More: Your "fixed monthly burn" is the amount of money you have already committed to. In your household, these would be expenses like your rent or your mortgage, your utilities, gas and groceries. Some of these are fixed amounts - like rent or subscriptions. Some of these are variable - like gas and groceries. You know that you have to shell out for these expenses every month and the annual premiums you pay all added up. These are not necessarily all of your business expenses in your expense reports, but the expenses that you are committed to/subscribed to. What it is not: Your "fixed monthly burn" is the amount of money you have already committed to, so it's not one-time projects like rebranding, website builds, coach certifications and masterminds (unless you are currently enrolled and committed to payment plans).How to find it:
How to find this information depends largely on
your current system for tracking expenses. Do you have a bookkeeper? Refer to your report or ask your professional. Do you track your own expenses in Quickbooks, FreshBooks or YNAB? (Yes, you can use YNAB instead of a stuffy accounting software! I can show you how!) Run a report on fixed monthly expenses. Be sure to remove any expenses that are one-time expenses if you use a yearly report from last year's tax information. Don't track any expenses at all? You can export a .csv file to Excel/Google sheets from your bank/credit card accounts or run a report depending on your financial institution's tools. Again, be sure not to include one-time expenses in your "fixed monthly burn" number. If you still use your personal bank account and personal credit cards for business expenses, check
there, too. Include only the regular recurring business expenses. You can do that by filtering your export on these expenses. Or you can filter inside of the spreadsheet that you export to. If you need help with any of the things on this list, hit reply and let me know what you need. I'll help you.
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