I've been coaching for ten years and in that time a lot has changed. Here are five suggestions I give to new clients that are also new starting their own business.
1. Hire a lawyer -
Make sure you consult with a lawyer prior to investing any labor or money into your business. You'll want to ensure you've got all bases covered for your business such as licenses, insurances, forms, etc. When you are proactive you won't have to spend time putting out fires while you are in the craft of your business.
2. Hire an accountant -
Trust me on this one, please hire someone to assist you financially with your business. If you were an accountant or bookkeeper in a previous career, then maybe it is not necessary for you. But for most all of my clients, and myself, having an accountant is a game changer. Yes, it can be a big business expense but you'll gain so much knowledge about your business from the start versus in retrospect. You'll learn how to set up your company (DBA, LLC or Corp), what systems work best for tracking your professional and personal income and expenses (Quickbooks, Intuit, Mint, Excel), what is tax deductible and how to invest in your retirement and business. Make sure your money is streamlined - so it can flow into your bank accounts with ease.
3. Hire help -
I know, this was something I used to think only "other" people had, or I could only have once I made or had a certain amount of money. While it is true that you want to be mindful that your income exceeds your expenses, you'll also want to run the numbers to see how your business could grow if you had someone assisting you with administrative tasks while you continued to build the business. As a coach, I support my clients in having balance - which means not working all the time and creating space for self-care and fun. Almost all of the successful femalepreneurs that I know have an assistant in some capacity - be it an intern, part-time, virtual or full-time assistant. The really successful entrepreneurs that I have met also hire consultants and specialists for their business - marketing strategy, digital strategy, social media, technology, book keeping, photographers, administrative.
If you've never hired an assistant, get clear on what type of person you want to work with, both their inner and external qualities, then post an ad on Craigs List or network with your other communities. Once I hired a team - social media, marketing, administrative - my work got more efficient, my life got more enjoyable and being a mother of two toddlers became easier.
4. Be rigorous with your schedule -
Working for yourself can be equally amazing and challenging. Often times I have clients who leave corporate America because they want flexibility but get sucked into the old habit of working nonstop, rabbit hole of social media, over indulgence of self-care, running errands and taking care of the home or time spent with friends when they really need to be focusing on the business. When you start your own business, you'll need to remember what works well for you and also what works well for your customers. What hours do you work best - morning, mid-day, afternoon, evening? What type of life do you want to lead? Make sure you get rigorous with your calendar and schedule time for self-care, friends, social media, creativity for new ideas and administrative tasks.
5. Hire a coach -
This is important. Do you have anyone that is helping you see your business clearly? I love to be the student and to learn more about my craft and service.
If you are a coach or healer, do you invest in the services you provide? If not, why would someone else. I have found it to be vital to hire others who do what I do, and who have what I want. It is similar to professionals who have licenses (doctors, nurses, therapist, lawyers, accountants) - they need to keep their licenses alive. Why would we as coaches, healers, creatives, entrepreneurs be any different?
I hope you find these tips to becoming a financially savvy femalepreneur useful. I'd love to hear your comments and favorite tips!