You're a Beachbody Coach? You Should Start Your Bookkeeping Now
Like it or not, the state of your business books may very well determine whether your business lives or dies. Fail to keep track of receipts, and you miss out on all kinds of business-tax deductions. Forget to invoice a client, you’ll lose money.
Keeping track of your business finances is a vital part of owning a successful business. In fact, nearly half of the business owners said that if they could give one piece of advice to new entrepreneurs, it would be to create a well-thought-out business and financial plan. Don't ignore your business finances.
Start right now. Find an accounting method that works for you, something, anything, and start keeping track of your money -- before it gets away from you.
Why you, my kicka** Beachbody coach friend?
Because you have that drive, the feeling, the desire to pursue the legit possibility of growing a business. You jump all in and go after it. I love that about you.
Let me just say...there’s no shame in setting up your coaching business without fully crossing all the “T”s or dotting all the “i”s. Of course that’s the goal, but we’re human. We get so excited about our new venture, making connections, and helping others. We start out with the best intentions, but it’s easy to get distracted, side tracked, or discouraged.
A lot of start up businesses in the online world put off dealing with the bookkeeping side of things until they make more money, or “really become a business”, or eventually hire an accountant. Even if you’re not making much in sales, recording those expenses is a really good idea. Having records of them means more tax deductions later on.
Setting up good habits now is great for when your business eventually is rolling in the dough (that’s the goal, right?!). You never know at what point things are going to take off and you’re scrambling to set up a system. Back tracking on re-creating a year’s worth of financial transactions is probably the biggest, most time-consuming and frustrating mistake I see businesses make.
How to stop that crazy train
If you reading through this post with one eye open, feeling a little flutter of dread in your stomach, it’s ok. If you have any doubts about whether you’re “doing it right”, now’s the time to make it a priority.
Sooner, rather than later.
Make a list of the things that you need clarity on, whether that be figuring out how income tax works or better understanding self-employment tax.
Make a list of the action tasks you know you still need to do, and be specific. That might be steps like recording 6 months worth of inventory purchases, or finally opening that separate bank account.
Just getting it down on paper makes it less overwhelming. Getting clear on what needs to be done is sometimes half the battle. Tackle these items in baby steps.
If you’re looking for guidance, I have several resources to help you learn more here. It doesn't have to be scary hard to do. You just need proper guidance to head in the right direction.
You got this!