Discover Smart Money Moves for Your Wellness Business Journey

Hey there, wellness entrepreneur! Welcome back!

Today I’m honored to have on special guest, Viony, and we will talk a lot about money, financing and accounting, especially some of these hot topics, like how much to save, how to pay yourself when you’re growing your business, how much should you pay yourself, debt, is it good or bad, should you actually take it on or not. 

So it’s all things financing, accounting, money. Also, you can live a balanced life and have a balanced business.

Now, if you want to jump over to Instagram right now and give Viony a follow, you can find her @BalancedAFConsulting. That’s right, so it’s BalancedAFConsulting and her website is home.balancedafconsulting.com. So, just to note, it’s home.balancedafconsulting.com. And if you get signed up to her e-mail list, she will give you great tips and answer questions every week in your e-mail inbox, things like 1099’s and debt calculators, and so much more, so you can go learn more about her over there.

And we’re going to jump right into today’s blog. I hope you enjoy!

Question To Viony: will you tell us a little bit about what you do and who you help?

Viony: Yeah, absolutely. Thanks for having me here. So what I do is my business is called Balanced AF Consulting. Yes, double entendre. The A stands for Accounting and Finance. But at the same time, let’s get Balanced AF is what I love to say. And I serve feminine entrepreneurs to help them get their businesses and lives balanced AF

Alison: Wonderful. And we got to know each other because we started a great chat on Instagram. And I just loved some of your philosophies about accounting and financing because I think, deep down, a lot of wellness entrepreneurs, we really want to serve and help people. That’s why most people get into the game. But part of the gig of being an entrepreneur is bringing that balance of working with the numbers. 

Question To Viony: So tell us, what are some of your philosophies in terms of accounting and finances?

Viony: Absolutely. So, in my years working as an accountant, I was a CPA for 10 years, and I always saw that entrepreneurs and small business owners were never putting themselves first. It was always about, let’s make sure that this bottom line, they’re trying not to get negative. 

But a lot of the time, their expenses were huge. They were taking on massive amounts of debt and causing extra stress for themselves. So my basic philosophy is let’s turn that around and let’s put your profit first. 

Anything that you do, allocate first a certain amount towards profit and to owner’s compensation so that you feel fulfilled from this business you’ve created and you’re being paid by it. And then, it creates boundaries around expenditures so that you’re truly living financially free, your business, and your life.

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Alison: Yeah, I love this. And is this taken from, what’s that guy’s name who wrote the book, Profit First?

Viony: Yes, Mike McCallewicks. Yes, I’ve taken those concepts. I remember reading this book, and I was like, this is fantastic. So, it’s one of my goals actually to become a profit first professional. He has an entire group of professionals that they coach on this, or there are accountants that help their clients with this philosophy. And when I read it, I was like, this is the way I think every single entrepreneur needs to build their finances and their businesses.

Alison: Yeah, I’ve read that book. I really love it, too. And I’ve taken some of his practices and actually do that where I remember going to the bank, and I was like, “I want some more savings accounts.” And they’re like, “How many?”

Viony: They’ll look at you weird. Like, “What are you doing?”

Alison: But it is a great way to organize it. Like, I love having my taxes in their own little separate place that I don’t even look at. I don’t even touch it. And I have accounts for investing in things like coaches and Masterminds because that’s so important to me. And various places. 

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Question To Viony: For me personally, I do pay myself, and I feel like I do pay myself well. But at times, I also choose to invest in a Mastermind or a coach over like, for example, I have a little 2012 Honda Fit or 2011, I don’t know, and I could have a new car by now, but I’ve chosen to invest in Masterminds and coaches over that because I believe so strongly in the big picture of my business. And so, what’s your philosophy on that of like knowing when to really pay yourself first, like which I could have done and gotten a new car, versus investing in a coach or a mastermind or a skill or a training or something like that?

Viony: I think at the end of the day is truly listening to what your values are. And just from you telling me that, I can hear what your values are. You value your own personal growth, your business development, and that’s important to you, versus driving a newer car. 

I have a similar way of thinking. I also like to invest in my own personal growth and my health and well-being over having a fancy car. I drive a 2013 Toyota Rav4, and I love it. It’s like, let me just. It’s great. It’s a great car. I tell my husband all the time, I’m like, “I don’t need anything else.” I would like an electric car at some point. That’s part of my value, is wanting to have more sustainable resources and be able to give back to the earth in that way. 

But at the end of the day, it’s truly coming to your core and knowing who you are and what you value. And then using the monies that you’ve allocated towards your owner’s compensation or even reinvesting profit back into the business in order to help your own business development and the development of your employees, if you have employees. So it’ll come to what you value. To me, I don’t care what you do with it, as long as you’re aligning yourself with what matters the most to you.

Alison: Right. And that’s what creates that fulfillment and balance. And your values and what you choose to do with your money and profit might be different than someone else. Someone else might choose to get a car this year because they really want to reward themselves for the hard work, and they should do that. And that’s what’s going to make them successful and feel fulfilled at the end of the day.

Viony: Absolutely. Hundred percent.

Alison: I love that. 

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Question To Viony: So there are a lot of wellness entrepreneurs that are just starting out in their business reading this blog. And they might be saying, well, I’m not even making enough money to have profit. Like, I’m just making the expenses. So what do you suggest during that time?

Viony: Well, number one, I’m a brand new startup as well. So Balanced AF is only a couple of months old. And I have been an entrepreneur for three years, so yoga teacher trying to build that business before this. So I’ve gone through a lot of headaches trying to figure that out as well. 

Start off this way: I truly believe that if you set yourself up for success by putting your profit first, you’re going to get yourself in a habit and have a sustainable structure for your finances before things start to maybe get bigger or things start to get chaotic.

And then it’s going to be even harder to get into those sustainable habits that you need to get your business finances straight, because this is all about setting up habits and structure that will be able to hold the growth. If you don’t have a strong backbone, you’re not going to get very far with your financial health and wellness. 

So, it’s all about setting up a foundation first. It doesn’t matter where you are, whether you’re 10 years down this road or just starting off. I recommend this to everybody.

Alison: Yeah, I love that. And I remember I used to, in the days when things were leaner, I would put money into savings. And then, I would want to invest in a Mastermind or a coach, or I would have just not a great month, because in the beginning, sometimes you have great months, and then sometimes no clients come in, so I’d pull from that savings. But the thing is, I had the savings, and I didn’t always pull the exact amount that I put into the savings. It was like usually a portion of what I put in. So in this matter, my savings were still growing, and I still was accumulating that profit.

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Viony: Yes. And I love that you said that because this habit of putting your profit first, like you were saying, builds up those savings so that when you have those leaner months, your business continues to go on financially and sustainably because you have money to pull from to keep it going, to pay for any of the expenses that you have or anything that you have going on. 

So the recommendation really is to build that profit so that if you absolutely need to, you can have three to six months of money that you can pull from if you need to during leaner months. And then during the higher months, it’s all about cash management. During the higher months, making sure you continue to allocate, maybe during those higher months, you end up having a great year, you get an additional bonus as the owner. You know? 

So it’s all about making sure that you are managing that cash in a wise way so that your business can continue to thrive and sustain itself throughout the ebbs and flows of business because it’s going to happen.

Alison: Yeah, totally. A hundred percent. Especially from what I’m hearing this year, because of the economy, there’s just things going on, and things are happening with businesses that people aren’t just, I’m hearing, not having the best years. 

However, it’s not everyone, and I just want to highlight this because I’m having my best year, but I know that some businesses are not seeing the numbers that they wanted for 2023. And I think that’s when having those savings is so important because then you can just ride it out, you keep going, and then you end up with a better and more productive 2024. 

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Question To Viony: So tell us, there are lots of philosophies on savings. You mentioned three to six months of savings. I’ve also heard like 10 percent of your gross revenue. So meaning if you’re bringing in 100,000 a year you want to have 10,000 for your business. What do you say?

Viony: It really comes down to what your expenses are on a month-to-month basis and making sure that your business is able to cover those. So it really does vary, right? 

Like, I can’t tell exactly right now this blanket statement. That’s the generic amount. But learn how to analyze your costs. One of the things that I love to do is make sure that you’re hitting at least what your target allocated amount is for your expenses and be able to cover that and maybe a little bit more over that amount per month.

Alison: So you save for the expenses, like a few months expenses and then a little bit more?

Viony: Right. Yes. So it really comes down to what that number might be, which really varies for each individual business and business owner. So I can’t tell you exactly. I just, to me, it comes down to learning how to analyze your costs and knowing how to stretch that out so you’re able to cover that for a certain amount of time. Hopefully that three-month range is what it needs to be able to cover in the lower time so that you can build during that time and start to bring in revenue in the following months. That’s really what it’s meant to keep you in equilibrium.

Alison: Yeah. And so your nervous system feels safe. You don’t have to get into like hustle or like scarcity mindset. You’re like, “Nope, leaner months happens. This is normal. I’m just going to keep going. I’m going to keep refining, and I’m going to keep going.” That really is key. 

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Question To Viony: So here’s a word that a lot of people really cringe on: debt. Debt in business. What is your philosophy on debt?

Viony: My philosophy is to try to stay out of debt as much as possible. And especially as a brand new business owner, I highly recommend you do not get into debt. That should be the last and final thing that you should be getting into. 

Try to find any other type of funding, whether it’s self-funding or like for myself, I’m married, I have a spouse, and we’ve built up savings. I was able to start my business from a lot of those savings, personal savings, and put them into my business because debt is going to make that nervous system feel dysregulated when you’re not able to make those payments, or you feel like, “Oh my gosh, I took this on for no reason.” 

And I’ve had people come to me, for example, where they took on debt thinking that they wanted to take a certain direction with their business without truly having a good financial business plan. And that ended up falling through, and they still owe money for that thing that they have now pivoted from, and they no longer want to be a part of. So they still feel so tied, so drowned, so heavy from that burden.

So I highly recommend staying out of it as much as possible. And if you are in it, it’s not bad. I don’t think debt is a bad thing. It’s not bad. It’s a matter of knowing: can your business hold it? 

And this is the way I like to talk about it. When your business is brand new, I like to think of it as a brand-new baby. You’re not going to expect your baby, who hasn’t even learned how to yet to lift weights yet, right? You’re not going to be like, “Hey, baby, let’s go bench press.” We’re not going to do that. The baby needs to go through certain developmental milestones before they can even get to that part of their life. 

Same goes with your business. There will be a time in your business where you’re going to want to scale it. That might be a great time to take on some debt because you have business processes in place. You have a plan. You know which direction you want to go. You know financially if you’re able to make those payments towards that debt, that might be a great time to do that because now the nervous system of the business is at a point where it can sustain it. It can hold it without becoming dysregulated. So it’s all about what it can hold.

Alison: Yeah, and the mindset. Because early on in my business, I didn’t take on debt because it was very easy for me to fall into a scarcity mindset. But now, in my business, I do actually have some credit card debt, but I totally feel fine about it because I’ll pay off like a couple thousand of it at a time, and I’ll pay it down real quickly. And also I have that money in savings. 

So I know at any point I could just pay it off, but I chose to keep that money in savings. And I made a conscious decision. For example, I joined a Mastermind and I put a portion of that mastermind on the credit card. And I knew probably by the time I would pay it down that I might pay an extra $1,000 or $2,000 in interest in that. But I knew that having that money in savings versus not putting it on the credit card, I felt way more sufficient that I’m like, “You know what, having a downregulated feeling safe and sufficient in my business is worth paying an extra $1,000 for this mastermind that eventually helped me to create tens of thousands of dollars later.” 

So, you know, the other option could have been, “Well, if I have to go into debt or use all my savings, then this Mastermind is not the choice for me.” And you can always make that decision, too. But the positive of that is I was able to turn that investment and make so much more profit on that. 

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And actually, that’s how I go into knowing if I want to take on debt or if I want to make an investment is like, “Okay, what is the specific return that I want to get in this investment?” And I’m not going to invest in anything else unless I know that I’m making the returns in my current investments and I’m paying them off, then I’ll invest in something else.

Viony: Absolutely. You hit a point that I love to talk about, and that is really weighing the return on the investment. How much do you need in liquidity, right? How much do you need in cash right now to be able to cover other things? That’s kind of like your emergency fund. And also what is going to be the percentage of that return on your investment? So that right there is using that wisdom to be able to discern when it’s wise to take on additional debt. And if you’re able to cover the monthly payments or whatever you need to do for that without feeling so dysregulated and so out of sorts. You’re doing the wise thing.

And the other thing that a lot of people will come to me about is where should savings be and how much liquidity you should have versus how much you should be investing. Let’s say, mutual funds or retirement or any of that. And so it all comes down to, well, how much do you need on hand? How quickly could you get money out of investment accounts if you needed to tap into those funds? What would be the penalties if you went into a retirement account if you absolutely had to? But at the end of the day, preparing yourself and diversifying all of your monies that are going to work for you over time is so important.

And so some people, their philosophy, a lot of people who have listened to like Dave Ramsey, for example, they’ll say pay off your house right away. Well, for the longest time, we had mortgage rates that were super, super low. Like the mortgage rate on my house right now is two and a half percent. Whereas I could put money into a mutual fund and a savings, brokerage account, and make 10 percent on that money. So, instead of using those funds to pay off my mortgage, I’m going to make it grow for me and work for me. So that’s where you need to be thinking about all of those different things.

Alison: I love that. That was great. That is great. On fire. Such a great point. 

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Question To Viony: You mentioned that you’re a yoga teacher as well in practice. And so, how do you bring some of these yogic philosophies into finances?

Viony: Yes. So, I love to teach from the yogic standpoint. And one of the first things I talk about is how cash is the prana of your business. It is the life force. So when we’re in a yoga class, for example, breath work brings us into that place of filling our lungs with life force, with prana, filling our entire being, our energy body with prana. The same goes for your business with cash. And so you need to learn when to make sure that you’re realizing where your energy outflow is just too much, where you’re bleeding out cash, where you’re starting to really dysregulate your business.

Another thing I love to say is, what is your focus? Where’s your drishti? Because when you can find your drishti in a yoga pose, that helps you to balance. So, where is that point for your business? 

When we are so pulled in so many different directions in business as business owners, because let’s face it, as entrepreneurs, we want to do all of the things, but that pulls us in so many different directions that it can feel so dysregulating to you as the business owner, which in turn will make the business also dysregulated. 

So finding the focus, the drishti for your financial well-being in your business, as well as the direction that you’re going with people you’re serving, is always critical, and analyzing all of those things so that you continue to move forward a little at a time and grow your business in that way. It gives you wisdom in knowing what to say no to and what to say yes to.

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Alison: Yes, I love that because there is no right way, and there’s no perfect way too. Sometimes, you don’t know until you invest. Like I’ve invested big and been like, “Whoa, okay, actually, I can handle that. I did okay. And I made profit on that.” I now have this new self-concept and self-capacity for that. 

But there have also been times where I’ve pulled from my savings, and I’ve seen it get low and I’m like, “Oh, okay, I just crossed a threshold that triggered my nervous system. Note to self, never getting that low in savings again. Does not feel good.” 

So you get to figure all this out, and it is a little bit of trial and error. Sometimes, for me personally, when I first started my business, and there’s a lot less of this now, I always had this fear that my business decisions were very big because if I made the wrong decision, then I’m going to jeopardize my family and we’re going to end up on the streets. My brain would just like catastrophize things. So for me, it’s knowing my numbers, which helps too, and having the savings and making these wise choices, like you’re saying, that helps to keep my brain out of that catastrophization because I’ve been in business since 2016 now, and we’ve been nowhere near ever close to that. So, really the truth.

Viony: Yes, I love that point that you made because an analogy that I was thinking of as you were saying that and reflecting on is, let’s say you’re in a yoga pose that’s extremely difficult for you and your yoga teacher says, “Remember to breathe, come back to the breath and gaze, find that gaze at Drishti.” It really brings back everything into this perspective of, “Okay, I can handle this even though it feels like there’s adversity here, and I feel like I’m going to fall out of it.” 

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It takes you to that edge, but you know what that edge is, and you’re aware of that for yourself, and that’s the wisdom that we’re learning with finances. What is that edge for you? What is that place that you’re like, “Okay, maybe I need to step back a little bit from this,” or “I need to take a few days to think on this.” Whatever that is, having that awareness is so key.

Alison: Yeah, a hundred percent. And again, your edge is going to look different than someone else’s edge. So there’s no point in comparing, and it comes back full circle to, like where we started is that you have to know what’s right for you and your values.

Viony: Yeah. And I love human design. Also, I bring that into my teachings with my clients. I want to know what their human designs are so I can understand. I don’t know how many of your listeners know about human design.

Alison: Oh yeah, a good percentage.

Viony: Yeah. Great. So I bring that into my coaching as well because a generator is going to maybe be able to handle something differently than a menace or a projector, somebody who’s non-sacral. And it’s important to know those things. 

I have a client who’s at classes and handling the business, but someone like me, I’m a manifester, I’m non-sacral, and I know I’ve got to focus on one thing, and I cannot do all of it because I will feel way dysregulated to do that. 

And so having that wisdom and knowing what you can handle and how you are designed in your energetic type and your human design is also so important in this work as an entrepreneur and in your life to be able to balance all of the things.

Alison: Yeah, I 100% agree. I agree. I love that work, too. I just wish I knew my birth time.

Viony: Oh no, you don’t have it?

Alison: No, no, that’s a whole other conversation. I’ve tried to get my birth time. It’s not on the birth certificate, and my mom doesn’t remember all the things. So I don’t know actually what I am, but I would love to know someday. Maybe I’ll figure that out.

Viony: I’m sure you inherently know what it is.

Alison: I have some sneaking suspicion, and I call it like my constitution, which I know like how I work or playing to my strengths and things like that. But yeah, I love this. So so much wisdom today. 

Question To Viony: Any parting words for our listeners here?

Viony: I just want for everybody that I work with, for anyone I ever talked to, to find that place of simplicity because the simpler, it feels so simple, but truly simplicity, finding that gaze, finding your center, is where you’re going to find that wisdom with knowing how to handle your finances, knowing how to make those decisions from a place where you feel calm and centered. The simplicity that’s been my intention for this entire year, and the more I’ve been able to follow that intention, the more regulated, the more calm, the more peaceful I feel and more aligned that I feel.

Alison: Yes, 100%. It’s good words to come back to again and again and again. I love that. Well, thank you so much for your time today.

Viony: Thank you so much for having me. I love being here!

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Alison McLean

"I help the Entrepreneur reduce stress and live a more fulfilled and balanced life."