Bookkeeping Tip - Seperate Personal and Skool money

🔥

Hey Everyone,

The thing cool about entrepreneurship is how a small hobby becomes a side hustle, and then becomes part-time job, and then becomes a full-time gig.

Before you know it, you're bringing in thousands of dollars from your little hobby...

So how do you deal with your revenue and expenses???

If you are starting out, one of my best pieces of advice is to open another bank account just for Skool.

-When you are just starting, transfer a chunk of money into this account for an initial investment

-Any money you make is deposited into this account.

-Any standard subscriptions are withdrawn from this account (Skool, canva, chatgpt, CRM)

-Any ads campaigns are spent from this account.

-If you are starting to make some money, PAY YOURSELF - actually transfer or write yourself a check to PAY YOURSELF a chunk of money, even if its only a $100.

-If the account is low, transfer/deposit another chunk of money into the account from your personal funds.

Keeping your business accounts separate will save you SO much time and energy down the road. WHEN you start growing and scaling, these initial habits will be essential.

Start thinking like a business early! Don't wait until you make money. Get the foundations in place will hold you more accountable to yourself.

What other bookkeeping tips do you have to share?

Let's start Doing Business Right!

DBR

7 comments