Entrepreneurship Basics

In partnership with

Hey Coach,

More and more coaches are earning money beyond the court - camps, clinics, speaking, online training, merch, consulting, and more. Once you start making consistent income outside your main job, you’re not just a coach anymore.

You’re an entrepreneur. And that means you need a clean, simple system for running your business the right way.

Let’s walk through the three foundations every coach-entrepreneur needs:
business accounts, expense tracking, and a consistent method for paying yourself.

1. Set Up Business Accounts - Separate Your Money

Mixing personal and business money is one of the most common mistakes new entrepreneurs make. It creates confusion, messy taxes, and wasted time.

You need three things:
1. Business checking account
2. Business savings account (for taxes)
3. A payment processor (Stripe, Square, Venmo Business, PayPal Business)

Why separate accounts matter:

• Cleaner bookkeeping

• Easier tax prep

• Looks professional to clients and parents

• Helps you understand if your business is actually profitable

Coach’s Tip:
Put 25–30% of every dollar you earn into your business savings account for taxes. Future you will thank you.

2. Track Your Expenses - Know Your Numbers

If you’re running camps, clinics, training, or content, you’re incurring business expenses - even if the business is small.

Common coaching business expenses:

• Facility rental fees

• Website + software

• Basketballs, cones, equipment

• Travel to tournaments or speaking gigs

• Merchant fees (Stripe, Square, etc.)

• Marketing & social media tools

• Uniforms, shirts, and merch samples

Simple tools for tracking:

• Google Sheets (great for beginners)

• Wave Accounting (free)

• QuickBooks (more advanced)

• Notion / Airtable (customizable)

Coach’s Tip:
If an expense helps you run, grow, or deliver your business - it's likely deductible. Track it. Save receipts digitally. Stay organized all year, not just at tax time.

3. Pay Yourself - Don’t Forget This Step

A lot of coaches make this mistake: they treat all business money as “extra” and never build a real system for paying themselves.

When you’re a small business owner, you pay yourself through something called “owner’s draw” (not a salary). This means you move money from your business checking → your personal checking.

A beginner-friendly framework:

The Coach’s 50/30/20 Rule

Break down business income like this:

• 50% to operating expenses (rentals, gear, software, marketing)

• 30% to taxes (set aside immediately!)

• 20% to paying yourself

This gives structure to your income and keeps your business financially healthy.

Coach’s Tip:
Pay yourself twice a month - just like a real paycheck. This builds consistency and helps you manage your personal finances better.

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The Bigger Mindset Shift - You’re Running a Business Now

Being a coach-entrepreneur means thinking differently:

• Systems matter.

• Clean books matter.

• Consistency matters.

• Professionalism matters.

Your reputation is your brand.
Your organization is your competitive advantage.
Your systems give you freedom.

Final Whistle

🏦 Set up business accounts
📊 Track expenses weekly
💼 Pay yourself with intention
🧠 Treat your income streams like a real business

When you run your coaching side hustle like a business, you unlock more opportunities, more income, and more peace of mind.

Bonus Resource

Check out:

• WaveApps.com (free bookkeeping)

• Square.com (easy payments + invoicing)

• Bench.co (if you want someone to handle bookkeeping for you)

Coach Mike Klinzing
Founder, Wealth4Coaches
"Coach smarter. Save better. Live freer."