Startup Costs For Building an Online Coaching Business (FIXED & VARIABLE EXPENSES FOR SIDE HUSTLERS)


What is up everyone, welcome back to my channel. In today’s video, I’ll be sharing the fixed
costs that I had to incur while starting my online service based business. Now before we dive in, I will be breaking
up my expenses into two different parts, first being fixed costs and second being variable
costs. Let me explain what the difference between
these are. Fixed costs are things that I have to pay
every single month to ensure that my business is up and running and is sustaining itself. Whereas variable costs are things that come
up here and there where I choose to invest in it so that my business can grow. Let’s first talk about the fixed costs. The first fixed cost that I knew I had to
invest in when building my business was my website. The reason being is that I knew I wanted to
invest my money into a website so that people would be able to find me on the internet and
then also it would be a help for people to learn more about me and my business. There are two different fixed costs that you
have to think about when having a website, the first is your website domain. This is where people are going to find you. For example, mine is itstiffcheng.com and
this is the place that people will land on either through organic or page search. I personally purchased my web hosting through
Web Hosting Canada which is $26.00 a year and this is a fixed cost that I have to pay
for every single year to ensure that my website is up and running. There are a lot of other places that you can
actually purchase a website domain such Go Daddy and Webnames but I personally just really
like to use Web Hosting Canada. The second part of having a website is your
web hosting. Now that you have a website domain you need
a place for your website to actually live. Web hosting allows you to store information
on the internet through servers and because I use Web Hosting Canada for my domain I also
use Web Hosting Canada for my web posting as well. I pay $17.00 a month to ensure that my site
is being hosted on Web Hosting Canada which is around $250.00 a year just to ensure that
my website is up and running. The third thing is G Suite. I use G Suite to be able to share my files
with my clients and to also use it for my emails. If you want to have a professional email that
is not just [email protected], then you’re going to have to pay for G Suite to be able
to have your domain name as your email. The cost for G Suite is $5.00 a month for
every user per domain that you’re using. For example, I have [email protected]
which is $5.00 and then I also have [email protected] which is $10.00 a month just to ensure that
I have both of these emails in G Suite. The next thing is email marketing. We all know that it is really, really important
to build an email list and having an email platform that is going to help you build and
expand your business is very, very important. If email marketing is part of your strategy,
most likely you’re going to have to pay for an email marketing platform that will, one,
send off your emails through automation and, two, be able to hold your list of email subscribers. The email marketing platform that I use and
most online business entrepreneurs do use is ConvertKit. My email list is still relatively small at
this point. I currently pay $29.00 to be able to have
ConvertKit for my business which is around $350.00 per year. For those of you who have more than 1,000
subscribers on your email list, ConvertKit can get up to at least $100.00 per month. Other email marketing platforms that you can
look into are MailChimp which is definitely a more affordable option but it is less robust
than something like ConvertKit. Other ones that you can also look at are ActiveCampaign,
Infusionsoft, and Drip. Definitely check out the different options
that you have in terms of email marketing software because there are so many that are
out there. Also, think about where you are in your business
right now and where you have to go. For me personally, I know that I really want
to build and develop my business so I am okay with investing in a more robust email marketing
platform right at the bat because I know this is going to help me out in the long run. The fifth fixed cost that I need to invest
in my business every single month is my scheduling app. I use a software called Acuity which is $21.00
every single month. If you are an online entrepreneur, meaning
that you have calls with your client every single month and they need to book you in
or if you’re hosting discovery calls, then you would probably need a scheduling app to
be able to allow your clients to book these calls with you. There is a free version for Acuity but I can’t
personalize the different types of events that I have. For example, I have a separate event for my
one-on-one coaching calls, I have a separate event for my discovery calls, and then also
for interviews as well; meaning that because I want to have all my events separate from
each other I have to invest in Acuity to be able to have this function. Another online booking software is Calendly. I know a lot of people that use it but I just
personally like to use Acuity more. You can see, I spend around $100.00 every
single month just to be able to keep my business afloat. You can think of these things as operational
costs so things that you have to pay for to be able to keep your business afloat. Now that I’ve talked about the fixed costs
that I invest in my business every single month, let’s talk about the variable costs. The first variable cost that I had to pay
for when starting my business was for my business coach, Erin May Henry. At that time, her coaching was $5,000.00 and
it was a crazy about of month but I knew that I needed to invest in myself to be able to
teach other people. It was a huge investment but I knew that if
I wanted to take my business to the next level this is an investment that I would have to
make and that it would pay off in the long run. If I think about it, if I am going to be coaching
other people I probably should have a coach as well so that I know how my coach coaches
other people and so that I can learn from her. To this day, hiring Erin as my coach is still
probably the best investment that I’ve made in my business. If you are a side hustler wanting to start
a business, hiring a coach might be a really good investment that you might want to think
about looking at because hiring a coach allows you to save time. As a side hustler, you’re already working
a nine to five job so you have very limited time to be able to research all of these things. Versus if you were to hire a coach, and they
would be able to just guide you through the step-by-step method on how to build your business. What they can also teach you are the mistakes
that they’ve made in their business and what not to do so that you don’t make the same
mistakes a well which in return saves you a lot of time. Some other variable costs that I’ve invested
in my business are courses. I frickin’ love courses. Since starting my business, I’ve invested
in three courses, some that range from $50.00 all the way up to $1500.00. These courses have really helped me get a
short cut on how to do things so that I can up-level in my business. Some other variable expenses that might come
up when you are starting a business is something like a camera if you are wanting to start
a YouTube channel or a mic if you are wanting to start a podcast. There are also some unexpected variable expenses
that might come up when you’re building your business. For example, when I first started my business
I was wanting to have a podcast and, therefore, I invested in a mic. Now I’m on YouTube and I’ve had to invest
my money to purchasing a camera and then also purchasing things like a tripod, lighting,
and also a microphone so that I can do YouTube videos. These variable expenses that are unexpected
are probably going to be determined based on where you are in your business and the
different stages of which you want to grow your business. The last variable expense that I want to talk
about today are workshops and personal development. As a business owner and educator, I am always
wanting to stay up to date on the latest marketing trends and business trends out there so that
I can teach you guys and my own clients as well. I go to a lot of workshops and events. An example would be going to Tony Robbins
Power and Success earlier last year. I also go to a lot of local events in Vancouver
so that I can network with other people that are like me. I also read a lot of books so that I can constantly
learn and observe information. Most notably, I love purchasing books that
are video too; Online marketing, holistic wellness, and nutrition. Some other variable costs would be hiring
accountants, lawyers, and also bookkeepers. I’m not going to dive in too much detail in
this video about those three things specifically but if you want me to create a video on all
the services that I’ve had to outsource and pay for in my business, let me know and I
can definitely create a video on that. That is it for today’s video. I hope that this was very helpful and educated
you on the fixed and variable expenses that you need to invest in when starting an online
service based business. If you have any other questions, feel free
to DM me on [email protected] and we can get the conversation going over there. I hope you guys have an amazing day. Go out there, hustle on, and I will see you
in the next video. Bye guys.

, , , , , , , , , , , ,

Post navigation

7 thoughts on “Startup Costs For Building an Online Coaching Business (FIXED & VARIABLE EXPENSES FOR SIDE HUSTLERS)

  1. Hey hey side hustlers! Happy weekend 🙂 ! In today's video, I share the nitty gritty details of ALL the things I've invested in my business so far! It was really scary when I first started out because I had NO IDEA if I was investing my money in the right places. That is why I decided to create this video so that you guys can use this as a framework to start your coaching business. If you have any questions, feel free to leave a comment down below!

  2. Oh good tips! Yes website is definitely a fixed cost and a must have even if it means throwing up a sales page initially when starting out! 💛

  3. Nice video! Quick question: are you editing your videos yourself? If not, can you please share the info if that person/company? Thanks! 🙂

Leave a Reply

Your email address will not be published. Required fields are marked *