entrepreneurship

Money and your business

How is money impacting your business?

How is your mindset around money impacting your business?

Money is a topic that comes up a lot in my business and in my clients' businesses - that they want to make more of it. That they're finally ready to invest in a coach because they've been trying to do everything along and they aren't getting any where. That asking for it feels so uncomfortable that they simply don't ask.

Dealing with the money stuff in your business is like peeling an onion – there are so many layers. This is because money affects every aspect of your life. It is an emotionally loaded subject.

I wanted to dig down through a few more layers so I invited Core Belief Engineering Practitioner, Megan O’Neill, to once again join me on the podcast to talk about money and business. Megan is a belief and mindset specialist who works with entrepreneurs on their mindset blocks and what holds them back in their businesses. She works with clients internationally via Skype and loves to talk about how people get stuck on money. 

You can listen to the audio in the player above, read the recap in the blog post below, or scroll down to the bottom and watch the original live video!

Money and your business.png

Money is the number one mindset block that holds people back from moving forward in their business. This is because it runs through so many components of being a business owner – and believe it or not, the money issues we have as business owners are about more than just making money.

Pricing

Business owners get stuck when it comes to pricing because they are under confident about what to charge. They're not clear or confident enough to charge their worth. Instead they “price source” – they ask other people what they should be charging for their products or services.

Entrepreneurs often make up what they think they should be charging or let other people have a big influence on what they charge. Instead of doing this, recognize your value and charge your worth!

Everyone has a different perception on what they should be charging for a product or service. For example, say I have a beautiful piece of paper towel that one person may pay $20 for, but another person may only pay two cents because they don’t value it quite the same as the first person. If you ask the person who wants to pay 2 cents what to charge, you're going to be making a decision based on someone who didn't even want your paper towel in the first place, and without taking into account what it costs or is required to create that paper towel in the first place.

Pricing is a learning curve. When you first start out you may undercharge and what ends up happening is you end up giving away a lot of time for free, which can burn you out and make you resentful. This may then push you to raise your prices accordingly.

Judgment

Business owners and entrepreneurs often fear that if they charge too much they will alienate current and potential clients.  They fear people will think they charge too much and won’t want to work with them. In essence, they fear being judged.

If this sounds familiar, you need to determine what you need to charge in order to make what you need to make. For example, if you have 30 hours available to work per week then how much do you need to charge per hour, etc. in order to make what you need to make in a week?

Be strong and clear about your pricing. There will always be people who challenge you about your pricing, but be confident. Those who object may not be your ideal clients.

You should also know that you can start lower and increase your prices as you grow. If you are struggling to increase your prices then you need to dig deeper and find out what is blocking you. Do you fear being judged? Do you lack the confidence to charge your worth?

Sales

There is an old belief that often lingers with business owners that sales people are pushy.

Sales are just communicating what it is you do and what you have to offer.

Someone comes to you with a problem and you present them you with a solution – this is essentially sales.  You are offering a solution to a problem. What people feel like they're doing (or are afraid people are going to think they're doing) is yelling "Give me your money! Give me your money!" at them.

You need to remember that when you are selling to a potential client, you are offering them a solution for their problem and they can take it or they can leave it.

It’s the used car salesperson mentality that can make people fear sales. But you must remember that you are providing value, not just trying to 'get their money' and be confident in your product or service. 

If the idea of selling still frightens you, when people approach you about your service or product, ask them what they need. This empowers you to give them a realistic answer as to how you can help them.

Spending Money

It can be just as hard to let money out of your business as it is to bring it in to your business, but investing in your business is one of the best ways to start seeing growth. 

There comes a time in a business owners’ journey when they realize they can't do it alone. Whether that is building a website, or doing your own social media – you will need to outsource, but the need “bootstrap” might be holding you back.

"I can do that myself, or I can learn it."
"I don't have the money to spend on that right now."

This money mindset block holds you back from hiring for the tasks that you don’t need to be doing or from spending money on your business.

In order to overcome this block, you need to focus on the bigger picture. You need to see that in order to make money you have to spend money. You may see it as losing money as opposed to seeing the opportunities that can come from spending money on your business.

Think of it like this – if you can hire out something such as your weekly newsletter for cheaper than you charge per hour and to someone who can do it quicker than yourself, then think of how much more you can make by outsourcing this task. Not to mention, outsourcing the tasks that do not make you happy will make you happier in the end. Think of it in terms of money, time and happiness. 

Business owners and entrepreneurs need to get conscious about their money blocks. Often these money blocks are old and prevent people from earning the money they need to make. These money blocks are often mistaken for being smart i.e., if I do it all myself I am saving money – and even though it may feel like it is the right thing it is not the thing that will help you grow your business.

Money is a DEEP topic - personally and in your business. If you notice yourself struggling with making enough money, with asking for the sales, with figuring out to get comfortable with your prices or with letting yourself get help with certain things, considering booking a call with Lara or Megan. There are practical ways to figure out what to do next, and there are ways to dig down deep into your belief systems to find the root of the problem. Don't get stuck feeling like you figure this all out on your own when there are people who have already figured out the path through.

This episode was a new style, originally broadcast as a Facebook Live conversation and then brought in to the podcast. Did you like this format for the show? Would you like to see more conversational style podcast episodes? Leave a comment and let me know, and let me know what other topics or guests I should have on!

Resources & Links

Core Beliefs for Business with Megan O'Neill - Free Facebook Group

Megan's O'Neill's Mindset for Sucess Program

Join my Free Facebook Community

Book a free 40 minute call with me

Subscribe on iTunes

Subscribe on Stitcher

 

YOU MAY ALSO LIKE THESE EPISODES:

Your Relationship with Money

Entrepreneurs and Confidence

The danger behind loaded words

#20 – Entrepreneurial summer post mortem

Was your summer as great as you hoped? Were you hoping for more?

My life and business are built  around needing a fair amount of time off to be with my three kids over Christmas, spring break and during the summer. As an entrepreneur, taking any amount of time off requires planning.

What does it take to take time off as an entrepreneur

entrepreneurial summer post mortem

In the summer I take 4-5 weeks off and some summers have been great, but others (especially in the earlier years) have been stressful because I didn't have the right plans in place. It’s one thing to say you’re going to take a few weeks off from your business but in order to take time off successfully you need to plan so that your social media doesn’t drop off, people still know who you are, and so that you still have money coming in during that time or make more money previously so you are covered during your time off.

In the past I had missing systems, which got better as the years went by, but last summer despite the right systems in place, I was stressed out for a whole other reason - I had a hard time stepping away from my work. I also had a hard time being present with my kids. This made me realize that I needed to do a summer post-mortem to see what worked and didn't and that I should share it with everyone else so they could do it too.

Realizing you need to make a change

Hanging out with Anne of Green Gables on PEI

Hanging out with Anne of Green Gables on PEI

It turns out, the summer model I thought I wanted is not the model I really want for my life or my business. I am okay with this – it’s okay that I changed my mind. I realized that I do not want 4-5 weeks off in a row during the summer. I realized I would be much happier with smaller blocks of time off.

I realized that the more downtime I have, the more ideas about my business I have; however if I have all this time off to spend with my kids I don’t have the time to actually implement these ideas… and these ideas are forgotten by the time I am back to work because I have other things that need to be done.

By being off for numerous weeks in a row I also miss out on many opportunities. I couldn’t take action on them because I was off and that made me nervous.

Lastly, I love my job. I love my kids, but they are busy and can be very intense, so I need my work as a break from the chaos of kids life. I don’t do well with constantly being surrounded by noise and chaos; my ADHD brain needs quiet (which is why working from home works so well for me). I also find myself resenting the fact that I can’t be working, taking advantage of new opportunities and implementing my new ideas instead of enjoying time with my kids.

I took what I learned last summer and put it into place this summer. I was off and on from work a lot (I think some people thought I took the entire summer off ;) and it was FAR less stressful for me and I was more present when I was working and more present when I was with my kids. WIN WIN!

Knowing you’re not alone

We love Calypso Waterpark

We love Calypso Waterpark

Last summer as I got back to my regular calls with clients I heard from business owner after business owner that they had struggled with summer as well.

Summer, for entrepreneurs, isn’t always as fabulous as we think it is going to be. We make plans for fun activities and time to enjoy the warm weather, and yet it can be disappointing when you reflect back at how the summer actually went.

I want to acknowledge that you are not alone if summer is hard for you – as a parent or as an entrepreneur.

I want to challenge you to think through how your summer went - do a post mortem so you can decide what to keep the same and what to change for next year.

Summer Post Mortem Quiz

Take the following questions and answer them in your favourite notebook or a word document. The reflection and answers will help you figure out what your summer plans should look like NEXT summer.

  1. What was your plan for this summer? Describe in as much detail as possible how you thought it would go. For example, days or weeks off, extra help hired to make that happen, planned content, etc.

  2. What did your summer actually look like?
     
  3. How much did you work, how much did you not work?
     
  4. How stressed or not stressed were you?
     
  5. What went as expected and what didn't?
     
  6. How did it feel compared to what you planned?
     
  7. Was there any disconnect between what you wanted it to look like and what it actually did look like? Share where and how things did or didn't line up.
    Were your expectations off? Did you make last minute changes? Was it amazing? etc.
     
  8. What did you enjoy about your summer? For example, specific activities. Getting to travel. Doing nothing. Binging Netflix. Quality time with your spouse. Taking an hour a day to enjoy the outdoors.
     
  9. What did you not enjoy about your summer? For example, not enough time off. Too much time off. Felt too scattered. Seemed too organized. Not enough time outside. 
     
  10. Did you make enough money?
     
  11. Based on all of your answers - What do you want to keep in mind for next summer? Remember that by next summer your memories of this summer will be dimmer, so make some statements here that will help you know what needs to be a priority and what doesn't. For example: I won't book any meetings my first day back. I won't have more than X weeks off at a time. I need to hire someone to help manage ____. I need more time off next year. I would rather take long weekends than full weeks off.
     
  12. What needs to happen to make this a reality?

Spend a few minutes seeing what comes out for you. Answering these questions is the first step in making these plans that will help you effectively plan for next summer over the next ten months.

I hope you had a great summer and had a lot of great moments! But if you didn’t – let’s make a plan to make next summer a great one!

Resources & Links

Join my Free Facebook Community

Subscribe on iTunes

Subscribe on Stitcher
 

YOU MAY ALSO LIKE THESE EPISODES:

#1: Three strategies to get the life and biz you want

#9: Managing Your Social Media While On Vacation

#11: Why your personal life can’t be separated from your business life

#18: Batching to save time and energy

 

#16 The danger behind loaded words

When you hear the word success how does it make you feel? What is your definition of success? Did you know that how you define certain words can hamper or help you achieve something—especially in business? We call these words “loaded” and Megan O’Neill joins me today to discuss what they mean for you and your business.

Megan is a Core Belief Engineering Practitioner who works with entrepreneurs. She works with her clients on a deep level to help them overcome their negative mindsets, including around a person’s beliefs behind loaded words.

Loaded words carry more meaning then their dictionary definition. People need to understand that there are words that are really loaded and that how they define these words can impact their business and how they work toward their goals. 

What are loaded words?

Loaded words have a visceral response to them; sometimes this response can be negative. If there is a word that automatically gets your back up then there is a belief within you that needs to be examined and your beliefs around it need to be changed.

The question becomes, how are you operating around the beliefs of this word? Meaning is your definition of a certain word or words preventing you from doing or achieving something? Many people have mindset blocks around a number of words that can impact how they perform in their business - loaded words such as rich, ambition, success, hustle, and busyness.

Ambition

How do you feel about the word ambition?

For Megan ambition is something to strive for; it’s an attribute. It is something you want to have in order to be successful. For Lara, ambition can be a risky path and does not always mean success - it's loaded for her with fears of too much work and sacrificing the joys of life.

Success

What do you feel when you think about success in your business?

Many people don’t define success for themselves, but instead they end up using society's definition of success, or what they've witnessed and believed to be successful around them in their lives. 

It is only when you start seeing what you truly want versus how someone else sees success that you can start breaking through your beliefs around a loaded word. For example, just because someone else has the desire and ability to vacation in St-Bart’s twice a year, doesn’t mean it defines success for you if that isn’t something you really desire to do. If the idea of being successful in your business feels overwhelming at all, it may be time to write down a new definition of personal success. 

Rich

Do you want to be rich?

While one person may think being rich would be perfect, another person may hate the idea of ever being rich because of what they believe having money will mean to them. Some people think that being rich makes you cold and disconnected and therefore don't want to ever be rich. That definition has a lot more meaning than just having lots of money.

Our definitions of loaded words form when we are children. Maybe it is from movies we have seen as children where the villain was rich, or perhaps it is from our parents’ belief that people with money are evil.

You need to learn that your definition of a word can put a lot of needless pressure on yourself. You also need to understand that these beliefs can be blocking you from achieving success. You could be viewing the definition of a word through a lens that is not giving you the true picture of your situation. If your definition of a word does not match your true beliefs around something then you need to take another look at the definition.

Hustle

There are two camps on what the word hustle can mean: If you’re hustling you’re working hard to be the best at your job, you love what you’re doing versus it sounds pushy, hard work, always in someone’s face, and never taking time for yourself.

Some people load it with positives, and some load it with negatives. Which camp are you in, or do you feel neutral about the word?

Busyness

Busy has become a synonymous with success. There is a belief that being busy is positive for a lot of people because they are always taking action ad are always doing something. The other side could be that they’re not taking time for themself, their family or for the things they really want to do. Instead they are doing the things they have to do and not what they want to do. Being busy does not have to be a bad thing.

What are your loaded words? What kind of unconscious beliefs are you running around these loaded words? You can change a definition around words at any time, you just need to get a new education regarding a word to change it and move forward.

Resources & Links

Megan’s Facebook Group

Megan O'Neill's website

Megan O'Neill on Facebook

Subscribe on iTunes

Subscribe on Stitcher

#12 – When Saying No is Right for your Business

Are you doing what you love? Does your business make you happy? If it isn’t then it may be time to change the way you run your business.

Today I am talking with Sam Hunter, a quilt pattern designer for the quilting industry. Quilting is a $4 billion dollar industry in the United States! Despite being associated as an activity for the elderly, quilting is a huge industry and Sam has capitalized on this with her designs. Sam joins me to discuss her experiences as a business owner and choosing the right projects for you. It’s all about doing what you want to be doing as opposed to doing what others (society) think you should be doing.

Why you should do what you love

When saying no is right for your business

Sam designs what she is passionate about because she believes the end result will be better. If a fabric company approaches her with a design and she tries to do it, i.e. table runners, she finds they don’t sell well. The fact that she isn’t committed in her heart to that work means they don’t sell well, so she only creates what turns her creativity on.

If you create a business with a lot of “poop sandwiches,” as writer Elizabeth Gilbert describes it, then it won’t sell well or do well because you are not going to give it your all; because your heart is not into it.

When you love what you do, you do it better

It’s easier to promote, sell and do the day-to-day when you love what you do! With every creative job there is the behind the scenes stuff that you also need to do, i.e. a website, social media, etc. and you need to get good at it or hire out for it, but in order to do this you must love and believe in what you do. You need to know that doing what you love means creating systems and processes that allow you to focus on this.

After reading the book Essentialism – The Disciplined Pursuit of Less by Greg McKeown, Sam realized that when you’re in the business of doing your work, you are working on being more productive and efficient. Are you doing the right things in your business? Sometimes there are places in your business where you think “heck no,” but there are business reasons behind having to do whatever that thing is.

What is essential to your business?

In order to run a business that makes you happy, you need to protect your income stream, your body and your family and family relationships. Your body needs to come first in order to be able to do the rest.

Body and health

According to McKeown, our first asset is your body. Don’t work so hard that your body breaks down. Look at the decision processes for your business and think if it will stress you out, and if so, can you hire it out? Is it cost-effective? Does it support your health?

If you’re doing the wrong work your body will tell you through migraines, etc. It’s not all about having the time—it’s about whether or not it will exhaust you or cause you anxiety. If you are running at a level of busy that means you can’t maintain self-care then you will run out of steam. This doesn’t necessarily mean investing in yoga classes, but it could mean questioning what you are eating. Are you relying on take-out too often? Are there fruits and vegetables in your fridge?

Income stream

When it comes to your business tasks, you need to decide whether any of the things that must be done need to be done by you and if so can you hire that thing out. Outsourcing gives you back the time you need to do the things only you can do. You can outsource for graphic design, social media, bookkeeping, etc.

Family

It's simple - when was the last time you spent time with close friends and family - the people that nourish your soul?

Don’t do what you don’t want to do. Remember, just because you can do something, doesn’t mean you should. Another thing to think about is 'can you do your best work within the time allotted to you?' Doing it well doesn’t come with the hustle. Can you be proud of your work in this situation? Do work you love AND you’re proud of.

The fear of saying no

You can have a sustainable income by saying no because it gives you more room to say yes to the work you do want to do and that you’re good at. The polarization within our society that if you’re A then you’re not B… and if you’re A then you don’t like B… this isn’t true—there is room for all of us.

Just as there is room for other quilter designers there is a room for other people within your industry – only you can do what you do and everyone else can do the rest. Don’t play in the realm of scarcity. Believe there will always be people who like your work. If you play in the realm of scarcity, you will get scarcity.

Competition

When it comes to competition, be all that you can be, but swim in your own lane. Don’t look too much at others; keep them in mind, but don’t focus too much on them. Instead focus on yourself and what you do.

We will all have frustrating days, but love what you do. Sam loves the puzzle of what she does. She has her mission and system that keeps her on track, for example she doesn’t do kits because she doesn’t want to. By figuring out what she likes to do she stays on track and keeps her goals in mind. Just because you say no to something doesn’t mean it’s permanent… they can become possibilities down the road—if you want them to be. Your business is constantly evolving – just make sure it is the business you want and that everything happening in your business is for a reason.

Resources & Links

Sam Hunter's website: Hunter's Design Studio

Join the Free Facebook Community

Subscribe on iTunes

Subscribe on Stitcher


#8 – Your Relationship with Money

When it comes to running your business, what is your relationship with money? Are you charging your worth? Are you spending the money necessary to grow your business? If you struggle with your relationship with money—you’re not alone. Many entrepreneurs and business owners don’t know their numbers or they’re afraid to talk about money.

your relationship with money

Johanna Lynn joins me on the podcast to talk about the relationship we all have with money. She works with what we inherit from our family. She believes none of us are who we are by accident; our childhood blueprint shows up in more than you may think, including in our relationships with people and with things, such as money. This is all due to our family and how we were raised.

Who taught you about money?

Even though money is so important, no one really teaches us about money and finances. As adults we make every day decisions when it comes to money and with those decisions come emotional attachments that live right below the surface.

Whether you are wealthy or struggling to get by, there are common themes in people’s relationship to money. You need to look at what is running you on the inside when it comes to money. It is more than just skills learned through financial books; we need to understand our feelings around money.

How our thoughts around money differ

Think about it: you could have two successful women entrepreneurs who own their own business, who are married and are both mothers and on the surface it may seem like we have some of the same things, however our blueprint, set out by our relationships with our parents, is different. It is our blueprint that makes people think and act differently from one another. Those two woman can make vastly different decisions with money, impacting how they spend it, how they receive it and how comfortable they feel with what they have or don't have.

When it comes to money you either think you have enough or you think of money in terms of scarcity – in turn this affects your relationship with money, right down to the little purchases you make. Money is a big part of being an entrepreneur. You need to spend money to earn money, whether that is investing in a business coach or equipment.  So, you need to be comfortable in your relationship with money.

Myth: You’re born a spender or a saver

Believing you’re born a spender or a saver is an unconscious loyalty that can come from seldom allowing ourselves to do better than our parents. If you have parents who were all about keeping up with the Joneses but did not have the money to support this habit, then as children we notice the strain of living beyond our means. In turn we grow up to repeat the same behaviours or grow up to do the opposite: save every penny we earn to avoid the strain our parents had.

Regardless of which path, our relationship with money is often not our own but is a subconscious relationship based on the relationship our parents had with money.

Your relationship should not be the same, though. You would not want your children to fall into these pitfalls and neither do your parents—they do not want you to make the same mistakes they did with money. At the same time, letting the pendulum swing too far the other way isn't necessarily a solution either.

It all comes back to clarity.

A fulfilled life is a lot more than just doing what you think you should – it’s thinking about what you really want. Does your spending match with your desires? If you’re overspending, but realize you want a different life then you need to examine what that is and match your spending to match your savings.

The grass is NOT always greener on the other side

We need to get clear on what we want. We can easily get caught up on the idea that making a certain amount will make us financially free. But what does that number mean to your ideal lifestyle? Will you keep working for it? Does your work make you happy?

Many people easily fall into a pattern of doing over being. This comes from an early memory in our body where we needed more from our mothers than she was able to give us at the time. We take this memory and turn it into our relationship with money – it’s never enough (money, affection from my spouse, etc.).

What does success look like for you?

Society’s picture of success is not your picture of success. It’s what’s behind your desire – is it paying off your mortgage, or paying off your car? Get behind your “why?” By getting clear on your money relationship you get a lot more clarity around how you are going to get to your ultimate goal.

Your relationship with money is a lot deeper than recognizing your credit card debt. It’s recognizing the feeling places in your body and how you feel when that credit card bill comes in and how it feels when you have to ask to borrow money to pay it off.

Johanna has spoken with multi-millionaires who are still not secure with their money because they are constantly afraid the rug will be pulled out from under them. This is about more than just the money, there is another underlying reason for their relationship with money that needs to be investigated and uncovered.

What to look at in your relationship with money

We need to look at how our early templates were formed and how they are affecting our current relationships. What were your parents like? What was your childhood like? We are affected up to three generations back as to how we will react with money. We need to understand our influences in order to get clear on why we make the decisions we do.

Money patterns are multi-generational and influence us until we address them by becoming conscious of our own patterns and then tracking it back to how we fit into our entire family system.

 

Resources & Links

Johanna’s virtual workshop: Your Inner Relationship with Money

Join the Free Facebook Community

Subscribe on iTunes

Subscribe on Stitcher

May 4, 2017

Podcast Contest

Congratulations Marie Shinmoto and Kim Be who have won The Big Leap and You're a Badass!

As this new podcast gets off the ground, I’d really love your help to make sure that it gets in front of the right people. The first weeks of a podcast’s life are the most important in terms of the opportunities for iTunes to showcase you to other listeners. Because of that, I’m starting out this new podcast with a bang. There are 3 episodes available for you right now, and there will be at least two more episodes every week for the remainder of the eight weeks.

I thought I’d find some extra ways to thank you for all the sharing and supporting you do of the new podcast so every week until July 15th I’m going to be giving away one of my favourite business books to one person who either:

  • subscribe to the podcast or leave a review on iTunes; or
     
  • share the podcast on social media; or
     
  • come in to the Biz Studio and post your favourite tip from a specific episode (along with a link to that episode)

In all cases, you need to make sure that I either know who you are (email me a screen capture of the review or showing you are subscribed) or that the posts on social media are public and tag me (@larawellman) or the Biz Studio (on Facebook you can tag my page).

Each week I’ll be announcing the book winner on Wednesdays on my Facebook page

Some of the books I’ll be giving away are (I’ll be adding more titles soon):

  • The Big Leap by Gay Hendricks
  • It Starts with Why by Simon Synek
  • How to Live a Good Life by Jonathan Fields
  • E-myth Revisited by Michael Gerber

So get out there and start sharing your reviews and sharing the podcast and good luck. AND THANK YOU!

#4 Where to start before starting a business

Are you thinking about starting a business, but have no idea what that really means when it comes to time commitment or how it will fit into your current lifestyle? Pamela Eastwood, owner of By The Horns, a business that helps new business owners get their business off the ground, joins me on the podcast today to discuss what it really means when you say you’re going to start a business. With over eighteen years experience in SME development and franchise ownership, Pamela has a reputation for working with her mind, heart and her gut and has a talent for relating with others. Together we get under the hood to help aspiring business owners figure out as much as they can before launching their business.

 

Are you prepared for time management changes?

When you first start out as a business owner you must start with a conversation with your family. A business starts at home. You need to speak with your immediate family to ensure they fully understand your endeavour—they need to understand what they are signing up for, including you working longer hours, adjusting your level of home commitments, and any changing roles within the family. You need to look at your current schedule and then look to see if your tasks can be delegated or if you need to change your schedule around in order to make your business work with your family life.

There is a preconceived notion that being an entrepreneur means you will have more time on your hands, and while this is sometimes the case and it can mean more flexible hours, it also means you may be working more evenings and weekends than you ever did before.

And while you must be aware of the changes in hours and potentially longer hours, you should also keep in mind and discuss the benefits, such as the freedom to accompany your kids on school field trips.

You need to ask yourself and your family: what matters to you as an entrepreneur that will make the not-so good parts worth it?

Are you ready for any financial changes?

In addition to time management and schedules, starting a business impacts a family’s money. Finances is another deciding factor for any big business decision-can you invest in your business financially? Consider everything that you will need to spend money on: marketing, business cards, etc.—can you afford these? If there is a physical product, do you need to spend money on product development, etc.?

For some business owners this means looking into a small business loan, while for others it may mean changing their personal spending habits in order to invest in their business. Are you (and your family) ready for these financial changes?

Do you have any transferable skills?

How do you have to think as an entrepreneur? Pamela runs an assessment with clients to determine their strengths and weaknesses. Everyone has transferable skills that will benefit their business.

For example, are you genuinely the kind of person who can just walk into a room and talk to someone? This is a transferable skill that works well when running a business because it transfers well into sales and marketing, which are essential in running a business.

This also refers to typing, social media, customer services and technological skills. As a business owner you are probably doing a lot of this stuff yourself, unless you have a lot of capital.  So, if you want to sell jewelry you probably don’t have a lot of capital starting out, therefore you have to be honest with yourself and see if you can do it all yourself.

You also need to be honest about your personal assets—are you organized, driven, is your office cluttered? Will this impact the success of your business?

Having a basic understanding of your skill levels from the very start will let you know where you will have to really work at certain areas more than others. If you wait until you are already in business and you have your hands in 10 different pots and are trying to learn these things while running your business, you may be setting yourself up for failure. Try to get enough of a foundation prior to starting your business.

How much money do you need to start?

How much money you need to start a business depends on the type of business you are starting. For example, if you are looking to start a lawn maintenance company, but already have most of the equipment needed then you only need to spend money on registering your business, for office supplies, and perhaps on local marketing and networking. So, this would be about $250 to start to get the word out about your business.

But if you are a baker baking cupcakes then you need money for inventory, inspections, permits, ingredients, a commercial kitchen, etc. There is a longer process to starting and setting up a bakery so you will need more money for that as well as money for office supplies, marketing and advertising.

You need to ask yourself what you need to start your business. If you’re not sure then you can research this through free business resources at the public library, innovation centres and community programs. There are also a lot of social groups that offer free tips and resources.

You can also barter for services—if someone needs a website and you have that skill, offer your skills in exchange for a website. Don’t be afraid to ask! You may be surprised at what you get. Just make sure it is for something you actually want and need—you need to make sure it makes sense for both parties. You want to treat a barter transaction as you would any business transaction.

Are you committed?

Commitment means asking yourself if this is the right time for you and your family—Do you have the flexibility required to make it work? Do you have the money needed to start?

Sometimes you may have the flexibility, but not the money and that means you may need to get a part time job to support your business. This the means you have to commit to setting aside certain days and time to work in and on your business.

Your commitment can vary depending on your situation—if you’re unsure you can commit to a certain period of time, such as three months. Just be sure to discuss this with your family and make sure it works for everyone.

When starting any business, it is important to know your skill sets and assets and then seek out help for the rest. You may want to look at hiring a consultant, such as Pamela, who can help you define the services and customers that are unique to your business.

Then establish early foundations in operations management. This means keeping receipts and invoices organized, get the appropriate processes, etc. Having these in place means you will spend the time working on making your business a success instead of spinning your wheels.

In essence, starting a business takes more than just loving what you do. You need to have make sure everyone close to you is on board, and have the foundation needed to ensure you have everything you need to give your business the best shot.

 

Resources & Links

Pamela's website: By The Horns

By The Horns Facebook Page

By The Horns Community Resources

Subscribe on iTunes

Subscribe on Stitcher

Podcast Contest

As this new podcast gets off the ground, I’d really love your help to make sure that it gets in front of the right people. The first weeks of a podcast’s life are the most important in terms of the opportunities for iTunes to showcase you to other listeners. Because of that, I’m starting out this new podcast with a bang. There are 3 episodes available for you right now, and there will be at least two more episodes every week for the remainder of the eight weeks.

I thought I’d find some extra ways to thank you for all the sharing and supporting you do of the new podcast so every week until July 15th I’m going to be giving away one of my favourite business books to one person who either:

  • subscribe to the podcast or leave a review on iTunes; or
     
  • share the podcast on social media; or
     
  • come in to the Biz Studio and post your favourite tip from a specific episode (along with a link to that episode)

In all cases, you need to make sure that I either know who you are (email me a screen capture of the review or showing you are subscribed) or that the posts on social media are public and tag me (@larawellman) or the Biz Studio (on Facebook you can tag my page).

Each week I’ll be announcing the book winner on Wednesdays on my Facebook page

Some of the books I’ll be giving away are (I’ll be adding more titles soon):

  • The Big Leap by Gay Hendricks
  • It Starts with Why by Simon Synek
  • How to Live a Good Life by Jonathan Fields
  • E-myth Revisited by Michael Gerber

So get out there and start sharing your reviews and sharing the podcast and good luck. AND THANK YOU!

 

 

 

 

 

#1 - Three strategies to get the life and biz you want

Entrepreneurs often start their own business because they want freedom and flexibility, but so many of them quickly fall into overwhelm and frustration. Sound familiar?

As a certified business coach I enjoy working with entrepreneurs and small business owners. I help them find the support they need, and help them find the clarity and actions needed to reach their business goals.

On this first episode of my new Biz Studio podcast, I am introducing business owners to how I can help with mindset, marketing and sales, as well as find the right support. The Biz Podcast is going to be a mix of just me sharing my business tips and advice with you, as well as interviews with experts in their field that I know can help other business owners.

Three strategies to get the life and biz you want

On a regular basis I hear these concerns from business owners: they feel stuck, they feel overwhelmed or they don’t know if they should continue with their business.

If you want to feel good about yourself and your business start with these three things:

1) Know what you want your life to look like

If you don’t know what you want your life to look like then you don’t know what your business should look like. Design your business to fit in with the life you want. You need to be clear on what it is you want to do for yourself—do you want to work 2 to 5 hours a week? Or do you want to work 80 hours a week? There is room in the entrepreneurial space for both kinds of entrepreneurs; you just have to figure out which kind is best for you and your life.

How do you figure this out? Write it down. How many hours are you willing to work in a week? What about weekends and evenings? What about time off, including vacation time? This can vary a lot based on your business, and there is no right answer.

You want to figure out what your priories are and how that’s going to fit into your life. Do you need flexibility for your family? What about other commitments you may have, such as volunteering? Set it all out so it will help you better understand how much time you have to devote to your business.

I am not pretending you can make $1 million working four hours a week. You need to think about the base amount you need to make in order for you to be okay. And then think about money for extra things, such as vacations, hiring a housecleaner, etc.? 

This is all part of figuring out what you want your life to look like. Your thinking and your business plan must align and writing it all out is the best way to figure this out.

Not sure how to get started? I have a worksheet that will allow you to write this all down and map it out.

2) Make concrete plans

This may sound obvious, but here’s the thing: many of us have these great plans that are stuck in our head, but not many of us write them down.

Having ideas is great, but these ideas need to be on paper to make them concrete. This can be on computer or in a journal, they just needs to be out of your head.

3) Find community

I have been an entrepreneur for 10 years… but I did it alone for many of those years. Talk to other business owners to figure out what is a good (and bad) idea, etc. Entrepreneurs are busy people, but they need a community to bounce ideas off of or hold them accountable. Whether it is a free online community, mastermind group or local in-person networking group, a supportive community of like-minded people can make a big difference in your business.

A community can help you not feel alone and offer valuable business tips and ideas. It will help normalize many of the concerns and struggles you may be having as a business owner. It will also help you see things about your business that you may not have otherwise noticed.

There are so many things business owners should consider when running a business. It may feel like a never-ending race on a hamster wheel, and you know there are lots to prioritize. This is why I started The Biz Studio podcast: to help fellow business owners stay in control, offer support and share resources and tips I know will help.

Make sure to grab your free download from today’s podcast and subscribe to hear more informative podcast episodes of The Biz Studio podcast.

Resources & Links

Free Planning Worksheet

The Biz Studio FREE Online Community

Subscribe on Stitcher

Subscribe on iTunes

Podcast Contest

As this new podcast gets off the ground, I’d really love your help to make sure that it gets in front of the right people. The first weeks of a podcast’s life are the most important in terms of the opportunities for iTunes to showcase you to other listeners. Because of that, I’m starting out this new podcast with a bang. There are 3 episodes available for you right now, and there will be at least two more episodes every week for the remainder of the eight weeks.

I thought I’d find some extra ways to thank you for all the sharing and supporting you do of the new podcast so every week until July 15th I’m going to be giving away one of my favourite business books to one person who either:

  • subscribe to the podcast or leave a review on iTunes; or
     
  • share the podcast on social media; or
     
  • come in to the Biz Studio and post your favourite tip from a specific episode (along with a link to that episode)

In all cases, you need to make sure that I either know who you are (email me a screen capture of the review or showing you are subscribed) or that the posts on social media are public and tag me (@larawellman) or the Biz Studio (on Facebook you can tag my page).

Each week I’ll be announcing the book winner on Wednesdays on my Facebook page

Some of the books I’ll be giving away are (I’ll be adding more titles soon):

  • The Big Leap by Gay Hendricks
  • It Starts with Why by Simon Synek
  • How to Live a Good Life by Jonathan Fields
  • E-myth Revisited by Michael Gerber

So get out there and start sharing your reviews and sharing the podcast and good luck. AND THANK YOU!