I have a special guest today, Lindsay Johnson with The Radical Connector. She teaches first-time entrepreneurs the business skills they need to grow faster - doing what they love with their perfect client.
She's the tactical strategic person that entrepreneurs call when they don't know what to do. When they're working their butts off and they're not making money. They're not getting clients - and they don't know why. Lindsay steps in and teaches you the business skills, marketing and all those little things they don't already know, so you can start making money!
Leveraging your excitement to network and connect with others
How long you are typically in business before you see revenue and growth
Revenue generating activities vs essential busy work
Many of us start a business because we were passionate about our idea. But it's also possible you fell into entrepreneurship by accident. Most of us though, are creatives and we just want to make pretty things! And we don't always take the time to figure out if our business is profitable or not. But the hard truth is, your business cannot sustain itself if it is not making money.
In today's episode, I show you how to calculate if your business is profitable or not. And if it's not, I share some tips and tricks to help get you there. PLUS, you'll want to stay tuned until the end... I'll let you know how to get my expense tracker for FREE.
I get it you would rather scrub dried paint out of the carpet then add up all those expense receipts you have laying around.
Here is the deal though in order to have a profitable business you HAVE TO know your numbers. I totally understand that this is easier said then done, but don't worry I am not going to leave you hanging.
Here are Five important Elements of getting your business finances in order
1. Register your business with your state and local offices to insure that you are operating within the law and requirements for your area
2. Keep all personal and business money separate
3. Track all income, YES even the cash!
4. Track all expenses, I have some helpful tools for this and will explain more further down
5. Hire an accountant, CPA, Tax professional to help you file your business. I promise you it is worth it!
It can be overwhelming, I know! There will be days when you wondering if you are...
Take care of the kids. Clean the house. Order supplies. Fold the laundry. Make the holiday orders. Squeeze in a date. Respond to needy customers. Plan your next product. Exercise. Write social media posts. Sleep at some point.
When you're a wife, a mom, and a business owner, time management is the key to success! And when your time is tackled in an intentional way, your productivity will skyrocket.
First, time block your typical schedule.
If you don't know what time blocking is, it's when you divide your days into dedicated blocks. During that chunk, you only work on the assigned tasks. This prevents you from haphazardly working on tasks throughout the day but never completing any of them. (P.S. This is the method that Elon Musk, of Tesla, uses to run two major companies!)
I recommend using Google Calendar to set up your blocks, since multiple...
Everyday you show up, create your best work, and at the end of the day, some products may not sell the way you want them to. This is The Gamble. The Gamble is pouring your heart and soul into products that will hopefully, one day, grace someone else's home.
Unfortunately with gambling, sometimes you win big, and sometimes you lose the pot.
Go cry in bed with a bowl of ice cream over all of the wasted time and money.
Nope, that's not it. It's time to embrace the age we live in of reuse and repurpose.
Before you call it quits on a product, you need to determine the reason why it's not selling. Is it the product itself, or is it the way that you talk about it?
Having a killer product description can make a big difference in the success of an item. Get my product description checklist and...
That said, there's so much more to this than simply selling your products. If you continue to treat your hobby like a hobby, then you won't generate steady income.
There are many things to consider when transitioning your hobby to a business. I know this may sound like a lot, but it's easy enough to do once we break it down.
First, when you are deciding on your name, make sure that you're not limiting yourself. For example, if I started a business named "Katie's Bows," I would be limited as far as what I could offer. It would be hard for me to branch off into onesies and t-shirts.
In actuality, my creative business was called Katie Did Creations. I wasn't limited by any particular product, and people knew that what I created was probably handmade.
The way that you should register your business varies by...
If you haven't checked out Part 1 yet, click here to get up to speed.
Hopefully, you've had a chance to start tracking how you are currently spending money. I always recommend doing this first, so you know exactly where you can afford to spend more and where you need to cut back.
Before we jump into the content for this week, download and print my Monthly Budget Tracker so you can keep all of this information in one place.
First, record your starting numbers at the bottom of the page: your projected monthly income, your current savings total, and your current debt total.
Pull out your expenses list from last week. This should tell you how much, on average, you are spending in each category. Total up each category, and compare this number with your projected monthly income. Jump down to the heading that describes you.
Between the added expense of dealing with the crisis and paying for our vices to cope, we can end up in a loop that is hard to get out of.
Right now, our entire country is in a state of crisis, and we are all feeling the hit to our finances. During these challenging times, it's really important to understand where your money is going.
First, gather the last 1-3 months of your credit card and bank statements. Print off hard copies. Once you have these together, it's time to make sense of the data.
Go through each statement, and determine your recurring fixed (same every month) expenses, such as insurance, mortgage or rent, car payment, cable, and internet.
Then identify your recurring variable (changing every month) expenses, such...
When Disney+ first announced its launch, the internet went WILD, especially the millennial-turned-mom generation. Disney gained lots of attention by offering all of the classic favorites for parents to share with their kids. And on top of that, they gave us new originals when they launched, like The Mandalorian, a Star Wars spinoff show.
Viewers particularly like The Mandalorian for its incredibly cute, yet somewhat deadly character, baby Yoda. Baby Yoda has captured the hearts of kids and grown men alike, so it's no wonder that several Etsy sellers decided to jump on that train and make baby Yoda products Of their own.
Disney noticed these products popping up and made a complaint to Etsy, who deactivated the listings, causing page views for shops to plummet. According to Now This,
Four years ago, we lived every small business owner's nightmare. It was horrible. The process took months, we couldn't find any of our record keeping, and I was exhausted and drained from a move. We were definitely not set up for success.
We only had 30 days to dig up records from both my husband's construction business and my handmade business.
I learned a lot from this, including how to keep our records straight for tax season. If I can recommend any one thing from this experience, it's this:
Write every thing you purchase on them. Especially if you get any business materials from Hobby Lobby.
Are you a Hobby Lobby shopper? Do you know what I'm talking about? If not, go grab your latest Hobby Lobby receipt.
There are no product descriptions! They only give categories, like "crafts," or "sewing," or "home decor." Not very specific, huh?
Why does this matter? Well, when we were getting audited, the IRS actually...