I have my own business giving women a safe space to sort out the money side of their business so I understand what it’s like to set up a business, because I’ve been there too.
I have a blog, I’m into health and because I have clients who have financially successful blogs, I know the inside track on how to turn your blog into a business without a ton of stress (and that’s what health is all about, right?).
Just to be clear, when I say ‘turn your blog into a business’ and ‘start freelancing’ I mean the money side: paying yourself, expenses, not going broke, feeling confident about numbers, your legal structure, understanding what you need to know and self-care about your biz finances.
How To Set Up As A Business
Once you’ve decided whether you want to start as a sole trader or a limited company, it’s time to keep track of your blog income and expenses (costs).
You need a system for this so it becomes easy and routine.
It’s the same as you already do with your social media posting. The hard way is to rush around doing it all last minute. The easy way is to have a content planner and use as much routine and automation as you can so you can focus on interaction when needed and in a meaningful way. (And yes, often we do both, me included).
Ask what works for other health bloggers or work with your coach, accountant or a professional like me to create a system you love that is easy for you to keep up to date.
You need a bank account.
If you’ve decided on a limited company, you need a business bank account. If you’ve decided on sole trader, ideally you want a business bank account but many don’t to begin with. It’s also a good idea to have a separate business Paypal account.
If you want to offer freelance services, you’ll need to have an invoice. In fact, sending an invoice means you have a business as only businesses can use them.
A limited company invoice can be as simple as a sole trader invoice. You need to add some legally required extras such as your registered address, but they aren’t much different. No need to overthink this one.
Don’t forget your contact details and bank details!
Paying yourself is such a lovely phrase, isn’t it?
Money for nut butter.
How to pay yourself when you start freelancing is one of the biggest blocks to making the leap.
So let me help 🙂
Paying yourself as a sole trader
If you decide to be a sole trader, you take money when you want to. That’s it.
Paying yourself as a limited company
If you decide to have a limited company, you can’t take money when you want to.
You take money from your company by paying yourself a salary or dividends.
There are rules to both of these and you must stick to them.
None of this is a problem if a limited company is the right decision for you – it’s just different and you need to manage your personal money differently to what you may have been used to and you can get help with how to do that.
Turning your blog into a business can feel daunting when you realise how much you don’t know.
Take it one step at a time, like you did with your blogging. Celebrate every time you take a big step like registering your business, asking for help, or paying your first tax bill from your blogging earnings.
Like your physical and emotional health, your blog needs good financial health and part of that is paying attention to the back end like money and numbers, legal structures and tax returns. Then reward yourself with an extra spoon of your favourite artisan organic nut butter.
Note: Most of the info here is UK specific but the principles work worldwide so check with your local professional for the differences you need to know about.