Getting Your Financial House in Order
In this episode, I discuss the importance of managing your finances well when running a subscription web design business. I cover three main points:
1. Budgeting - I recommend using the YNAB method and Profit First book as frameworks to help you create a budget and get your expenses under control. Without money coming in and proper financial management, your business will not survive.
2. Building a financial runway - If you currently have a full-time job, I recommend using it to build up recurring income from your subscription web design clients to transition to being full-time. This may take a few years of hustling on the side.
3. Foundation clients - The fastest way to build that financial runway is by landing higher-paying, longer-term retainer clients who need consistent work from you. I recommend focusing on either white-label relationships with other agencies or direct clients who need 2-5 hours of work per week.
I also share how I personally transitioned to working full-time in subscription web design and the financial hit I took when one of my first foundation clients scaled back. But with a diverse base of clients, the impact was manageable.
Overall, this episode urges subscription web designers to value themselves and charge fairly for their work while also getting a handle on the money side to build sustainable businesses.
1. Budgeting - I recommend using the YNAB method and Profit First book as frameworks to help you create a budget and get your expenses under control. Without money coming in and proper financial management, your business will not survive.
2. Building a financial runway - If you currently have a full-time job, I recommend using it to build up recurring income from your subscription web design clients to transition to being full-time. This may take a few years of hustling on the side.
3. Foundation clients - The fastest way to build that financial runway is by landing higher-paying, longer-term retainer clients who need consistent work from you. I recommend focusing on either white-label relationships with other agencies or direct clients who need 2-5 hours of work per week.
I also share how I personally transitioned to working full-time in subscription web design and the financial hit I took when one of my first foundation clients scaled back. But with a diverse base of clients, the impact was manageable.
Overall, this episode urges subscription web designers to value themselves and charge fairly for their work while also getting a handle on the money side to build sustainable businesses.
