How Much It Costs Per Year To Run My Coaching Business
Denzel Rodriguez breaks down the annual costs of running his financial coaching business, from software subscriptions to operational expenses. He shares what he actually pays for tools and platforms, plus strategies to keep costs down.
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Hello and welcome back, everyone. In today's video, we're going to be looking at my financial coaching practice, really identifying the tools and the cost to run those tools, to really run my entire operation, what it, what it looks like, right? So I'm going to go step by step, which, with each and every resource, each and every tool that I use, we'll look at the cost and then I'll show you the strategy behind it as to what it produces versus what it costs.
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I think that's very, very important to really understand what it could potentially cost you if you're a new financial coach consultant entering this space, wanting to deliver financial coaching services and products to your clients and you kind of want to get an idea of what it would look like to really operate effectively, to grow a multiple six figure practice, right. And how to be efficient with every single dollar. This video is part of a series where I help you become a financial coach without any certifications, no credibility, no prior experience, right. Just really looking at the business side of financial coaching. What, what does it take to build a business, an operation, automation systems. And then along the way, if you have a desire to teach, right, you have a desire around finance and if it is your purpose in life according to God's will, let's say, if you are of that faith and even if you're not, just logically speaking, do you have a knack for, for finance? Are you, are you more financially literate than most and do you have a desire to teach, to help others position themselves to achieve financial freedom?
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That's usually the end game, financial freedom, right. So if you're able to answer those questions that was discussed in the first part of this video series, I also shared my entire process, what it is, and now I'm going to share with you the cost. So let's take a look at the board. So what we're gonna do here is work our way from the top, work our way down, and then end up right over here. And I tried to write it out according to my actual process, how I run my entire practice and it starts with live streaming. So the platform I use to live stream is ECAMM Live. Now in the previous video I mentioned how I was also using another platform called restream, but as of recent, ECAMM Live came out with a beta service which will eventually roll out to everyone, where you can now live stream from within the platform itself. So you don't need a second platform if you want to stream, live stream to multiple platforms. So now I'M able to just use ECAMM Live alone to live stream on my YouTube channel, my LinkedIn and my Facebook page.
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Which is pretty cool. Now that only cost me $384 on the annual plan. So if you were to, you know, go on ECAMM Live and I do have a link that will send you directly to that site, we can check it out. In my case, I signed up for ECAMM live back in 2019. So what can typically happen with a lot of these different platforms and services is when you initially enroll, as time goes by, sometimes they increase their pricing or they add new things. Things.
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Kind of like what ECAMM Live just did. And they will update their pricing, they usually will increase their pricing. So I actually pay $240 on the annual plan and that is the pro plan with ECAMM Live. And again, there's different options, so not everything will be the exact same pricing amount. But it's just nice to actually see a real life case study, a real life coaching practice, what it actually looks like, the actual cost breakdown.
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So in addition to that live streaming, then we get into the second layer which is having the website, your courses, your programs and your community that you would develop over time. I use Kajabi for my website, my courses and community. So let's say it's an all in one platform and I am under the growth plan paying annually. If you were to look, it costs 1908. Now again I have a link for this, but I recommend looking up either. What's her name? Amy Porter Field, I believe is her name. And there's another person. And these people basically have built a very large stream of income promoting Kajabi. So what can also happen with a lot of these different services? If you go on social media on the different channels and you look for big influencers that promote these products, they will typically have an exclusive affiliate link.
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So you could use mine.
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And that's cool. I would, I would receive a commission for that. But I would actually compare it to other gurus and influencers. They might be able to give you a bigger discount on, on the service itself. So for Kajabi I used Amy Porterfield and it was 15% off. I believe in addition to, you know, instead of paying monthly for these different services, my strategy is actually to pay for them annually because they typically reward you with a lesser total cost for the entire year compared to the monthly plan. So there's a savings there, plus if you use a discount code, additional savings and then if you run it through a credit card, additional cash back, rewards. There's a whole strategy that I use there to literally cut my total cost of operations, my operations costs by nearly 15%, maybe even more in some cases. And that's not counting the tax deductions as well. That comes off, you know, the business that you're running. Every dollar counts. So 1908 is the standard cost of the growth plan with Kajabi. That's what I use for email marketing. I use ConvertKit 1390 on that, on the annual plan and that's the creator pro plan for my domains and emails. I use GoDaddy. Now this can totally vary depending on how long you lock in that domain. So you can lock it in for a year or by month or as long as like 10 years or something like that.
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So in my case it's like a few hundred dollars a year after my term expires. So I remember doing like a five year or a ten year or something like that. So I actually won't be paying anything from GoDaddy for like, you know, an additional maybe five years or so. So initially up front it'll be like a few hundred dollars depending on how many domains, right. How many emails. And then you can add on additional things like security and privacy and all this different stuff.
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So that'll vary. But as you can see, I use GoDaddy then for booking calls.
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Once you, let's say you live stream, you get them on your website, they fill out a form, they join a course, or maybe they don't join the course, but they get on your email newsletter and, and then later they enroll, they become a client. Well now you need to have a system for them to book calls with you so they can jump on a call instead of you going back and forth, back and forth, back and forth. Or are you available at 3:00'?
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No. And they, they said no four hours later. Oh, are you available at, you know, 7:00pm on the 21st? Yes. And then. Okay, great. So you lock that in and then you tell them to put it on their calendar and then you got to remind them and then.
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And that, let me tell you, that is time consuming versus as soon as somebody comes to client, boom, automated email goes out. Here you go, here's the link to book a call when you're ready and it shows them your schedule according to your time zone and then it converts into whatever time zone that they're in. So that's even talk about stress relief when you have an automated system to have people book calls with you, right? So I pay 288. This is what I actually pay and it's the professional plan. And I pay on an annual basis. Nearly everything on here I'm paying annually right now. This will also vary these next two services, but this is something you, you need, you need phone, you need Internet, right? So I use T Mobile. Xfinity. Xfinity will cost me roughly 775, 80 per year, but this is what I pay monthly. And then I have T mobile, I have two, two phones. So I pay 140. So that'll be 1680 a year. TubeBuddy is exclusive for YouTube. This is a great in terms of the back end stuff on YouTube, how to really look at analytics, see what's trending, see the hashtag. I mean it's a ton of value, a ton of different stuff there. Even to this day, I don't know how to use everything. But I keep it because I'm consistently learning how to, you know, grow the channel, grow the presence, have more people see what it is that I'm doing. And Tubebuddy helps you do that. So I'm on the legend plan. Annual 376 32. And then I have Google email accounts, two of them, 27 monthly. So 324 annually. And then the final expense. This is not required, but it definitely will help recapture a lot of your time. In the beginning, you may not have one because you may not have the budget for it. Neither did I. But over time, as you create more revenue, more sales, more profits, you want to be able to reinvest back into your business. Creating automation and recapturing time, which is money. And so I have a video editor and I will pay them roughly 24,000 a year on average. I know my first year was maybe like a couple thousand and the second year was like maybe almost nearly ten. And now in 2022, because I, I create so much content now that, you know, that may look like a lot of money, but it's, it's really not in comparison to what that yields.
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The fruit that it yields. So more than happy to pay my video editor. I love my video editor. They're great. And that's a really good relationship to have, let me tell you, is to forge a really good relationship with your video editor. Someone that is seeing and watching and listening to your content consistently. You want to get to a point where you consistently use that same person. Eventually the work becomes so much easier for them and for you in that communication. So that's what's happened with my video editor. Been working with them for, since 2019. So three plus years.
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And just phenomenal experience. I send them a batch of content through Dropbox and that was one of the expenses that I left out on here. Dropbox is another thing that I use in my system. Okay, so I'll. We'll add to that final number that I put here on the board. But Dropbox is phenomenal. I, once I'm done pre recording or live streaming, I will send it right to Dropbox. They have access to my account. They see it, I put it in a folder and I call it, you know, August 2022 batch. So it'll be a batch of content. I put comments, here's what I want, pop ups, intro, outro, we go back and forth. They then give me a new folder where it says completed batch, boom. And then I'm able to download the videos on my computer, upload it right to YouTube, the different platforms.
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Very clean process in my opinion. So 24,000 annually. And typically when you work with video editors, graphic designers, web designers, typically you can pay via credit card.
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So that expense also all of this gets run through a credit card, which is phenomenal. Except for my Xfinity, I believe. I think, I'm not sure, I forget. But nearly everything can get run through a credit card. And I use the credit card because I get the cashback rewards. So total expense, add all these numbers up is 31,426 and 12 cents. When you add the Dropbox, it's probably like 31,600 and some change.
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And then if you. Minus the affiliate earnings.
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So when I promote ECAMM Live, I got a link and people sign up. I'll receive earnings for that or the Kajabi or the ConvertKit.
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There's a lot of different things you can sign up for as an affiliate. Promoting it what you're already using and getting value from that's going to help reduce your operational costs is just signing up to be an affiliate. And what you can do because you'll have a ton of links is you can create like a downloadable PDF in your email newsletter. And so I'll have a newsletter that'll go out saying, here's my financial coaching practice breakdown and there'll be a downloadable PDF boom. And it'll show the different links and it's all on one page. And then your viewer can go one by one signing up for different services, which is something you might end up doing, especially if You're a coach trying to become a coach and you want to add velocity banking or infinite banking to your practice. I can be your, your coach. I'm coaching the coach, right? And then you coach your clients. So when you minus affiliate earnings, you minus cash back rewards, and then you also minus running the bills on an annual basis through the credit card, and that's an additional 10, upwards of 20% in savings on the bill itself, which is powerful, right? So when you factor in those three things, you can, I could take off 15% off the 31,000, so I could probably save a good four, almost 5,000 bucks. So my, my net actual output ends up being like maybe 25,000, maybe 26, right? Powerful stuff, right? So that is a overview of my financial coaching practice, my standard operating procedures, the tools that I use, and the cost. The only thing I left out was Dropbox. So put that in your notes. You're going to need some kind of, you know, system to send batches of content to whomever you're using, right? If you're using a video editor. And it's also a great place to store your material. God forbid, if you were to get canceled or if your account gets shut down, hacked, you don't lose your material. So you can have it in the, in the cloud, then in an additional layer would be to have a hard drive, right? You can store your material. And then if you look at alternative social media platforms like Odyssey or Rumble, there's another one I Forget. Bitchute, those three. You can link your YouTube channel to those other alternative decentralized platforms and have your content get posted over there simultaneously, right? Which is really cool. It's a great way to preserve your content for the long haul, right? Because this is, you know, your content is your intellectual property, so you want to protect it. You want to take additional measures. Especially, you know, in the 21st century where, you know, nearly every topic can become political. Anything you can, anything you say can be held, say, against you, literally. You know, if you offend four people, you could get canceled, right, on your YouTube channel. The possibility is there if you piss off the right people, let's just say. So being aware of that possibility, just not being in fear of it. Like, you don't want to be fearful. And then that limits your, your character, your personality, how you express yourself, right? You don't want to let that fear cloud the value that you want to give to people. You just want to be aware of it. Like what's happening in the marketplace of content creators. What direction is the Marketplace going in and how you can very uniquely continue to deliver your products, your services, your coaching, your, your and walking your purpose, right? So one last action step. I am hosting an event, it's a two day virtual event talking about becoming a financial coach without any certifications and how that can, how we can map out your particular situation to create an additional six figure income, right? Or multiple six figures, Full transparency Over the last four years as a financial coach and consultant been able to generate over seven figures in that four year time frame.
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So I know there's a lot of struggling financial coaches and consultants out there who are. Maybe you feel trapped in your certification that you got with say maybe Dave Ramsey or you're AF CPE or your Christian Kingdom advisors. Maybe you feel trapped, maybe you feel like you're not getting enough value from the multiple or tens of thousands of dollars that you've invested and you have not seen that yield. You may want to consider some alternatives, right? How can you approve? How can I get better?
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My name is Denzel Rodriguez, your personal finance geek of the 21st century. On this YouTube channel we cover the Velocity banking concept in Infinite Banking and Kingdom Authority. And those three strategies are very unique to add to your practice. So you could be a Dave Ramsey type of person or fire movement, right? You can have these different roles but then have an additional feature in your practice that can really provide extra value to the client and they can move faster in their finances, right? So if you're open minded and you're willing to bring in new data to improve your practice, I don't see how you can lose there. And so to enroll for that event, I will have a link in the comments section as well as in the description where you can register for that event. And I look forward to seeing you there. Have a wonderful day, God bless and we'll talk soon.
