Are you struggling to grow your online coaching business and manage your finances effectively? I’ve been there, and I know how overwhelming it can feel.
In this episode of the Wealthy Wealthy podcast, Krisstina Wise sits down with Matt Shriver, a successful entrepreneur and marketing expert who has built a seven-figure business in just a few years. Matt shares his journey from struggling coach to thriving business owner, offering invaluable insights on financial management, marketing strategies, and team building.
The main focus of this conversation is the importance of understanding your numbers, both in business and personal finance. Matt discusses how learning to read and interpret financial statements transformed his business decisions and led to significant growth. He emphasizes the power of tracking key performance indicators (KPIs) and using data to drive marketing and operational choices.
Additionally, Matt dives into effective Instagram marketing techniques, the value of paid advertising for coaches, and the technology stack he uses to run his business efficiently. He also shares his approach to team management and leadership in a remote work environment.
If you’re a coach or online entrepreneur looking to scale your business and improve your financial literacy, this episode is packed with actionable advice and real-world examples. Don’t miss out on Matt’s hard-earned wisdom – click play now and start your journey towards business success and financial freedom.
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If want even more information and personal instruction on how to turn your hard work into financial security and freedom, register for my FREE Wealth Mastery 1/2 Day Workshop using this link: challenge.wisemoneymethod.com
Top 5 Takeaways From This Conversation:
- How understanding your P&L can save you thousands and make you millions in your business!
- Why batching content creation and scheduling posts is key for efficient Instagram marketing!
- The surprising truth that customer acquisition costs often increase as markets become saturated!
- How daily standups and clear meeting rhythms create a strong remote team culture!
- Why starting paid ads earlier can help you test your messaging and accelerate business growth!
Here Are Five of My Favorite Quotes:
- “When I first reached out to you, I had just been fortunate enough to be exiting a business and I didn’t know anything about money at the time. I was like, ‘I don’t know what to do with this.'”
- “I started to separate our expenses based on sales contract labor, marketing contract labor, fulfillment contract labor. So I can see them all on a P&L and I can see how much of the top line is going to which department and how they’re performing.”
- “If you want to make money on Instagram, I can help you. What I have a lot of people do is really pick a couple topics that they feel really confident in and just continue to provide value in those areas.”
- “Until you understand your household stuff and your personal finances, it doesn’t matter how much money you make. Because I went through your course and was like, ‘Wow, my business needs to make four times the amount of money so that I can pay myself X so that I can hit my financial goals.'”
- “The myth is that once you have some cash, you know, you’ve got five or ten clients, it’s okay to start advertising. Because spending money on ads is the fastest way for you to test your message to see if it actually resonates.”
Time Stamps:
- [6:30] Understanding P&L
- [12:54] Personal Money Management
- [19:48] Expense Management
- [26:32] Business Growth Strategies
- [33:02] Business Transformation
- [39:32] Marketing and Leadership
- [45:26] Instagram Strategy
- [52:41] Money Management Course
- [57:03] Myth Busting in Business
MYTH BUSTED: “You need to wait until you’re making $10-20k a month before starting paid ads.”
Matt Shriver, a successful online business coach, challenges the common belief that entrepreneurs should delay paid advertising until they reach a certain revenue threshold. Despite the prevailing wisdom to wait until earning $10-20k monthly, Matt argues that this approach can hinder growth and learning opportunities. Drawing from his experience working with health coaches and other online entrepreneurs, he emphasizes the value of early experimentation with paid ads.
Matt explains, “If we look at more traditional marketing, a lot of them or businesses, a lot of them start with marketing very heavily.” He points out that many businesses, especially those backed by venture capital, invest heavily in marketing from the outset. While he doesn’t advocate for such an aggressive approach, Matt believes in the power of early testing.
The key insight? Starting paid ads sooner rather than later accelerates the learning curve. As Matt shares, “The faster you start testing with paid marketing, the faster you’re going to be able to test your messaging.” He highlights the stark difference between selling to friends, family, or word-of-mouth referrals versus converting cold traffic. This early exposure to cold audiences provides invaluable feedback on messaging effectiveness.
Matt’s advice challenges the cautious approach many coaches adopt. Instead of waiting for a specific revenue milestone, he suggests that once you have a handful of clients and some cash flow, it’s appropriate to begin experimenting with paid advertising. This strategy allows entrepreneurs to refine their messaging, understand their target audience better, and potentially scale their business more rapidly.
By busting this myth, Matt encourages entrepreneurs to view paid advertising not just as a growth tool, but as a critical learning opportunity. It’s about finding the balance between organic growth and paid strategies, using both to accelerate business development and gain crucial market insights.
Next Steps:
If want even more information and personal instruction on how to turn your hard work into financial security and freedom, register for my FREE Wealth Mastery 1/2 Day Workshop using this link: challenge.wisemoneymethod.com
