“If you're not making any money in your business, it's a very expensive hobby.”

This statement used to trigger me BIG time. I would get frustrated, I would get angry, I would feel disappointed. I would feel like “who are they to say that, who are they to tell me that I am not good enough in business, who are they to tell me that I am having a hobby and not a business”...

But truthfully, it spoke to the reality I was living. I was treating my business like a hobby, and it was a very expensive hobby. If this hit’s home for you, then tune in and let’s make sure that in 2023 you start running your business like a business, not a hobby!

PS: Ready to get some support to help you run your business like a CEO. Download the Business Plan workbook HERE to create a strong plan for 2023 or send me DM and let’s connect and talk about what’s next for you.

About the Host:

Theresa Lambert is a Business Strategist + Coach with an impressive hotelier background in luxury Hospitality in the #1 Ski Resort in North America. She creates unique success plans and provides strategic guidance to female entrepreneurs so they can SCALE to 6-figures and beyond while having the FREEDOM TO PLAY.

In 2020 Theresa became the Bestselling Author of her book  Achieve with Grace: A guide to elegance and effectiveness in intense workplaces. She is also a Speaker, the Podcast host of Diaries of a Six Figure Coach Podcast and co-host of Dissecting Success.

Theresa has been recognized as a business leader in Whistler’s Profiles of Excellence, and is being featured in publications such as Hotelier Magazine, Thrive Global and Authority Magazine.

Diaries of a six figure Coach isn’t only a Podcast to help you get strategic and master the precision of Success.  It’s a declaration to share the truth. It’s a commitment to keep going to make it happen, no matter what. It’s an activation and invitation for female Coaches and Entrepreneurs to play a bigger Game. Tune into short, potent and value packed episodes that are fun, raw, real, vulnerable and authentic af on what it takes to build a six figure coaching business online. It’s going to MOVE you. It’s going to ACTIVATE you. It’s going to help you access your audacity, courage and start taking the intentional actions to make your biz dreams come true while living the life you desire and making an impact online.

https://www.theresalambertcoaching.com

Instagram: @theresalambertcoaching

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I believe in divine timing. I believe that the right people information, wisdom, guidance, heck things arrive when we're ready for them. I believe that owning our own truth unconditionally is the path to not only creative fulfillment, but more about success and abundance. This is not only a podcast to help you get strategic and mastered a position of success. It's a declaration to share the truth. It's a commitment to keep going to make it happen no matter what. It's an activation and invitation for me for you and for us to play a bigger game. So my question for you is this. Do you really want it? Do you really want to make your dreams come true? Do you really want to become a six figure coach? Welcome to the diaries of a six figure coach podcast, I am your host, Theresa Lambert, and I dare you to get ready to show up, boss up and make it happen.

If your business isn't making any money, if your business isn't bringing in any sales, it's going to become a very expensive hobby. Oh, my God, when I used to hear people say that I would get so triggered. And if you're feeling triggered right now, I want you to just take a breath. Take a breath, I get it. It is so easy to approach our business like a hobby. You know why? Because we love what we do, because we're passionate about it, because we are emotionally in it and committed and we love doing it so much that we love to give so much. But we're often neglecting what we need from our business. I really look at being in business now. Having a business as having a relationship. And we need things from our business. And our business needs things from us. And one of the things our business needs from us, is actually to start running our business, like a business, to stop looking at our business like a business. And just start saying, Here's what I am willing to do for my business. And here's what I need my business to produce, to be able to support me. And that means looking at everything. That means making better financial decisions, that means getting better on holding your boundaries. That means making a plan. That means putting a strategy in place. That means showing up. I just did this episode on staying power on showing up no matter what. But following through on the plan. Can you remain in integrity with what you say, as the CEO you will do to make things happen. And I don't talk about hustling. I don't talk about hustling. But if you're in business to be in business, it's time to stop treating your business like a hobby. It's time to stop googling all the answers and actually getting yourself the support that you need to make it happen. And there's so many things to this. You know, I think one of the things that I always thought was, you know, once the business making money, once money is coming in, things are going to sort itself out. And it was such a juvenile kind of perspective that I was taking in. It's interesting because I have over a decade of business experience. Listen, I have built a business from seven to eight figures. I've been responsible for multi millions of dollars a year over 180 employees. Like I know how to run a business. I know what to look at, I know how to make better financial decisions yet when I got into my own business, I looked at it as like little business, a little business. And a lot of the times I approached it like a hobby because I loved it so much. I love doing what I do. I'm passionate about it. I love giving my time, but at what expense. I was giving everything to my business, but it wasn't giving back to me what I needed, but also because I wasn't sitting down and getting clear on what is it that I actually need. You know, a lot of the times too we get to this point where we're actually starting to earn money we're having sales coming in. And that's great. You're already starting to have a business but if you continue to treat it like a hobby you might be like Oh, money's coming in I get to spend it all and do all this and no problem. It's all gonna sort itself out. But the reality is you might get to the end of the year and this is happening to a lot of people right now and you'll realize wow, I made all this money shit. I have a lot of taxes to pay. We have to be not just run our business Just be like, I'm gonna figure it all out later. It's important that we approach our business like a business, it's important to sit down and say, What do I need from my business? Are you paying yourself regularly from your business? Do you know what expenses you have? Do you know what's coming in? And what's going out? Do you know what you're trying to accomplish? Do you have goals? Yes, we don't have a crystal ball. Yes, we don't know if we can make it happen. But by having a plan, we can work towards something. And that doesn't mean we blocked the potential. But it just allows us to actually create something that's sustainable. Create a scalable business model that has a recurring cash sales with recurring cash flow, and cash flow is key. It allows us to actually look at and say, Hey, this is the kind of income that I want to pay myself. Because just because you're making $10,000 doesn't mean $10,000 lens in a bank account. Learning to run our business, like a CEO and learning to run our business like a business is VVD key. And I want you to ask yourself, are you running your business like a business right now? Or are you running your business? Like a hobby? Are you making sales in your business? And if you don't make sales, or if you're having money coming in, but more money is going out and coming in, or money's coming in, but you're not able to pay yourself? Then it's time to start sitting down? And really looking at what is going on? Where are the bottlenecks? What is stopping you from being able to pay yourself? What actions are you taking? What financial decisions are you making, that are holding you up from being able to pay you first? You know, one of the things that I did a lot of the times like I believe in investing, I believe in getting support. But I also invested far beyond the means I had. Now at times, I was willing to take that risk. But what I started to realize was that the way I had put out in my mind was that as I'm earning money, I'm able to pay my coaches, I'm able to pay my bills, and then I'm able to pay myself, I was the fat thing, I'm not lifts, yet my business is my livelihood. My business is responsible for paying my bills, my business has got to be able to pay me an income that affords me and allows me to live the lifestyle that I want to live. And I wasn't making the choices to reflect that I put myself last instead of putting myself best, yet I am the most important asset in my business just as you are as the CEO, as a creator, as a coach, as a consultant, as a copywriter, as a photographer, as a, whatever it is that you're doing in your business. We have got to start looking at business from a different lens. If your business is what you want to build, if you want to be able to have your business, your business that supports you, if you want to create long term sustainable success, your business has got to be treated more like a hobby. And that means your approach to how you do things, your approach to how you show up your approach to how you pay yourself from your business. All of that has got to be looked at. You got to become the CEO, you've got to become the boss. You've got to start running your business, like a business. And maybe that thought feels scary. Or maybe it feels exciting. I know for me, it felt exciting. For me, it actually felt really good to step back and be like, Okay, let's get really clear. Let's stop paying myself and actually pay myself a paycheck. Every two weeks from my business, how is a huge shift. And I only started doing that in the fall of 2022. Before I was paying myself sporadically, here, there here there but nothing consistently. And since I've changed this perspective and looking at it as a business, things are so different things feel lighter, I'm able to navigate cashflow differently, I'm able to look at making decisions differently. I feel I feel steadier, I feel more certain I feel more confident in my ability to create the results that I want to create and to have more potential and how I want to grow because I am looking at my business like a business. I know how to do it. You can learn how to do it. And if you don't know how to make a shift and it's time you get yourself support a lot of entrepreneurs got into business because you're passionate about what you do not because you're passionate about business, not because you're passionate about strategy.

You're in business, because you might be an exceptional writer, an amazing photographer, a brilliant coach, you could be in business because you love to create beautiful essential oils, because you want to improve people's lives because you want to make people's processes better, even for system. But you may not be in business because you love business. I actually happen to really love business. And I told myself that I didn't for a long time. Because in some ways when we're treating our business, like a hobby, and when we're approaching it with less, we're gonna say seriousness, but seriousness doesn't even mean it's not fun or light. It's just, it's just different. But when I did that, it seemed like, I could always have this fallback excuse. Oh, I wasn't paying attention to that. Oh, yeah. You know, I like I know, it's all gonna work itself out ignorance, not looking at things, not looking at your finances, not looking at the decisions that you make, instead of taking a moment to breathe and think, okay, am I gonna make this investment and am I committed to do the work required to get a return on that investment, oftentimes, I would just make the investment out of an impulse. And while that is amazing, and while that was fun, and exhilarating, it also added a lot of pressure. And we get to have both, we get to look at it and say, Hey, I am ready to invest in a strategic mastermind, I'm ready to come in, I'm ready to go in on a payment plan. And here's how I'm going to make sure that I can pay that every single month so that investment feel safe. There is a way of looking at it. There's a way of investing in mentorship, coaching support from people that allows you to look at it and say, Hey, okay, I'm going to do that. And here's how I'm going to do it. And so many people talk about the how isn't important than you don't need to know how and it's all going to figure itself out. But what I can tell you over three years of running a business and building a six figure business and managing difficulty and also dealing with financial decisions that when the bad the best and paying off debt and getting myself in a different position and coming full circle is that ultimately, there is an element of how that is so so essential, there is a part that being strategic will give you safety will give you certainty will make you feel more supported. And it will make you see that it's actually possible. When we have a plan, and we're open to the potentiality of everything, things really get to shift. When you feel like you're supporting your business as much as your business is supporting you. It feels different in business, it feels a lot better, your nervous system will be calmer, you will be more relaxed. And again, you're able to show up with more confidence in your business and confidence cells. So are you ready to run your business? Like a business? Are you ready to run your business like a business? And if you don't know how are you willing to get the support to start running your business like a business and turn this ship around and start burning the kind of sales that you want and paying yourself the kind of income that you want. And that is what I'm gonna leave you with? For this week's episode of diaries of a six figure coach, let's run our businesses like businesses, because what you want is so much more than a hobby that I am sure about how I did chat again next week, and we're gonna have some more juicy juicy juicy conversations. Peace.