How much money do I need to make?

My answer is always the same. Do the math. It really is just that simple. And it is not all about complex formulas and algorithms. As a business owner, figure out what your monthly expenses are. Everything from rent, salaries, taxes, advertising, dues and subscriptions, the list goes on and on. Then also figure in how much of a cushion you want to have in your account for the months when business is a little slow. I find this is an important step a lot of business owners miss. There is always a slow time for every industry. So figure out yours and prepare for it.

Now that you have that number, start working backwards. What types of programs or products do you offer? How much do you charge for them? How many of them do you need to sell to achieve your goal? This money can come from specific projects, retainers, billable hours, public speaking engagements, or product sales.

I recommend tackling a smaller time frame in the beginning. Approach it from a monthly perspective. How much money do you need to make every month to pay your bills and still have room to breathe? Then start plugging in the credit side of the balance sheet. How many products or services are needed in one month to cover this amount? Start by making a simple document that lists the type of product or service you offer, the price point, and how many you will need to sell of each one in order to achieve your goal.

But it doesn’t stop there. You have to have a process to achieve these goals. What types of marketing will you be engaging in during this time period to find new clients? Will it be online advertising such as enewsletters, social media, or Google Adwords? How will you increase your newsletter subscribers? Will you run a special?

Then you must also consider the systems you have in place to track everything you are doing. What programs will you use to improve delivery, track expenses, streamline the client intake process, set up blogging schedules and appropriately follow up? A few I recommend for you that are easy to use when you are just beginning:

• WordPress – set up your website on this platform so you can maximize your SEO and blogging efforts. It is super simple to maintain and easily updated.
• Quickbooks – have an accountant help you get started, but everything is handled within it for billing and invoicing purposes that make your life easier. There are also services you can sign up for that make payroll and taxes a breeze.
• Keep In Touch Software – I have recently begun using Contactually and it has made my life a thousand times easier in the keep in touch department. You can also enter in specific tasks and it will remind you to send important emails or make important phone calls.
• Newsletter Service – I recommend Constant Contact to all my clients. Their customer service is superb and it is a very affordable price point for beginners.
• Evernote – a very popular app for people to record thoughts and to do lists for later and then you can access them from anywhere. Then you always will have a blog topic you can write about to keep in touch with your clients!

This is just a small sample of some of the advice I give to my clients to help them wrap their head around their business. It is also useful for anyone else who is considering making the leap into entrepreneurship.

So what about you? Do you have any more tips to share on how to make ends meet as a small business owner? I want to hear them!

“Be not afraid of greatness; Some are born great, some achieve greatness, and some have greatness thrust upon them” — William Shakespeare

I am currently helping my daughter who is in 4th grade with her final project for the school year. It is called “Images Of Greatness”. She is supposed to choose someone from American history who made an impact. She is doing a research paper, timeline, and a project from home to present at an open house while dressed up as this person. She chose Amelia Earhart. So we have been learning a lot about her at home. But it got me thinking, who would I choose?

Lately I have been surrounded by clients and friends, mainly women, that are going through difficult times in their life. But they are all still managing to run their businesses, run their households, and manage their children’s lives.

To me, this is the ultimate Image Of Greatness.

My mother was a single mother so I grew up being around someone who knew the importance of schedules, routines, and money management. Especially with three girls! So maybe sometimes I take for granted that it was a lot of hard work. My mother made it look like that is just the way life is.

But add on the fact that you are also running a business. Just because you are a business owner, doesn’t mean life events are not going to effect you. Just in the last two weeks I have witnessed women struggling with getting a divorce, battling custody issues, dealing with their own health issues and, of course, money issues. Every single one of them was a surprise to me when I found out. I had no idea they were dealing with such events. They were still maintaining their business and seemingly appeared as if everything was fine.

That is so hard to do.

Personally I have had many instances of dealing with life’s issues and still managed to keep the business running, but I never thought I was doing anything “great”. Well, I was wrong.

I now realize my Image Of Greatness is all of these strong women. Making sure the business is running, employees are getting paid, cash flow is maintained, steady stream of new clients coming in the door, dinner is made, laundry is done, house is clean, husband is happy, kids are fed and their homework is done.  And if they are lucky, manage to do something for themselves. (I would vote for retail therapy.)

I believe an Image Of Greatness should also focus on the people that get it done every day. I think all the ladies I have met in the last two weeks make a profound impact on history. Without them – there is no future history. I consider myself lucky to be surrounded by these women. They may not be famous, but what they are doing is definitely making an impact on many lives.

Wouldn’t you agree?

But what if we could make it fun somehow?

Recently I had to do some menial tasks for a client that I really did not enjoy. But they needed to get done just to keep the project moving along. They were simple really, but I just did not want to do them. So I made them into a game. How fast could I do it in this case. (It was a bunch of typing). I got the idea from my daughter who is currently in “Computers” class in school, which is basically a typing class. She was talking about all the games they were learning to help them improve their speed. So I thought, hmmmm…. I could do that too! So I did! I was finished in no time and now I could move on to other things.

“In every job that must be done, there is an element of fun. Find the fun, and SNAP! The job’s a game!” —- Mary Poppins

But it got me thinking – what else do I not like that I can turn into a game?

The above example is simple, but now I am on the hunt to make everything I don’t like a game. So I ask you – what is it you don’t like to do that you can change into a game. Please share it here and let’s help each other have more fun running our businesses together!

I think my next attempt at making something fun will be Quickbooks. Probably going to take more than a spoonful of sugar to get that one down, but I am up for the task!

And that my friends, is precisely my point.

You need to choose strategies that appeal to YOU. Part of what I teach in the Book Yourself Solid coaching system is the Seven Core Promotion Strategies. Some of them are mandatory. Networking happens to be one of them. You typically don’t survive without using the mandatory basic strategies for creating awareness of what your business is all about. But how do you get your head around something that you don’t want to do? How do you make it appeal to you?

Most people envision the old-school business mentality of the standard meet and greets or business after hours events where everyone is just showing up for the free alcohol. Who wouldn’t want to be a part of that? I certainly would’t want to attend that. But let’s start with shifting our perspective on networking. Every time you network, have three things in mind:

• Share Who You Know
• Share What You Know
• Share How You Feel

Share who you know. This means everyone you have ever met. It is as simple as that. During your chatting, really listen to what the people are doing, involved in, trying to accomplish and think about if there is anyone in your circle of influence or database of people that you think they should meet. People will remember you for making the connection.

Share what you know. This means your life experiences, your observations, what you just read on Facebook, tips from email newsletters you subscribe to, etc. Share the knowledge that you think will help them in their agenda.

Share how you feel. Sharing your compassion will always bring you the greatest rewards. Show concern, show empathy. It will not only help you with your bottom line, but also knowing that you are following your heart and your integrity.

All that being said, keep in mind that networking does not just happen in meet and greets. It can be anywhere. I network just about in every situation I am in. The grocery store, the school pick up line when I am getting my kids, chatting with other Moms, talking with the neighbors, all my friends online via Facebook  and so on.  Of course these are informal. Then there are the more formal situations. I say – choose the ones where people are that can put you in touch with your target market. This can not only be your your local Chamber of Commerce, but also private networking groups, and even trade shows of your target market.

Three things to remember when you network:

1. Be prepared. Have your business card with you, research the host, and SMILE!
2. Start conversations with questions. This takes the spotlight off of you in the beginning and allows you to learn something about them in the process. People love to talk about themselves.
3. KEEP IN TOUCH. Otherwise, this networking thing is a complete waste of time. This is also the number one thing I see so many people do. They make quality connections, get business cards – and then….nothing. Such a shame. Create a system for yourself and stick to it.

So what about you? What are some of your go to networking strategies? What are some of your favorite events to attend? Let me know – I may just show up!

Ouch.

This sparked some conversation in our house. How do you educate and/or instruct your employees from the beginning so they understand you are a small business that has to worry constantly where the money is coming from? How do you make them excited, motivated to help, and aware of how it really works before you have to call in Robert Irvine to save the day?

So here are some tips we came up with:

1. Make them aware during the interview process your expectations.

We all do this. Interview the applicants, do background checks, call references, but do you explain your expectations thoroughly?  Make sure to take the time to explain the culture, how small business works, the fact that you want them to treat this as if it were their own business. Then ask them, “knowing this, do you still want to work here?” If nothing else, it will give them a chance to say no if they are not in it to win it. In that case, consider yourself lucky you took the time to talk to them in the beginning. Make your intentions for them clear from the beginning, but do it in a way that is motivating and exciting. The goal is to make the anxious to come to work every day.

2. Have a clear system that measures success

In Marlaina Williams article for Sound Leadership Consulting title The Top Seven Mistakes Small Business Leaders Make & How To Avoid Them, this is what she states:

Mistake #2 - Not Holding Employees Accountable

In his book Overcoming the Dysfunctions of a Team, Patrick Lencioni uses an apt sports analogy to emphasize the importance of accountability:

“On a football field, a scoreboard focuses everyone’s efforts on one thing: winning. It provides unambiguous information about how the team is doing, and how much time the members have left if they want to improve the final outcome. That leaves little room for individual interpretation.”

To successfully hold employees accountable, you must decide on how you will measure them – the metrics you will use to evaluate their performance. Number of sales made, revenue generated, customers satisfied, and leads generated are some of the many possible performance measurements. It is essential that you chose your metrics carefully to ensure you are measuring the activity you want to emphasize. It’s also important to remember to be positive with measurements whenever possible. If you measure the number of errors logged or mistakes made, for instance, versus measuring the number of successes, it will have a negative overall impact on morale and often on performance because what you measure gets the focus. Using positive metrics for evaluation, on the other hand, gives employees a feeling of accomplishment that you’ll see in the bottom line. Allowing some of your performance measurements to be made public, so employees are able to see how their performance stacks up against their peers can also have a positive impact. Making metrics public will create a natural, healthy competition amongst employees, who want to be top performers and subtly encourage others to not lag behind. Employees should have consistent reviews (monthly) with their managers to evaluate and discuss these metrics as well as other performance issues.

3. Reward Hard Work

“What’s my motivation Bob?” Not just a funny quote from the movie Office Space.

We all want to make more money. We all want to know that our hard work is paying off. Have you thought about profit sharing? Incentives to show them that hard work reaps rewards – and that they are entitled to some of those rewards since they were a big part of making them happen? Do some math. Set up a structure that awards hard work and dedication. Maybe a quarterly bonus based on the profits of the business that has certain percentages for the employees. That way, they can see in real time how important their job really is to the longevity of their career and the business. Extra money that only comes from having skin in the game can be a very big motivating factor.

So as a small business owner, what other suggestions do you have to keep employees motivated and excited to be working in the company? What avenues have you tried that you can share? Let me know.

“If money is the most important thing, you will spend your life wasting your time doing things you don’t like in order to go on living doing things you don’t like doing. If you do what you love you will become a master at it and be able to get a good fee for it. If you are interested in it, someone else will be. It is STUPID to spend your time to do things you don’t like and to teach your children to do the same thing.” – Alan Watts

I saw a video on Facebook that asked a question my very wise husband asked me for the first time at least 15 years ago. What would I be doing for a living if money were not an object?

Granted, I was in my early twenties and had no idea how to even comprehend such a question. Nor did I think that anything I could possibly love could be something I could do all day and get paid for it. How can being creative, helping others and having fun possibly pay the bills?

So like most people, I just started thinking about things that were fun for me. I liked designing living spaces, colors, creating, etc., so I decided to go back to school to get a degree in Interior Design. (I was a recent business school dropout). Looking back now, even though I did get my degree and I did enjoy many elements of that world, I realized it was a quick fix for a very unhappy feeling in my gut. I wanted to be happy. I wanted to help others. I wanted to make a difference for the greater good.

But how was I going to do that?

After many years of simply fulfilling the role that I felt society thought I should be, I realized that I had to start focusing more on the question of what I should be doing with my life. I could not ignore that feeling in my gut. When I became a mother, it was even more important to figure out the answer to this question. If I didn’t stop the train, my girls would just follow in those same footsteps. After all, that is what I was taught and was doing.

My mom was a single mother of three. She worked a government job – that she hated – just to put food on the table and a roof over our head. She did what she had to do. She came from an upbringing that taught her to get a job that paid decent money and to tell your children to do the same. Go for security. There was no way you could make money doing what made you happy. Until she started doing exactly that. She had a gift for knitting, crocheting, and counted cross stitch. But it wasn’t until two years before her death that she started selling those items to earn extra money. It wasn’t until then that she was doing something that made her truly happy. How sad is that?

So I, like her, went for “security”. Doing what I didn’t like – in order to keep doing what I didn’t like.

Until my husband’s business needed more help. We had entered the world of entrepreneurship in 1997 and it really took off in 2002. By 2003, we were both all in. And….

I loved it.

I had finally found what I liked to do and looked forward to doing it every day. Marketing. Sales. Running my own business. Setting my own rules. Working with people that energized and inspired me to do my best work. That is what I loved. Then I found myself in familiar territory.

I wanted to help those same people that hired us in a bigger way.

So I became a business coach and honed my talents in all the other things I enjoyed doing. I could go on and on but the important thing is this:

I am happy.

I love what I do. I look forward to my day. I know I am helping others and at the same time helping myself.

Today, when I see my daughters plotting their futures, I see strong, happy and confident children who know what makes them happy and are figuring out how they can take it into adulthood. After all, that is what they see Mom and Dad doing, so it must be the way it is.

So I ask you … if money were no object, what would you be doing all day? What is your passion? What makes you want to spring out of bed in the morning?

Find it – and live it. The money will follow.

Now I am not one to be in favor of using and “elevator speech”. I am much more on the side of just having a normal conversation with people, but sometimes, you have to get right down to the point. The effectiveness of this dialogue really depends on a mixture of my two coaching certifications, Book Yourself Solid and Asset Based Thinking Action Coaching.

Your “who and do what” statement is something I teach all my clients to have. Describing what you do and for whom in one simple sentence. Then as the conversation goes on, you would also add your “why you do it” statement. My new certification expands on this mindset with something we call Substance, Sizzle, and Soul.

Your Substance is what you want to make happen. Like above in BYS teachings, it should be a one sentence message. You should say it as specifically as possible. Mine is: “I help small business owners and entrepreneurs get more clients.”

Your Sizzle is how you will make this happen, the sexy factor if you will. How will you accomplish this? How will you engage people? For me, it is a mixture of online and in person networking. I love to network. I am the proverbial Chatty Cathy. I have a reputation for knowing everyone and everything that is going on. Maybe I should have been a reporter! But nonetheless, I love interacting with people either online and in person to share my message and how I can help. Social media, video, networking events, you name it.

Your Soul is your WHY. Why is this so important to the present situation, and more importantly, why is it so important to you? For me, I simply love helping the small business owner. My why is to help people love what they do AND get paid to do it. I grew up watching my mother work in a government position, punching in and out from 9 to 5 everyday and hating every minute of it. She did not love her job. I knew at a young age that was not the life for me. As I grew older and learned what my skills were, I found my calling to help small business owners be successful. They are not only the backbone of our country, but every country, and I want to make sure they get to keep doing what they do. It is fun for me to see them get excited about their success, and to brainstorm ways to make it better.

Have you got any soul? What is your why? If you don’t know, then maybe that might be why you are having trouble finding or closing more business. If people cannot resonate with who you are and what you offer the world, chances are they will not hire you.

So I challenge you today – get out there and find your why. Find your soul. Once you know what that is, we can focus on substance and sizzle.

Now and forever, you are a part of me..

Those are lyrics from the Carole King song I played at my mother’s funeral one year ago. I hear them over and over in my head every day. As I sit down to write this, I cannot believe an entire year without my mother has passed. I lost her on Saturday, January 7th, 2012. And my life has not been the same since.

My mother had a lot of health problems practically her entire life. Since I was a little girl I cannot remember a time when she was completely “healthy”. So I was pretty used to taking care of her, but the last three months of her life were especially difficult. I just did not know how difficult at the time.

My instincts were to plow through like we always did and somehow we would make it. We always seemed to. But two days before she left me, I knew my days with her were numbered. I remember going back to the nursing home and laying on the bed with her that night. And she did what she always would do – put her arms around me and told me everything would be alright and not to worry so much.

Two days later, when she finally passed, I felt the strangest mix of extreme grief and relief. So sad that I was going to face life without her yet so relieved that she was no longer in ANY pain. She had suffered her whole life with something, but still managed to be a wonderful mother to me. As I sat by her bed literally crying so hard I thought my chest would explode, I was lucky enough to be watching her face the moment she passed, and all I saw was …

peace.

I feel so very fortunate to have witnessed that. But since then, I had to learn a very hard life lesson without her. Grief. It has been an education to say the least. Your mind plays tricks on you, you dream random things, you explode into tears without warning, your mood swings literally minute to minute, smells trigger memories long forgotten, songs make you sad – a true roller coaster of emotions. It is like trying to learn to swim when someone throws you in the deep end of the pool. Sometimes you can paddle your way around, and sometimes you feel like you are drowning and cannot get enough air. Even though I did everything I could to care for her, I still look back and wonder what I could have done differently or better. What would have helped? What would have kept her with me longer? Could I have done something to save her?

Going through a year of “firsts” was very hard: my first birthday without her, first holidays, milestones my precious daughters are reaching that I know my mother would have loved to be here for. My mom’s birthday and Christmas are both in December which made it a very difficult month for me. Every time I visit family without her it is the strangest feeling – like I am sneaking around or cheating on her or something. It is so bizarre to show up without her.

Because of my grief I have cried a lot, avoided events, emails, parties, people, you name it. There isn’t a day that goes by that I don’t think of her. It is hard to imagine if I ever will. But lately, it is getting easier to smile when I think of her instead of cry. So as I approach the one year mark, I have learned a few things about grief:

Lean on your family and friends. Mine have been my saving grace. Always there for a phone call, email, glass of wine, whatever…
Take some time off if you want to. Everyone will be there when you get back.
If you don’t want to do something, then just don’t do it.
Don’t rush the process. It is your process and you must get through it in your own way.
Take a lot of walks, they help.
Laugh.
Cry.

I am thankful that I experienced all of this as an entrepreneur. Because I work for myself, I was able to reschedule clients when I needed to, utilize technology when I didn’t want to leave the house, and rely on the support of my fellow entrepreneurs to get me through a horrible time. This last year has been a time when I could not think straight about anything, especially business. I was surrounded by a community of loving, understanding and supportive peers, clients, and colleagues. Running your own business and being completely responsible for every dollar you earn can be extremely stressful. We work countless hours, struggle through financial ups and downs, and loose sleep at times. Being able to control my own schedule the week I lost my mother has made it all worth it. Remember that if you are an entrepreneur. When it counts, you are in control of your own time – and that can be priceless.

Let your children grieve with you. I started out by hiding in the bathroom when I had to cry so I would not upset them. But that was wrong. They need to grieve with me. They need to console me and I need to console them. They have a quiet innocence and profound wisdom that comes with just speaking what they feel that was so helpful and yet so heartbreaking at the same time. I am supposed to be the rock for them, but I was reminded by their wisdom several times to not be sad, Grandma is still here with us. Sometimes they don’t even say a word. They just smile and cuddle me and always make me feel better.

So appreciate the people you have around you now. Tell them how much they mean to you. For me, that is my amazing husband. Over the years of our marriage, he was supportive all the nights I was at the hospital with my Mom and has been my rock this year. He has handled our businesses, held my hand, wiped my tears, took care of our girls, let me escape when I needed to, and encouraged my healing. Thank you Marcel. I never would have made it this year without you.

And thank you Mom – for being the best Mom a girl could ask for. I will miss you and love you always.

How often have you seen an announcement for a course, ebook or teleseminar presented by an amazing duo? Instead of wishing you were part of an incredible partnership, take the steps to form one on your own. It’s easier than you think.

The benefits of partnering for a project are enormous. Partnerships will expose your work to new audiences increasing your reach much faster than you ever could on your own. Many people in your partner’s audience will become part of your tribe. Growing your audience leads to increased profits.

Another huge benefit is pooled resources. When you have a partner you get to share the workload and share the costs. Working together allows you to increase productivity without increasing your workload.

Choose your partner wisely and you’ll get a chance to learn from your peers. Look for someone with a skill set that complements your own. Ideally, your partner shares your vision and looks at business the same way you do. When you find someone who has the same picture of the future, you’re unstoppable!

Start with YOUR Strengths

When you are ready to begin your own partnership, start with what you bring to the table. Most entrepreneurs are open to offers and opportunities to work together, but it has to be mutually beneficial. Be up front about what you offer and what you expect.

The partnership will go sour if you aren’t clear up front about what you are able to give. Ask yourself why someone would want to partner with you. Consider your expertise and your strengths. Also think about the amount of time you have to devote to the project. Are you good with follow through? What is your reputation in the marketplace? Both partners should have something to offer.

Pick the Perfect Partner

Look for a partner whose skills complement yours or whose work you admire. If the right person isn’t already in your network, chances are, you know someone who knows that person. Your network is your most powerful tool, so activate it! Put the word out that you want to meet a specific person or someone with specific skills and expertise.

Ask your social media contacts if they can introduce you to the right person. Talk to everyone you know, not just your network of colleagues. Ask family, friends, neighbors, high school alumni associations, college alumni associations, fraternal associations, your gym, clubs, Meetup groups and sports teams. If you find someone local, invite them to lunch or coffee to talk get to know each other.

Ask for the Partnership

Once you find the right partner, make your offer. When you reach out, be specific about what you can contribute to the partnership and their business. Be clear in what results you’re looking to create for you both and how you see the collaboration developing. Also, be honest about what you expect to gain. An open conversation is the start of a great partnership.

Finding the right partner takes some work, but the advantages are endless. The boost in your reach and exposure to new markets make it worth the effort. With a little digging and a good offer, you can put together the perfect partnership to reach your goals.

Your Action Plan For This Week:

1. Brainstorm assets that you have to bring to a partnership. Be specific and honest.
2. Determine what types of businesses and/or professionals would make good partners, based on your current goals.
3. Seek out introductions to 3-5 experts in your industry who have services or skills that complement what you offer to your target market.
4. Reach out and let the potential partner know how you can be of service and add value for their market.
5. Follow up and continue the conversation until you’ve reached and agreement for a collaboration that is mutually beneficial.

“Accountability breeds response-ability.” Stephen R. Covey

But it seems no one wants to be held accountable anymore. All to often, I see business owners burying their heads in the sand and hoping that the next big thing will come along and they will pounce.

As we embark on the final quarter of the year, it is common for many business owners to start to ponder, what have I accomplished this year? What did I do right? What did I do wrong? What did I not get done that I wish I had?

Well, as Sam Silverstein states in his book No More Excuses: The Five Accountabilities For Personal And Organizational Growth, “Some people achieve extraordinary things in life; other do not. The difference in the two groups lies in accountability.”

I am firm believer in having some sort of accountability in place for everyone – especially business owners. It is so easy to get caught up in life, putting out fires, having your attention diverted by the next shiny thing that passes by, and before you know it, all your projects are getting put on the back burner.

So how do you partner with the right person to hold you accountable?

First:  Find an Accountability Coach. Someone whom you respect and can come in and assess where you are and where you want to go. Someone with an unbiased point of view on your company.

Second: Determine your goals. Whether this is financial, emotional, spiritual or a physical goal, spell them out. Write them down and post them on the wall in your business. Those that write down their goals are FAR more likely to achieve them.

Third: Set up a plan of action. A SPECIFIC plan of action. What are you specifically going to do to achieve your goal? Some suggestions could be:

• Blog once a week
• Invest one hour every morning on effective social media marketing
• Attend a conference for your profession
• Attend a conference of the profession of your target market
• Create a webinar/class
• Make a list of clients you want to have in your portfolio – and a plan of action on how to get them

Fourth: Set up monthly reviews with your accountability coach. Yes – monthly. This person needs to hold your feet to the fire or this is all just a waste of time and a wonderful social hour. Look at your goals, what is going well, what is not going well, and tweak accordingly.

Think about it, professionals in all areas have someone holding them accountable. Professional athletes, CEOs of large companies – and it should also be the same with you. YOU are your own CEO. Start acting like it.

What are some ways that accountability has worked for you in the past? Share your ideas here!