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1
Total monthly cost of running your business
Enter monthly dollar amount for
each item in this column 		7,334.00<<< This is the total amount that you need
to earn, per month. It can be helpful to
run this calculation three times:
1. Bare bones, where you are either cutting
your expenses to bare minimum, or taking
money out of savings for extra expenses
2. Mid-range, where you are not taking
money out of savings, but you aren't putting
money into savings
3. Ideal, where you have a similar level of financial security to someone with a salaried job
2
Your net salary (all of your personal expenses:
rent/mortgage, food, car expenses, pet expenses,
entertainment, utilities, etc. Basically, how much you
want in your personal bank account each month. 		4,000
3
Estimated taxes, per month
This is probably 20-50% of what you earn,
depending on your country and tax bracket 		1,000
4
Contribution to retirement account, per month 500
5
Health insurance or other benefits, per month 650
6
Paid vacation account, per month
This is money that you put into your business savings,
to pay yourself when you take vacation
To calculate this, divide your salary into a weekly
amount, multiply that by your number of vacation
weeks, and divide that amount by 12
Example: at a salary of $5K per month, your weekly
salary is $1,250. If you want to take 4 weeks
of vacation, you need $5K per year to pay yourself
during those four weeks = $416 per month 		416
7
Professional development, per month (probably
easier to use a yearly amount and divide by 12)		250<<This equals $3,000 per year
8
Professional association dues (yearly total/12)25
9
Accounting services (yearly total/12)83
10
Subscription-based software/websites, per month200
11
Computer hardware and one-time software licenses
(yearly total/12)		<<This depends on whether you are
considering buying a new computer or
upgrading software
12
Office rent, per month
13
Work-related child care, per month
14
Summer camp fees (yearly total/12)
15
Website maintenance services, per month40
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Internet service, per month60
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Business phone, per month60
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Year-end bonus, per month50
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Printing
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Other
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Other
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