Everybody talks about revenue, right? But what no one really talks about is profit.
I've invited on my bookkeeper, Emily Sandberg. In addition to being a bookkeeper, she's a Certified Life Coach through the Life Coach School. She has completely transformed how I look at the numbers in my business, and we’ve never been more financially healthy.
Emily is a money coach specializing in cashflow and forecasting for online coaches and course creators. While most accounting looks to the past for guidance, Emily works with her clients to know the future of money in their business, so they can make strategic decisions with their cash. Her work has helped dozens of clients go from running a money-hungry business to a predictably profitable enterprise, by simply following her profit-centered framework. When she’s not running scenarios for her clients’ Facebook Ad Spends, she can be found playing pickleball or hiking in the gorgeous red rocks of southern Utah with her family.
I asked Emily to share with us how she looks at online businesses from a financial perspective. We talk about how to plan for profit in your business, how much you should keep in your business account, money mindset, a new way to think about how you price your offers, and at what point you should consider bringing on a bookkeeper.
We’re challenging beliefs around what it means to have a seven-figure business as opposed to, a few-hundred-thousand-dollar business. Emily also shares an example of one of her clients who was doing $1.2 million in business, yet they were losing $20,000 a month.
On Today’s Show You’ll Learn:
- The financial mistakes that a lot of online course creators and coaches make
- Why you should hire a bookkeeper before you think you need it
- What you can be doing to stay on-track if you don’t have a bookkeeper yet
- How to build profitability into your business
- How to create new programs from a cost and profitability perspective
- Why you should use forecasting to make better decisions for your business
- How much money you should keep in your business account
- Where the mind can get into trouble when we start thinking about numbers
We always see what's going on above the water. Just the tip of the iceberg. When you look at someone else’s business and start to compare yourself to them, remember that you’re not seeing what’s going on under the water, and sometimes it's messy. In order to find success, you need to focus on what’s going on under the water in your own business.
When most online course creators try to figure out what makes other course creators successful, they usually start by asking, “what are they doing?”
Does that sound like you?
What you don't realize is that you're asking the wrong question. The better question to ask is “what am I doing that they're not doing?”
And it's often hard to answer that question for yourself because you're too close to your own business.
Feeling like you're spinning your wheels and staying stuck is one of the most frustrating places to be in your online business, especially when you see other course creators who are getting the success that you're working so hard to achieve.
Remember that you do not have to do this alone. There is a brand new community of like minded online course creators waiting for you inside the Optimized CEO Community Facebook group. This is my brand new group and I would love for you to join us! Head to www.rickmulready.com/group and I’ll see you inside!
Links & Resources Mentioned in this Episode:
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