How coaches & consultants can massively maximise their income, without having to generate more leads or make more sales

How coaches & consultants can massively maximise their income, without having to generate more leads or make more sales using this blueprint.

Hey everyone, Kristin Jacobsen here, and today I’ve got a post you’re going to love… If you work as a coach or a consultant or even a network marketer, this article will show you how to make every single dollar you make work for you.

 

PS – Just before we get started, I’ve made a special calculator for you, so you can implement this literally as you go through this post.  You’ll save yourself a LOT of time and energy if you use the calculator which you can download below.

 

(Download it for free here)

 

Let’s get into it!

 

Coaches and Consultants Cash-flow Success Blueprint

 

Why YOU Need This Cash-flow Blueprint

I put together this all together for coaches and consultants because I work with a lot of them and what I find is that most of the time, they aren’t really making the most of the of their income… and there’s a couple of reasons for that.

 

So I’m going to show you an easier way for you to manage not only your personal income from your job or work (if your still part-time in your business) but also how you manage your coaching and consulting income so that you can have a simpler cash-flow system and make more out of the money that you’re already earning, rather than having to try and make more sales, generate more leads etc. (Please note though, I’m no saying you SHOULDN’T make more money, more so, I’m saying make the most of the money that you are currently earning and will earn in the futre.

Where it Begins

What normally happens is that there’s one account that has all the income and all the expenses coming in and out of… and that’s about it. So there is no real clarity on what income is coming in from your business and what money is being spent for personal and for business. In other words – there’s no system in place… and that’s not good!

 

So what you end up having is no idea of what revenues and what expenses are based on your business, which means you miss a lot of tax incentives that you can get for claiming tax deductions on your expenses for your business (ask your accountant)

 

FYI if you haven’t downloaded the calculator yet, click here to get it. It allows you to literally plug your exact numbers in to get the data you need to focus on. But let’s start with the actual activity that you need to do for your business in order to get the result that you want.

 

Tracking Your Money

So – most of us know that first of all you need to invite people to see your opportunity and from those invite/connect with, you’re going to get a certain percentage of people that you’re going to be able to present to.

 

Of those people you present your opportunity to, some are going to go directly into a sale/join up and some people you’re going to follow up with, and of those people that you follow up with any of the sales…. and of course, some are going to be a hard no =)

 

If you use the calculator you’ll be able to work out your critical numbers of activity.

 

Clarity is power and the first step, is to know what activity you need to be doing, right? So by knowing these numbers (and hitting them), you are able to progress towards the desired level of income that you want. Next is setting up your accounts and your cash-flow to make the most of the income you earn.

 

Setting Up Accounts

A lot of the coaches and consultants that I discuss their business finances with (i.e how much money to put away for tax, paying yourself a profit and what are you doing with that profit) it becomes apparent that most don’t have a plan or a system for that income. So here’s a quick and easy way to set up your accounts to better manage all of that.

 

My suggestion is setting up three separate accounts as illustrated below (Of course this is not an exact prescription for you, as there are a number of factors you need to consider – see said disclaimer below)

Network-Marketers-Cashflow-blueprint-3-accounts

 

  • Operating Account- Where all your income and operating expenses from your business comes from
  • Tax Account- Where you’re putting tax that will be payable for your business
  • Profit Account- Money set aside to reinvest into your business

 

Operating expenses come directly from the operating account. For things like coffee shouts, trainings, product purchases, advertising etc.

 

The Tax Account

The tax account could be directly with the tax office. For example using your integrated tax account or just a savings account if you want to put money into a separate account with the same bank. And you’re going to do that on a regular basis… This is where a lot of coaching and consulting business owners get tripped up.

 

Let’s say that you get paid monthly you’re going to put a set amount of money into that tax account. Obviously the reason to do this is so that you’re going to have enough money set aside so that you can actually pay your tax, meaning you’re not going to get a nasty surprise come tax time.

 

Leaving some money for profit allows you to comfortably reinvest back into your business or you can put that into your personal account for and treat yourself. But if you’re just getting started what you really should be going as reinvesting into your business so that you can get more growth and be able to further the income from that business.

 

Paying Yourself

You also have to pay yourself right?

As a general rule of thumb what we normally recommend paying yourself 40% of total revenue of your business, 40% for operating expenses, 15% away for tax (Again talk to your accountant around how much money you should be putting away towards tax) And 5% for profit.

 

So this 40% you’re paying yourself, this is going to go into what’s called your living expense account. Now, we’ve got a whole separate video on how this kind of cash-flow system works for your personal cash-flow.

 

Check it out here

 

So you can see that starting from here getting the invite, the invite is the number one critical number. The amount of people that you invite to take a look at your presentation, the amount of people that you follow up with equals the number of sales that you’re going to get, which means that you’re going to get a certain amount of income, which means that you can split that into your personal cash-flow, which means being one step closer to your ideal financial situation… See how that all relies on the invite/connecting with people? 😉

 

Click here to download a tool you can use to track your numbers on a daily basis

Summary

So there’s a really quick overview of the cash-flow success blueprint for Coaches and Consultants. What I recommend you do is watch the full video tutorial and download the calculator, so that you can put in your exact numbers based on what you think you will be able to convert and what you’re actually spending your money on and your budget and get your specific numbers.

 

We’ve been using this one for a while now with a number of clients and the results that they’re getting from this and just the easier, like the simpler management of this makes it so much better for them long-term. And you know, there is a couple of accounts opened but they’re opened for a very specific purpose.

 

This has definitely made life easier for our clients that are in the coaching and consulting game… and the results have been fantastic. If you have any questions please comment or shoot me a message. If you want to go into a lot more detail, then I suggest booking in for a Financial Road-map Session.

 

– Freddyjaco