The Best Free Business Budget Templates
Whether you’re a solopreneur or running a massive corporation, you need a business budget to understand where your money is coming from and going. A business budget template can help keep the numbers organized, making it easy for you to track revenue, plan for expenses, and save for future growth.
You don’t have to be an accountant to organize your business budget. There are thousands of business budget templates out there to make the process easy. Once you understand what a business budget is and how it can work for you, you can use one of the following free templates to start organizing your finances.
The business budget follows a set template, which you can fill in with estimated revenues, plus any recurring or expected business expenses.
For example, if you run a digital marketing business, you might know that you typically make about $10,000 for your work creating campaigns, plus an extra $5,000 for your digital courses. You’d list the estimated revenue from all of your business’ revenue streams as incoming money for the business.
Then, you have your recurring expenses, which you would list as outgoing money. This could include employee salaries, office expenses, and software and technology costs.
How to Create a Business Budget
Creating a business budget is a straightforward process, but it can be more complex for larger companies. Here are the basic steps to creating a business budget.
1. Find a Template or Make a Spreadsheet
There are many free or paid budget templates online these days, so you can either use one of those to start, or make a simple spreadsheet with custom rows and columns based on your business. We list a few helpful templates below.
2. Fill in Revenues
Once you have your template, you’ll start by listing all the sources of your business’ income. With a budget, you’re planning for the future, so you’ll need to estimate this based on previous months’ or years’ revenues. For a new small business budget, you’ll rely on your market research to estimate the first revenues for your company.
3. Subtract Fixed Costs for the Time Period
Fixed costs are the recurring costs you have during each month, quarter, or year. Examples include insurance, rent for office space, website hosting, and internet.
4. Consider Variable Costs
Variable costs will change from time to time. Examples include utility bills, advertising costs, office supplies, and new software or technology. While you may always need to pay some variable costs, like utility bills, you can also shift how much you spend toward things like advertising expenses when you have lower-than-average estimated income.
5. Business Budget Planning
Unexpected expenses might come up, or you might want to save to expand your business. Either way, you need to review your budget after including all expenses, fixed costs, and variable costs to find out how much money you can save. It’s wise to create multiple savings accounts for emergencies and for money meant to go back into …read more
Source:: HubSpot Blog
