Profit Planning for Paid Time Off as a Business Owner

Ready to balance work and life without sacrificing your profits? Join me as I open the treasure chest of secrets to achieving just that. I'll reveal the mindset changes and strategies crucial to maximizing personal time while keeping your business's bottom line robust. Learn how to take time off in a way that doesn't chip away at your profitability. You, as the business owner, are in command of your time and can sculpt your business to align with your lifestyle.

Drawing from my personal experiences with profit planning, I'll be introducing three pivotal tips for successful implementation. Let's change the way you perceive profits by stretching it over a more extended period. Remember, your life and business vision should be your priority. There's ample time to achieve all your objectives. All it takes is a shift in perspective to rocket your business to new horizons. Tune in and let's embark on this journey together.

In this episode, I talk about the following:
1. Setting up your business in a way that aligns with your personal life and desired schedule.
2. The importance of profit planning for business owners looking to take time off.
3. Practical tips and mindset shifts so you can generate income consistently even when taking time off.

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Transcript

Speaker 1: 2:07

Are you a woman who runs the world but know you need a little support to Listen up? Through coaching clients and pursuing my own health and ambitions, I've found getting to a goal takes more than just willpower. It takes a mindset restart and learning how to adjust and not quit. In this podcast, you'll hear from women out there leading the way in momentum, and I'll be sharing impactful mindset strategies to help you get out of your own way. Whether you're on a health journey, starting your life after a big change or trying to keep up momentum towards your passion project, with all the ups and downs, this is for you. It's time to decrease the things that hold you back and increase the things that move you forward towards a life that you want. I'm Amber Bebelheimer and this is the Momentum Restart Podcast.

Speaker 2: 3:00

Welcome to Momentum Restart Podcast. I'm your host, coach Amber Be. This is all about how to take time off as a business owner and profit planning so that you can feel really good about it. Last week the episode was all about should you take time off, and I hope that you took time to listen to it and really considered how you want your time off, to look how you're going to prepare yourself so you can fully enjoy it. And one of the questions that I get when I'm encouraging clients to set them up to have time off is how are they going to make money during that time? So today I'm going to answer that question.

Speaker 2: 3:40

As a business owner, I know that you don't normally get paid time off. Just like you, I've heard people say. As a business owner, sometimes it's hard to close the laptop at the end of the day. You have good intentions or maybe even set work hours when you're going to be working, but it's hard to stop sometimes. I even saw on Instagram the other day a wonderful business owner I love following her and getting tips and encouragement from her and she was pointing out that business owners don't get mental health days. There's always. It's so true. We don't have that corporate setup in your business, if you are running everything, if you are driving your business. But I'm here to shift your perspective today. You're right that we don't have paid time off like a corporate business. You don't have set work hours, because there's always something to do or always a new idea. We don't have our sick days or mental health days, but you know what? Aren't you the business owner? You are the business owner and today you get to decide. You get to decide no matter what business you are in, no matter what business you run. You get to decide because you are the business owner and you get to set up your business in a way that honors your personal life, how you want your schedule to look, how you want to feel each day. Yes, it's going to be hard work. Yes, we're going to work really hard. There's going to be ups and downs, but still, you're the business owner and you get to decide. So anytime I hear someone saying I can't close a laptop or I don't have paid time off, or comparing themselves to a corporate job and complaining about it, I really quickly want to pause you right there and help you shift your mindset, because that mindset's not going to get us anywhere. Instead, let's shed some light on the truth, which is you are the business owner and you get to decide. So whatever area of business you're in, there is a way to have time off but still feel good about the profit that's coming in and how things are going, while taking your foot off the break, so to speak. So here are some quick tips to consider when making that CEO move to set yourself up in the best case scenario.

Speaker 2: 6:19

When you're setting yourself up in the best case scenario, it reminds me of when the boys were really little, and we're out of this phase right now. But if you have kids, if you have babies or you have grandkids anywhere in between, you can relate to the time when they're a newborn and you're trying to teach them how to sleep, which All of I had three friends that had babies the same month that I did, and we would be on the phone, texting each other all night about what are you doing? This working? What are you doing? This working I haven't slept in three days and really Working through this really hard time of life where you're not getting any sleep. And I remember I don't remember what book it was in out of the hundreds of sleep books or apps or things. I was reading at the time to try to get maxed to go to sleep, but I remember reading something that said something to the fact of that. You need to start how you the same way that you want to go. You need to start now doing the things that are the same as where you want to go. So, instead of making just those in the minute Emotional decisions based on how exhausted I was at night, think about what I want our sleep patterns to look like easier said than done when you had a four month old, but Thinking of what I want it to look like and then try to make our habits set up so that we can grow into that. It's the same with our business and our planning.

Speaker 2: 7:50

Think about where you want to go. How do you want your business to look? Think about what you want your schedule to look like, your how many weeks, how many days, how many hours you want to be working. Yes, there's gonna be some times when you're gonna be working a lot. You're a business owner. Get ready to work. At the same time, there's freedom in that, too, because you could decide when and where and how. So think about what you want it to look like and then give yourself a chance to grow into it. It's so much easier to grow into a business, ideal, plan and schedule Then having to burn it all down because you're exhausted and it's not working and start over. Think now how you want it to be, even if it feels like it's a long ways down the road till you can really ideally live that Like it's a long ways down the road till. I remember thinking till max was gonna sleep through the night, but we started implementing habits that day. That was setting ourselves up towards where we wanted to go.

Speaker 2: 9:00

Let's take a quick pause together because I have to share with you one of my favorite things about the all new 2-in-1 daily planner and journal that I've created for you. The first week of the journal and planner, each day when you're planning, is filled with a productivity tip from me on how to Make the most of your time so that you can be productive and effective in your work and have time to enjoy your life too. These seven days of the productivity tips alone is worth the price of the planner and journal, because it's going to be the game changer For how you show up, by removing pressure to do everything and instead bringing in so much more peace in your day, knowing what's important. Head to coach amber beads com backslash journal and order the 90 days of momentum Planner and journal to get started today, and don't forget to tag me on instagram when you get it in your hands. I can't wait to see you put this to use.

Speaker 2: 10:05

Here are a few ways that you can plan for profit as you're planning where you want to go and when you're planning profit as a business owner to take time off. There's three really big things to think about that are going to help you immensely simple things that you can do or mindset shifts that you can make that are really going to help you Take those habits and action steps to work towards where you want to go. And the first is Are you even profit planning? And if you're not, have grace with yourself and know today is a day when you can turn that around. That's what I'm talking about. I'm not going to turn that around, that's okay.

Speaker 2: 10:46

Are you looking at your numbers? Are you planning your profit? Do you look at the beginning of the year or the quarter and think through? These are my Products, these are my streams of revenue, this is my expenses. This is how, if I this is my data that shows me my marketing. Are you looking at these things? This is something I help one-on-one clients do, because when you make decisions based on boundaries Decisions on boundaries with your schedule, or how much time you're going to spend in a certain area of your business, or If you're going to buy gifts for your clients, or how you're going to package up product to send your clients All these decisions have to be made based on data, not in the moment, on how it feels, but based on data. So, looking at that, profit planning. So if you're not, profit planning is okay.

Speaker 2: 11:36

Today is the day you can start. If you need support getting started because I know it can feel like a big mountain in the beginning if you need support getting started, let's connect. Either I can help you get started or I have some amazing money coaches and strategists that I love to work with and I can point you towards them, depending on what you need. So please reach out to me, because this is not something that has to be a hurdle. It can easily be checked off and you can keep moving forward For an immediate boost in that area. If you need it.

Speaker 2: 12:05

Check out one of the episodes on the Momentum Restart podcast. A few back few weeks back I interviewed Becca Gonzalez all about money mindset and I had a lot of really great feedback from this episode. People really loved it. It was encouraging to them about money and she gave a lot of great data too. So make sure your profit planning in the first place. That's the very first thing. The second thing is planning for time off in your profit planning. There's a lot of ways to do this. There's so many more ways to do this than I could even imagine, because this isn't my top expertise. My expertise is strategizing and planning as a business as a whole and as your schedule and your life and your values. Profit planning is a piece of it and the ways that I've seen that work for me and my clients.

Speaker 2: 12:54

I'm gonna share a few with you today. One of those is when you're setting up profit. A lot of times I'll see clients look at their revenue and their income and expenses just month by month, sometimes day by day, or sometimes launch by launch, and I really wanna shift your mindset to make sure that when you're looking at your profit, that's your income minus your expenses. When you're looking at your profit. You need to look at your profit and your income minus your expenses. You need to look at a whole life cycle. A life cycle of your business includes the highest, most busiest time of your year and the lowest time. So for most businesses, what I've seen, especially in coaching businesses this is anywhere between three to six months to make sure that they're including a whole life cycle.

Speaker 2: 13:50

And when I shifted this last year, I set with my business, instead of thinking months to month, thinking of looking ahead for six months and this is something I've been doing with clients too looking at our six months of expected revenue that we know we can count on and then planning for that, breaking it up, distributing that those evenly between each month. So while month one may be really heavy in revenue, month four might be next to nothing. We look at overall how much you're making and bringing in and profiting in six months and then we evenly distribute those by six months, so each month you're getting an equal amount. That shifts your mindset. So on those months when things are really low and slow, you already plan for those and you know you can take time off during those slow months. See where I'm getting. If you're just starting, this is something you're going to grow into. Remember, just like I said, you're going to start the same way where you want to go. So you're going to grow into it, because you do need some data to see where your higher months are, where your lower months are. But over time you're going to start to realize, oh, I'm always slow this month or this weekend or this day or this season. That's when you're going to enjoy life more, you're going to take some more time off and when you're planning your profit over those six months or three months, maybe a year, you know you can keep that profit the same each day, each month, but you're able to enjoy that time off without freaking out.

Speaker 2: 15:33

I just finished the book this year Profit First by Mike McCallowix and I've had a lot of people ask me about this book, and clients too, and I've loved it. It's really helpful for me because it's super simple to do my finances each month and but the biggest piece to take away I took from it was to break it down extremely simple. It's a really great book to read. Pay yourself 50% of every piece of revenue, then you break down the rest into taxes, expenses and business savings From that piece, instead of taking all of your income, your profit, right away. It really was encouraging. The book really encouraged you to put 10 percent or whatever number feels good to you into a business savings account. That's another tool that you can use as planned profit for time off. I've seen clients use this for saving up for coaching or saving up for investing back in their business, but you can also use it for planned time off.

Speaker 2: 16:42

The third thing to consider is to make sure that you have a product suite that supports you while you're away from the computer or from your brick and mortar business, making sure that you have a recurring revenue stream or that you have a low ticket passive offer that can also be bringing in revenue and have that feel good energy of cash injection into your business while you're on a girls weekend away or playing on the beach with your family for the week.

Speaker 2: 17:11

You want to make sure that your product suite includes that, even if you're a high ticket coaching or you're doing group coaching or a service provider, or even if you are selling a product, whatever you're doing if you can also include a recurring revenue, whether it's a subscription or you have a small low ticket passive offer that can really boost your energy during that time off and really take the pressure off from yourself.

Speaker 2: 17:41

You can listen to an episode a few back, probably about six or seven episodes back when I interviewed Lindsay Maloney about how to use low ticket offers, she had some really great ideas on how to make that happen too.

Speaker 2: 17:57

There are so many ways to improve CraftFit open up your schedule for time away and to enjoy that freedom that you envisioned when you started your own business. But it all starts with you deciding what you want your life to look like, what you want your schedule to look like, and then make sure you're creating that business based around your vision. Then, as you do, know that I'm here for you and I'm cheering for you and I'm ready to support you when you need it. The world needs what you have to offer and you have all the time you need to do the things that you are made to do. Take a deep breath, let go of whatever is keeping you from believing this, because you've got this. Keep going and I'll see you next week. Thank you for listening to this episode of Momentum Restart Podcast. I would love to hear what you think about it. What were your takeaways? What action?

Speaker 1: 18:59

steps. Do you now want to take DM me on?

Speaker 2: 19:03

Instagram at CoachAmberBee, and let's keep this conversation going. I promise I respond to every message I get. Talk with you soon. I'll see you next week.