Managing Finances in Business as a Wellness Coach (SO YOU DON’T GO BROKE)
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Let's talk about money. If you aren't willing to look at your finances you are going to struggle financially. But don't worry in my new video I'm going to give you six money management tips that are going to help you manage your finances like a boss.
There was a time where I actually believed that I was bad with money because I'd been told that my entire life so ultimately that is what played out. I felt really uncomfortable looking at my bank statement, looking at my credit card, and the result was that I always went into overdraft or I overstepped my credit card and I ended up accumulating a small amount of debt. And honestly this whole money thing actually almost prevented me from starting a business because I knew that having a business meant that I needed to learn to manage my money. Luckily I started my business anyways and today I manage a multiple six figure company with multiple team members so I now have a very good relationship with money and I'm very good at managing it.
So just remember that making money is pointless if you don't know how to manage it. So it's really important that you at least adopt some basic money management tips like the ones we are going to get into today.
1) Separate your bank accounts
You don't want to be combining personal and business expenses because that gets confusing. You want to have a bank account for personal, a bank account for business, and you also want to have a credit card for personal and a credit card for business. It's really important to separate out your expenses so that you can track what you were actually spending in your business.
2) Hire a bookkeeper
A bookkeeper can do bookkeeping a million times faster than you can and it will relieve the anxiety and stress. This is probably one of the most important investments that you can make as a new business owner so do it now, hire a bookkeeper.
3) Analyze your cashflow
I look at the report that my bookkeeper gives me every single month and I really, really analyze where is my money coming from. I like to analyze my income streams, see which one is performing the best, and I also look at each and every one of my business expenses and I ask myself, "Am I using this platform? Is this helping me move my business forward? Is this necessary?" Because if it doesn't fit into that category I'd get rid of that expense.
4) Pay yourself first
I actually got this advice from the book Profit First. So you want to figure out what you need for personal expenses like your rent or mortgage, your insurance, cost of food, cost of gas, cost of your extras, maybe your gym pass or your yoga pass. You also want to put aside money for taxes and you also want to put aside money for investments. Because of course as entrepreneurs we don't have fucking pensions so we have to invest in our own future.
5) Invest in the basics
You don't need a ton of platforms or services to run a business. My first course was run off a PDF doc that literally linked to a YouTube video so 100% free. So always start with the basic don't get caught up or distracted by all these flashy, fancy platforms because really in the end you don't need much to run your business.
6) Money mindset
Your beliefs around money ultimately are going to confirm your reality. So if you don't believe you're worthy of money or you don't believe that people will afford the cost of your services then you are going to have a problem with cashflow. So guys, if you hear yourself saying any of the following you definitely have a money mindset issue. "I'm bad with money." "People can't afford the cost of my services." If any of these come up for you, you need to repair your relationship with money and my video, Scarcity Mentality will help you out.
Money does not equal happiness but it sure makes being happier a lot more easy. It gives you freedom, it gives you control, and it gives you ability for the fun stuff like travel and adventure. Money is not the root of all evils. And wanting money has nothing to do with the type of person you are. It does not make you a bad person. It means that you want freedom, comfort, and happiness.
Now go out there and make some fucking money and then tell me all about it!