Coach’s Corner: Small Business Secrets No One Tells You

There are pros and cons to any job, and being a small business owner is no different. I love what I do, but it’s hard work and takes a lot of time–especially if I want to grow my business.

Where are you in your journey in this coaching world?

No matter what stage you’re in, you might feel frustrated because of the amount of work you’re doing while feeling like there’s not enough return.

The Downsides of Business Ownership

Let’s take a look at how you can turn around what feels difficult in business into something that’s a whole lot easier.

Constant Promotion

If you’re going to own a business, you have to make yourself visible to your audience. And that means promotion and marketing.

It’s not always easy or fun, and it’s definitely a lot of work. It takes time and money to build a website, create blog posts, develop emails, post to social media, etc. But without that promotion, no one will know you’re in business…which means no one will know to buy from you.

What to do about it: Batching your promotional materials will help it to feel easier to create. Sit down and write out three or four blog posts all at once–there’s a month’s worth of content! You probably know what you want to promote next month, so write out a handful of social media posts in one sitting. Then get them scheduled out so you don’t have to think about them again!

Keeping Tabs on Taxes

As a business owner, no one is going to pay your unemployment taxes or FICA or federal withholdings for you. It’s up to you to save a portion of every sale and pay your estimated taxes every quarter. Otherwise, you’ll end up with a big tax bill each year–and no savings to pay it with.

What to do about it: Ask your accountant what your effective tax rate was last year, then set aside that amount from your revenue each month. Put this money into a separate savings account that you only tap into when it’s time to pay taxes.

Lack of Support

There’s something to be said about the corporate watercooler. It’s a place that employees can gather to chat, swap stories, and generally connect with others. When you’re self-employed, you don’t necessarily have that.

What to do about it: Instead of lamenting the lack of peers and support, find your own tribe! I like to get together with other Beachbody coaches who are also building teams and mastermind together. These other coaches are really my go-to business support system.

The Upside of Business Ownership

I also want to spotlight some of the best parts of being a business owner because I truly believe that it’s the best job in the world.

Flexible Schedule

Our family has an incredibly busy schedule, especially with our kids’ sports activities. I’ve designed my schedule around being there for my kids, no matter what they need. Even with the flexibility of my day, it’s still hard to get to all the practices and games but it’s much easier when I can work from my phone and set my own appointments.

Your Own Career Path

As a business owner, you get to decide how hard you work and what level of success you want to achieve. There’s no formula and no “right” answer. It’s up to you, which is the greatest feeling. Goodbye income ceiling!

Business Write-Offs

You need the internet to run your business, just like you need your phone, computer, car, and likely other tools that you’d have anyway. But as a business owner, your business can pay for a lot of these expenses. So not only do they not come out of your personal pocket, but you can also write them off and lower your tax burden.

I’ve been in the coaching business for almost 15 years and I wouldn’t change it for the world. That doesn’t mean it gets any easier, but with systems and support in place, you can do so much!