do this self care action that you're going to take today you have to go around making demands and telling other people that they have to get on board with your plan. I suggest that you do all of this from love, I'm telling you that you are the one that needs to officially get on board with your plan, you need to begin following through on exactly what you need to do and say in order to make those dreams come true. Knowing full well that when you do this, that when you advocate for the time that you need to write the copy for your launch, or pick up the fabrics for your collection, that the fruits of that labor will finally be the thing that gives you the true ability to lean into serve and celebrate the people that you love most people pleasing. And if you only heard one thing here, this people pleasing creates a small life and a small business. And you were made for more than that. So I want you to tell me right now, what is the one thing that you need to address? Is it your budget? Is it your staff is hiring someone? Is it telling your partner that what you need and what you're going to be doing is asking for help? Is it investing in yourself hiring someone to mentor actually tell me and we're gonna go to my Instagram, I mentioned it before at just Jess McKinley bueno. And DM me, let me hold you accountable. I love to do it. Right. This is my favorite part of running the show is getting to connect with you guys and know what your goals are so that I know what parts of the show, I need to dial up a notch and continue to talk about right. Let me guide you and hold space for the discomfort and the pain that I know comes with taking this step. Because the only rule that you have today is that you have to take immediate action today, I know you can do.


Okay, we're gonna be talking about it you guys the 24 non monthly expenses that you should have in your business budget if you want to grow. Okay, so number one category, I've kind of broken these down into five categories. The first category is the business growth, non monthly expenses from helping so many people create their budgets. I put four or five in each category that I've seen either in my own budget across everyone's budget, or examples of things that I know. I just want to jog your memory so it might be a part of your business budget, whether you have a product line or whether you have a service or a brick and mortar business. There are things in here that for sure will apply to you. So number one for business growth that non monthly expense is a budget for coaching. So whether or not you have a business coach, specifically within your industry, or you have a high performance coach, we kind of do a hybrid over here where we are 50% strategy 50%, keeping your mindset and your decisions clear and made. But coaching is something that a lot of people tell me, they just can't afford right now. And they're waiting for it to magically materialize the money in their budget, but they're not budgeting for it right now. So when someone comes to me, and they're like, interested in joining, and then they ultimately decide not to do it, and they're like, okay, but I really want to join next round, I say, Okay, no problem. Listen, I'm not going anywhere. I'm not in a rush for your goals. But what are you doing right now, in order to set yourself up to be in that room or to work with that mentor? And what one simple and easy way is to set yourself up for what will it take. So I know that pre enrollment is coming up in July. So for me, I have a payment plan. But like, let's say you wanted to enroll, if it doesn't sell out, you can enroll end of August, beginning of September for the September class. So that would mean that you would have from the time you're listening to this, but June to July, August, September three months to have at least $1,000 towards the payment plan. So that would mean that you would have to budget $333 This month, in order to be prepared for the first payment for next month. And maybe you'd want to budget a little bit more. So this is just set to get your wheels turning because this is how I prepare myself for future big expenses. So I started preparing now so that when it comes, I'm not shocked. And I'm not like a bummer. It's magically wasn't there. Number two for growth is events and networking. So I just went to an event last night locally, I just bought a ticket for a live event in Denver in September. And when those things pop up, I kind of have made decisions in advance, I'm going to save about 50 to $100 in my business budget a month towards the category of events and networking. And in the masterful CEO school, I do this with you where we break down and show you exactly and I train you on a budgeting tool that will help kind of do the math for you so that you don't have to be doing it diligently. But you can do the math within your own Excel spreadsheet or however you want to track right now. Number three is training and courses. So a lot of people too will tell me, oh, like I, I made this decision, I just bought this training course. But spending should feel as good before, during and after you've spent. And if you're making all of your decisions, when you're being targeted and an Instagram ad and you didn't previously budget money for this course or training, oftentimes what ends up happening is you buy the course, then you feel shame because you couldn't afford the course. And then from that place of shame, you don't even show up to the course, you didn't even open it. I see this so many times. And all of that can be avoided when we just simply budget and plan for applying ourselves in this growth way. It's a beautiful thing you should be consuming and growing and developing skills with training and courses, make sure it's in your budget number for freelance hires. So occasionally, I will hire someone, whether it's a branding photographer I've hired, I've hired someone to do video I've hired someone. I've never hired someone to do copy. But I know that a lot of my clients have hired copywriters, or website designers or social media managers, something like that. Even if it's not in your budget to be able to afford someone regularly or a big hire. Now if you know you want to do it, start putting it in your budget now start researching it right now. Figure out who you want to work with, speak with them figure out what their price is, and then budget it in. That's it. Number five is ads and marketing. So I personally do not teach in my any of my programs that you should be focusing on ads or paid ads or marketing until you're at about the multiple six figure range. I do have a handful of my clients who do ads and run it successfully but that's about where they're at, and that your budget for those ads and marketing should be coming from profit you shouldn't necessarily be going into debt in order to run the ads and marketing. So those are the five business growth non monthly expenses. Now let's talk about savings goals. So savings goals are slightly Different because this is a one time payment, it's a one time thing, it's not really an ongoing thing, it's something you know, you want to do that once you've spent it, the category can kind of be deleted. So one example of that might be a future studio space, let's say you want to put a down payment on a future studio space. But again, it just feels like such a vague dream. One way to make it more concrete is to start budgeting for it. A lot of magic happens when you start doing this process of putting money intentionally specifically towards something even if you're not spending it, your brain is getting on board with like, okay, she's serious, this is really happening. And then it starts to help you it starts to look and problem solves for ways to make that happen. Right? It'll start to be like, Okay, well, if we want this, and we, we contributed $150 This month, that means we need to have more next month to keep contributing towards this, right. Another example of that could be a retreat, I would like to go on a retreat with other moms, I really don't have too many people that are in the exact same phase of life as me. I have a handful, and I really love their support. But like, I'd love to just go and have an immersive experience on one of these retreats. I haven't done it because I value traveling with my family so much. And I do a lot of local social events. But I'm budgeting for it right now. And I know that you guys as well. When you budget for this, it's feels less of like a selfish that guilty thing that I was talking about in the beginning. It'll definitely help those of you who are struggle with people pleasing, you're like, Nope, I planned for this, this money was already there feels like guilt free spending. Number three might be a staff party. Let's say you have a team, and you want to throw a party to celebrate a milestone, I did that I have a budget in mind, actually not for staff party, because my staff is kind of all over the place. ones in DC ones in New Jersey, I'm in New York. And so I just send them these celebration boxes. When we hit milestones, I sent it out 100k. I sent it at 200k. And I budgeted for it. So it really did feel celebratory, it didn't feel celebratory. And also like, and now I have no money. Great. We celebrate it right? A flight, a specific flight. That's a very simple one. And sponsorship, I put that in general, I just recently sponsored an event. And that was something that felt very easy to spend on because I had budgeted for it. The third category is preparing for the unexpected. And boy does everybody need this one in their budget. Because while I hate the word emergency fund, don't use it. It's like telling you that there's something bad and evil coming. Listen, there's nothing you can't handle. But there are things that are going to pop up that are unexpected, that are unpredictable that we can't predict. But we can prepare for the unexpected. So here are some things that I see pop up every year, if not every quarter, if not every month, depending on your business that you're going to want to have in your budget, that's a non monthly unexpected expense. Number one is hidden fees. So I just always kind of am thinking in terms of like the simple numbers. But oftentimes when I go to make a purchase for something that I budgeted for, there's tax or something that I didn't expect. And if you're spending on like a large multiple 1000s of dollars, that tax might be an additional $142.75. Like, you don't know. And so I don't want to have to feel kind of like annoyed by that. I just have a hidden fees category that always has a couple $100 in it and it's just saved there. And listen, understand, if you are growing your business, you're really great. I'd love to have a couple $100 Just sitting somewhere like I used to think like that it'd be like most be nice for rich people, right? But I promise you the habit of budgeting creates buckets. It's like how if you've just put money in a savings account, and you're like, well, that money really like I don't touch. You can build the habit of doing that in small pockets with everything. And you'll be surprised how little you really do have to earn in order to create a healthy, diverse amount of things that you have budgeted for. Because you know what doesn't happen when you do this. If you have a high ticket offer, let's say or even if you you know one of my clients, I always use her as an example because she's got a really like low price on a scale of offers. product. It's like $12 She sells headbands, but she'll have a launch and so like all on one day or two days, she'll make a lot of money and during her launches, or any of you who have launches or who sell like a $5,000 service. All at once, you'll feel like this sense of calm wash over you like YOLO, I'm making money, we're doing it, I've got all the things and then your brain says, whoop, time to spend, let's go, we can do this. And we could do that. And now we can pay off my credit card. We can do like all these things. And it's like, if you're feeling triggered right now, don't you worry, you're not alone. This is the work I do with every single one of my clients in the masterful CEO school. And it's because we are not trained how to think neutrally about money, how to engage in all six areas, right? But this preparing for the unexpected category, can really help you get to that place where when you have a good chunk of money that comes in the goal and how we teach you how to do it is to sign a sign every dollar of that so that you're back at zero, so that even though your bank, your checking account, might say 7k, you actually know you have $0 remaining to spend on something random, because you've already assigned where it's going in your future. That doesn't mean it all has to be boring stuff, right? Like we're putting amazing things, you've got the retreat coming, right. But we talked about the other business growth, you've got some networking events, so that does pop up, feel spontaneous, but it's also planned. There's ways to hack it, right? So it's like they're you're building in spontaneity and unexpected. So number one was of the unexpected is that hidden fees, number two is potential refunds. Now for me, I offer a money back guarantee. So a potential refund for me is like $6,000. And so I like to have in reserves. $6,000, always preparing for if someone did ask for a refund, I'm prepared to be able to do that. Now, probably that's not the case exactly for your business is a pretty bold thing to put that type of guarantee on such a high ticket offer. But let's say your refunds would be something like a couple $100 or, you know, a partial refund of $500. We want to make sure that you have a budget for potential refunds so that you're not completely blindsided. And you can act in integrity with what you think is really the right decision. Rather than feeling like resentful of a client if maybe it is an appropriate situation to refund them. Sometimes things happen and is the right decision. Number three is rush shipping fees. So I have not expected some times where someone signs up last minute for something I let them in. And then it's like, okay, we gotta get them their workbook, we got to get them there everything. And so there's just extra fees associated with that. Number four unexpected price increases. So you may be working with a supplier or a freelancer or one of your employees and like they are saying they need more money or this is the new price or your your relationship is done and you have to find someone else. I want to be able to again, make those calm, masterful CEO decisions from the place of what's right for my business, not from can I afford it or not, right, because it just puts you in such a disempowering position. Number five unexpected expense is unexpected investment opportunity. So sometimes something will pop up, that really is the perfect opportunity for you. And this recently just happened to me, there was a speaking gig that is not paid. And I am mostly doing paid gigs. But this would be on a panel with a lot of really, like big people that I look up to in the personal development space. And it is further away, I would have to pay around travel. And I was like, You know what, I want to do this, and I have a category for unexpected investment opportunities. So you know what, if ever, there's a time, this is what we're doing? went for it. Okay, now the next category is annual fixed expenses. So listen, like I mentioned at the very beginning this episode, even the most meticulous budgeters have, you probably are thinking about just your bills, like you're thinking about paying, you may track in Excel or QuickBooks and you're you're paying your mortgage and you're paying your, your you know, Canva monthly subscription or whatever it is. But what about the annual ones, the ones that come out, they're a couple 100 bucks or maybe even $1,000 or something like that one time a year. We want to be budgeting for that monthly, so that if let's say it two of those hit in the same month, you're not like ooh, that like was a hard hit. I forgot that this is coming out. And that's $900 I wasn't planning for so now that you feel like you're strapped right now we want to plan for it now. So these are some examples of that would be a year yearly Canva I mentioned, right? That's the design website, yearly Microsoft Office, yearly payroll fee for some of you, your yearly CRM, basically it manages all of your clients, your yearly YNAB subscription, my clients all have that, that is our budgeting tool 10 out of 10 recommend. And so we want to make sure that we are planning for those. And actually in YNAB stands for you need a budget, in that, that software, which is kind of where I learned how to start planning for my non monthly expenses, it helps you it does the math for you. So it'll tell you, Okay, if in October, you have $120, monthly expense, and we're right now in June, you need to sell a certain amount. And then if you don't contribute that whole amount this month, it's okay, it'll auto adjust it next month, so that it'll tell you still if you've saved this month, and next month, and next month, this is how much you'd have to do. Now you can do all of this on your own, you don't have to have the software, I recommend it. Then finally, the other non monthly expense is seasonal expenses. So I broke it down by the seasons, these are the most common seasonal expenses. I see. Number one, spring is taxes. So obviously, that's a big one, we want to be saving for taxes monthly, even though you pay taxes in the spring, or if you are like me, I just paid my taxes yesterday because I pay quarterly taxes. Then number two in the summer, vendor fair fees. So I know a lot of you guys who have product businesses or even some service businesses, when you're just getting out there trying to get exposure, a lot of people pay fees to be at vendor fairs to get exposure. And this is a really great thing. But When summer comes up, they feel tight. And they're like worried should I should I not? And again, they're not making the decision based on what they want to create. They're making the decision based on the lowest quality question you can ask yourself, which is can I afford it had low quality question we want to ask, How can I make this opportunity happen that he's used out is to budget for it now? Okay, holiday bonuses, which is something that I plan for in the fall would be VIP client kickoff meals, let's say. So let's say you have all clients starting in the fall like I do in September, and you wanted to do like a little lunch date for all of them. And for the people that signed up in a certain way the VIP client kickoff, then this would be something that you would want to save for, it's only for the fall, and we could start saving for it now. So if you're thinking in advance, you're thinking about that future self, your future business, all of that you really are thinking in a masterful way when it comes to your budget when you can start saving for this now. Now, when you've done all of this and you add up all of your bills, it might feel like a little bit overwhelming, like oh my gosh, I have so much to save, or I have so much to work for. Don't worry, you don't have to do all of these things at once. You don't have to contribute to each of them at once. But you do want to be aware of how much you should be contributing so that as the money comes in, you know the math problem, you know the order of priorities of which ones you want to begin to save for obviously the ones that are the sooner or the highest priority ones, you want to begin to contribute to sooner, but eventually you will be able to contribute to every single one of the categories that I listed above. I know how do I know? Because I'm friends with future you. Okay, you're already doing it in the future. It's done.


All right. Now I listen. I could geek out all day talking to you guys about ways to master your money on the show. And really, I can't imagine ever stopping. I love hearing about the results you guys see just from applying what you've learned here. But the fact is consuming here without the context of your actual business only allows you just scratched the surface. So for those of you who are still reeling from that hype sesh before earlier, and you're like you know what, it's time to put my some skin in the game and ready to actually do the work. I've got two options for you. Number one, if you're a beginner business owner, I define this as anyone from the idea phase to an owner that hasn't quite yet figured out how to bring in consistent clients yet. No shame in that game. We're all there at some point. You're gonna want to meet us in the splash pad. This course just launched officially This week we will move and our founding members are watching the videos filling out their workbooks and challenging each other in a private Facebook community page to make back their money in the first 90 days. This is a one time purchase As of 999, that's $999 that gives you access to the community and the course for life. Basically, I'm committed to being with you, and troubleshooting with you until you've got the results that you came for. I priced this strategically as a lower offer, because I wanted to make it a no brainer. There is no way that if you do not come into this room and apply everything in there, that you will not get the results of beginning to consistently bring in revenue so that eventually you'll be able to come into the room number two, which is the masterful CEO school. This is my coaching program that if you've been listening to this show, you probably used to hear me say happening sessions. Yes, it is one of the same program, but it is now called the masterful CEO school. And if you're new, this is what it's all about. It only runs two times a year, and pre enrollment for the September class is coming up July 10. Through the 14th. This is the room for you. If you're eager to more deeply learn how to run your business. We meet weekly, sometimes two times a week to hone our time, money and CEO level motional mastery, you learn how to make decisions quickly you will learn how to schedule you learn how to master earning spending, saving, investing, having and giving most importantly, you were elevated by the other women business owners in the room. This is a high level room of women. And if you've got ambitious goals, we want you in it with us get on the waitlist by going to sincerely future you.com. Listen, your bills are just one part of your spending. Part of becoming a masterful CEO is using the math of your past, present and future to create a full picture that will give you the calm you need to make efficient business decisions. You've so got this and if you're ready to come and apply it. I'm here to to make sure you do have the most beautiful weekend. I'll see you next week. Hey hamsters, if you want to learn more about today's topic, head over to what's happening.com forward slash podcast. That's what's happening. Whats h a p p y and ing.com forward slash podcasts? If you're a business owner and you're resonating with what we talked about here, what are you even doing come hang out with me over where the party's at on Instagram at what's happening? WGS? Again that's happy. AJ p p y and ing and book a discovery call to see if coaching is your next best step.


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