The coaching business model is great and very lucrative, but it can be hard to scale that business model to create financial freedom if you don't have your finances in order.
Want to know the secret to building a financially successful coaching business? Proper bookkeeping, accounting and tax planning!
(Yes, we’re being serious.)
Now before you start assuming things and clicking over to a new site, we urge you (for your own benefit) to put your curiosity cap on and stick around.
Reality check – in today’s fast-moving world, many coaching businesses are struggling to earn enough money from their coaching business to survive.
Here are some of the things that we’ve heard coaching business owners say:
“I worry about paying my bills every week”
“I’m not sure how many more months the business can continue to operate for”
“I want to hire someone to help free up my time, but I’m not sure if I can afford it”
“I’m not paying myself a regular weekly wage”
“I’m not sure what portion of the money in my bank account is profit”
To illustrate this point further let’s review the risks and consider the potential impacts of not paying attention to your books.
Well, you could lose money, make errors, and starve yourself of the information you need to make smart decisions.
Worst case scenario?
Well, it’s either going to be…
a) a failed business
b) having to go back to a regular job
c) not making the massive impact you set out to make when you started.
Which would be more painful for you?
Any of this sound familiar?
If it does, then you’re certainly not alone.
We get it.
Maybe you’re still unclear if you should hire a bookkeeper or accountant over doing it yourself?
That’s ok.
As a coaching practice owner you're building your business to spend your days servicing your clients the best you can and delivering your service, creating content, and helping people better themselves. You don’t want to spend time worrying about exhausting tasks like managing your finances.
Whatever your current situation is, if you’re serious about improving the financial health of your coaching business, then bookkeeping cannot be ignored.
In this guide, we’ll go over everything coaches need to know about accounting to create a financially healthy coaching business.
