Prioritizing Your Peace: Why Bookkeeping is Important with Megan YelaneyAug 01, 2022
Today, I am so excited to invite Megan Yelaney to share her business journey with all of you! Megan is one of my favorite people in the world, and I’m grateful every day that we connected (though, our ideas of exactly how we connected might differ a bit…more on that later!). Her story demonstrates so clearly why bookkeeping is important for business owners, and I hope it inspires you in your bookkeeping journey…or, if you’re a business owner yourself, that it will inspire you to consider taking on a bookkeeper to get that task off your plate! Let’s find out why bookkeeping is important.
Who is Megan Yelaney?
Megan is a marketing expert, business-coaching extraordinaire, and all-around fantastic human being. She’s the host of the #PrettyAwkward Entrepreneur Podcast, which is for, according to her, “the online entrepreneur who wants to build a successful & impactful business that lights them up.” Megan has a ridiculous knack for helping people find their own personal brand and their “unique coach approach.” She is fun, fabulous, and unapologetically herself, and we all have a lot to learn from her—not just why bookkeeping is important, but so much more!
Megan: Thanks, Katie! So, my story starts in 2012, which is when I really got into the business space. But 2014 was when I began to realize that though I’d been at it for a bit, people around me were actually making real money from their work, and I just…wasn’t. Something was missing. I went to my first event, which made me realize that I was sitting on a gold mine. At the time, I was working several jobs while pursuing a career in film, TV and theater. I was cocktail waitressing and doing background work on film and television. And while I’ve loved performing my whole life, that starving artist life just wasn’t working anymore. I didn’t want to stop performing, but I didn’t want to have to rely on that for my income. It was very stressful, and it took the joy from it. So I saw an opportunity with business and decided to run with it. After about a year and a half, I was able to fully quit all of those other side jobs for my network marketing business. But that wasn’t the end of the story.
Once I’d been full time for about two years, I started to feel…bored. Anyone who's been in network marketing can attest, it feels very robotic! You're selling the same products over and over, and after a while, I no longer felt challenged by it. I needed something more.
At that point, I’d hired coaches myself and been in group programs and took courses, so I was familiar with that world. On top of that, I’d gotten my degree in marketing. That side of business was what I went to school for; I had all of this knowledge and experience, but I couldn’t use it. I was missing out on so much, and it was very limiting.
In the end of 2016, my husband actually quit his full-time New York City insurance job, so it was already pretty scary for us to go all-in on his business, and there I was, wanting to do the same. I had to tell him that I wanted to stop doing what I was doing—which was bringing in very consistent income—and moving on to starting my own business. It was a lot of pressure all at once. But once I decided to go all-in on my own business outside of network marketing, in about six months, I replaced that income. Once I’d done that, I quickly realized I was even though I loved helping people in the health and wellness industry (I started out with a health coaching business, actually!), I was really meant to do more business-mindset coaching. And that's what I've been doing in some way, shape or form since 2017.
In the last year and a half, I feel like I've really hit my stride. I totally redid my business model, and it’s just kept growing. I wouldn't say my success happened too quickly, because it was many years in the making, but I did have a really quick increase in income. And with that increase came more expenses, more things to worry about, and more of a need for bookkeeping! Back to you, Katie.
Getting Serious About Bookkeeping
Katie: “I was curious when you started taking your books seriously.”
Megan: “Oh, my gosh, this is embarrassing. Well, you were really my first bookkeeper. My dad's my accountant to this day, and he did my bookkeeping. Let's just say he half-assed it, very much so. He knows it. Around 2019 was when my income massively grew, and I was like, “Okay, I have to understand my numbers now.”
With new income and new programs comes new expenses, and with that comes the need for a bookkeeper. This is part of why bookkeeping is important: when there’s quick growth, someone needs to be keeping track! I was watching this all happening, and I knew that before long, Megan was going to need some help…and I just so happened to know how to offer it! I was able to find ways to let Megan know why bookkeeping is important to reclaiming peace of mind for business owners…
How Megan and I Got Connected
Megan: I was like, “Katie, help me. I'm desperate. Tell me what to do.” … I just got to this point where I knew my dad couldn’t keep up with it. He didn’t really know what he was doing.
Katie: But do you…do you remember how many times I basically knocked on your door?
Megan: I don't. Honestly, I don't.
What Megan doesn’t remember is that I was working on trying to get her to sign on as a client almost six months before we started working together. I got to work with Megan through doing some things that a lot of bookkeepers would shy away from. The trick here is nudging potential clients professionally and at appropriate times; if you’re sounding desperate or sending constant messages that come across as demanding or icky, you’re not going to make that sale, whether your client knows why bookkeeping is important for them or not. The way I did it, Megan thought she reached out to me, when I sent her no less than five messages before that!
Megan and I originally connected through a mutual coach. During one of her launches, she asked if anyone would be willing to do a live swap, and I was! So we did a live swap on Facebook or Instagram (I can’t really remember now!) to promote her program. I kept watching her business grow from then on, and it was so cool to see it happen. It was shortly after that when I realized that once business owners realized why bookkeeping is important, it was something they would really need. I decided I was going to grow the bookkeeping business, and I remember thinking it would be so fun to work on Megan’s stuff. I even told my coach that I would love to work with Megan if I ever got the chance. I knew she needed it and probably needed to know why bookkeeping is important, because my bookkeeper brain was able to assess all the growth happening and knew it was probably getting overwhelming. But I didn’t send sleazy DMs—she probably never would’ve worked with me if I had!
So what did happen? Instead, I found an opportunity to introduce why bookkeeping is important naturally. Particularly, why it would be important for her. One day, Megan posted her dad catching up on her books and he was at like a desktop. I asked her a few questions about what he was using, gave her some advice, and at the end of it, I simply said, “Let me know if you ever want to take it off his plate so that you guys can get back to enjoying a father-daughter relationship. It would allow him to stay your trusted CPA and advisor, but take this awful task off of his hands.” I probably found those opportunities to mention why bookkeeping is important at least five times before Megan decided it was time to take on a bookkeeper, but because I always did it naturally, she never felt like she was being hounded.
Why Bookkeeping is Important to Megan
Megan: Why bookkeeping is important to me…It sounds a bit cliché, but hiring someone to do my bookkeeping made me feel like a real business owner. When I was in the thick of those months where I had my biggest growth, I felt a little bit like a fraud! I was great at selling and great at coaching, but I didn’t even know my numbers. It was even worse when clients started asking me for advice about it, because I couldn’t give them any help! But now, I can be so much more aware and more confident about what those numbers look like. It immediately helped me feel like a business owner. As silly as that sounds, it really, really did. Not only that, but I love how Katie always cheers me on, even during my rebuild, when I had my lowest months. Having a team that is just as excited about your growth as you makes it feel like you're really in it together, which is another reason why bookkeeping is important to me.
Ultimately, it helped me take a little bit more control and make educated decisions. Now I know exactly what my money looks like and where it’s going. It’s been so invaluable! Thank you, Katie—and thank you, bookkeepers! Business owners, you heard why bookkeeping is important from me—don’t let it slip under your radar!
Thanks for reading!
I hope Megan’s story of growing her business and why bookkeeping is important to her as a business owner helped inspire you! Bookkeepers—we are so, so needed, and we serve a role that truly helps business owners regain their peace of mind. Business owners—are you wishing you had the kind of help that Megan has? Convinced on why bookkeeping is important? Take a look at my Done For You services and see if we can help you get your peace of mind back!
If you're looking for more tips for bookkeeping, insight on how to become a bookkeeper, more information on why bookkeeping is important, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).
Or to learn more about growing your bookkeeping business and hiring a team, enroll in Life By The Books™ (Libby).
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Kajabi affiliate www.katieferro.com/kajabi for extended 30-day trial
CONNECT WITH MEGAN:
Outline Your Offer Free Course: www.meganyelaney.com/free-offer-course
The #PrettyAwkward Entrepreneur Podcast: www.Meganyelaney.com/podcast
CONNECT WITH KATIE:
The Bookkeepers’ Corner Facebook Group: https://www.facebook.com/groups/thebookkeeperscorner/