2 Ways to Manage Your Money in Your Pet Sitting Busines

2 Ways to Manage Your Money in Your Pet Sitting Business

When I started getting good at business doing marketing and the money started coming in for my pet sitting business, it was a super stressful time because I had no money management in place.

I’m super excited to chat with you today about my two favorite ways to manage your money.

#1 Hire a professional.

An accountant can guide you by setting up budgets for your business that can help you write things off for your business, keep track of monthly numbers, tell you if you’re on point, and can do your tax returns at the end of the year.

It is hard to figure this out all by yourself. Being an entrepreneur is like a full-contact sport. You need to know so much, but this is not one of those things.

2 Ways to Manage Your Money in Your Pet Sitting Business

 

#2 Create simple money systems.

When you do this, your business will scale quicker. A simple money system I suggest doing is checking your income daily. What you track grows. It’s a universal law.

Another system you can do is do your weekly allocations. Each week you’re going to allocate a percentage to your operating expenses, your tax account or the governor’s money accounts, to your profit account, and your owner’s pay.

You already know how much money is coming in percentage-wise, what you’re allocating to each of those accounts. And then guess what?

At the end of the year when taxes are due, you’re not going to have the midnight sweats like I used to have. “Oh, am I going to be able to pay the taxman?”

Now I think it’s super fun. I love logging in. I love seeing it. I love that it’s all organized, I love that I have a great relationship with my accountant, who helps and guides me to create these systems in my business so that I can enjoy my life and all the money that I’m creating in my life.

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Tax Tips for Pet Sitters

Tax Tips for Pet Sitters

Plan ahead and never again get caught short at tax time

Taxes used to stress me out more than you can imagine. Every year I would be shaking in my boots as I anxiously awaited to hear what I owed. The problem was that I never planned ahead. Why didn’t I plan ahead? Because I didn’t know how. You don’t know what you don’t know. Now you will know. Pet Sitters that follow the simple method below will always be prepared for the tax man.

Tax Tips for Pet Sitters

#1. You need to stay on top of what your quarterly tax payments need to be and if you’re making more money than you anticipated, you need to be putting more money aside for taxes.

#2. Create a separate account for your taxes: I use Capital One 360 (previously ING.) It’s super- easy to create an automated savings or checking account.

 

#3. Name the account “The Government’s Money”: The money you deposit into this account is not yours. It is the government’s money. Labeling it like this will be a gentle reminder that the money is not yours to touch. Do not borrow from this account!

#4. Deposit 20%: Every single time you make a deposit into your business account, you transfer 20% of that deposit into your tax account.

I most definitely suggest that you consult with your accountant about tax planning, but if you follow these simple tax tips for pet sitters you will always be prepared for tax season. Hallelujah!

Today is tax day and I’m completely prepared. I never thought I would see the day. I’m a happy Pet Nanny!

Your Homework Assignment:
If you don’t already have one, open a tax account where you can easily transfer at least 20% of your business deposits into. Then name the account “The Government’s Money.” You’ll thank me later. 😉

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How To Track Your Pet Sitting Business Growth

“If you want to make more in your pet sitting business it is crucial that you track and record your income.” 

This was a concept I learned a few years back and I have found it to most certainly be true. In my experience what you track closely and consistently will continuously grow month to month in your pet sitting business. This is such a simple concept, but I promise you, if you implement this tip, I bet you will see the same result.

What you track closely and consistently will continuously grow month to month. Click To Tweet

There are things that you should be tracking each and every month in your pet sitting business, in order to bring more to you. If you’re unsure of what exactly you should be tracking, my advice to you is track everything you want to see GROW, starting with your income.

As the owner of your business it is important that at the end of each and every month you track and record certain numbers and stats and compare them to your past months and past years numbers.

This will give you an unbelievable sense of accomplishment. Sometimes, I’m astounded at the massive growth we experience in a certain month and it feels good to give my team and myself a well-deserved pat on the back.

Other times, I may notice a slump in sales in a certain area of my business, but this gives me notice to ramp up my marketing in that area.

Ok, so what is it you should be tracking each month? Here are 3 basic areas you can start tracking immediately to get the ball rolling.

#1. Total New Clients

Then break that number into categories.

  • New Mid Day Clients
  • New Pet Sitting Clients
  • New House Sitting Clients

#2. Total Monthly Revenue

Then break that number into categories.

  • Mid Day Walking Revenue
  • Pet Sitting Revenue
  • House Sitting Revenue

#3. Total Web Form Submissions

These are the forms that you should have on your website, that gives your visitors/prospects an easy way to contact you and take the next step.

  • Become a Client Submissions
  • Request a Quote Submissions
  • Lead Magnet/Opt-in Offer Submissions

How to Track Your Pet Sitting Business Growth

Here’s an image of my basic spreadsheet, which helps me track my pet sitting business growth.

pet sitting business

Your Homework Assignment: Create an Excel, Numbers or Google Worksheet, broken down into the categories I have listed for you and track these numbers every single month. If you don’t have web forms on your web site, get web forms on your web site. Finally, celebrate your growth!

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