Managing Finances in Your Coaching Business
“For which of you, desiring to build a tower, does not first sit down and count the cost?” — Luke 14:28 (ESV)
Starting a coaching business is exciting—and a little intimidating. You’re passionate about helping people grow, but when it comes to managing money? That might not feel like your strength. If terms like “budget,” “profit margin,” or “tax deductible” make your eyes glaze over, you’re not alone.
But here’s the good news: budgeting doesn’t have to be complicated. With some basic knowledge, a few free tools, and a commitment to staying organized, you can confidently take control of your business finances from day one.
This blog will walk you through how to set up a simple budget, track income and expenses, and stay financially aware—so you can focus on your mission, not your math.
Why Budgeting Matters in Your Coaching Business
Budgeting is the foundation of a healthy, sustainable business. It’s not just about spreadsheets—it’s about stewardship.
When you know what’s coming in and what’s going out, you can:
Make better decisions
Avoid unnecessary debt
Pay yourself consistently
Save for taxes and future investments
Stay focused on your purpose, not panic
Think of your budget as a ministry tool—it helps you serve others without burnout or financial stress.
Start Simple: What You Need to Track
You don’t need an accounting degree or fancy software to begin. You just need to track three key things:
Income – Coaching packages, speaking engagements, e-courses, group programs, etc.
Expenses – Anything you pay for to run your business (Zoom, website, Canva Pro, etc.)
Profit – What’s left after you subtract expenses from income.
“Profit is not a bad word. It’s what allows you to sustain your mission long-term.”
Set Up a Simple Budget
Here’s a straightforward way to set up your budget categories:
1. Income Sources
One-on-one coaching
Group coaching programs
Digital products (ebooks, courses)
Workshops or speaking fees
2. Fixed Expenses (Monthly/Annual)
Website hosting (e.g., Squarespace)
Coaching platform (e.g., Zoom, GoogleMeet)
Email marketing (e.g., MailerLite, Kit)
Canva Pro or design tools
Business insurance or legal fees
3. Variable Expenses
Travel
Office supplies
Continuing education
Software upgrades
Contracted help (Virtual Assistant, designer)
4. Savings Categories
Taxes (set aside 25–30% of income)
Emergency fund (3–6 months of expenses)
Professional development
Free Tools for Tracking Finances
You don’t need to invest in premium tools right away. Here are some free or low-cost tools to help you track income and expenses easily:
1. Google Sheets or Excel
Best for: Total customization and simplicity
Why use it: Free, flexible, and accessible from anywhere
Bonus: Use pre-built templates like Google’s Monthly Budget Template
2. Wave Accounting
Best for: All-in-one financial tracking
Why use it: Free invoicing, income/expense tracking, and robust reporting
Website: www.waveapps.com
3. Notion or Airtable
Best for: Coaches who like organized dashboards
Why use it: Flexible systems that can be tailored to your business
Templates Available: Search "finance tracker" on Notion template gallery
How to Create a Monthly Money Routine
A budget only works if you actually use it. So set aside 30–60 minutes each month to review and plan.
Monthly Finance Checklist
√ Log all income and categorize
√ Review expenses and update totals
√ Transfer money to savings/tax accounts
√ Send invoices or follow up on payments
√ Pray over your finances and goals
“Let all things be done decently and in order.” — 1 Corinthians 14:40
Mindset Shifts for Money Confidence
Money isn’t just a numbers game—it’s a mindset game. Many Christian coaches struggle with the tension between ministry and money. Here’s some encouragement:
1. Earning Isn’t Ungodly
God wants you to be a good steward—not just of your time and talents, but your finances too. It’s okay to earn a living from your calling.
“The worker deserves his wages.” — Luke 10:7
2. Stewardship Over Scarcity
Instead of seeing budgeting as restrictive, view it as empowering. A budget helps you say “yes” to the right things and “no” to what doesn’t align.
3. God is Your Provider
You are not your source—God is. Faithful stewardship, wise planning, and trust in Him go hand in hand.
Budgeting Tips Just for Coaches
1. Separate Business and Personal Accounts
Open a separate checking account just for business transactions. This makes tracking easier and keeps everything clean come tax time.
2. Save for Taxes Year-Round
Set aside a percentage of every payment you receive into a dedicated tax savings account. Aim for 25–30%.
3. Don’t Over-Subscribe
You don’t need every coaching tool on the market. Start with free versions and upgrade only when necessary.
4. Pay Yourself (Even a Little)
Even if it’s just $50/month at first, paying yourself builds the habit and reinforces the value of your work.
Sample Beginner Budget
Here’s a sample budget for a coach just starting out:
| Category | Monthly Amount |
|---|---|
| Coaching Income | $1,200 |
| Website & Hosting | $20 |
| Business Insurance | $50 |
| Taxes (30%) | $360 |
| Business Savings (10%) | $120 |
| Profit (after expenses) | $650 |
When to Upgrade Your Tools
As your business grows, you may find it’s time to invest in:
QuickBooks or FreshBooks for full-service accounting
A bookkeeper to handle monthly reconciliations
Payroll systems if you begin hiring others
But for now, keep it simple. Use what’s free and works for you.
Final Encouragement: Start Where You Are
“Commit your work to the Lord, and your plans will be established.” — Proverbs 16:3 (ESV)
You don’t have to have it all figured out right away. Every successful coaching business began with a first client, a simple spreadsheet, and the willingness to learn.
Budgeting may not feel exciting, but it is deeply spiritual. It's a way of honoring God with your resources, being faithful in small things, and preparing for greater impact.
So take a breath, open a spreadsheet, and begin. Your coaching business deserves to be built on both purpose and a solid financial foundation.
It may sound odd, but helping individuals and organizations manage their finances is one of my favorite things to do! If I can help you get started, book a call with me so we can discuss how I might be able to help you manage the business side of your coaching practice.