Do you struggle with money? Are you getting ready to overhaul your business? Do you know where the money is going to come from? Do you want to have money going in the bank AND delegate some of the work? Let’s hear what JoAnna Stange, The Cash Flow Coach has to say about this.

Kristen: JoAnna, so many Coaches are struggling to make ends meet yet they want to improve their businesses. What is one way to keep the “cash flow” going while growing?

JoAnna: Kristen, there are many ways to do that! I’ll mention a few. First, there is no need to be afraid to do another line of work. As coaches, we are passionate about what we do and want to do nothing else. Yet sometimes it takes a bit of time to get to that place financially. Coaches are very talented and resourceful people. There are numerous ways to put those talents to use to bring in extra money as a coaching business grows. Many successful coaches started this way.

Also, think about multiple streams of income. Coaching one-on-one is the model we all learned, yet there are several additional ways to make money related to coaching. Again, successful coaches rarely do just one-on-one. They have tapes, books, workshops, downloads and more.

Get your own coach. Past conditioning about money, business and self-employment can really sabotage one’s efforts. The conditioning and sabotage can be hard to spot alone, yet the lack of results is hard to ignore. When you are free of the conditioning and sabotage, and you have a solid plan, your business will grow almost effortlessly.

Kristen: I can so relate to what you just said about the sabotage. I agree that any business owner could use a Coach.

In order to take a business from one level to the next and incorporate multiple-streams etc… there is an investment. There are financial risks to take into consideration. Do I pay for my autoresponder or renew Audio Acrobat this month? Do you have a suggestion for weighing these things out?

JoAnna: First, look at what's needed now. If you're planning on teaching tele-classes one day, you may not need Audio Acrobat this month. Don't spend the money until you're ready to use it. By the time that day comes, you may decide you prefer teaching classes in-person, instead of by phone anyway.

Also, look at where you get the most "bang for your buck". Which investments have already started paying you back? Stick with those. And, if you must choose among them, keep the ones that are cheapest per lead.

Kristen: Okay, I’ve implemented a new marketing plan into my business, I’ve planned carefully and now I’m beginning to see the fruits of my labor. How can I continue to grow my business while growing my personal income? How do I know when to start paying myself more so that I can meet my personal financial goals? Or do I keep reinvesting in the business and reap the benefits down the road?

JoAnna: The answers really depend on your unique personal situation. There's no right answer for everyone. Some people need as much additional personal income as possible and others have all financial obligations met through another earner in the family.
Although we often hesitate to talk about the details of our finances with anyone else, this would be a great topic to work through with your coach. A good coach won't advise you, just ask questions to help you get clear about your needs and desires. Then when your income is quite substantial, you may want to seek the professional advice of a financial planner as well.

Kristen: Thank you JoAnna for sharing your thoughts on cash flow while overhauling a Coaching business. For those of you who are getting ready to overhaul your business and are looking for a Coach to walk with you through the process, JoAnna is available at http://www.bigmountaincoaching.com/default.asp. You may enjoy JoAnna’s e-book, Cash Flow Mountain. It's the semi-true autobiography about cash flow secrets of the mountain and the journey discovering them. These are lessons and secrets, in a fictional tale, that have provided JoAnna with abundance and joy. Now you can know them too. Buy the e-book!

Happy overhauling everyone!!

Take Care.

Your Virtual Helper,
-Kristen
Kristen@virtualhelper4u.com
Virtual Assistant to Coaches
Let's work together to create your vision.