 coach welcome back to the channel if you haven't yet make sure you subscribe to stay up to date with all the latest content that we are currently putting out pretty much every single 24 hours or up to 48 hours we're putting out content to help you with your sports training coaching business okay so make sure you subscribe don't stay stuck with your business now if you want to get in contact with me personally then there's two ways to do that the first one is you can book a free 15 to 20 minute one-on-one call right if you go to the description of this video you will find my cabinet link there book a call with me click on the link you can book a free free 15 to 20 minute call now if you don't want to do that and you want to send me some business questions then you can do that as well send it to my email which is make money coaching sports at gmail.com I make a mission every single day to answer all the coaches who reach out to me so today I want to talk about the three biggest money mistakes coaches are currently making with their training business so I speak to coaches on a regular basis I also work with coaches with their business right I myself have a coaching business as well and these are a couple of mistakes that I made at the beginning as well and these are mistakes that I see coaches in this industry make every single day with their business as well okay so what I want you to do is get a pen and paper make sure you make some notes because I can guarantee you that this will help you all right and you will get value out of this video if you pay attention and you make notes and take into take in everything that I'm about to share with you okay so the first one is coaches are currently saving money they're not storing money to invest right now saving and storing are two different things in my in my opinion okay and I'm gonna explain the benefits and the advantages of and the disadvantages of both right so if you have a training business and you're simply your business is doing really well okay say you're making five to ten K per month right and you're saving that money okay obviously as a business owner you need to sell you save money because at the end of the day you need to pay your taxes so saving money is good but what I notice a lot of coaches are doing is they're just saving money for the purpose of saving money because they don't want to spend or invest into their business again now the problem with saving money and this is something that I spoke to a coach very recently but if you save money and you're not spending it ultimately that money is going to devalue in your account okay and that's gonna it's going to devalue due to inflation right so I'll give you an example say for example you have a 10k saved up in your in your bank account business bank account right you haven't touched it you haven't invested into your business it's just sitting there over time you know with inflation that prices are gonna go up and that 10k in a year's time will be worthless because you haven't invested that money right so that that 10k ultimately depending on which country which location you're at ultimately that that 10k will be worth either 8 or 7k in 12 months right and that's pretty much due to inflation because you're losing money by saving money now storing money is a little bit different right and what I like to do with my business and what I encourage coaches to do I encourage coaches to store money so that they're storing ready to invest okay so to picture it like this you're going to a grocery store right and you're you're buying food right and essentially you're storing that food for then later on you're going to eat it right you're gonna consume it so you got to see your business the same way right you're storing money to pay off your taxes to pay off your expenses and then what we're gonna do with that what that remaining money how can we invest it back into the business so that it creates recurring revenue for us right so recurring revenue might be you invest that into a mentor so that you can learn new skills you buy equipment right equipment such as well coaching equipment it could be balls it could be cons it could be goals right something that you're going to need in the future when your when your clientele essentially grows and you get more numbers okay maybe you want to invest it into a business vehicle so that you can get from one one location to the other and take your equipment with you that's essentially an investment if it's for business purposes okay or you might want to purchase a books and education right investing to courses learning how learning about sales learning about marketing okay so essentially all these all these things also you can invest into at paid ads right so this could be Facebook ads this could be YouTube ads right so all of this is is essentially be your say you're storing money to then further down the line invest it back into your business so that that investment can then pay you back right so there is a difference with a saving and storing essentially the coach that is saving for the purpose of just saving money so it's just sitting there ultimately is going to lose out because essentially that money is going to devalue over a period of time due to inflation and essentially that 10k you have now is going to be worth less in 12 months so essentially you've lost you know if you've got 10k sitting in your bank account you're not investing it back into your business or you're not doing anything with it in 12 months time that 10k could be worth 8k right and essentially just by having it in your bank account it's already lost 2k okay so what we want to do is we want to store money so that we can pay off our taxes pay off any expenses that we need to pay off that have to be paid and then how can we we invest that money stored back into the business so it so it generates extra revenue and income for the business right the second mistake I'm seeing with a lot of coaches is essentially what coaches are doing they're spending their money on non-business items right so essentially be items that aren't tax deductible okay so what I mean by tax deductible is essentially what there is is when you have a business and you do your taxes you can write off certain purchases that you make throughout the year that are for per for business use okay so for example as I mentioned if you do paid advertising right that's a business expense if you buy a company vehicle right and it's just used for company purposes then that's that's a business expense and any books any equipment right any mentors any coaching programs that you buy all of those things right essentially can be written off against your profits okay so essentially when it gets to when it gets to that time of the year when we do our taxes we're gonna pay less due to those expenses so something I'm seeing with a lot of coaches however is they aren't spending there or investing them their business money into items or into products into into services that can then be tax deductible right a lot of them a lot of coaches are splashing money on expensive meals okay they're splashing money on on cars on houses things that things that aren't business related and things that aren't going to help their business to grow okay I've seen coaches spend loads of money on new watches new jewelry and vacations expensive items right all of these things aren't business related and essentially if they aren't business related we can't write them off okay so what's gonna happen when it comes to paying your taxes you're gonna have less money to pay your taxes and your tax bill will get higher due to the fact that you're not you're not spending money and you're not reinvesting those profits into a business related services and products okay so one way coaches are using money incorrectly right is that they splashing their money out on items which have no business purpose and it isn't generating new revenue and new income into their business right now the third one is this essentially they spend money okay that the third mistake I'm seeing is what coaches are doing is they're spending money at the beginning on things that aren't really necessary right so what I see is a lot of startup coaches when they're first starting up their business they're spending a lot of money on websites they're spending a lot of money on creating a logo okay they're spending a lot of money on on things on branding and buying new training gear spending money on on expensive equipment right now all of those things go back to my second point which they are tax deductible in the long term but when we're starting up all we need to be focused on is sales right all we need to be focused on is how can we get in front of people who are but can buy our services and who are a good fit for our program so I remember when I first started my business the first thing I did is I learned sales I learned how to sell I learned how to market I learned how to promote myself and I didn't even have a website at that time all I was using was I created a business Facebook page and essentially I was driving all the traffic to that page okay because at the beginning all I needed to do is I needed to get in front of parents and families tell them what who I was tell them what I was doing and how I could help their child once they saw value in me once they saw that I provided something that they were looking for I was solving a problem then they started to invest money into my training okay and essentially my business and then once I started to create that that revenue that income then I spent money on a website I spent money on business cards then I spent money on on branding hey but at the beginning all it was was focus on sales hey how can I sell myself to parents how can I promote myself to parents and then I had a Facebook page which I was driving all the traffic to there okay but essentially what I wanted to do at the beginning I wanted to get in front of parents tell parents who I was what I was doing and essentially get myself known to my audience once I did that then the money started coming in and then I had to then become smart with how I spent that money okay but at the beginning what I see a lot of trainers do is they think it's necessary to have a cool website a cool logo right all these business cards all these leaflets these flyers essentially all that is money which at the beginning you shouldn't be spending all you should be doing is investing in the basics which is making sure your business set up correctly so finding an expert to set up your business right getting business insurance which is important because once you start working with with clients even even if it's free you need to have insurance okay and then the third thing is is sales by investing your investing in learning and education once you've got those free things in place which essentially don't cost a lot of money then you start to build confidence and then you start to get in front appearance they start to invest into you then we can think about the next step which is right now I need to buy better equipment now I need to maybe hire out a facility now I need to you know spend money on a better website now I need to spend money on a better logo right on my branding my marketing but at the beginning right we want to keep it simple and this is where I see a lot of coaches that they end up struggling because they throw a lot of money into things that aren't necessary at the start and then it hurts them in the short term when they're struggling to get clients okay because at the beginning it's hard right it's hard it's tedious you have to you know you have to sell sell sell sell and it can be uncomfortable as well okay so if you need more help with this again getting content with me I'm here to help so the two ways you can do that first get a book of free 15 to 20 minute call me visit the link in the description you can book a call there or second why you send me a question to my email at makemoneycoachingsports.com at gmail.com thank you for watching and I'll see you on the next one