Interested in all the things I pay for as expenses in my coaching business? I’m going to give you a full breakdown of every single monthly and annual expense I have in my coaching business. I know this kind of thing can be super interesting and whilst I usually share all the nitty gritty details of my income in my BTS posts, I’ve not yet shared a detailed look at my expenses.

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What are business expenses?

Business expenses are the costs associated with running your business. Various different things are considered a ‘tax deductible expense’ depending on your business’s legal structure and the country you’re operating in.

How do I track my expenses?

I keep a cash flow spreadsheet which I live and die by. One of the sheets is a list of USD expenses and GBP expenses that are regular and recurring each month. Then I add any one off expenses to the expenses section of my main cash flow spreadsheet.

How often do I review my expenses?

I try to review my expenses at least every 6 months and cancel anything I’m not using.

List of expenses in my coaching business:

Monthly costs:

Convertkit – $79

I use Convertkit to manage my email list. I absolutely love this email service provider and it gives me everything I need for my email marketing.

Loom $10

I use Loom to store videos that are embedded in my programs and courses, and to record screen share feedback for members in Wholehearted Business and some of my other live programs

Dubsado $30

I used Dubsado to manage my client contracts and also as my online scheduler and I also use the form function as well

Descript $15

I use Descript to edit The Wholehearted Business Show audio and video and create social media sharable clips

Buzzsprout $18

Buzzsprout is my podcast host, I also pay a bit extra for the magic mastering so the sound quality is as good as it can be

Notion $6

I literally manage my entire life on Notion so like to have the paid option in case I need to recover any files

Dropbox $20

I used Dropbox for extra file storage so my laptop doesn’t get totally backed up

Milanote $12.50

I have used Milanote in the past as a tool for pulling together my rebrand and also for mapping out funnels. I’m considering cancelling this expense as I can probably do all of this in Canva

Tailwind $14.99

I used Tailwind to automate some sharing of pins on Pinterest. This is another tool I’m considering cancelling as I feel that I can get what I need from Pinterest with manual pinning with support from my VA

Hello Audio $15.30

I use Hello Audio to host a private podcast feed for members of Wholehearted Business so they can listen to group call replays and other extra podcast episodes

To Be Magnetic $20

TBM is a program that is based on manifestation but I use it to help me work on my mindset, subconscious thoughts and lots more. I absolutely love it and use the daily imaginings almost every day

Save my Leads $19

I use Save my Leads to transfer leads from my Facebook + Instagram Ads that use Facebook forms into my Convertkit

Total USD expenses: $259.79

Mobile Phone – £99

I run my mobile through my business, this amount should be reducing shortly as it included the cost of the phone itself which is nearly paid off and the contract is almost done

Zoom £14.39

For running all my 1:1, group calls and live training etc!

Bank service charge – £7

I currently bank with Lloyds which in all honesty are shit. I’m only still with them because I like the reassurance I have from my business overdraft but I’d prefer to move to Monzo Business.

Accountancy – £108

I have the most fabulous accountant and this covers everything I need to sort my personal and company tax and payroll

Google Apps – £30

I use Google for my email and I use Drive and Docs for a lot too. This includes several accounts as I seem to collect domains and email addresses from over the years – something I need to review

Canva – £10.99

Literally use Canva for loads of stuff and happily pay that each month it’s an amazing tool

HP Instant Ink – £3.99

Sorts out the ink for my printer for printing anything I need like client notes etc

Business Insurance – £50

I have really good comprehensive business insurance with Hiscox

My Virtual Assistant – £175

I get 5 hours a month from my amazing VA and that helps me schedule up the Wholehearted Business Show and manage a whole load of emails in my hello inbox, sorting out bits and pieces connected with my courses and anything else I need. A very worthwhile expense!

Total expenses in GBP: £518.37

Expenses total (monthly): £724 / $931

Paying for expenses in multiple currencies

A couple of years ago I opened a Wise account which means that all income I bring in as USD goes straight into a USD account in Wise. All of my USD expenses are paid out of that account, so I save on conversion fees. I can then convert any leftover USD balance to GBP and pay that into my UK business bank account. I use Stripe via Thrivecart for most of my business income transactions.

Extra non regular expenses

Alongside my regular monthly expenses I also have ad hoc expenses that occur throughout the year. These can include business coaching, training, courses and programs, live events (like Atomicon), accommodation for events, tech tools that have a one off fee – for example this year I bought Convertbox for $300 and last year I invested in Thrivecart and Learn+

I have also now started investing in paid ads on a very regular basis. I tend to spend about £150-£200 ($200-$250) a month on Facebook and Instagram Ads to build my email list.

So there you have it, a full detailed breakdown of every single business expense! I’d love to know if this has been helpful, let me know in the comments!

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