Because “I didn’t see that coming” shouldn’t be part of your financial plan.
Running your own business is exciting — but it can also come with surprises. The best way to stay calm and confident through the ups and downs? A realistic budget that includes the real costs of running your company.
Whether you’re a solopreneur, contractor, or growing small business owner, these are the often-forgotten items that can make or break your cash flow.
1. Taxes and Quarterly Payments
Even profitable businesses can get tripped up by taxes.
Set aside money each month for:
- Federal income tax
- Self-employment tax
- State and local taxes (like Washington’s B&O tax)
💡 Pro Tip: Transfer your estimated tax money into a separate “Tax Savings” account every month so it’s ready when you need it.
2. Professional Services
Once your LLC is formed, you’ll apply for a Washington State Business License. A strong business has a support team. Budget for:
- Your bookkeeper (hi 👋)
- CPA or tax preparer
- Attorney (for contracts and compliance)
- Annual Washington State LLC renewal fees
Professional help prevents costly mistakes and keeps your business legit.
3. Software and Subscriptions
Each year, you’ll file an Annual Report with the Secretary of State to confirm Small monthly charges can add up fast.
Include tools like:
- QuickBooks Online or your accounting system
- Canva, Zoom, website hosting, domain renewals
- Project management or client-tracking tools
🧾 Review annually to see what’s still serving you — and cancel what’s not.
4. Marketing and Networking
Your business doesn’t grow in a vacuum. Budget for:
- Branding, photography, and ads
- Business cards, flyers, or promotional items
- Networking events or memberships (Alignable, Chamber of Commerce, etc.)
These are investments, not just expenses — they expand your visibility and connections.
5. Insurance Coverage
The IRS treats most Washington LLCs as pass-through entities, meaning Protect what you’re building.
Depending on your business type, you may need:
- General liability insurance
- Professional liability (errors & omissions)
- Cyber liability coverage
- Health insurance if you’re self-employed
📋 Tip: Review your policies annually to ensure your coverage still matches your risk.
6. Continuing Education
Staying current keeps you competitive.
This can include:
- Business or bookkeeping courses
- Industry certifications
- Masterminds or personal-development programs (hello Access Consciousness, Gator, or Subto)
Learning isn’t an expense — it’s a growth strategy.
7. Emergency and Opportunity Fund
Things break, clients delay payments, or new opportunities pop up.
Keep a small reserve (even $1,000 to start) so you can handle challenges or jump on a great deal without panic.
8. Equipment Replacement
Your laptop, printer, or phone won’t last forever.
Plan for tech refreshes, vehicle maintenance, or workspace upgrades before they become urgent.
9. Taxes on Owner Draws
Remember — even money you “pay yourself” has a tax component.
Talk with your bookkeeper or CPA to plan quarterly tax estimates so your draws don’t come back to bite you in April.
10. Giving and Community Impact
It’s easy to skip this one, but generosity belongs in every budget.
Whether it’s donating to a local food bank, sponsoring a youth sports team, or gifting your services — giving creates good energy and community goodwill.
Your business budget is more than numbers — it’s your map for stability and growth.
Review it quarterly, add categories that fit your goals, and make it a living, breathing document.
If you need help getting your budget set up, please let me know.
If you’d like help reviewing your business expenses or setting up your QuickBooks Online categories, book a Money Clarity Session — and let’s make sure your money is working for you, not against you.
more2heather@gmail.com | (206) 227-6128