Business Expenses as a Baby Sleep Consultant: What You Need to Know

Setting up my business as a baby sleep consultant was one of the most exciting times of my career. Branding, marketing myself, setting up my social accounts—all so exciting. It felt like I was REALLY doing this thing. And I was! I was starting to gain my freedom back, have precious time with my little ones, and create a schedule that worked for me. But, one major lesson I had to learn was the various business expenses as a baby sleep consultant. 

Compared with other careers, these expenses are fairly minor—but something you should absolutely be in-the-know about. 

While the initial costs may seem daunting, the return on investment is incredible, often covering your expenses within just a few months—or even one month—of work. So, here’s a comprehensive guide to help you navigate the financial landscape of launching your baby sleep consulting business.

Initial Setup Costs

Starting your own business comes with some upfront costs, but these investments are essential for laying a strong foundation. Here are some typical initial expenses you should be aware of:

• Certification and Training: High-quality education is #1. Always. Enrolling in a reputable certification program, such as our Sleep Consultant Certification Program, ensures you have the knowledge and skills to effectively support families.
• Website Development: A professional website is essentially your storefront. Investing in a well-designed website that includes client testimonials, service details, and a blog can significantly enhance your credibility and attract clients. If you have an eye for design, there are plenty of incredible do-it-yourself website softwares, like Wix or Squarespace that will keep costs down. 
• Marketing Materials: Business cards, brochures, and other promotional materials help you market your services effectively. BUT, if you want to cut costs here, social media is free! And, you can usually get a further reach online. 
• Professional Liability Insurance: It’s not as fun as the others, but protecting yourself with liability insurance is a wise decision to cover any unexpected legal issues.

Pro Tip: The IPSP Sleep Consultant Certification Program includes modules on very affordable liability insurance (less than $400 for the year) and recommendations for free websites to get you started. 

Ongoing Business Expenses as a Baby Sleep Consultant

Most of your costs will be upfront, but as you move along, expenses do come up! 

• Advertising and Marketing: Regularly allocate a budget for online ads, social media promotion, and other marketing strategies to keep attracting new clients.
• Continuing Education: Staying current with the latest research and techniques in baby sleep consulting is vital. You can invest in advanced courses and certifications to keep your skills sharp!
• Office Supplies: Even if you’re working from home, you’ll need basic office supplies like a computer, printer, and stationery.
• Client Management Software: Investing in reliable client management software can streamline your administrative tasks, making it easier to manage appointments, track payments, and communicate with clients.

Saving for Taxes

As an independent contractor, it’s essential to manage your taxes proactively. This is a very common mistake among new independent contractors! Unlike traditional employees, taxes won’t be automatically deducted from your income, so you’ll need to handle this yourself:

• Set Aside Money for Taxes: A good rule of thumb is to set aside 25-30% of your income for taxes. This will ensure you’re prepared when tax season rolls around.
• Quarterly Tax Payments: The IRS requires self-employed individuals to make estimated tax payments quarterly. Missing these payments can result in penalties and interest, so mark your calendar and stay on top of these deadlines.

The #1 Most Important Business Expense as a Baby Sleep Consultant

Investing in a high-quality certification program is one of the most critical expenses you’ll encounter. Not only does it equip you with the necessary skills and knowledge, but it also boosts your credibility and marketability.

Pro Tip: By enrolling in the IPSP Sleep Consultant Certification Program, you gain access to comprehensive training, ongoing support, and valuable resources that set you apart in the competitive field of baby sleep consulting.

Return on Investment

While the initial and ongoing expenses might seem significant, the potential earnings as a baby sleep consultant can quickly outweigh the money spent. Many consultants find that they can recoup their investments within just a few months of work.

(P.S. Many IPSP students have seen ROI within ONE MONTH of graduating.)

As you grow and gain experience, charging more competitive rates and effectively marketing your services, you can build a steady stream of income that not only covers your expenses but also provides financial stability and growth opportunities.

Ready to Start Your Journey?

Taking the leap into self-employment as a baby sleep consultant is a scary decision, but with the right planning and investment, this career path is SO worth it. Embrace the journey!

If you’d like to get your certification from IPSP, you can check out our Sleep Consultant Certification Program here! Our course covers everything you need to know to run your business from the science of sleep, balancing your books, and understanding your business expenses as a baby sleep consultant.