The Journey of Overcoming Financial Fears – Megan Iemma

Here at Healthy Business Finances – we love numbers, we love accounting systems, we love spreadsheets and we love financial reports.

However we know that often this is not necessarily everyone else’s priority or love.

Throughout June, we will be profiling other business owners so that we can share their financial fears, story, journey and wisdom with us!  Through sharing our story, I believe we can break through the financial fears and grow stronger as business owners.

The last (I think) in our series across the month sharing their story is Megan from Tech Coach HQ.

Megan is a Tech Genius and like me has a passion for training and educating business owners.  She has forged a niche in her chosen arena ….so let’s hear Megan’s story.

  1. Firstly, tell us a bit about yourself and your fabulous business.

My name is Megan Iemma and I set up my very niche and boutique ‘Digital Coaching’ business two years ago in March, 2013. I come from a background of classroom music teaching and got passionate about adult learning in 2006 and have been training ever since.

  1. What do you love about your business? The clients, the work, the flexibility, the freedom ?

I love the diversity of my clients. It can be anything from delivering one on one ‘digital coaching’ to my clients to Evernote workshops I run once a month, to keynote speaking to working with teachers. The flexibility has been great as I can attend networking events when I need to, do school drop-offs if need be and help out.

  1. What financial systems did you use when you first started your business (and it is OK to admit perhaps you didn’t use anything – business is a journey !)

I didn’t use anything starting out except Excel spreadsheets.

  1. What financial fears did you have? This can include a fear of dealing with the numbers, a fear of seeing what the numbers will say, a fear of dealing with all the invoices and paperwork, a fear of getting it wrong, a fear of failure, a fear of the Tax Office or a fear of simply being overwhelmed by the obligations of being a business owner?

I think the biggest one is what systems do I need to set up in place now, rather than later to stop the headaches.

What are the top things that are important as a startup business and what can wait till later.

For me, money has been the ‘white elephant’ in the room but starting a business forces you to deal with it.

  1. What information would you have loved to have known or understood (from a financial viewpoint) when you first started your business that you now deem invaluable?

What are things I need to know?

  1. Profit and Loss
  2. Am I actually making money?
  3. Tax and contributions for Super
  4. System for chasing invoices
  1. What systems do you now use to streamline the financial aspects of your business – programs, apps, resources?

We personally use Pocketbook for our family finances and will be using Xero in the next financial year.

  1. What pieces of wisdom can you share with other business owners about overcoming some of those financial fears?

It’s easier to deal with now, rather than later.

  1. Numbers are a passion for me – but so is travel, food and family. What are you passions outside of your business.

It’s easier to deal with now, rather than later.

Thank you so much Megan. I love that you didn’t embrace accounting systems at the start (like so many new businesses) but are now moving down that path.  With your knowledge on all things “digital” I am sure you will see the time savings instantly.

Sometimes facing numbers and financial obligations as a business owner can be daunting and intimidating.  Our aim at Healthy Business Finances in our Financial Coaching Sessions is to reduce the fear, reduce the stress – and heck – we even want to have a few smiles and a bit of fun along the way.

Megan IemmaIf you are interested in improving your digital know how, or need some help with systems to streamline tasks/collaboration –  perhaps you need to attend one of Megan’s Evernote Workshops. You can follow and connect with Megan and the Tech Coach HQ team via facebook, instagram or via twitter.

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