Here in the USA April 15th was the deadline
for filing and paying income tax. It got me
thinking back to how I used to dread Tax Day
in my first few years of business.
For starters, I really didn’t understand all the
ins-and-outs of small business finance,
deductions and bookkeeping. And since I
didn’t have any support or good systems in
place, it was a total headache getting all of
the necessary data together.
Then, when I finally got my taxes done, I
could not believe how small my bottom line
was. It was a good thing I was living in a
rent-controlled apartment back then!
Even though I felt like a pretty successful
coach – I was coaching an average of 10 -15
clients at $350/month – I began to realize that
just coaching individual clients was not going
to give me the income or lifestyle I wanted.
Can you relate?
Here are the two strategies that made all the
difference and why I no longer dread Tax Day:
1. Invest in setting up your financial and
bookkeeping systems and then get outside
support to keep things up-to-date. Unless you
love “doing the books,” having a bookkeeper
and account are two of the best services you
can invest in, even if you are just starting out.
2. Grow your business beyond the 1-1 coaching
model. You can run workshops or trainings,
develop information products, coach groups, run
a membership site… there are a lot of options, so
choose the one that feels right, get committed and
start taking action to make it a reality.
Yes, these can be big projects… and I can tell
you they are both totally worth it.
Here’s to you not dreading Tax Day in 2011!
“Before getting the Coach & Grow R.I.C.H. system I was not even coaching anyone but after I met Michelle at workshop in San Diego I decided to buy it and try it out. The program has a lot of great material that helped me wrap my head around what I was doing and get clearer on my goals. I’m really looking forward to going through the course again and use the material more since I’m really trying to launch my business this year. Michelle’s program helped me to take the first big step – starting my coaching business! I already developed my first website and had the confidence to do it. Now I’m working on starting a group. After going through the program I gained confidence that I can actually do this simply by seeing that so many other people at different levels are currently doing it as well. In the past I was getting stuck at times because I always want to do everything perfectly but now I know that it was holding me back! This is definitely my year!”
“Michelle, I continue to benefit from the training I received from C&GR – my company made a six-figure profit last year, and is on target to multiply those results again this year!”
“I’ve just completed the C&GR program and have $55,000 of new committed coaching revenue. With Coach & Grow R.I.C.H., I’m convinced that this is only the beginning of more success. Now I need more coaches on my team thanks to Michelle and the C&GR business-building program.”