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“As a small business owner, you’re both the employer and the employee.”
— Annie Frisbie
What does it mean to be a small business owner and a compassionate lactation consultant?
We got into this business because we love caring for breastfeeding mothers and their babies. But excellent clinical skills don’t always coincide with business and financial savvy. If you can relate, we’ve got you covered.
Money can be a really personal and intimidating topic, and many of us grow up without learning how to talk about money or deal with our own personal finances, let alone business finances. But understanding your business numbers is vital to creating a sustainable, profitable private practice.
In this episode of Lactation Business Coaching, we share our advice, tips, and experiences for creating a successful business and staying on top of your finances. From business expenses to liability insurance to tax planning and what it means to pay yourself a living wage, we’re diving in deep for this Financial Real Talk.
In this episode, you’ll discover:
The major difference between the ‘cost of doing business’ v. ‘business expenses’
The mindset issue that will cause you to undervalue your worth and undercharge your clients
How to plan for taxes and automate your preparation so that you avoid unpleasant surprises
“If you’ve never been self-employed before, you don’t realize there’s some heavy taxes to that.”
— Leah Jolly
03:07 Leah’s marketing moment
05:06 Main gig or side gig?
09:15 Pay yourself
10:57 Tax planning
14:55 ‘Cost of doing business’ v. ‘business expense’
18:00 Subscriptions & fees
24:19 Benefits of a CPA or bookkeeper
28:55 Insurance billing
30:10 Time breakdown & hiring
32:04 Spending & fear
34:30 Health insurance
40:23 Annie’s tech tip
This episode is sponsored by MilkNotes, an all-in-one lactation charting tool.
Find our Deeper Dive into Business Setup + more in the Lactation Business Coaching Deeper Dive Vault. Memberships start at $15/month.
Leah Jolly is a private practice IBCLC with Bay Area Breastfeeding in Houston, Texas. Annie Frisbie is a private practice IBCLC serving Queens and Brooklyn in New York City, and the creator of the Lactation Consultant Private Practice Toolkit.