Being cheap can cost you a lot of time & money
Being cheap can cost you a lot of time & money.
Being cheap can cost you a lot of time & money
I grew up in an upper middle class family. I always thought we were filthy rich. Funny thing though, my dad is ridiculously cheap. I mean like drove past 6 gas stations pushing E until we get to where he swore the gas was the cheapest and drive back to third gas station cheap. This was before gas apps. Do you how much time was wasted?
A-L-O-T!
Not to mention the gas of driving around to save pennies.
Do you remember the marketing days when companies would send discounts for leaving a particular company and joining their company? Usually cable companies or telephone companies. The catch was, you had to call your company and cancel. Daddy would switch ALL the time for a measly gift card or some savings.
Again time wasted on the phone cancelling with one company to get on the phone with the other phone to register and get your FREE gift.
The prehistoric days before the internet, just seem like time sucks.
Thank God for technology and smart people.
I probably could tell you a story every day until mid 2016 about how cheap my daddy is. He truly acted as if he had no money. And that’s the funny thing, he has money, lots of it. I mean serious #moneygoals when I look at him minus his cheapness.
When I first started in business, I fell in love with the free tools. Even now some of my faves are freemiums [Trello, Asana and Evernote]. I started out with Evernote’s free option and quickly upgraded to the premium version. I didn’t have time to wait for my storage quota to reset each month. $4.15 was holding me back. Sounds so silly, but I did not want to pay $5 (monthly fee) since the service was free. I had the $5 but I just did not want to pay.
What do you need, that you just don’t want to pay for?
In the initial assessment session, I have with my lady friends [clients], we always discuss what can push their businesses forward. Whether that be a tool or a service they need to invest in. Leadpages and Clickfunnels are amazing tools that save time & automate marketing for many entrepreneurs. Yet the monthly/yearly fee holds people back. Of course they can create the landing page in Mailchimp, but it takes more time to set up.
How much is your success worth to you?
Think about all the things that you buy and all of the things you don’t buy. Think hard. Starbucks or coffee is always an example given. If you can pay $5 for Starbucks then you should be able to pay for XYZ. You pay for Starbucks because you want to and you enjoy the benefit. Starbucks has proven to you time and time again that the latte is worth it. XYZ just hasn’t quite done it for you yet. That’s fine.
You need to create a ‘throw away money’ budget. Which simply is- at this price I’m okay if the investment does not yield me immediate results/gratification. You aren’t throwing away money, because you make amazing choices, but shifting how you view investments.
My throw away budget is usually under $100. I used to pay $20 a month to get my eyebrows waxed.
Never trust anyone with bad eyebrows.
I love a beautifully framed face with nice eyebrows. About two months ago, I went to a new guy. I never asked his rates, just hopped on the table and let him do his magic. He took his time and there was no pain involved. The room smelled sweet like vanilla and jasmine. He gave me the mirror and I was in love. My eyebrows were amazing! The usual lady did okay, but I was always correcting her work with my Anastasia of Beverly Hills Brow Whiz. Went to the register and my eyebrows were $80. I hesitated giving him my card, but I paid. I walked out like a BOSS! Yes, I spent $60 more than I typically did, but I felt amazing. My eyebrows lasted for two months versus one and I didn’t even need my daily eyebrow prep that usually took a few minutes each morning. [I told you I love eyebrows.] He leveled me up. The experience was worth the price and the results.
I’m just going to be real. If he had told me the price initially, I would not have let him do my eyebrows. The time he spent doing his speciality saved me time in the long run. That extra $60 saved me an extra 70 minutes across two months of prepping my eyebrows.
Even with a ‘throw away budget,’ watch for money leaks in your personal and business budgets. you know those things that you pay for and NEVER use or don’t even need. For many people, gym memberships are money leaks. Starbucks may be your money leak, if you never drink the whole latte.
Evaluate what you spend money on that you aren’t using.
This way you can cancel those things and use that money towards your greatness.
Chic tips to Mastery:
Set a real budget for your business.
How much money are you willing to invest each month and year?
Include tools, coaching and services into this budget. All of these things will push you towards your desired success.
How much time are you willing to invest?
Include the time in there too. If something takes me an hour and I can pay someone under $100 to complete, I will pay it. My time is valuable and so is yours.
Yoga pants are deceitful...don't let your bottom line be too
Yoga pants and entrepreneurs become very close. The connection is almost as close as entrepreneurs and their financial systems.
Yoga pants are part of the work from home dress code. However, It's hard to notice that you've gained weight when yoga pants are your go to pants. Yoga pants are flattering and stretch like it's nobody's business. Even if you notice your yoga pants are tight when you first put them on, the power of Lycra makes you comfortable in minutes.
The reality is you know your yoga pants haven't seen the Yoga mat or the gym in a while.
Oh no she didn't.
& did.
Typically what we focus on is what grows.
However that isn't always true with thighs or booties. Or your business bottom line.
You know the income after all expenses (general, admin costs, interest charges, etc.) have been deducted from your revenue (net profit).
Focus and action are two different things.
Most entrepreneurs have no idea what their bottom line looks like, nor do they have a budget, or make time in their schedule to even review the financials. It's usually a quick look in PayPal- transfer to bank account and pay who and what is needed.
Boom! Financial System
When was the last time you looked at the numbers? The real numbers, not likes or follows, but conversions and expenses. What do you need to get where you want to be? Where do you even want to be?
In the beautiful words of my brother:
“Men lie, women lie, numbers don’t.”
You can ignore the numbers but don't be surprised when December comes and you haven't reached your money goals. Focus on your goals, take action, then assess how the action is doing, and take action again based on the assessment.
focus +Action + Assessment + action = Success
(the one formula you need to remember)
Can you imagine getting fitted for that little black dress for a holiday occasion and you didn't account for your new bottom? Every morning you pulled out a pair of yoga pants and Lycra worked its magic. You indulged in golden oreos, because they’re vegan so you might as well have the “healthy” snacks. You skipped meals because you were so engrossed in your business and weren’t really hungry. You skipped the gym because well...you wanted to and you’re the BOSS. Days turned to weeks and weeks to months and your focus wasn’t on your bottom line it was on doing the things you love in your business and life.
Yoga pants are deceitful. *sigh*
Business is a series of moving parts. There are some parts that you will adore and can’t wait to do (the fun and creative part of your expertise), and the other parts where you ignore until it smacks you right in the face and says:
If you have a business and want to make money, you need to have a solid financial system. Spoiler alert: PayPal is not a financial system.
Financial systems include budgets, quarterly assessments, accounting program, sales funnels, and processes to manage invoices and returns.
3 chic tips to a basic financial system:
1. Write down ALL your business expenses and cancel any programs/tools that you aren't using. Even that gym membership if you aren’t going.
2. Create a budget for your business & STICK to it!
3. Sign up for Wave Apps to monitor your money.
VA's are NOT Band-Aids for your business
If you go into something as serious as surgery, you would want the doctor to be prepared with more than band-aids right? Of course! So just hiring a VA will not instantly transform your business.
Your income has been consistently increasing and you're ready to hire a virtual assistant (VA) for continual work.
Go you! It's your birthday! Go you!
In the online world this can be a badge of honor. You hire your first long-term assistant and you start to feel like a real GIRL BOSS. You have a team and are checking off your accomplishments for the year.
Then you meet with your VA for the first time, you feel like you were given a final exam for Neurosurgery 505.
She asked you for everything but your mother's maiden name and if you aren't using LastPass she may need your mother's maiden name.
You tell her you'll get everything she needs before she starts.
Now here you are this gorgeous GIRL BOSS trying to slap an ugly bandaid on your business and your lovely new VA calls you out on every inconsistency and flaw of your business. And if she doesn't say it to you, she's telling all her VA girlfriends about you.
From the outside looking in your business is ideal. You are the IT girl in your industry. And now you have someone looking at all your skeletons in your chaotic biz closet. This was not what you signed up for. Think about this, If you go into something as serious as surgery, you would want the doctor to be prepared with more than band-aids right?
Of course! So just hiring a VA will not instantly transform your business. There’s some prep work to be done on your part.
Help yourself and your future VA out today! Get your business out of your head. You do not want to be a one woman show.
I'll repeat you do not want to be a one woman show!
This will cripple your creativity and drain your energy.
Here's 3 things you can do today:
1. Sign up for LastPass, seriously it's $12 a year for the paid version and saves you the headache of changing passwords when you need to bring someone on.
2. Get a piece of a paper and WRITE down everything that you do in your business. Spoiler Alert: a business that lives in your head does not have the full capabilities to flourish.
3. On another piece of paper, fold the paper into fourths. Look at the previous paper and now put those tasks into the following categories:
- Tasks only you can do (your expertise)
- Tasks you are okay at doing
- Tasks that take you aren't that good at and(or) hate doing
- Tasks that take you forever and (or) you just don't know how to do effectively.
3.1. Add these lists to Evernote so you will have them on hand when you write up your job description.
What are systems?
Systems are the rules you create for your business. You're the boss, you're the mama, your rules!
You just have to make sure your rules are for the greater good of your business.
Systems are documented practices that you do in your business over and over and over.
However many solopreneurs don't have systems or they don't follow the rules. Things get done here and there. Solopreneur success does not come with here and there shooting from the hip.
Systems have checks and balances.
Systems ensure that things get done.
Systems allow for you to get sick and your business' immune system goes untouched.
Systems automate your business.
Systems eliminate overwhelm because you already have plans in place for this or that.
They allow for you to hire and outsource tasks.
Systems allow for you to have more free time to do whatever makes your heart smile.
So many people talk about the hustle and bustle in business. Rest and FUN are just as important.
Systems allow for you to make more money.
So that's more time, more money, more fun.
What systems do you have in place?
Action Jackson
Evaluate your daily systems.
What do you do over and over in your business?
Write out one system in your business structure.
Stop drinking the DAMN Kool-Aid
Online business and marketing can resemble a high school lunch room some days. Full of cliques. [Close to cults]
No worries this isn't a “oh woe is me” post.
I've noticed the cliques for some time, but never thought too much of it.
In high school I was the pretty girl obsessed with fashion, my friends, and track. My boyfriend was über popular and very charismatic. I hung out with everyone.
The cool kids. The athletes. The dramatic kids. The rebels. The nerds.
Everyone.
My bestie and I were reminiscing a few months back and she said I was always one of the cool kids.
I never did cliques. [I don't like being boxed in] <<notice that was in a box #oxymorons
I like who I like and who likes what I like. And remember I'm multi passionate so cliques were out of the question. I just had a lot of friends and associates.
One thing I'm good at is minding my business. Get it...minding my biz.
I'm in several Facebook groups. Why?
I love connecting with people.
In these groups you can always spot someone from a clique and you know exactly who their leader is. They do everything the leader does but change their name to theirs with a subsequent number behind it.
Stop drinking the damn Kool aid.
If you want to be successful, there's no secrets.
There's a lot of work. A lot of days and nights of wanting to give up.
There's a lot of failures.
A lot of uncertainties.
Mindset shifts will be needed frequently.
And self doubt.
And all of that is normal no matter where you are in your business.
You have to hold tight to your WHY.
You know the reason you went into business in the first place. And its not money. Even if you say it's money, it's not.
Money just allows us the opportunity to flow and live better lives, travel, spend more time with our families and friends, etc. those are your reasons not just money.
But being a carbon copy isn't serving you or your why any justice.
You have to find your spin and spin baby spin.
I challenge you to be different. I challenge you to own your greatness. I challenge you to pick through the BS [business stuff] and use only what works for your business. So and so has been in business so much longer and her way works for her. It may not work for you. That doesn’t make you a loser or a failure. It makes you a sexy savvy solopreneur engineering your path.
Live. Love. Action
1. Infuse your personality and quirks into your business
3. Stop drinking the damn Kool Aid
Flash Back Friday: [Solopreneur Edition] Six & Savvy
Flashback Fridays: taking a walk back in my entrepreneurial past.
You know how they say some people are born to be entrepreneurs. I never thought that about myself. Looking back though there are many factors that connect the dots & create a picture of the entrepreneurial dream.
Technically I was the only child. My sister and I are 13 years apart. I'm the youngest.
I had a lot of free time to myself.
My mamar had a nice perfume collection. I would spray and spray the various smells until I couldn't breathe. My mama would fuss, but I didn't mind, I was busy creating.
I would pretend that I was a superstar and I was going to an event and everyone couldn't keep their eyes off of me and were lured to me by my perfume.
I started spraying the mixes into old crayola water color paint containers. I would take them to school and sell them. One day my mama locked me out of her room. She said she was tired of me stealing her things and blah blah blah.
She locked me out of my warehouse.
Mama killed production with that.
By this point I was selling to other classrooms [remember elementary students don’t interact with other classes often].
THIS WAS BIG.
I had even had customers at my after school care program. Different aged kids at different schools too. .
I wasn't ready to close shop. The internet wasn't around yet, so I couldn’t go to google for answers.
I found everything in my house that smelt good by the slightest. Mixing and mixing and the matches just weren't right.
I was nearing a dead end, and then it came to me: buy your own supplies.
I went to the craft store and got mini bottles. I purchased alcohol, essential oils, and baby powder. We’re not even going to talk about the powder.
I was back in business. I was selling the paint pots at school and aftercare during the week. On Saturdays I would set up shop up the neighborhood and sell the bigger bottles.
I was six and a savvy solopreneur !