How Much It COST to Start My 6-Figure Coaching Business 😵 (REAL figures 💸)

Vanessa Lau: What’s up, everyone? Welcome back to my channel. In today’s video, I want to share with you
real figures of how much it cost me to start my online coaching business. Now, for those who don’t know, I’m not just
a YouTuber that posts about social media. I also have a coaching business in which YouTube
actually drives a lot of traffic to, like I mentioned in my previous video right here. Now, I’m not going to talk so, so much about
myself in this video. But if you want to learn more about my journey,
then definitely check out this video right here as well. That being said, guys, if you are interested
in starting your own online coaching business but you’re unsure about the investment, or
you’re just curious to know how much I’ve spent so far on my business, then keep on
watching. Vanessa Lau: Now, to make this video easy
for you to follow, what I’ve done is I’ve split my business costs in five categories. The first is training and education. How much money have I spent on mentorship,
programs, and courses? The second one is software and technology. How much money do I spend a month and what
types of software do I use in order to keep my business running? The third is legal. How much money did I spend on incorporating
my business? My lawyers, the contracts that I’ve done,
all that stuff. And then the fourth one is accounting, anything
related to finances, really. How much do I pay my accountant? How much do I pay my bookkeepers? What type of software I use for that. And then last but not least, hiring. How much money have I spent on outsourcing? Especially if you are someone who is thinking
about maybe outsourcing, or thinking about really scaling your business, I really wanted
to include this as a category as well. Vanessa Lau: On a final note, before we dive
right in, how I choose to spend my money is my business and no one else’s, and the same
principle applies to you. That’s why every time I’ll share a real figure,
I’m also going to try my very best to recommend either a more affordable or free option so
that everyone at any level does not feel threatened or feel intimidated to invest in starting
their own business. The last thing I want is for people to feel
intimidated or feel scared off by starting their own business. So, I really want to just at least to put
that out there. Vanessa Lau: Now, diving right in, the first
category that we have is education and training. So, here’s the story. When I had the idea of starting my online
business, I had a lot of fears that were preventing me from taking action. And for a very long time, I was so stubborn,
I was trying to do the DIY route, which means that you just try to figure everything out
on your own, and that was a total fail. I had a lot of things that were keeping me
stuck and that’s when I knew I needed to hire a mentor. So, the first thing that I invested in was
a $4000 one on one mentorship program. Now, regardless if you are someone who wants
to start your own coaching business or a different type of business, I personally believe that
having a mentor was one of the best investments that I ever made. If you want to learn more about mentorship,
definitely check out this video that I have right here. Vanessa Lau: Now, I personally think depending
on your budget, having a mentor, either free or paid or even joining a course or a program,
is one of the best investments that you’ll ever make in your business. So, I definitely consider this as a non negotiable. And the reason why I say this is because yes,
you could definitely try to figure out everything on your own. But at that point in your business, time is
actually a lot more valuable than money. Imagine the amount of time that you would
have to spend DIYing, trying to figure out and trying to piece things together, when
you can actually invest in someone else who’s already done the things that you want to do. And actually give you the entire framework
and coach you through it. So, I highly recommend that with any stage
of your business, always have a mentor that has your back and really is someone that is
a soundboard, and that will keep you accountable throughout this journey. Vanessa Lau: The second bigger investment
that I made in my business in terms of education and training was my neuro linguistic programming
practitioner training. Now, at that point in my business, I was still
starting out and I really wanted to level up my coaching skills. That’s why I was super drawn to learning NLP
and becoming a practitioner in it. Now, if you are someone who has no idea what
NLP is, I personally think that Project Life Mastery does a really great explanation in
his video right here. So, I highly recommend that you check it out. Now, before I move on, I’m going to be a mind
reader here. I know a lot of people are now freaking out
being like, “Oh my gosh. Do I need to drop $2000 on a certification
as well?” Well, my answer is no, not really. Vanessa Lau: I personally think that if you’re
starting out, the best possible investment of your time is going to be working with real
clients, paid or free. If you actually spent more time working with
real people, getting them results, versus spending all your time having analysis paralysis
on what certification to get, I promise you just the act of working with clients is going
to help you narrow down what type of certification you really need. At the end of the day, trainings and certifications
are little boosters that you can add to fill the gaps within your skillset. But unless you actually take those existing
skills you have to the test, you’re never really going to know which certification or
types of training you really need if you need any at all. Vanessa Lau: On that note though, if you are
someone who does want to level up your skills but you don’t have $2000 to drop in one go
just for one training and one certification, a really great alternative is buying courses. In terms of real figures, I’ve probably spent
$2000 total in buying a lot of different courses. So, my money was actually able to buy me tons
and tons of courses and learn from different types of mentors. I’ve been a student of Sunny Lenarduzzi, Amy
Porterfield, Russell Brunson, just to name a couple of amazing entrepreneurs that I’ve
learned from. So, I highly recommend that courses are a
really great way to at least get some extra learning for a cheaper price point, and being
able to learn from a lot more people because of how affordable some courses really are. Vanessa Lau: So, with that being said, within
the education and training category, in total I’ve spent about $8000. Now, this number is obviously going to increase. I already have a lot of ideas and plans on
investing in more mentorship, more courses, and more programs. As a business owner, this is one of the most
important investments that you can make because the more that you invest in yourself, the
more you invest in your skills. And the more you invest in your learning,
your business will exponentially grow faster and bigger over time. So, this is definitely a category that you
don’t want to cheap out on and is super crucial in terms of building the foundation of yourself
and your business. Vanessa Lau: Moving onto the second category,
and this is a major category, and that is software and technology. Now, software is one of the major things that
you need to have in your business to ensure that you can conduct business day to day. This includes your email marketing software,
how you communicate with your clients, how you invoice your clients. There are so many different pieces of software
that even when I started my business, I didn’t even know I needed. Now, because I am giving you all of my real
figures, I do have to rely on my phone because I have all my notes there. But the very first thing that any business
owner, regardless if you’re coach, that you need is your website. Vanessa Lau: So, when I first started, I got
my domain off GoDaddy. It was a one time fee of $15, but every year
I have to renew that domain. So, that actually costs me about $65 a year. Not only this, with websites, you’re also
going to need a web host. For me, I use SiteGround, and that costs me
about $150 a year to host, which equates to about $12.50 a month. Not only this, a question that I always get
about my website is if I use Squarespace, WordPress, Wix, what do I use? Personally for me, I use And on top of WordPress, I actually have a
plugin that I bought and it’s called Elementor. Elementor is essentially a drag and drop page
builder that WordPress offers, and it’s a really great plugin. There’s a free version and there’s also a
paid version. I personally have the paid version, so I pay
about $50 a year for that, which equates to like $4 a month, which is not bad. Vanessa Lau: On the topic of websites, once
someone goes to your website they’re going to need to have a way to contact you. Now, for a lot of people who are on a budget,
you could easily just use your regular Gmail account, or Hotmail account, or whatever you
want. But if you want to maintain a level of professionalism,
I highly recommend actually having an email that ends with your business name. For instance, for my email it’s [email protected]
for my customer service. In order to get this, I actually invested
in G Suite, and that costs about $15 a month. And not only this, on the topic of emails,
if you’re running a business, you’re definitely going to also need an email marketing software. For me, I use ConvertKit, and ConvertKit for
me costs around $250 a month. And the reason why it’s so expensive for me
is because I do have an email list of almost 30,000 people, so that’s why it’s so costly
for me. Vanessa Lau: Now, if you are on a budget,
I highly also recommend Mailchimp if you’re just starting out and you don’t have enough
money to invest in an email marketing software. But of course, as you grow in your business,
Mailchimp is not going to be enough and you are going to need to upgrade to things like
ConvertKit, ActiveCampaign, Drip, all these other email marketing providers. So, already within the website slash email
side of software, I spend around $287 a month on this stuff alone. Not only this, within software you also have
to think about the software you need in order to maintain your relationship with your clients
or your potential clients. For example, one piece of software that’s
super common in the coaching world is a calendar booking system. You need to have a booking system that allows
your potential prospects or your current clients to book you for meetings. For me, I use Calendly and that costs me about
$15 a month. Vanessa Lau: Now, if you are on a budget,
you can certainly do the back and forth with your clients or your potential clients and
just book things manually through your Google Calendar. That is absolutely fine, but if you really
want to be professional and have things booked really quickly for you, then I highly recommend
using something like Calendly or even Acuity. Another really important piece of software
that you’re also going to need to invest in in your coaching business is a video messaging
software. You need to have a platform where you can
host your meetings not just with your clients, but your prospective clients as well. A really great platform that I use and that
a lot of coaches use is called Zoom. I pay about $15 a month for it, and the reason
why I love it is because each of my clients have their own private line. I have a lot of functionalities with it, like
recording calls and all these things. You can always check out the website, I’ll
put the link in the comments section below or the description section below. Vanessa Lau: Now, if you are someone who is
on a budget and you don’t really have the money to invest in something like this yet,
don’t worry. You can always use Skype or Google Hangouts
as well. Now, something that you need to know when
it comes to having a coaching business is outside of having one on one calls with your
clients or your prospects, you’re also going to need to have some sort of communication
platform that allows you to keep in touch with your clients offline. Personally, for me, I don’t really like it
when my clients DM me or private message me on my social media accounts when they want
to talk about business. That’s why I have a private platform called
Slack that I invest in. I pay about $15 a month because I pay per
head, and all of my clients are there in order to ask me any questions related to their business. Now, if you don’t have that type of money,
a really great alternative is Voxer. Vanessa Lau: Voxer is something that a lot
of coaches use. It’s absolutely free and I highly recommend
that you use it, especially if you are on a budget. Since we’re still on the topic of clients,
there are two other pieces of software that I want to mention. The first is an invoicing software. How are you going to actually charge your
clients for your services? For me, I use a free software called Wave. It’s absolutely amazing. All of my invoices are done through there,
so I highly recommend it. And not only this, I also use a software called
DocuSign. DocuSign is a piece of software that allows
me to get my clients to sign contracts super fast. It really eliminates a lot of the back and
forth. Vanessa Lau: Now, I pay about $15 a month
for DocuSign, but there is a free version. The only thing with the free version is I
think that you are limited with the amount of contracts that you can send. Now, if you wanted to do it the other way
and you don’t want to pay for something like this, the only issue is is that you’re going
to have to have a lot of back and forth with your clients in terms of getting your contracts
signed. Versus if you use a software like DocuSign,
I am able to just with the click of a button, the moment a client says that they want to
work with me, I send through the contract. They read it, they fill out the form, and
that’s it. And on my end, I’m also able to see if the
client has viewed it, if they’ve opened it, if they’ve signed it. So, in terms of the followup, it’s a lot more
seamless. Vanessa Lau: Now, is it absolutely necessary
in your business when you’re starting out? Not really, but it does really speed up the
process in order for you to close those clients. As you can see from our current tally, I spend
about $55 a month alone just on client upkeep. Now, when it comes to software, there is one
more that I need to mention, and that is a membership platform. As a coach, whether it’s now or in the future,
you’re probably going to want to create courses at some point. For me, I use the membership site called Kajabi. It costs me about $260 a month with the growth
plan. Now, this is really expensive for a membership
platform, I admit that. But I really, really love Kajabi. Now, if you don’t have that type of budget,
which a lot of people might not, you can also use a platform called Teachable. Based on my research, Teachable is one of
the most affordable membership platforms. So, I highly recommend that too if you are
starting out, and you don’t have the money to invest yet in a more robust piece of software. Vanessa Lau: So, when it comes to software,
the email, the web, the client upkeep, the course platform and all of that, in total
per month I pay $500. Which leads us to the next category, and that
is legal. Now, when it comes to legal affairs a common
question is, oh my goodness. Do I need to invest in a lawyer? Do I need to incorporate? Do I need to do all these things, get a business
license and all of that? Well, my answer to you is when I started,
I didn’t do any of this until I started making money on the business because at the time,
I was broke. I didn’t have the amount of money to spend
on contracts, to spend on lawyers, and to spend on incorporation. So, this wasn’t something I did until I really
started to get my first two clients and started to actually make real money. Vanessa Lau: With that being said though,
investing in this aspect of your business is one of the most important things that you
need to do. That’s why the moment I made money, I reinvested
it right back into my legal affairs because I didn’t want to put my business at risk. I wanted to make sure that everything was
set up properly and that my business was protected full on. So, the very first thing that I invested in
when it comes to legal affairs was incorporating my business. Now, I know that the lingo is really different
for you guys in the States, so you definitely want to do your research. But for me, I incorporated my business with
a real lawyer, and that costed me about $1250. Now, of course if you are on a budget and
you don’t have the means to do it with a lawyer, you can certainly do it yourself. At least that’s what it’s like in Canada. And generally, if you do it yourself it’ll
cost way less than $1000. Vanessa Lau: However, for me, I wanted to
make sure that it was done right because I really didn’t trust myself to do this. And also, it wasn’t my area of expertise and
I had a feeling that if I ever messed up, it would actually cost me more to fix it,
which is why I would rather just straight up invest in an expert to do it for me. Another thing that I also relied on experts
to do, AKA lawyers to do, were my contracts. Now, when I first started, I definitely had
no money to invest in paying lawyers to do my contracts for me. So, I actually used contracts that I found
online, which is really dangerous because you never know how things are drafted, and
how things could be used against you. Especially if this isn’t your area of expertise. So, it’s not necessarily advice that I would
give, but I did pass with some contracts that I found online. However, the moment I started making more
money in my business, I definitely invested in getting contracts of my own. Vanessa Lau: On the topic of contracts, something
that I also want to say is you do not want to steal other people’s contracts and copy
it word for word. Because that is copyright infringement and
you can get sued if you get caught, so please be careful when you’re doing this. That’s why I highly recommend that one of
the first investments that you make is protecting yourself and your business by creating your
own contracts with real lawyers. For me, I spent $3000 total with all of my
contracts, and specifically these are the contracts that I invested in. Terms and conditions, privacy policy, earnings
disclaimer, a one on one coaching agreement. So, this is the agreement that I send to my
clients one on one. A group coaching agreement, so a contract
that I would actually send out if I ever did group coaching programs. An online course agreement, so this is the
terms and conditions that I have for my courses. And also, an independent contractor agreement
as well. And this is for people who I hire and I need
to make sure that they’re following the rules within my business and that everything is
all good. Vanessa Lau: So, these are the specific contracts
that I personally invested in. I got a package with a lawyer and it costed
me $3000 for all of it. Speaking of lawyers, something that I also
invested in was having my lawyers on retainer. What this means is that if I ever got sued
or my business got sued, instead of getting the “You got served” mail sent directly to
my home, it automatically gets sent to my lawyer’s law firm. And because they have me on file, they’re
going to be able to act on it right away, take action on it, and act on my behalf. If I didn’t have them on retainer, that means
that it increases the chances of me missing that mail and creating more problems in my
business. So, that’s why I personally think it’s really
important to have a lawyer on retainer so that you can have someone already act on your
behalf immediately without any delay if you ever got into any legal issues. Vanessa Lau: So, all in all, when it comes
to legal affairs, in total I’ve spent about $4750 to protect my business. Moving onto the fourth category, and that
is accounting and just finance management in general. Now, when it comes to business, one of the
first things that you’re going to learn is that you need to keep your business expenses
and your personal expenses separate. So, that’s why immediately what I did was
actually open a business banking account. For me, I do all of my business in U.S. dollars,
so I have a U.S. banking account, and that costs me about $6 a month to have. Not only this, within your business one of
the most important people that you’re going to need to hire or at least seek out is going
to be an accountant. Especially during tax season, but beyond that
even just for regular maintenance and check ins, you want to have an accountant by your
side, specifically a tax accountant, to make sure that you’re making the best decisions
within your business. Vanessa Lau: Not only this, something that
you also want to be aware of is that if you are someone who is unsure of what type of
corporation you should have, S corp, LLC, sole proprietorship or incorporation, the
first person that you’re going to need to talk to is an accountant. Do not go to a lawyer first. You need to talk to an accountant about that
stuff, and they’re going to be able to figure out how to organize your business that makes
sense for your personal situation. On top of that general consulting that accounts
do for you, one of the major things that they’re going to help you on is your taxes and your
tax planning. So, specifically for my annual tax return
for my corporation and also my general tax planning, I pay my accountant $2200. Not only this, something that you also need
to be aware of is that an accountant and a bookkeeper is completely separate and different. Vanessa Lau: Accountants help you with the
strategic side of your business, whereas bookkeepers are the ones that are helping you with your
expenses and managing your books. For me, when I was first stating out, I obviously
didn’t have the money to hire a real bookkeeper. So, what I used was the app called Wave that
I mentioned before. And this is where you kind of reconcile all
of your accounts and you plug everything in, and you kind of do it manually, which is absolutely
fine. But eventually, I grew my business to six
figures and I realized that this was something I heavily needed to invest in. Because I didn’t have the time or capacity
or the desire to do this type of stuff myself. So, I used a software or I use a service called
Bench. Now, Bench is a really great software that
I’m using. Basically, instead of me DIYing it, it’s actually
real bookkeepers on the other end that are helping me with my stuff. Vanessa Lau: I meet with them once a month
and they give me a financial report. And at the end of my corporate year, I’m able
to actually take all this information that real bookkeepers and professionals have done
for me to give it to my accountant and actually have a real accurate depiction of what’s going
out in my business and what’s coming in. With that being said, obviously with Bench
it’s a little bit of a step up between using a DIY software like Wave or FreshBooks or
QuickBooks. So, I pay about $2200 a year just to have
that service of having real experts do my bookkeeping for me. That being said, as you can see from the tally,
the amount of money that I’m spending on my business account, on my accountant, and my
bookkeepers, I spend about $4472 a year on my business finances alone. Vanessa Lau: Now, moving onto the very last
category in my business expenses, and that is hiring and outsourcing. Now, I didn’t start hiring people in my business
until very recently when I started to hit a really big ceiling in terms of the amount
of things that I could do, and also when I got to the next level in terms of the income
that I was making. Now, a really great question that I get a
lot is, “Vanessa, how do I know when to hire people? How do I know when to outsource?” A really great piece of advice that I’ve gotten
from other entrepreneurs is that the moment you start making silly mistakes in your business
is when you know that you’re kind of burnt out and you really need the help. So, I definitely noticed in my own business
that I was making a lot of silly mistakes. I was missing emails, I was just a mess, and
that’s when I knew I really needed help. Vanessa Lau: Now, at this stage in my business,
I have two beautiful, amazing humans that work under me. On one hand, I have one person who really
helps me with basically a lot of things. She I treat as a right hand woman. She takes a lot of the small but important
things off my plate, and her position is very much so versatile. And I could not honestly be in business without
her, she is so, so helpful in my business. She kind of does a lot of administrative slash
community management work. She is just a huge blessing that I have. Not only this, on the other hand, I’ve recently
hired a video editor. So, you’ll noticed a lot of my videos have
really upped its quality game and it’s really thanks to her. Her name is Elaina. I’ll link all of her information here if you
are someone who’s interested in hiring a video editor as well. Vanessa Lau: That being said, I feel like
it’s super inappropriate to disclose how much I pay these two amazing women. But let’s just ballpark and say at minimum,
I pay $3000 a month, which equates to around $36,000 a year. So, with everything said and done, let’s just
recap all five categories. Now, I’ve split it up into two parts. The first part is my sunk costs, so these
are all the things that I’ve already paid for. I cannot recover these costs, and that is
$8000 for education and training, $4750 for my legal affairs, and then $4472 for my financial
management. So, in total, my sunk costs, AKA the money
that I cannot get back is $17,222. Now, when it comes to my reoccurring costs,
AKA my monthly costs, let’s just multiply all my monthly costs by 12 months so we get
the full year picture. Vanessa Lau: Now, I pay $500 per month on
software, and then I also pay $3000 a month on outsourcing. So, in total, that is $42,000 per year, which
was, wow. Adds up. So, if I were to add all my costs together,
my sunk costs and my variable costs, my total cost would be $59,222. Now, I know a lot of you guys who are watching
this are probably freaked out that it basically costs me $60,000 to run my six figure business. But at the end of the day, you also have to
realize that not every single thing that I mentioned is going to be applicable to you. You don’t have to spend the things that I’ve
spent on. Vanessa Lau: You can choose the alternatives
that I mentioned and all of that stuff, you can skip a couple steps. It does not matter, please do not be discouraged. But at the end of the day, something that
I do want to highlight is that revenue does not equal profit. I think there’s a huge misconception that
a lot of people has is that the moment I make six figures in my business or the moment I
hit seven figures, I am rich. I’m suddenly basking in money and I’m driving
a Ferrari and buying a house and all of that. But what I’ve learned in my own journey is
even though I’ve made multiple six figures in my business, I’m still pretty much broke. I have a lot of bills to pay, and as your
business grows your expenses grow. That’s just naturally like that. And on top of that, you also want to add on
the taxes that you have to pay as well, which is also a lot of money especially when you
hit this certain tax bracket. Vanessa Lau: Now, I know that this video was
so overwhelming. There were so many different types of things
to consider. So, to help you out, in the description box
below, every piece of software that I mentioned is going to be in the description box. Not only this, I’ve also included a freebee
for you to download that’s really a recap of everything that I mentioned in this video
today and a little bit more as well. Not only this, if you are interested in learning
more about having a coaching business or business in general, make sure you like this video
or at least comment below to let me know if you want more of this type of topic on my
channel. Vanessa Lau: Now, if you want to learn more
about business, life, and just social media or anything like that in general, make sure
you also look at these two videos I have right here. As always guys, I appreciate you. I hope you guys have a great day, a great
week, and a great life, and I’ll see you in the next one. Bye guys.

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100 thoughts on “How Much It COST to Start My 6-Figure Coaching Business 😵 (REAL figures 💸)

  1. hey vanessa just wanted to say thanks for the great content <3 ( ps why didnt you mention erin may henry as ur mentor )

  2. This absolutely amazing! Thanks for being transparent and SUPER thorough! There are definitely a lot of things I wasn't aware of!

  3. Vanessa has been so helpful for my growth online. Excellent video and as usual, very helpful information here. Thank you for all your hard work.

  4. WHOAH!!! The value about setting up a business in this video is PRICELESS! I learned more here than I learned when getting my MBA! GREAT VIDEO Vanessa! And I am SO excited to download the checklist 🙂

  5. Your videos are always so thorough and so useful! I hope more people stumble across your videos! ❤️

  6. This was so informational! You’re so inspiring and I’ve learned so much from your videos!! My channel has actually been doing a lot better since I implemented your tips!! 😊

  7. So informative! I'm definitely going to check out Wave. These business-related videos are my favorite on your channel, I always learn so much 🙂

  8. Will watch it in future too , as I'm just a begginer now , but really it's too much informative Vanessa , you know I literally made a playlist "Vanessa's tips " because you're worth it ❤️

  9. Wow, that was so interesting and so helpful! Thank you so much for all these informations. ❤️❤️❤️

  10. HEY VANESSA 🙂 wooo hoo killer video i love all the golden nuggets of content and it was a great length! A little birdie told me (well my notifications bell for nick's nimmin channel haha) THAT A CERTAIN BIG YOUTUBER (nick) HAS JUST DONE A GREAT VIDEO about female YouTubers who are killing it online and YOUR IN IT!!!!!!!!!!!!!!!!!!!!!!!!!!!! SO PROUD OF YOU!!!! 🙂 shaun.

  11. Nick recommended I sub to your channel so I just followed his advice and subscribed to your wonderful channel.

  12. Hi your videos are super awesome, I'm a small youtuber hoping i could make or produce that kind of quality videos ahahahaha also hoping for supporters ahhaha

  13. This video is SOOO INFORMATIVE! Not to mention very in-depth for all entrepreneurs! Excellent job!👏🏽👏🏽👏🏽👏🏽

  14. easy to make a corp in the States. First, do an LLC, then file with irs for an S corp. money passes thru the biz to personal, but with new tax reform, it's the only biz structure that will be able to have tax write offs

  15. Legal fees are underestimated. I see people swiping legal documents and it's not a good idea at all. Start a business right or don't do it all. The legal aspect is the least glamorous part of starting a business but maybe the most important.

    Charging clients without a contract is a BAD idea. Get legal documents.

    Thanks for the video, Vanessa.

  16. Wow!!!! Thank you so much for sharing all of this as I had NO IDEA what all would be involved. Hope to someday need all of this 🙂

  17. subbed – came over from Nick's shoutout – actually funny cuz I was JUST watching one of your videos this morning, but he encouraged me to sub to ya : )

  18. I don't know there's something good about you, they way you talk, presenting your topic, style or might be gestures. You make me subscribe you 😆

  19. Amazing video! Who was your 1:1 mentor? I am looking for one now and curious to hear who you recommend

  20. To Start Your Entrepreneur Journey | Business it DOESN'T HAVE TO BREAK THE BANK! There are tons of FREE PRODUCTS, SERVICES, and 411 that you don't need to spend 100s or 1000s on all of this. Now, don't get me wrong once you start building your Biz and it starts growing, yessss!!! All these things will come in handy and are highly recommended, but to Start; Don't SPEND ON ALL THIS RIGHT NOW! This is the problem with all the online SM Frenzy everyone is getting so overwhelmed, stressed by the costs and quickly decide to STOP! Don't Give Up, #BossUpandRise and become that #CEOHustler you've always dreamed of! TRUST ME! I've been in business since 2000 and when I started I spent no more than $100 and even now I do everything myself and don't spend more than $50/month! I keep it conservative, but of course, if you want to be a Top Notch CEO or Corporate Biz then yes, spend on you and your business, but not at the starting stages of your Business!

  21. Absolutely FANTASTIC video. Well broken down, great explanation of expenses and very transparent. Well done.

  22. This is super helpful
    I have debated starting a form of coaching. Sounds like I should seek a mentor first?
    What are some cost effective options?

  23. I regularly follow ur videos dear so thoughtful and helpful thanks for sharing your knowledge on this platform I started my YouTube channel with ur guidelines 👍😊

  24. I am in the stage right not to keep giving free real estate investing help for free on Youtube but this helps me to maybe go into coaching at some point to give one on one help

  25. Thank you so much for your honest feedback! Keeps the dream in check with reality 🙂 appreciate the real number disclosure. My goal is to build my personal finance business this year through blogging & YouTube!

  26. Thank you for your amazing videos. They are very generous and informative. Would love to have more videos. loving your energy so infecteous. In a good way. lol.

  27. Hey Vanessa, thank you for providing us with such an informative video! It was of such great help.
    Can you please tell me from where did you get your NLP training? It really grabbed my attention and I know you must have got the training from the best source and hence I can totally rely on your recommendation.

  28. Good insight, thanks for sharing! You didn’t talk about marketing expense. What’s your cost for video software & tools? Do you do any advertising or sponsored posts to build your audience and attract clients? It would be great to see you talk about that as well.

  29. Great video!! And yes I think it’s true ti reiterate that money spent on business doesn’t necessarily mean you get that back right away. Even tho I can’t apply ALL the things to my face paint small business you mentioned a lot of points that do translate and I’m so grateful for it. Doing videos like this is such a treat for us and by no means is anyone’s business but for those us (like me) who do well overall picture and detail explanations this helps immensely. Thank you as always for everything ❤️

  30. Dear Vanessa,
    I’ve enrolled my subscription to your software list for at least one week. I’ve done it twice but I haven’t seen any emails related to it yet. Please check your email system again, because I would really like to get that list. Thank you for your effort.

  31. I love this Vanessa! I use a lot of these already. I am doing my course on Kajabi–but the lower plan right now, I think it's about $149/mo or $119 if you pay the year in advance. Thanks again for all the amazing content you give for free.

    Please do more like this!!
    As someone who has a business up and running but has no idea where to invest my money in order to grow, this was so incredibly informative and useful

  33. Welllll, glad to see that some of these, I have in place, and some, I know about, and some I clearly don't need as I'm too small.
    What I learned was WAVE, would that replace PayPal though? hmmm, not sure, need to find out.
    Also, Voxer is great to communicate
    And lastly Docusign is a great idea to avoid many emails, only, I still need to create a contract 🙂

  34. THANK YOU! This is why I keep coming back yo your channel. You are so honest, open and do this reality check. Most people just talk about the income, traveling, luxury style but never what it really cost to get it and even more, to maintain it. As any other job, you need to invest money and TIME. Once again, thank you! Eres la mejor 💕

  35. I loved your honesty and transparency – not many people talk about this stuff when it comes to building your own business, especially to a budding entrepreneur like me, this was something I needed to hear – Thank you!

  36. Vanessa – What courses do you recommend to entrepreneurs that are considering starting an SMMA or coaching business?

  37. All the costs are definitely overwhelming, but I guess one must take it one step at a time.
    Your website is amazing. So youthful and fresh! Nice one 👌🏽

  38. Wow!!! This is EVERYTHING!!!!! Thank you thank you thank you for putting all of this together!!!!! This is so amazingly helpful!!

  39. Vanessa, wow. You mentioned you spend 3 hours on every video. Does that include the preps? Your work is so put together and well researched!

  40. You could’ve used SiteGround for email, domain and webhost… cut your cost. (Anyways this video is GREAT!!) thank you!

  41. Zoom and Skype have so many security issues recently, google hangout/meet is best. Slack is amazing, Discord is a great free alternative

  42. Thank you Vanessa! I love your content, thank you for sharing your knowledge, I hope you know good blessing or karma or whatever you believe in, will continue to flow you, because you're not selfish but you're willing to help others. I know your business will continue growing because of this.

  43. If this is free content and has a TON!!! of information, I wonder what the paid content contains. I'm saving for it. Thanks Vanessa.

  44. Vanessa! Pls TELL ME MORE about that vision board behind you on your desk🤔

    Also: thanks so much for this detailed video. Now I gotta watch this one 10x too🙄😁👍

  45. WHAAAAAAAAAAAATTTTTTTT???????!!!!!! THIS was the video I never knew I needed. Thank you for this Vanessa wow I am now so educated. This is the kind of stuff that not enough people are speaking about and I appreciate you so much for this!!!

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