Episode 20. Manage Business Finances and Grow Your Wealth with Money Coach, Erinn Bridgman
We’re so excited to welcome Erinn Bridgman, money management and mindset coach for female entrepreneurs, to this episode of Calligraphy Biz Corner! Erinn brings her expertise in business and personal finance to help you understand how to manage money effectively and start paying yourself consistently as a business owner. She’s passionate about helping calligraphers and creatives make their businesses work for them financially and achieve lasting stability!
In this episode, we discuss essential strategies for building a financially healthy creative business. Erinn dives into common money mistakes creative entrepreneurs make, the importance of separating personal and business finances, and how to craft a 12-month revenue plan that aligns with both business and personal goals. She shares her favorite tools and systems to make financial management easy and actionable, so you can reduce financial stress and focus on your art. Erinn also gives valuable insight into setting up regular paydays and shares exercises for building a money mindset that supports both business growth and personal well-being.
If you’re ready to elevate your financial game, make informed, confident money decisions for your creative business, transform your relationship with money, then this episode is for you! Grab your notebook, as Erinn financial wisdom and insights that will help every creative business owner achieve the financial freedom to thrive in your journey!
🔗 Links to resources mentioned in this episode:
Connect with Erinn on Instagram!
Learn more about working with Erinn
Listen to Erinn's Wealthy Woman Podcast
Download Erinn's free Salary Calculator Tool
Hey friend! We're Shaochen and Alane, full-time wedding calligraphers and business mentors who built our dream businesses from scratch. On the Calligraphy Biz Corner podcast, we spill the ink on how you can too! Together, we'll uncover the business that compliments the life YOU desire, and we'll leave the overwhelm and imposter syndrome behind. Whether you're a wedding calligrapher, a live event artist or a creative entrepreneur, there's something here for you! Join us for biweekly business chats, where we guide you through the maze of running a creative business, complete with real-life strategy and mindset magic.
Unlocking Financial Wisdom
In this engaging episode, Alane and Shaochen introduce you to Erinn Bridgman, a seasoned business coach who specializes in money management and mindset. Erinn shares her journey from scaling her wedding photography business to becoming a sought-after coach for creative entrepreneurs. By the end of their conversation, listeners are armed with practical strategies to effectively manage their business finances and align them with personal financial goals.
Common Financial Mistakes Creative Entrepreneurs Tend to Make
Erinn delves into the frequent financial pitfalls that many creative business owners face, such as the inconsistency in paying oneself and the absence of a comprehensive view of their financial health. She emphasizes the importance of establishing a balanced system where business earnings are consistently transferred to personal accounts, facilitating a steady personal income. Erinn discusses her "money matrix system," a framework designed to help business owners keep track of their finances and highlight the importance of understanding cash flow patterns.
The Importance of Paying Yourself a Salary
This section focuses on the critical practice of consistently paying yourself a salary from your business earnings, regardless of current financial status. Erinn outlines how this practice not only helps in sustaining personal expenses but also in building the habit necessary for future financial planning. She suggests that even a small, regular transfer of funds can set you on the path to success and make your financial goals more tangible.
Tips for Separating Business & Personal Finances
Erinn stresses the necessity of keeping business and personal finances separate to avoid potential chaos during tax season. The episode offers practical advice on setting up different accounts for business and personal expenses, reducing financial stress, and achieving better financial clarity. By disentangling finances, entrepreneurs can create more structured and maintainable systems that simplify financial management.
How to Use Business Finances to Support Personal Financial Goals
Erinn introduces the “five tenets of wealth creation” as a framework to strategically utilize business money for personal growth. These tenets include debt pay down, savings, investing, generosity, and lifestyle improvements. She encourages listeners to prioritize these aspects according to personal circumstances, which can help create a financial roadmap that's both practical and inspiring.
Making Decisions as Your Future Self
A captivating part of the episode is Erinn’s exploration of mindset and how acting like your future successful self can significantly impact present decisions. The hosts discuss the importance of stepping into the energy of your future self through small, manageable actions, which can help shift one's financial mindset from scarcity to abundance. This segment offers valuable exercises and mindset shifts that can aid in transforming financial habits and perspectives.
Planning for Business Cycles
To tackle the challenge of fluctuating income, Erinn advises business owners to create a 12-month revenue plan. By understanding the ebbs and flows of business income, entrepreneurs can plan their expenditures and investments more strategically. This forward-thinking approach enables calligraphers to harness opportunities rather than react to circumstances, thereby fostering a more stable financial future.
Connect with Erinn!
For those yearning for more guidance, Erinn Bridgman extends an invitation to connect with her on Instagram and explore her podcast, The Wealthy Woman Podcast. She also offers a handy salary calculator tool that provides a starting point for determining how much one can afford to pay themselves from their business income. Whether you're looking to redefine your money mindset or implement strategic financial management in your business, Erin’s wealth of resources can be an invaluable aid on your journey to financial empowerment.
This episode is brimming with actionable tips and wisdom that can transform how calligraphers and other creative entrepreneurs manage their business and personal finances. Tune in for a deep dive into aligning financial practices with personal goals and dreams, ensuring your passion not only fuels creativity but also financial prosperity.
