I started my money coaching business when we were at the beginning of our debt free journey.
$154,000 of debt.
We had six figures of debt (not including our mortgage) and I still went all in.
It was terrifying.
It still is terrifying at times.
I don’t regret it at all.
I wanted to share some tips for starting your business while still reaching your personal money goals:
1. Until you have business income, add a line item to your budget for your business
I never wanted to add to our debt for my business so I made sure to add my business to our budget until I could use business income to pay for business expenses. This might be overwhelming at first but review your budget to see how you can make room. If you have to, add a sinking fund for your business so you can save for coaching programs or other things you need to get started.
2. If you are going to invest in your business, go all in
This doesn’t mean you have to work 24/7 (boundaries are important) but treat your business as a business even in the beginning. You are the CEO so act like a CEO. Make smart business investments. Set working hours. Set up an LLC. Open a business bank account. Create a business email and calendar. Do it the right way. Put the time and effort into your business. I want you to take this seriously and have the mindset as if you are a six-figure (or seven-figure) business even though you are not there yet.
3. Have a plan for your business income
90% of my business income right now gets reinvested into my business (coaching programs, outsourcing, business tools, etc.) but I was able to use business income for pet medical bills or some other cash flowed expenses. You can use your business income to reach your debt free date faster. Make sure you set aside money for taxes (consult with an accountant if necessary) but you can decide what to do with the rest of your business income. Your minimum income goal should cover your business expenses but set reach goals. Make sure you set monthly, quarterly, and annual income goals (this is something I cover in my private coaching and Money Coach Accelerator program).
4. Invest in your business even though it’s terrifying
Invest early and often.
I remember spending my first $997 on my business when I just had an idea. It was for a group coaching program and I talked myself out of it 18391038 times. Fast forward to less than 1 year later and I’ve spent over $20k this year alone on coaching programs. That doesn’t even include outsourcing tasks, paying for subscriptions, or other costs. I still get nervous when I spend money on my business but I know it is what will help me take this business to the next level.
I always see growth (monetary, skills, or mindset) when I invest in my business. You don’t need to invest in a ton of programs at once but recognize your zone of genius and outsource the rest. I realized I hate (or suck at) copywriting so I hired a copywriter for my sales pages. I also had no time to figure out Pinterest so I outsourced that.
Like I said before, make decisions as if you were the CEO of the company (because you are). Do what you are good at and what brings you joy and outsource what causes you stress or what you dread. Invest in group coaching or private coaching to hold you accountable and so you make progress faster.
5. Find community and support
Some people run their businesses with a TON of debt. They don’t care about adding to their massive amount of credit card debt. They might not be trying to focus on becoming debt free. Find people who believe in you and your business but also share similar goals. There are people who want to run a debt free business and reach their big personal money goals (hello, I am one of them so reach out!) Find others who are in your industry as well as people who are not that you can get advice from.
You are not alone and you do not have to (and should not) build this business by yourself. Entrepreneurship can be lonely at times so find a community early on.
6. You don’t have to quit your 9-5
So many people are shocked I run this business and work full-time. Do I plan to work at my 9-5 forever? Who knows but for now that is what works best for us (for many many reasons). If you love your 9-5 or want the stability, good for you! You can run a business with a 9-5. If you want to quit your 9-5, that is great too. Don’t let anyone tell you what you can and cannot do with your business. Remember, you are the CEO.
I was asked once why someone would want to hire a money coach who is paying off debt. My answer was, why WOULDN’T someone want to hire a coach who has:
- paid off $50k in less than 2 years while paying for a wedding, cash flowing school, saving for a house, and still going on trips
- built a successful business while working full-time and reaching all of my personal money goals
- figured out how to balance paying off debt, saving, spending, and feeling GOOD about money
- taught MANY women and couples how to create a financial plan and feel confident about their financial future.
Don’t let fear, doubt, and excuses stop you from sharing your knowledge, strategies, and tips.
Someone is waiting for YOU to share your method. Your strategies. Your expertise. Your experience.
You can run the business of your dreams while paying off debt.
If you are starting or growing your money coaching business, you need to apply for my Money Coach Accelerator program. This 5 month mastermind is only for women money coaches and applications are open now. Want private coaching instead? You can click here to apply.