What it REALLY costs to start and run a consulting or coaching business with Jen Hamilton (Ep14)
In this episode, Jen and I help you get clear on the finances involved with starting and running a profitable consulting and coaching business so that you make the most of both your money and time.
If you're anything like me, money questions are a constant companion at each stage of the entrepreneurial journey. So raise your hand if angst around how quickly you can replace your salary with business revenue or how to balance investing in your business vs. paying your bills keeps you up at night.
Yep. I've been there.
Here's the thing – ditching the 9-5 for running your own business isn't just a transformation of your career. It's a transformation of your relationship to money. That's why knowing what to invest in can be confusing.
This is why I have my colleague and CPA Jen Hamilton joining me on the show today. During this episode, we dive into how to best align your financial investments with both the immediate and long-term goals you have for your business.
In this episode, you'll get information to help you understand:
- How to invest in the right mentor to guide you to the next level
- How to stop losing your WHY and motivation by waisting money on DIY tactical work
- How to invest in yourself and your business build so you can skip over referrals that eventually dry up
- Costs around building a consulting or coaching business
- How to save yourself from yourself by investing in the wrong tactics for your business
Where To Dive In:
[1:10] What did Jen do before she worked with Betsy and how has it refined the work she does today?
[3:30] Hear why Jen found it hard to apply her knowledge to her own business and the limitations of a DIY approach.
[9:44] Betsy shares what her DIY approach was like and how she invested in the wrong steps. What happens when everything that had worked stops working?
[16:22] What is the right support? Does it change? Jen shares what a good investment in support looks like.
[22:03] Jen created a guide to help coaches and consultants through the costs of starting a business and ongoing expenses. Tune in to hear what it covers. Download it here.
[26:26] What is specialized support from a one-on-one standpoint that consulting and coaches should invest in when launching a business?
[31:44] What are the key categories for ongoing business costs?
[36:09] Why do consultants and coaches think they don't need to invest in their business? Jen figured out the costs of investing in a hot dog cart versus starting your consulting or coaching business. Can you guess which one takes more money?
[40:28] Hear Jen's response to someone asking, "Why should I spend money before I make money?"
Next Steps:
- Decide if you want a business or want to do some consulting or coaching on the side. Make sure your investment matches the time you hope to get out of it.
- Get the RIGHT advice from the RIGHT mentor. Align yourself with someone who has been where you're going.
- Invest in your business build right the first time.
About my Guest: Jen Hamilton helps coaches and consultants build a business foundation that generate ongoing revenue. Through her background as a certified public accountant with Price Waterhouse Coopers and as a small business advisor, she helps clients connect the dots between their business goals and their financial investments. You can find out more about Jen’s extensive background at https://www.linkedin.com/in/jenniferdawnhamilton/
About me: The Enough Already podcast is hosted by Betsy Jordyn. My marketing agency and mentoring firm helps consulting and coaching business owners clarify their brand messaging and positioning, create a website presence that position them as sought-after experts, land clients with ease and integrity and take their place as thought leaders and influencers in their niche. Our mission is to help consultants and coaches monetize their best-at strengths and authentic passions to make a bigger difference in the world. Check out our marketing agency services, mentoring programs and courses at https://www.betsyjordyn.com
Links:
Want help creating your own budget for starting and operating your business? Download my free spreadsheet that gives you recommended tools and estimated costs: https://www.betsyjordyn.com/budget
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