I often find myself reminding coaches and personal trainers that their sales income does not equal their personal income. I see it all the the time, and experienced it myself … I hit my first 10K month, but didn’t realise it wasn’t all my personal income.

I had VAT to pay, corporation tax to pay, dividend extraction tax to be paid, business expenses to take into account and I needed to invest money back into my coaching business to ensure continued growth.

When it comes to building a stable, long-term coaching business, you need to think smart.

The best tip I can give you is to set aside an amount that you’re going to pay yourself every single month and stick to it.

Every. Single. Month!

Any extra income is a bonus and you should consider putting at least 30% of it back into your business.

Of course, you can pay yourself a bonus every quarter or every six months if your business is improving, but the last thing you want to do is get your first 10K month and start treating it like your personal bank account.

Treat it like the successful coaching business it is (or you’re building it to be), make sure your taxes and expenses are accounted for, put aside your VAT and then pay yourself.