3 Holiday Marketing Ideas for Service-Based Businesses

If you’re new to running a service-based business or just haven’t quite hacked the holiday season yet, this one’s for you. When I ran a jewelry company, the holidays were an important part of my yearly revenue. But when I first opened up my bookkeeping practice, I was at a loss for how to market my service-based business and make the most of this season for my business. I looked at the small businesses I was working with and realized that a lot of similar businesses struggle to figure out how to get a cut of holiday profits.

So, I put together this handy guide for you. This is an important time for small businesses, and using just one of these tips could up your potential for profits this season.

Reward Your Most Loyal Customers

Look back through your customer data on your payment processor, or take a look at your reviews on Alignable or Google, and chances are you’ll find some happy customers! Take the time to reach out to these people with a special holiday offer made just for them.

For example, this could be a discount on future sessions or a special package of particular services they’ve purchased before. This is a great way to model holiday generosity and make those clients even happier (and more likely to come back to you in the New Year too).

Host a Holiday Event

This is a fun idea that can bring in new or returning customers and create some new buzz around your business. You could host this online or in-person.

Online events could be a simple holiday gathering or meet and greet, or perhaps related to the services you offer. Something like a short webinar related to your services and the season, followed by a Q&A, could be a great option. In-person events can also be a simple holiday gathering, or there could be a focus on your workspace as an open studio.

Attract guests by offering prizes or holiday packages, and make sure to have special offers for attendees that can help turn them into customers.

Offer a Flash Sale on Your Most Popular Service

A quick glance at your bookkeeping should tell you what your most popular service was this year. If not, or if you aren’t clear on how to look for this information, read my article “Maximize Your Profits With Bookkeeping: How To Get the Valuable Info Your Financial Records Are Hiding.”

Once you figure out your most popular service, offer a flash sale on it on Cyber Monday or Small Business Saturday! This is also a great way to get your business booked up through the end of the year, which will help you get more clear on your own holiday schedule.

Want more tips? Check out my article “How to Prep for the Holidays as a Service-Based Business” and “Holiday Marketing Ideas for Service-Based Businesses” by Adams Media Group for some inspiration. You can also subscribe to my free newsletter for monthly financial tips and insights into successful small business life:

By |2023-10-27T12:42:45-07:00October 27th, 2023|Categories: Small Business, solopreneurs|Tags: , , , |0 Comments
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Stellar Solopreneurs: How Aby’s Upholstery Does Money

Custom upholstery adds amazing pop and custom flair to any space. This special skill is a great way to add to a space or refresh a furniture piece, and with the right money management techniques, it can also produce a thriving business.

That’s just what founder and CEO Abigail Figueroa-Vera has done through Aby’s Upholstery, the custom upholstery shop in San Jose she founded in 2003. The business provides beautiful custom upholstery services for residential and commercial spaces in the Bay Area of Northern California. Along with excellent craftsmanship, her business has also financially sustained itself for 20 years. She has some great tips to share on her own business money system, and how other small business owners can adopt her successful habits.

What are some financial habits you use in your business that help you stay calm and confident about money?

When business is great, aside from saving, I have worked to maximize my credit to gain access to capital. This way when times are slow we have the necessary cushion to help us ride out the waves. When you are paralyzed in financial fear it really deters you from focusing on what you can control today.

How do you make decisions on what to spend on for your business, and what are some things that help you do that?

We spend on what is needed to facilitate our jobs. If a tool or device allows us to be more efficient we don’t think twice about the purchase.

How do you prepare for taxes in your business?

I think one of the key elements is having the right people on your financial team. Working with a bookkeeper is what has ultimately helped the company stay up to date monthly. Doing so facilitates my CPA in helping me better prepare for tax payments, etc.

 

Are there any tips for financial record-keeping you want to share with other small business owners?

Every business expense is on a company card or corporate account so that we can track every transaction.

What are some financial goals in your personal life that your business income has helped you reach, and how do you make sure that’s happening?

Here are a few: children having a private education, financing club athletics for my kids, driving safe vehicles, purchasing a building for the company and purchasing a home.

My next personal goals are to scale my company in such a way to make these dreams possible for my staff. I also want to own a company that can function without me being at the center of it all in order to create a solid infrastructure. Setting new goals for your company will always assure that your personal goals are met!

What’s something you wish you’d known about the financial side of running your own business when you got started?

The importance of knowing how to create your financial team – the investment is worth its weight in gold and even twenty years later I am still learning – each chapter will lead you into the next!

Want to connect with Aby’s Upholstery? Check out the website to see her menu of services, from pillows and cushions to full custom projects,  and join her mailing list. You can also take a visual tour of La Casita, her showroom, and connect with her on Instagram to see more beautiful images of her work.

If you enjoyed Aby’s thoughts on business finance, you might also like to check out our free resource, Reach Your Life Goals: A Business Owner’s Guide. Click here or below to get your free download.

By |2023-09-27T13:46:49-07:00September 20th, 2023|Categories: Bookkeeping Business, Small Business, solopreneurs, Taxes|Tags: , , , , , , , , , , , , |0 Comments
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Your Ultimate Small-Business Spending Decision Tree

As a small business owner, you have to make a lot of decisions. Most of them are pretty important. Your spending decisions are no different. Especially when you’re getting started or working with a small budget, it’s important to view your business spending decisions as investments. These investments influence the value you offer your customers, and the overall success of your business.

One of the biggest worries I frequently hear from the small business owners I work with is about their spending decisions. Whether they’re concerned they overspending on the wrong things, oversaving and not investing enough, or spending at the wrong time, it all boils down to concerns over spending.

To help diffuse these worries, I’ve created this decision tree to help you make business spending decisions. Turn to it when you need some guidance or are faced with an important decision. Even if this guide doesn’t walk you through everything you may want to consider when making a spending decision, it’s a good resource to get you started!

Keep Your Expenses Low

Let’s start off this guide with a note about where this perspective is coming from. From all my experiences working with solopreneurs and small business owners, I personally can say I believe it’s almost always advantageous to keep overall business expenses low whenever possible. The lower you keep your business expenses, the closer you get to creating a supportive and financially sustainable business. 

Speaking of sustainability I also believe that incremental change is better than radical change and incurring a bunch of expenses all at once. Even if a certain expense doesn’t make sense for you right now, you can always make a new decision or scale up in the future.

What needs have I identified in my business that will be satisfied by this investment? Is this solution the best fit for my business?

Ask yourself: Is there another product/service/offering that is lower cost that could still satisfy my business needs? If you’re not sure, consider doing a bit more research before proceeding. 

Have I had any experience with this solution, direct or indirect? Was it satisfactory?

For example, perhaps you’re wanting to invest in some scheduling software. Maybe you’ve had an opportunity to try a free trial or have spoken to a colleague who uses the same software. Consider what you know from this experience and whether the software would be best for your needs. If the answer is yes, move forward.

Remember not to be a perfectionist here, though! You can always change your mind and make a different decision later, and there’s no harm in trying something out. The goal of these questions is help you make balanced decisions.

Can I afford this expense?

If you’re not sure, take a quick look at your cash on hand. (This is something you can do regularly in a weekly money check-in to stay on top of your business finances.) Refer to your business spending plan for the month and any plans you have for business savings you might have.

Taking all of this into account, can you afford to make this investment right now? And if not, how are you planning to finance it? How quickly will you be able to pay that financing off? Make sure you are comfortable with these spending arrangements and that they make sense for your business before proceeding.

Do I have a reasonable expectation of seeing a return on my investment either financially or in my own personal growth or capacity?

These questions are last, but definitely not least! It’s important to essentially ask yourself with any business expense you’re considering, “Will this help me make more money?”. If the answer is no, this is a good place to stop and reconsider. If your goal is to run a profitable business, then financial concerns need to be considered as a top priority.

If you’re not sure, think about how this expense will affect your work life. If, for example, it’s an investment that will save you time and allow you to do more of the income-generating tasks related to your business, then this could be a great investment. Consider how much time it will save you and try to quantify that when thinking about what your return on this investment will be.

To consider the second part of the question, refer back to your values. Ask yourself, will this investment bring more of what I value into my work and life? It can be difficult to quantify how much money something like this might be worth to you, which is why it’s important to consider your answer to this question alongside your answers to all the others in this guide.

Special Note About Impostor Syndrome and Spending on Education/Training

Especially when it comes to spending on things like trainings and certifications, many small business owners, and particularly women, sell themselves short when it comes to their own expertise and feel like they “need” more training. This same phenomenon can also apply to branding. Some business owners can spend themselves into a hole trying to make sure their business branding looks professional.

This spending behavior often stems from an emotional root of not feeling good enough, commonly referred to as impostor syndrome. If this is something you know you struggle with, I encourage you to refer to a couple more resources along with this guide when making spending decisions. Here’s a great decision tree shared by business consultant Shaneh F. Woods, and my article “Don’t Let Impostor Syndrome Fuel Overspending in Your Business.”

Both of these will get you started off in a right direction. Perhaps you’ll find that you can make your own decision tree to encourage yourself to make balanced spending decisions!

If you enjoyed this article, then I bet you’ll love my free E-Book, “Reach Your Life Goals: A Business Owner’s Guide.” Click here or below to download your free copy.

By |2023-09-07T11:44:06-07:00September 7th, 2023|Categories: Cash Flow, Financial Clarity, Money Mindset, Small Business, solopreneurs|Tags: , , , , , |0 Comments
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Three Tips for Successfully Hiring Your First Employee

Part of scaling up your business is getting the help you need, when you need it. For many businesses, there comes a point when the tasks that need to be done outstrip your capacity, but your time and expertise are incredibly valuable. This could be the perfect time to hire an employee or contractor. Here are my top three tips for getting it done:

Know What You Need

First off, when considering hiring or getting a skilled outside contractor to help you with tasks (ie a VA, a copywriter, a bookkeeper, etc.), it’s important to have a clear idea of what help you need from them. Take some time to identify what you want to take off your plate.

There are probably tasks in your business that are not your area of expertise. These tasks take you longer to complete than they would for someone with a higher skill level. These types of tasks are great to hand over to a contractor or an employee with a specific skill set.

There may also be tasks in your business that you are able to do well, and don’t mind doing, but they aren’t directly linked to the value you provide through your business. Tasks like these are also great to pass on to an employee, perhaps even someone who has similar skills to you and is interested in learning more.

Do the Math

Before striking out on your quest for an employee, it’s important to do the math and make sure you can afford the help. Ask yourself:

  • How much time will it save me to hire?
  • What else could I be doing with that time and how will this benefit my business?
  • How much will it cost me?

Hiring someone to help you in your business is an investment, so think about what you’ll gain. Then, weigh that against the cost. If it seems like hiring will ultimately be profitable and beneficial, do it!

Get Help if Needed

Does writing a job description scare you? Are you feeling too overwhelmed with the prospect to the put the time into hiring? It’s ok if you are – there is help. From business resource centers to getting advice from industry colleagues who have hired employees themselves, to finding a firm to help you, there are many different options here. Personally, I’ve enjoyed working with Ashley of Sprout HR, who helped me get clear and also be legally compliant throughout the hiring process. I also worked with my digital content assistant to put together a job announcement, description, and application form.

Another option in this department is considering partnering with other business owners. Sometimes when you need help with your workload, there’s somebody who might be willing to take on some of your clients. The terms of this relationship can be negotiated between you. As long as you have a good working relationship and hear good things about their working reputation, this can be a great way to get help with tasks!

If you enjoyed this post, you’ll probably dig my newsletter. Get the blog posts and a monthly tailored message chock-full of tips and insights delivered straight to your inbox! Click here or below to join us.

By |2023-08-29T15:19:00-07:00August 29th, 2023|Categories: Money Mindset, Small Business, solopreneurs|Tags: , , , , , , |0 Comments
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How Networking Exponentially Expanded My Small Business (and How it Can Help Yours Too!)

Business growth depends on marketing. It depends on growing your client base, so you can continue to scale your business to the size you want it. Do you know what my number one marketing strategy is? Yep – it’s networking!

Finding other small business owners to align yourself can be a wonderful thing for your business, and there are so many ways to do it. When you find the right crowd, figuring out ways to support each other in business growth is easy. Here are my top tips from my own networking journey:

Be Genuine and Enjoy Connection

Many people hate the term “networking,” often because they imagine going to an event where their interactions with other professionals feel forced, fake, or desperate. If it helps, you can try thinking about networking using different terms – “connecting with other business owners” might help set a better tone, for instance.

The bottom line here is that networking doesn’t have to – really shouldn’t – feel forced. A good networking connection that’s really valuable to you and your business will be someone who you get along with and enjoy planning with, working alongside, or supporting in other ways. The goal is genuine connection that benefits you on multiple levels. So don’t fake it!

Try Out Different Circles and Find the Best Fit

When I first dove into the world of networking while representing At Peace With Money, I tried several different groups before I found the Women’s Networking Alliance, where I’ve been a member for several years now. I attended a networking group through my town’s chamber of commerce, a Business Networking International group, and a different local women’s networking group. They were all great, but none of them felt like the right fit. Someone in the other local women’s group recommended WNA to me, so I decided to check it out. When I joined WNA, I connected with the other women involved in a genuine and enjoyable way, and I feel confident that I’ve found the right spot.

Even If You Work Online, Try Local Networking!

Just because you’re available to work with people all around the world, doesn’t mean you can’t try local networking. Making connections with others in person is a great way to get your business out in the world. People are more likely to remember the impression you make or they experience they have interacting with you and your business in person, as opposed to online. This can easily lead to a good local reputation, referrals, and collaborations. This brings me to my next point:

Find Ways to Lift Each Other Up

The world of small business need not be a highly competitive one. In fact, as small business owners, we have so much to gain from lifting each other up! The more we collaborate, the more we assist each other in expanding success for everyone, including ourselves.

I personally like to do this by doing Solopreneur Spotlights in my newsletter, and I also sometimes interview small business owners for blog posts! Check out my recent awesome interviews on the small business finances of digital marketing consultant Tracey Lee Davis and herbalist Magic Knocks. I’ve also worked with different small businesses to address my own business’s needs from time to time – like when I needed to hire another part-time bookkeeper, and contacted Sprout HR for help (I highly recommend them!).

One of the best ways to lift up another business owner is to find a “power partner,” or someone who does work adjacent to you who can refer their clients to you, and vice versa. When you find someone who does work you respect and whose clients often require the services you offer in addition to theirs and vice versa, this can be an immensely valuable and enjoyable working relationship. I am honored to call Andrea Paap a power partner – if you need tax services, I highly recommend her work!

If you enjoyed this blog post, you’d probably like my newsletter! Get financial tips and reminders tailored to small business owners sent straight to your inbox. Join us here!

By |2023-08-15T08:49:27-07:00August 15th, 2023|Categories: Small Business, solopreneurs|Tags: , , , , , |0 Comments
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Why You Don’t Need to “Spend Money to Make Money”

A big myth that many small business owners fall victim to is the idea that you need to “spend money to make money.” This couldn’t be further from the truth – there are many ways to be creative when starting a business that don’t demand a huge amount of startup capital. Let’s take a look at a few different ways this myth can show up in small business spending, and why you don’t need to repeat the same mistakes in your own business.

You Don’t Need a Huge Amount of Startup Capital

Starting a business can be much more financially accessible than many of us might believe. Depending on what type of business you’re starting, you can begin to pilot your business idea and make a profit with only a little bit of startup cost.

Many service-based businesses require very little upfront investment. Product-based business will require expenses for inventory, but these can still be managed and kept low.

Evaluate what your goals and values are for your business, and be thoughtful about how you can achieve your goals while keeping your expenses low.

You Don’t Need to “Keep Up with the Joneses”

Teddy Roosevelt said, “Comparison is the thief of joy,” and he was certainly right when it comes to small businesses! Comparing your branding, your website, or any other aspect of your business’s appearance can lead to emotional spending decisions and a desire for perfection.

The irony of comparing your business to another is that you usually have no way of knowing how other businesses are doing financially. For all you know, they could be close to bankruptcy, no matter how slick their branding or packaging is.

Instead of trying to “keep up” with other businesses and striving to achieve a perfect image of what you deem is professional, evaluate what’s truly important to your business. With each spending decision, ask yourself a couple questions: “Will this help me make more money?” and “Is this aligned with my goals and values for my business?” If your spending decisions are being influenced by comparisons to other businesses, take some time to ask yourself why you feel the need to do that, and how you can take that pressure off. Your business is yours, do it your way!

You Don’t Need to Take Every Training

Being experienced and well-trained is important. However, there is a strong tendency, especially among women who run service-based businesses, to over-invest in trainings, masterclasses, and certifications in their field. This typically stems from impostor syndrome, or some other version of the feeling that they are “not good enough.” This can prevent a variety of issues for the small business owner, but one of them is definitely overspending.

Reconnecting with your values can help you see past this impostor syndrome pitfall. Take some time to take stock of what you already know, and any certifications or experience you already have, before spending money on another. It might be helpful to keep a compliment file of positive feedback you’ve received on your services for when you need a reminder of the value of your abilities. Any or all of these ideas can help you re-evaluate overspending on education.

I hope that breaking down these 3 myths helped you see that spending money to make money is not necessary. If you enjoyed this post, you’ll also probably like my eBook, Reach Your Life Goals: A Business Owner’s Guide. Click here or below to download your free copy.

 

By |2023-07-26T12:29:07-07:00July 26th, 2023|Categories: Financial Clarity, Small Business, solopreneurs|Tags: , , , , , |0 Comments
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How Oversaving and Underearning Can Affect Your Business

Have you ever considered how your personal money behaviors affect your business? Oversaving and underearning can have drastic effects on your personal finances, but they can also affect your business. 

If you are a solopreneur or small business owner, it’s important to consider the ways these behaviors might transfer into how you interact with your business finances. Let’s take a look at some possible ways your business can be affected, and what you can do about it:

Restriction 

Underearning and oversaving can deeply limit your business from growing. Both can limit the amount of cash on hand to work with, which on its own can have challenging effects on a business. 

With both underearning and oversaving there is often a deep sense of financial anxiety. This anxiety can bring an edge of fear into the way you handle your business. This fear can be deeply restricting, and limit what you feel comfortable doing in your business, while also taking a toll on your mental health. If you identify with this, I encourage you to read my piece on reducing money stress in your business and my article on working with affirmations to influence your mindset. 

Missed Opportunities 

The restriction and anxiety that come along with underearning and oversaving can cause you to miss key opportunities in your business. Web designer and business mentor Yarrow Magdalena often talks about how perfectionism could be costing you money, and my observation is that the same anxiety underlying perfectionism often dovetails with anxious financial patterns. When we block ourselves from trying something new, taking a chance, or accepting a new project in our business, we can miss valuable opportunities to grow and find success. 

One key to overcoming these behaviors can be to think about the opportunities that spending can help you open up to. In my interview with digital marketing consultant Tracey Lee Davis of ZingPop Social Media, she shared that the way she makes spending decisions in her business is by considering the question “Will this investment ultimately save me time in the long run or make my life easier in some way?” She reported that making changes in her business by hiring a bookkeeper, VA, and CPA have all made a huge difference in her business because they’ve freed her up to do client work. This type of investment also gives business owners time to work on their businesses, not just in them. This can create space for strategic decision making and more opportunities for growth, change, and fulfillment in your work life. 

Embrace the Flow

I’d like to share my own personal experiences with oversaving and underearning. My childhood consisted of a fair amount of financial instability, so anxiety around money became something that felt natural to carry around. I would often feel guilty spending money on things that felt “frivolous,” but through the years with all my work around finances, I have been able to neutralize those fears. 

I noticed this one day when booking a massage with Liz Di Guilio of Myomotive (who I highly recommend if you are in the San Jose Area). I realized that instead of feeling guilty and scared because I was spending money, I was thinking, “I’m grateful to be able to support this business owner.”

This thought immediately brought me back to Lynne Twist’s book Soul of Money and the ideas she shares about embracing the flow of money. If you’re curious about her ideas, read my book review here! Embracing the flow can be a great antidote to the fear and insecurity that mark oversaving and underearning.  

If you enjoyed this blog post, you’ll probably really like my free e-Book, 9 Secrets for Financial Self Care. Click here or below to grab your copy today. 

By |2023-06-22T09:59:13-07:00June 22nd, 2023|Categories: Financial Clarity, Money Mindset, Small Business, solopreneurs|Tags: , , , , , |0 Comments
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Underearning and Oversaving: The Mindset Behind these Financial Habits

Are you saving too much money? Is your financial life bracketed by scarcity and insufficient funds? Do you identify as an oversaver or underearner? Then I invite you to take this post as an opportunity to explore your emotions and mindset which may be underlying these financial habits.

This post is inspired by Barbara Stanny’s excellent book, Secrets of Six Figure Women: Surprising Strategies to up Your Earnings and Change Your Life. Explore the ideas below and see if they’re helpful for you to explore your own financial behaviors.

Check In

Barbara interviews six-figure earners and contrasts them with women she dubs underearners.  One of the contrasts that is ever present between the two is a difference in mindset.  In her workshops with underearners, she uses a great exercise that I would encourage you to explore for yourself.  She asks them to complete this sentence:  People with money are _______________.  If this as well as the title of this book bring up negative emotions, you will need to change this story before you are able to change your relationship with your earning potential. 

I don’t believe that we all need to strive for a six figure income, or even that money is a measure of our success. But as business owners, if we are not able to support ourselves through our work, we will find it impossible to continue sharing the gifts that we have to offer. 

Similarly, oversavers are hemmed in by their fear of scarcity. Looking at both of these financial behaviors, I am reminded of Lynn Twist’s ideas in her book, The Soul of Money. The author also remarks on how, when we let go of scarcity and stop going after things we don’t really want or need, this “frees up oceans of energy to make a difference with what you have. When you make a difference with what you have, it expands.”

Make the Shift

I believe that we need to shift to an abundance mindset. What do you think of when you think of the word abundance?  I feel that this word includes many things: being grateful for what we have now, for what the future holds for us, for the gifts and talents we are able to share, the connections that we have to other people and the money that our society uses as a measure of exchange. 

Including money in our desire for abundance makes it possible for us to increase our earnings and feel deserving of them. An abundance mindset also helps us to navigate the fear of scarcity that often guides oversaving.

My Mindset

I have been exploring my own money mindset recently. While I thought I had a positive relationship with money, I still found that I had some blocks as well.  Because our society seems to measure a person’s value by their salary, it is easy to base your self-worth on your income.  In our household, my husband earns the money that we base our lifestyle on. When I truly began exploring my mindset, I found that I was seeing my earnings as “insignificant” in comparison to his.  When I began to separate the value that I deliver to my clients from my worthiness as an individual, my outlook on my potential impact also changed. 

The Deciding Factor

The path to making this mindset shift towards abundance includes gratitude, affirmations about your worth, and a decision to make a change.  Many of the six-figure women interviewed by Barbara started out with negative feelings around money, but they recognized that fact, made a decision to change and then put their new attitudes into practice.  The fact that you are reading this blog about money already shows your willingness to change. That is a great start!  

By |2023-06-16T17:26:31-07:00June 16th, 2023|Categories: Money Mindset, solopreneurs|Tags: , , , , , , , , , , , |0 Comments
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Overcome Underearning: How to Avoid Underselling Yourself

 

A few years ago, I had the chance to speak with a group of businesswomen about their biggest financial mistakes. One that came up almost immediately was pricing products or services too low initially. Women especially struggle with worth and conceptualizing the value of their own labor, whether we’re working for an employer or ourselves.

Actually, I’d argue it can be even easier to get stuck in a cycle of chronically undervaluing yourself when you’re a solopreneur. One woman I spoke with shared about struggling with this. She priced her services too low initially. After realizing this, she found it difficult to raise her rates, because her first clients expected her low prices. She struggled between raising her prices and earning a wage that was too low for her needs. 

Whether you’re in a similar position, or just starting out and not struggling with this, there are actions you can take to avoid this pitfall of solopreneurship.

Establish a Plan and a Purpose for Your Income

First, establish your money why – your purpose and plan for the money you earn though your business. Where will it go? What will it do? An important part of this process is looking through your expenses and determining how much your business will support you with them. Once you’ve established your money why, you’ll be able to set income goals based off this information, so that your income is truly able to cover your living expenses. Once you know how much money you need to make, it’s easy to figure out how high your prices need to be.

Consider Materials and Costs

Ask yourself a few more questions: What products or services are you planning to produce and sell most often? How much time, labor, and supplies will go into production? Account for those costs in your pricing formula, and make sure the answers are what you want them to be. If you’re planning to make most of your money from custom embroidered portraits, but you actually hate embroidery, maybe you’ll want to tinker with your profit model a bit. After this inquiry, you’re well on your way to pricing yourself well. For more resources, check out this article I wrote about my interview with Megan Auman.

Work on Your Mindset

If you’ve already priced your products and wound up in a similar situation to the woman above, you can still double back and figure out your true income targets and prices. The real challenge comes in actually implementing a rate change. Before you do this, it can be helpful to do some mindset work. Raising your rates can be a scary prospect that brings up all kinds of emotional baggage, but if you work on it, you can get to a point where you feel settled. Then, go ahead and raise your prices! You deserve to be comfortable and make a living wage. After all, isn’t that why you went into business for yourself?

If you enjoyed this post, you might also enjoy a free copy of my eBook, Reach Your Life Goals:  a Business Owner’s Guide. Click here or below to download your free copy.

By |2023-06-09T12:45:09-07:00June 9th, 2023|Categories: Profit First, Small Business, solopreneurs|Tags: , , , , , , , , |0 Comments
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Stellar Solopreneurs: How a Digital Marketing Consultant Does Money

Digital marketing is a valuable and sought-after skill, and with more and more businesses trying to reach their audiences online these days, there’s usually plenty of clientele. But how do marketing consultants turn bustling businesses into a money systems that sustain and support their lives?

In our second installment in Stellar Solopreneurs this month, we’re hearing about just that from Tracey Lee Davis of ZingPop Social Media. Not only does Tracey deliver professional excellence (I can personally attest to this as a happy former client), but she also has a lot of wonderful words of wisdom for solopreneurs looking to build confidence around their money systems in their businesses. She is one of my bookkeeping clients, and one whose sterling money habits I continually admire! Check out what she has to say:

What are some financial habits you use in your business that help you stay calm

and confident about money?

VERY early in my career, a cohort in a networking group shared with us that she owed over $10K in taxes that year, and she didn’t have it. That absolutely terrified me. I already had a plan for saving for taxes, but that moment solidified that I would never “fudge the numbers” with that account. So every week, I make sure that I am dividing up my income based on paying me, paying my taxes, and paying my business. I have never had an issue paying my taxes in my almost ten years of business! Whew!

How do you prepare for taxes in your business?

I used to painstakingly create an Excel spreadsheet that was many tabs in total. I would scour through emails and receipts to make sure I got everything listed correctly. And I relied heavily on my calendar to track medical appointments and volunteer miles. It took me hours to do all of this. Now that I am using Angela’s services, it is ridiculously simple to do my taxes every year. I really just need to keep track of my mileage, which compared to what I was doing before, is a breeze!

Are there any tips for financial record-keeping you want to share with other small

business owners?

While I am so happy using QBO for my bookkeeping, I started out using an Excel spreadsheet to keep track of my invoices. That early system really helped me with divvying up my income, and honestly, I couldn’t wrap my brain around how to easily continue to do that without that spreadsheet when I started using QBO. So I still use it, more for making the math easy and keeping track of my invoice numbers rather than for official bookkeeping purposes. Having that redundancy gives me an easy way to keep everything straight; I can leave myself notes, and it makes moving money into different accounts on my weekly money day so simple.

How do you make decisions on what to spend on for your business, and what are some

things that help you do that?

I am a very frugal person by nature, so I generally am very cautious when it comes to spending money. One of the biggest considerations is, “Will this investment ultimately save me time in the long run or make my life easier in some way?” So getting a bookkeeper, getting a VA, getting a CPA, all of these are smart investments for me because they do their job so much better than I can, and they do it faster, too. So it frees up my time to work on the things only I can do and the things I love to do. Also, if I am spending my free time doing something business-related because I don’t want to take away from my time for client work, it is absolutely worth investing in having someone help me with that task. Our free time is so valuable!

Another thing that has made a difference in making decisions on what to spend was getting a business credit card. I functioned for many years in my business without one, and that was fairly limiting if I didn’t have enough cash in the bank for a big purchase. My business credit card has definitely made a difference in that regard!

What are some financial goals in your personal life that your business income has

helped you reach, and how do you make sure that’s happening?

Travel is important to me. I have friends all over the world and seeing them in person is balm for my soul. When I finally took the plunge to get a business credit card, I made sure to get one that gave me travel rewards. This has allowed me to take a number of trips that I wouldn’t have been able to afford otherwise.

What’s something you wish you’d known about the financial side of running your own

business when you got started?

I started my business in December/January. I didn’t think at all that a lot of annual costs would need to be renewed in those months. I also didn’t know they would be the slowest months in my business. So while I wouldn’t change when I started my business, I am glad to be able to let people who are starting to think about opening their own consider when you will have other big expenses in your life and when your business will have natural lulls. There have been a number of years when the holidays, my recurring business costs, and slow business have been a bit uncomfortable, but hallelujah for that business credit card!

Want to connect with Tracey’s wonderful digital marketing services? Check out her website and join her mailing list. You can see a full list of her offerings, from webinars to memberships to 1:1 coaching, right here. I highly recommend her membership – my business benefited greatly when I was in it!

If you enjoyed Tracey’s thoughts on small business finance, you might also like to check out our free resource, The Cashflow Reboot Guide. Download your free copy here or by clicking below.

By |2023-05-25T11:58:26-07:00May 25th, 2023|Categories: Bookkeeping Business, Small Business, solopreneurs, Taxes|Tags: , , , , , , , , , , , |0 Comments
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