When One Door Closes…
When Robyn's 10-year corporate career ended in a devastating layoff, she took a huge turn professionally and became a family therapist. She threw herself into the helping profession, and after earning a Master's degree in therapy in 2014, Robyn embarked on a new endeavor-- life coach training. After several years of life coaching, and writing two mildly-successful books, she felt she had found her "calling" by helping professional women reach their business aspirations.
Welcome to Entrepreneurship
Since starting her business three years ago, Robyn has seen growth but not consistently. Now she wants to take her business to the next level by offering niche online and in-person workshops. Robyn knows if she wants to run her business successfully, she needs to have a robust, transformative program to sell, as well as a firm grasp of the key financial, business, accounting, marketing, business development, and other actions that are required for her business to thrive.
Good Ideas need Realistic Goals
Many women like Robyn have a great business niche but haven’t had the financial preparation to manage and grow their money. They persistently undercharge, and sadly, they don't realize what all is required regarding investing in their growth so that their business will continue to thrive and sustain itself over time.
Finally, they have to avoid the pitfall that so many small business owners fall prey to – the disastrous notion that offering a technical service (like coaching) is the same as running any other business that provides a service.
They're different and require different skills and focus.
Four Steps to Consider when Starting a Workshop Business:
Who attends workshops? All types of people with various backgrounds who hope to gain insight into a particular subject.
Businesses are large customers on the seminar/ workshop scene. Corporations often decide to outsource training and motivational seminars to lower overhead costs.
One of the caveats of being in business for yourself is that you need startup funds. For a workshop business, these costs can range from $500 on the low-end to $25,000 and up on the high-end. You will need to have money saved up.
Income & Billing
What can you expect to make as a workshop professional? The amount's up to you, depending on how serious you are and how hard you work. Your business can be very lucrative depending upon how good you are on the platform to entertain, motivate, inspire and market yourself to the right clients.
No matter how exciting, informative, life-affirming or business-rescuing your workshops are, no one will know about them unless you advertise. As a seminar professional, plenty of your resources will go into designing and implementing advertising campaigns to boost your sales.
Something to Consider
Are you serious about starting or growing a workshop/seminar business? Do want to understand your numbers and be able to answer questions like:
What financial processes do I need to put in place to get organized in order to manage my own bookkeeping? Am I using my accounting software correctly?
Are my chart of accounts categorized correctly?
Do my financial statements make sense?
How much profit have I made this year?
What are my financial trends?
Closing Your Books LLC understands that owning and operating a business is hard work. Our coaching service is here to provide you with accountability and support to keep you on target towards achieving the goals you have set for your business. Click here to schedule a free consultation.
Lozelle Mathai, MBA, CFEI is an accountant and Founder of Closing Your Books, LLC. She educates women small business owner on how to manage, maintain and understand their business finances before and after they hire a bookkeeper or accountant. Her desire is for business owners to hire based on value and not just on price.