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Mompreneur business finances: Create a small business budget using Excel

march 13, 2024

If you’re a female business owner who balances your role as a mother alongside being an entrepreneur - welcome! 

You’re part of the mompreneur club.

What are the perks of being a member, you ask?

For starters, you set your own schedule, spend more time with your kids, save money more freely and you get to enjoy a rewarding career that you built from the ground up.

Now, I’ll also mention the fine print: there is endless multitasking involved, late nights, constant distractions and a voice called “mom guilt” that might creep in when you choose to focus on your businesses while your little ones are at home.

Stay with me now!

Listen, I get it: being a mompreneur is like spinning a dozen plates while juggling flaming torches. The endless freedom I had when I started my business back in 2017 quickly shifted when I had my first son in 2021.

I remember one morning when I was packing multiple boxes of product that needed to be shipped out by the afternoon. The sound of ripping bubble wrap would make my baby cry, so I had to tear it so slowly, and so quietly that the task took me triple the amount of time it should have. This was one of many, many unexpected obstacles I came across as I ran my business alongside my little one.

You may have been here too - the part of life when you’re running your business on autopilot.

But in the whirlwind of mompreneur life, one aspect that should never be forgotten or overlooked is financial management. I’ll show you how to make financial management easier and more intuitive by starting with some of my favorite small business budget templates for Excel.

Keeping an eye on your finances

Amidst the chaos of mompreneur life, you absolutely have to keep a tight grip on your finances. Trust me, it's way easier to stay on top of things than to dive into the financial rabbit hole later on. We have enough going on in our already hectic lives, and neglecting your financial responsibilities will only add more stress and less profit in your pocket.

So, how can we mompreneurs manage our finances efficiently, given our unique challenges? 

Meet Excel: your organization BFF

The answer lies in a tool that is user-friendly, easily accessible, and highly reliable: Microsoft Excel. Excel has been a financial management staple for years, and its versatility makes it an ideal choice for mompreneurs. Whether you're using a computer or smartphone, you can access your Excel spreadsheets from anywhere.

Tip one: Use pre-made small business budget templates for Excel

As busy moms and business owners, we don't have time to geek out over spreadsheet formulas (although, I’m not going to lie, I find it fun sometimes). Excel's got our back with easy and ready-made small business budget templates. 

Let me show you two of my favorites:

Microsoft Create Timesheet

Tracking your hours as a mompreneur is like shining a spotlight on the hidden gems of your daily routine. Before I started tracking my hours, I was oblivious to the small pockets of time I was dedicating to my business amidst the hustle of motherhood.

Did you work for an hour before the baby woke up? Track it.

Did you package orders during your little one's nap time? Track it.

Did you spend the afternoon looking up content inspiration for your social channels? Track it.

Tracking your hours allows you to gain a crystal-clear understanding of where your time goes, enabling you to maximize your productivity. It helps you identify patterns, prioritize tasks, and make informed decisions about how to allocate your most valuable resource: time. Plus, it's a powerful motivator, as you witness your dedication and hard work adding up, boosting your confidence and driving your business forward. 

Don't hesitate – download the timesheet template above and start tracking your hours if you haven’t already. The benefits are truly endless!

Microsoft Create Sales Invoice

Does anyone else find invoicing a little stressful? I always did until I started to use the invoice template above.

The biggest tip I can give you when it comes to invoicing is to triple check everything. That’s why I love this template in particular because it’s easy to read and easy to edit.  It’s 100% customizable, so you can make it as simple or on-brand as you’d like.

Have I convinced you that templates are a win yet? View these templates as your temporary assistant - using something that is pre-made will allow you to spend less time wrestling with spreadsheets and more time rocking your mompreneur hustle.

Tip two: Categorize like a pro

A screenshot of a categorized spreadsheet

Sorting your cash flow into categories is a must. Excel makes this a piece of cake with its handy drop-down menu. By labeling your transactions, you can see where your money's going, identify what's making you bank, and make smart decisions for your biz.

Tip three: Create an excel calendar for sanity

Who knew Excel could double as a calendar?

You can create one that keeps tabs on bill due dates, subscription charges, and when those sweet payments are rolling in. Having it all neatly laid out in one place is a game-changer for your peace of mind.

And don't forget to schedule regular financial check-ins. Set aside time – be it weekly or monthly – to update your records, check your financial goals, and keep yourself on track. Seeing those goals right there in your spreadsheet can be incredibly motivating.

I’m all about efficiency - aren’t we all? So what I’ve done for the last two years is block a two-hour time slot into my morning on one of the first few days of a new month. I’ll run through my finances for the previous month, add in any expenses I forgot to update (we all have that box of piling receipts, right?), review my subscriptions and make sure I’m still using them, and wrap up any other financial admin duties like bill payments and outstanding invoices.

Doing this ensures I start out the new month with a clear vision on how my business performed the month prior and I can set goals for the next few weeks ahead.

Moms - if you haven’t yet, get a calendar like this together and in that calendar book off some time at the beginning of the month to review your finances. Trust me, you’ll start to look forward to this organization time!

Looking for a calendar template for Excel? These are two of my favorites:

You got this!

To all you mompreneurs, remember that taming your business finances isn't just a chore; it's your ticket to financial freedom and growth!

Excel is your sidekick in this adventure, and there's no shame in seeking help or advice when you need it.

In the end, being a mompreneur is a wild ride filled with ups and downs. By making financial management a priority and making the most of Excel's user-friendly features, you'll navigate this journey with confidence. Sort your income and expenses, keep a well-organized financial calendar, and check in on your financial goals regularly (once a month, at least) to stay on track.

Your journey is a testament to your strength, and there's no limit to what you can achieve in the world of business.

You've got this, Momma!

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