Managing your finances is crucial to running and managing a successful freelance business, whether it's full time or a side hustle. But many of us struggle if bookkeeping is not our strength.
Today our guest is Ashley Cline, a digital marketing consultant and freelancing expert with more than 15 years experience in the digital marketing space. Join us as she shares effective tips, tools, and strategies that will help you manage and sustain your business finances long term, even if you experience cycles of feast and famine!
Podcast Outline:
[0:00] Introduction to Ashley Cline and the topic of managing your finances - Ashley tells her story and how she arrived at her current freelance role.
[6:27] The importance of freedom to Ashley - the different types of freedom she values and how they shifted to include time freedom and flexibility.
[9:16] How freelancers can become great managers of their finances - the importance of treating your freelance work as an actual business.
[12:37] The side hustle culture - how people don't often attribute their side hustle to an entrepreneurial pursuit. Craig explains how we need the mindset of an entrepreneur in order to manage our finances.
Common Mistakes That Freelancers Make with Their Finances
[14:47] #1 Not charging enough - how we need to charge for both time and expenses and have confidence.
[17:12] #2 Not keeping track of books or understanding what you can write off - how we might not remember things and could miss little things.
[19:20] #3 Not putting enough money away for taxes, opportunities, and expenses that come up - the importance of investing a little bit of money into growing your business.
How to Make Sure You Can Cover Your Expenses During Feast and Famine Cycles
[20:50] #1 Focus on networking - Ashley shares tips and examples of networking groups based on her experience.
[22:36] #2 Align with "channel partners" - Ashley explains what this concept is and how you can approach agencies that may refer clients to you.
[24:36] The importance of always marketing your business during good times - how consistent marketing ("digging the well before you're thirsty") can offset the months that are not as profitable.
[25:59] How to take care of lean months - Ashley explains how "what gets measured matters" and shares tips on healthy financial habits you can adopt.
[27:50] How saving and investing need to be balanced - Craig and Ashely share tips for being intentional and strategic with your finances every month.
[29:19] Ways freelancers can succeed with their finances - Ashley shares books that can help you address your mindset, get organized, and understand your finances.
[30:58] Tools and apps that can be used as practical help for your finances - Ashley recommends her favorite tools and apps for invoicing, time tracking, bookkeeping, and tracking your mileage.
[33:13] Craig recommends his favorite all-in-one financial management tool that offers FreeU students a discount - he describes HoneyBook's features and how it creates an automated workflow for client management.
[35:44] How to learn more about Ashley
[35:58] The value of nurturing relationships - Ashley shares a story that shows how relationships can help grow your business over time.
[36:52] How to develop your skills at Freelance University
Resources and tools discussed in this episode:
The Entrepreneur's Mindset course
Virtual Bookkeeping certification
Learn more about Ashley Cline:
Resources and tools:
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