![How to plan and track the budget of your public speaking coaching business [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-5_225be612-6527-465c-ace7-ad0b1d74d6c6.png?v=1715856508&width=1100)
If you don’t plan and track your public speaking budget properly, you're setting yourself up for failure.
When we developed our strategy pack for public speaking coaches, we saw a lot of coaches struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial client bookings.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your coaching finances around and set you on the path to success!
Get the budget tracker tailored for speaking coaches
Most speaking coaches don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for speaking coaches
Here is an example of a (very) detailed budget for a public speaking coach, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Office Rent | Lease for office space | $1,200 | $14,400 |
| Electricity | Power consumption for office | $100 | $1,200 |
| Water | Water usage | $50 | $600 |
| Internet & Phone | Internet service and business phone | $100 | $1,200 |
| Insurance | Professional liability insurance | $200 | $2,400 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Public Speaking Coach | 1 | $5,000 | $5,000 | $60,000 |
| Administrative Assistant | 1 | $2,500 | $2,500 | $30,000 |
3. Training Materials & Resources
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Books & E-books | Reference and training materials | $100 | $1,200 |
| Online Courses | Subscription to online training platforms | $50 | $600 |
| Presentation Software | Software for creating presentations | $30 | $360 |
| Office Supplies | Stationery, pens, printer ink, etc. | $50 | $600 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $200 | $2,400 |
| Social Media Management | Managing social media accounts | $300 | $3,600 |
| Website Maintenance | Hosting, domain, updates | $50 | $600 |
| Email Marketing | Email campaigns and newsletters | $100 | $1,200 |
| Networking Events | Attending and hosting events | $150 | $1,800 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of office equipment | $100 | $1,200 |
| Professional Development | Workshops and seminars | $200 | $2,400 |
| Licenses & Permits | Business licenses and permits | $50 | $600 |
| Contingency Fund | Emergency repairs and unexpected costs | $200 | $2,400 |
Some speaking coaches make 5x more profit than you!
We have studied the strategies of the best speaking coaches in the world. Replicate them now!
What are the biggest expenses for a public speaking coach?
Be mindful of these pitfalls. Here are five major costs every public speaking coach needs to consider, along with some tips on how to manage them effectively.
- Training Materials and ResourcesThese can take a significant portion of your budget. You're dealing with materials that need to be updated regularly, and prices can vary based on quality and demand. To keep these costs in check, focus on using digital resources, negotiate better rates with suppliers, and minimize waste. It's easy to overspend by purchasing too many materials or opting for high-end resources that don’t add enough value.
- Your Coaching TeamYour team is your backbone, but paying for their wages, benefits, and training can be expensive. This cost is always high because you need a certain number of qualified coaches to provide excellent service and keep things running smoothly. You can optimize labor costs by scheduling efficiently, cross-training your team, and monitoring productivity. However, be careful not to underpay or overwork your team, as this can lead to high turnover and poor service.
- Office Space and UtilitiesPrime locations come with high rent, but they can attract more clients. Utilities like electricity, internet, and water are essential but add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient appliances and lighting. Overspending often happens when you choose a location that's too big or too fancy for your needs.
- MarketingYou need to get the word out about your coaching services, but advertising can be pricey, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we recommend. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Technology and EquipmentThis includes everything from presentation tools to office furniture. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and client satisfaction. Optimize by investing in durable, energy-efficient equipment and maintaining it regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your public speaking coaching business?
Here are practical tips to help you, as a public speaking coach, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Office Space | Consider renting a co-working space or conducting sessions online to reduce overhead costs. |
| Marketing | Leverage social media platforms and collaborate with local influencers to gain free exposure. |
| Training Materials | Utilize digital resources and e-books to minimize printing costs. |
| Technology | Invest in high-quality video conferencing tools and software for virtual coaching sessions. |
| Professional Development | Take advantage of free online courses and webinars to stay updated with the latest public speaking techniques. |
| Client Management | Use client management software to streamline scheduling, billing, and communication. |
| Networking | Attend local business events and join professional organizations to build connections without high costs. |
| Insurance | Regularly review your insurance policies to ensure they meet your current needs and compare rates annually. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital tools and resources. |
| Website Maintenance | Use a cost-effective website builder and regularly update your site to attract new clients. |
| Travel Expenses | Plan your travel efficiently and consider virtual meetings to reduce travel costs. |
| Advertising | Run targeted online ads and use SEO strategies to increase your visibility without breaking the bank. |
| Client Feedback | Implement a feedback system to continuously improve your services and retain clients. |
| Workshops and Seminars | Host online workshops to reach a wider audience and reduce venue costs. |
| Subscriptions | Review and cancel any unnecessary subscriptions to save on recurring expenses. |
| Equipment | Invest in durable, high-quality equipment that will last longer and require less frequent replacement. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Content Creation | Create your own content for social media and marketing to save on hiring external services. |
| Software | Choose software that offers essential features with low subscription fees and integrates with other systems you use. |
| Client Retention | Offer loyalty programs or discounts for repeat clients to encourage long-term relationships. |
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Expenses that are just useless for a public speaking coach
Yes, some expenses for your public speaking coaching business are just unnecessary. They don't contribute to increasing your client base or improving the quality of your coaching sessions.
| Coaching Expense | Reason It's Useless |
|---|---|
| Luxurious Office Space | High-end office spaces don't necessarily attract more clients and can be a significant drain on your budget. |
| Premium Presentation Tools | Unless you are coaching high-profile clients, most people are satisfied with standard presentation tools. |
| Excessive Marketing Materials | Too many brochures and flyers can lead to waste and don't always result in more clients. |
| High-End Recording Equipment | Top-of-the-line recording equipment is not always necessary and can be cost-prohibitive. |
| Paper Advertising | Traditional paper ads often have a lower return on investment. Don’t include them in the marketing strategy of your coaching business. |
| Multiple Coaching Outfits | Having various professional outfits increases costs without adding significant value to the client experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for magazines or online platforms often go unnoticed by clients. |
| Exclusive Training Materials | Using rare or exclusive materials can inflate costs and complicate your coaching process. |
| Costly Furniture | High-end furniture is not always appreciated by clients and can be a significant expense. |
| Custom Printed Materials | Personalized materials are a minor detail that most clients overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most clients are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Office Supplies | Maintaining more supplies than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Office Renovations | Constantly updating decor and layout can be costly and disrupt operations. |
| Expensive Office Decor | Elaborate decor is often ignored by clients and adds to the cost. |
| High-End Office Supplies | Luxury office supplies are prone to damage and expensive to replace, often going unnoticed by clients. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Designs | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Training Equipment | Specialized training equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your public speaking coaching business!
Managing a budget for a public speaking coach when funds are tight can feel like a nightmare. It's like being in a jail where any unexpected expense can drown you.
This constant pressure makes it nearly impossible to invest in growth projects, leaving you always chasing after expenses. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more money to spend.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of public speaking coaches just like you. Get them now!
Make your public speaking coaching business more profitable
We have studied the strategies of the best speaking coaches in the world. All their tactics are explained in our pack!
