Hi! I'm Melissa Koehler! A certified coach, Enneagram trained, podcasting educator! Grab your favorite drink and stay awhile! Learn more about me right over here!
When I first became an entrepreneur the idea of getting a brand new business off the ground was incredibly overwhelming. How would I start? What did I need? Who could I go to for help? There were so many questions that I didn’t even know how to find the answers to. And let’s not even talk about the financial side of things. Or should we? It always seems like such a controversial topic, but one of the most important. So who cares? Let’s do it. Let’s talk money.
Not ready to talk money because you don’t even have a business idea? I have been there, done that, and failed a few times to know exactly what it takes to get the ball rolling. And you can learn all of my tips and tricks inside of my course, Idea to Action!
In this course, I help you unlock those deep desires within you and help you finally discover the work you were placed on this earth to do.
But, if you already have the hopes, dreams, and desires part taken care of, let’s look at some first steps you should be taking to ensure you have the money-making portion of your new business squared away.
Reach out to a friend already running a business, search the internet for information on your particular niche, check out similar businesses and study how they run their business, and discover if there is even a need for your line of work. If your business idea can’t solve a problem for someone, make some modifications to your business model until it does! To make money you must first have a product people want, like, or need. Be sure you’re selling something people will want to spend their money on!
Start working with a CPA immediately. I could tell you all of the things my CPA has me do for my business, but the reality is, every CPA has a different way of doing things. So the best way to ensure you are doing all of the right things is to hire a trusted CPA and follow their advice! Trust me, you don’t want to wait until the end of the year to get this legal aspect of running a business in place. Hire a CPA right from the start and you’ll be set!
Be vigilant. Don’t feel pressured to spend money you don’t have or can’t make back. Don’t go into financial debt over a feeling, be sure the numbers justify the return. And don’t feel pressured to spend the same amount you see other entrepreneurs spending. Everyone’s business and financial structure is different and you need to make sure you’re making smart decisions about the money you are spending. This is where a financial adviser comes in handy!
Get creative with running your business. Throwing money at something isn’t always the answer. Find ways to think outside of the box by swapping services with someone or collaborating with them instead of going straight to spending money.
Once your business starts to generate income it is going to be very tempting to spend all of the money or invest it all back into your business. But make sure you start a savings account for your business and you’re saving money back for incidentals or emergencies that may arise. You don’t want to go into personal debt to run a business. Again, this is also why hiring a financial adviser is a crucial first step in running a business. They can help you make smart decisions regarding your finances to ensure your ability to run a profitable business year after year!
While making money and taking care of your finances is a crucial part of running a successful business, I urge you not just to stop there. Be sure to continue your education throughout your entrepreneurial journey and never stop learning new ways to grow and expand!
If you are looking for the perfect resource to help you build a thriving business, you need to check out my Idea to Income course!
This course is designed to help you turn your passion into profit even if you’re short on time. With just 20 minutes a day, you have more than enough time to work through this process that will set your dreams in motion and your business on a firm foundation.
Never stop learning, never stop taking new chances, and never stop loving the work you do. That’s the whole reason you do it, right? For the love of it all? It’s not just about the money (although that’s super important too – so don’t skip these steps)!
And if you’re looking for a more individualized approach to running your business, let’s talk money and all things business with my one-on-one coaching!
I would love to sit down with you to take an in-depth look at your business model and help you make a plan tailored specifically to your needs.
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More small biz #realtalk, head-shaking mom moments, pinktastic photography, and excessive wanderlust right this way...
More small biz #realtalk, head-shaking mom moments,
pinktastic photography, and excessive wanderlust right this way...
Exclusive content designed to grow your business delivered right to your inbox twice a month! Don't miss out on the totally free and totally worth it bonus content!