Life, Mastered with Molly Claire 182. What You Must Know About Finances in Your Coaching Business With Mark J. Kohler
As a coach, you know the work you do is so impactful. And yet, sometimes it can be overwhelming to tackle the financial side, making it difficult for us to take our business seriously. Coaches understand emotions and people–that’s where we feel comfortable and why we gravitate toward this work.
I’ve seen time and again with thousands of coaches that the business aspect can feel like a foreign language. If it doesn’t come naturally to you, you’re not alone! And you’re in the right place.
Yes, you are a coach. And you are a business owner as well. Understanding your business and giving it your attention is essential to your success as a coach. If you're constantly worried about your finances and your business is disorganized, that affects how you show up for your clients. Running a business can feel scary and you may even feel some resistance to the idea, but trust me when I say that more certainty in this area is much closer than you think. The first step is just to commit that you will get the clarity you need in this area.
The lack of business confidence is common for new coaches, but those who are further along are not exempt from this either. I've had my business for 10 years and I still have to clean up certain pieces now and then. It’s okay that it’s not perfect. Messy is okay too; as long as we continue to work on cleaning up and gaining clarity every step along the way.
In this blog and podcast episode, you’ll get direction in this area so you can be a better coach and a successful business owner.
Mark J. Kohler is a CPA, an attorney, a small business expert, a bestselling author, and a podcaster with millions of downloads. Mark makes it so easy to learn the things that he is talking about, and that's why I'm so excited to bring his business advice to more coaches who need it. Mark is experienced with bringing coaching into his business. He has hired life coaches for key people in his organization because he knows the significant impact of being more in tune with yourself. When business and coaching go hand-in-hand, the effect can be so powerful. Not only can your coaching help improve someone's business (even if you are not specifically a business coach) but your coaching will improve when you can get organized and fully accept your identity as a business owner.
In this episode, we're going to go through all the steps to make this happen for you in a way that doesn't feel overwhelming–it just starts with taking the first step forward. When you can give attention to your business, it will free you up to serve your clients and accept the opportunities that are going to make you a more effective, highly skilled coach.
How your business will make you a better coach
We’re going to focus on five steps that will help you take action in your business. When you take the right kind of action–not actions inspired by avoidance–you are going to build your confidence as a business owner.
Being both a business owner and a coach is such a powerful thing. Your reality is going to change when you can feel this empowerment instead of the overwhelm. If you have an underlying, nagging anxiety about your business, this is going to affect your ability to be present for your clients. I want you to feel like being a business owner is a superpower to help you be a better life coach. When you can make money doing what you love and are passionate about, then you can help more people and you can go into your coaching calls more confident and less stressed about the financial and logistical aspects.
It’s okay to feel overwhelmed–we all are sometimes. But I want you to know that the answers are there for you. You don't have to know everything right now, all you need to do is commit that you're going to figure this out. That’s why we’re taking this step by step. So let’s get into it.
- Step 1: Believe in yourself as a business owner
- Step 2: Separate your personal finances from your coaching business
- Step 3: Find the trifecta for your coaching business
- Step 4: Establish your coaching business entity
- Step 5: Run a successful coaching business!
You can read the full show notes here.
Remember the power you have in your coaching business
Now that you’ve opened this new door as a confident business owner, it is important to remember the power you have as you seek assistance.
When you are working with accountants and lawyers, it has to be a collaborative process where you can offer your input and get what you need. You shouldn't be made to feel stupid when you go to meet your accountant. That is not a relationship that is going to help you and your business. You have to feel empowered when you're working with them and have to have a sense that they have your back.
This is your future. Don't let people-pleasing or a sense of obligation or not knowing how to advocate for yourself. Do not let that get in the way of you taking care of your future self. You are in control of your business and your ability to be a more effective coach.
Decide to take ownership of your future
I hope that all of you are feeling more excited, empowered, and confident that you can do this. You do not have to know all of the answers and you certainly don't have to know them all at once. Just decide today that you will take better ownership of your business and your financial future. Continue to take whatever steps you need to learn and make it better.
Remember, there are people out there who can help you. Just acknowledging that you can run a successful business is going to empower you as a coach and help you work better with your clients.
About Mark J. Kohler
Mark J. Kohler isn’t just another CPA—he’s a wealth-building, tax-slashing, business-scaling expert who’s been helping American entrepreneurs succeed for over 30 years. As Senior Partner at KKOS Lawyers, Co-Founder of Directed IRA (ranked no. 391 on Inc. 5000), five-time bestselling author, Mark has been a trusted voice for small business owners nationwide. He’s been named Tax Advisor of the Year and been a guest for Fox, Bloomberg, The Wall Street Journal, Yahoo! Finance, NBC, Wharton School of Business, and the World Economic Forum in Davos. Mark’s Main Street Business podcast, Tax & Legal 360 events, social media platforms, and Main Street Professional Certification Program, help take the complexity out of taxes—enabling thousands to keep more money, grow faster, and build lasting wealth.
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