Here’s why small business owners need financial coaching:

Small business owners and solopreneurs are doubly poised to benefit from financial fitness – or take a double whammy hit from its lack.

We self-employed folks are particularly vulnerable to the fallacy that a high income is all you need in order to be financially well off. Our desire to survive and succeed in business can often make us tunnel visioned about making money – it’s the only thing we see.

We figure that if our business makes money, it will take care of our personal finances. But that’s only kinda true. If you’ve been in my world for more than a minute, you know that making money is important but managing it well is even more critical.

This applies to both business finances and personal finances. A successful business doesn’t just bring in money, its expenses are intentional and disciplined. Otherwise, if you’re like most small business owners, you end up spending as much, if not more, in expenses than you bring in.

According to a U.S. Bank study, 82% of businesses that failed went under because of cash flow problems. Cash flow is not just about how much comes in but about how much goes out. So you can have a business with a high gross income and still fail because of excessive spending.

For the survival and health of your business, financial fitness is a must.

What if your business is profitable but your personal finances are unfit? Chances are you’re treading water. Estimates vary but generally 60-70% of people are living check-to-check. That means they’re not able to save or invest consistently and are likely to carry balances on credit cards. That’s not the freedom that we envision when we go into business for ourselves.

Focusing on making more money is a trap because we can never outearn our bad money habits. Financial fitness comes first, in both your business and personal finances, and then you can go and earn more.

How financial coaching for small business owners and solopreneurs works

If you’re now realizing that you need financial fitness ASAP, let me explain how financial coaching works with someone who owns a business. There’s good news here: financial fitness in business is achieved exactly as it is for personal finances; it’s the same principles and practices. You learn one system and apply it to both sets of books. We can start with your personal finances, your business finances, or both at the same time. I’ll teach you a set of easy-to-learn skills that you’ll string together to create a badass financial fitness routine.

Under no circumstances will I agree to help someone clean up their businesses finances who doesn’t want to touch their personal finances. That would be a waste of both of our time. What’s the point of having a successful business if you end up blowing the money mindlessly in your personal spending?

My goal is to help you thrive, rather than merely survive and to help you maximize your money for your happiness. Yes, I care about your business, but I care about you as a person more. I have no interest in creating more miserable millionaires – those who have tons of money, but a terrible relationship with money and who take it out on the rest of us. You know the kind I’m talking about. No bueno.

You can feel confident that the system will work for you because it’s been successfully used by business owners of all kinds. I’ve taught it to folks in a range of businesses and industries including network marketing, SaaS, insurance, education, therapy, real estate, and lending. Entity type also does not matter – these are the basic practices that every business owner needs to master.

So over the course of 20 weekly Zoom sessions, we’ll work on the practical aspects of managing your money while also transforming your money mindset. Until we get your thoughts, beliefs, and feelings about money to support the actions you need to take, it will be nearly impossible to turn those skills into the healthy financial habits you need to create. Your relationship with money is just as important to your knowledge of handling money and we’ll be equally focused on both aspects. True success is feeling good about money and trusting yourself to make good decisions with it.

Have questions or want to see if we’re a good fit? Schedule a call with me here.