Taking Control of Finances Through Budgeting and Forecasting

Shauna Rae launched a podcast called “Clearing a New Path” to connect with underserved audiences in rural Ontario and shine a light on race and justice issues.

The Challenge

Though she was proud of her early success, managing the finances of her business created so much anxiety that she would often avoid bookkeeping and basic accounting work. She wanted to better understand how she was spending money and learn systems to build accountability.

She also wanted to create advertising opportunities and a media kit to use with sponsors. Given that she reaches rural residents across Ontario, she needed a way to communicate the value of her community engagement without relying on scale to sign partnerships.

The Results

Shauna embraced her vulnerability around finances and became less fearful of tracking how she spent money. Learning how to budget helped her realize she was blending her personal and professional finances and overspending on expenses (like conference travel) that weren’t necessarily leading to revenue growth.

Shauna also developed a media kit that emphasized her penetration into over 500 rural communities. She increased sponsor outreach and is working to hire students of color in 2023 to bring more young voices into the podcast.

The Wins

• Created a budget
• Developed a media kit focusing on reach and engagement
• Launched a members-only newsletter
• Signed a $20,000 annual sponsor

“After tackling my finances,  I can sleep at night now.  And I  feel like I can be really fulfilled. I’m  putting in a lot of hours, you know, but I don’t get tired because I love what I’m doing.”

– Shauna Rae

Have a success story to share about the business side of your news business? Email the LION team at [email protected]!