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Know Your Numbers-Updated

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>> Hi, I'm Nina. In previous lectures, we've covered some pretty important numbers, like financial goals, budgeting and conversion rates for your marketing. In this lecture, we're going to talk about the other numbers you need to know for your business. The first number you want to know about is income. How much are you bringing in for your business? This is all the money you're making from book and product sales, speaking gigs, private coaching, group coaching, workshops, etcetera. It's important to document your income not only so you know how much you're making but also for tax purposes. The second number you want to know is business expenses. What are you purchasing for your business? This could be investing and support from a coach, help from a virtual assistant or web designer, or buying programs or services that will help you to run your business more efficiently. You'll need to save copies of all of your business receipts. We recommend starting a physical file and digital folder on your computer, and in your email for storing these receipts. We highly suggest working with a certified accountant to ensure that you are filing taxes for your business properly, and optimizing your tax returns with business write-offs. A common misconception for new business owners is that all of the income from your business becomes your salary. There are two schools of thought on this. The first is that you should pay yourself first, after taxes and before other business expenses. The second is that you should pay yourself what's left over after putting aside money for taxes and paying your expenditures. We suggest finding whatever works for you. Once you've cataloged your income and expenses, decide upon a reasonable salary for yourself that leaves a little wiggle room for extra investments or unprecedented expenditures in your business. Again, we cannot stress enough the importance of maintaining your full-time or part-time job until you grow your coaching practice to a sustainable level, as it may take some time to build up a significant enough income after business expenditures to maintain your lifestyle. The last thing you want as a coach is to be struggling financially and to need clients more than they need you. To recap, we talked about keeping track of your business income and expenses. We also talked about setting aside money for taxes and working with an accountant to help you file your taxes. Then we talked about determining a salary for yourself based on your income and expenses. Finally, we talked about maintaining a stable income while you build your health coaching practice. That's it for now. Bye.

Video Details

Duration: 2 minutes and 39 seconds
Country: United States
Language: English
License: Dotsub - Standard License
Genre: None
Views: 6
Posted by: integrativenutrition on Aug 19, 2019

Know Your Numbers-Updated

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