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Today I want to discuss a critical aspect that can make or break your online coaching business – Cash Flow. Cash flow can be the KILLER of your coaching business, especially in the scaling phases. I am so excited to talk with you about the three essential ideas that will help keep your business healthy. If you really want to manage cash flow in your faith-led coaching business then listen in because I am going to give you some things to look at and consider.
ANALYZE PAYMENT PLANS
It’s crucial to analyze your payment plans. Sometimes, you might need to make changes to your packages, especially if you’re running paid advertisements. If your payment plans are too small, you may not be bringing in enough revenue to sustain your business. Take a closer look at your pricing structure and ensure it aligns with the value you provide.
RE-INVEST STRATEGICALLY
Strategic reinvestment is key to business growth. However, it can also impact your cash flow. I personally find that reinvesting in paid advertising yields the best results. In fact, the meat and potatoes of bringing in my new clients come directly through facebook ads. Investing in advertising is HIGHLY important, even if you don’t see immediate returns. Though it may feel financially draining at times, the long-term benefits are worth it.You have to constantly re-invest in your business if you want to grow.
GET A BUSINESS CREDIT CARD
Getting a business credit card is the BEST tool for managing cash flow effectively. Every business owner should have one, regardless of whether their credit history is good or bad. However, it’s crucial to exercise wisdom and self-control when using credit. A business credit card offers flexibility and a longer lead time to handle failed payments. Being constantly worried about incoming funds and their timing can make it challenging to run a business smoothly.It’s important to exercise wise money management and resist the temptation to borrow without the intention of repaying- ONLY the wicked borrow and don’t pay back! Self-control is key in this aspect. By implementing these strategies and keeping a close eye on your cash flow, you’ll be on your way to building a thriving Holy-Spirit led coaching business.
EPISODE LINKS
Are you ready to radiantly build, launch and scale your high-ticket signature coaching program to $100k in the next 12 months? Check out my quick 20 minute training for building your group coaching business and how I built my own $100K program. Get the free training here!
Are you ready to radiantly build, launch and scale your high-ticket signature coaching program in the next 12 months? This is for the faith-filled coaches and course creators who are ready to step into God’s calling for their life, so make sure to apply so you don’t miss out! Apply now for The Selah Collective to go from $0 to $100K in the next 12 months!
Grab my newest guide, The Holy-Spirit Led Coaches Guide to Hitting Your First $100K in the Next 12 Months in Your Coaching Business! If you are struggling in your business, you haven’t launched yet, you aren’t sure where to start, or just stuck in the hamster wheel of posting on social media with no results, you need a roadmap! You need to know how to hit $100K in the next 12 months. I’m spilling all my secrets from building my own businesses, and providing you behind-the-scenes info about revenue, plus my proven 5-Phase Plan to help you get started!
Click here for info about my FREE Masterclass: Recession-Proof Online Business – Build Your Business Around You God-Given Calling! Learn how to shut down the fear and claim the faith while booking out and building your God-Given online coaching or course based business in the next 90 days! Just starting out or ready to scale? You don’t want to miss this free class!
Grab The Productivity Playbook! Designed to help you build your online business in only 20 minutes a day, now is a great time to get your year started off with the right habits! Businesses are built on habits – without good ones, your business will probably suffer. This is your go-to guide to help you sit down at your desk and know what you are working on each day. From daily tasks to content planning to organizing your team, this playbook will help walk you through where to focus and what to focus on. Click here to get your business organized for 2023!
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