#182 How to Make Your Business Financially Stable to Support Your Family
Welcome back to another episode of the Punch-Drunk Soul podcast!On today's episode I’m going to be discussing a listener's question that was sent to us about learning how to make your business financially stable to support your family. She asks "what are the steps I'm missing to make my business financially stable enough to support my family?”Tune in to learn the nine steps I advise my clients take when they are trying to make their business financially stable to support themselves and their families.These are the steps that I took to create predictability, reliability and stability in my income over the last few years so that when I do have kids, my income will be able to support our needs.I'm going to list the steps out below and go more into detail on this episode. This episode will be a mix of high level steps along with actionable insights for you to take away as you listen. So get out a notepad and get excited for mapping out your plan to take control of your finances and grow your business!
Prepare Financially: Keep your day job or establish a stable source of income to cover your basic expenses, even if it’s part-time.
Skills, Mindset and Confidence Building: Invest in building your skills, developing confidence in yourself and your business, and developing a resilient and growth-oriented mindset.
Market Research: Understand your target audience, their problems and their needs so you can clearly communicate and market to them effectively.
Offer Development and Niche Identification: Define your services and identify your niche if you are offering online coaching.
Financial Planning and Budgeting: Assess your financial situation and determine your family’s bare minimum budget. Discuss your financial goals and best AND worst case scenarios with your partner if you have one.
Long-Term Business Plan: Develop a 2-3 year business plan with income goals and a clear business model.
Short-Term Goal Setting: Break down the 2-3 year plan into 90-day actionable and realistic goals, taking into account your available time and resources.
Marketing and Networking: Network, provide value, borrow audiences and implement your marketing plan to attract clients. Without this step, all you have is a dream.
Systematize & Scale Rinse and repeat what’s working with your marketing until it becomes like a well oiled Machine and you know what to expect with the effort you put in. Then it becomes a system you can scale with team members.
So there you have it - these are the steps I would take if I were starting over and trying to make my business financially stable to support my family!REMEMBER: stability and predictability in your business income takes TIME. Plan for it and give it the patience it needs to grow. This is not a one year plan. This is a two to three year plan - so be prepared for that and get the support you need to stick with it and be accountable to your plan if you need it.Let us know what you thought of today’s episode! Was it helpful? Are you going to implement these steps? Let us know by tagging us on Instagram or posting a review!
LINKS, RESOURCES & WORKING TOGETHER:
Path to Freedom Coach Accelerator: Nail your niche, ideal client, create a high-ticket coaching offer, and enroll clients in just 8 weeks.Learn more:Scale with Soul the Mastermind: Take your coaching biz to the next level, refine your skills, and master aligned marketing strategies to consistently enroll clients.Build Your Own Proprietary Coaching or Consulting Method:PLEASE LEAVE A REVIEW:We would LOVE to hear your takeaways from today's episode. Please leave a Star Rating or a Review wherever you listen to podcasts!
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