When To Take The Leap

When to Take The Leap: At Peace With Money

You’ve relegated your passion project to side hustle status for a long time, working on it in between your day job and other parts of your life. But you know that if you want to get your business growing, you need to invest more time. That’s when you start asking yourself, “When can I get this off the ground? When can I take the leap, quit my job, and do this full time?” This is a question that must be considered carefully. While I support jumping in, I think it’s best to make the decision based on practical financial criteria. Taken at the wrong time, that leap could jeopardize your business. So, let’s take a closer look at what criteria you and your business should meet before you’re ready to take it to a full-time level.

Savings

Before you leap into the realm of self-employment, it’s good to have some savings to cover your expenses before things get going. This requires calculating your living expenses for each month, and then deciding how many months worth you want to have saved up. Many sources recommend saving up between six months and a years’ worth of expenses, but it’s ultimately up to you. Whatever number you decide, make sure it correlates with how much time you think you’ll need to get your business to a point where it supports you. If you need some resources to help you determine your monthly expenses, I recommend my article “Three Steps to Financial Clarity.”

Proof Of Concept

It’s important to prove to yourself somehow that people actually want your product or service – that there is a demand and real profitability in your idea. Setting up some metrics specific to your business idea can help you divine whether this is the case or not. Depending on your industry, this test could look very different. It might be helpful to research what success and demand look like in your industry. Ensuring that your business will have customers is an important step in the path towards solopreneurship. 

When to Take The Leap: At Peace With MoneyI know they say “Leap and the net will appear,” but in order to take care of yourself financially, I think it’s best to take the leap only when you’ve already constructed at least some of that net for yourself. I understand this is difficult territory. It can be hard to know when you might make more money if you’re able to work on your hustle full time, rather than playing it safe and keeping it on the side. My advice is to think carefully and critically and make sure you have the resources to take care of yourself! 

If you enjoyed this article and want to talk more about the profitability of your business, and how you can make it work for you, don’t be afraid to reach out. You can check out my Services page and schedule a call.

☮

Angela

Image:  Chris Ouzounis

By |2019-05-02T04:10:41-07:00May 2nd, 2019|Categories: Financial Clarity, Personal Savings, Small Business, solopreneurs|Tags: , , , , , , , , |0 Comments
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Staying Motivated as a Solopreneur

Staying Motivated as A Solopreneur: At Peace With Money

Of  all the barriers to being a successful solopreneur, one of the most challenging might just be this: yourself. Not you specifically, but your ability to find the time and motivation to take your solopreneur business seriously and do what needs to be done. Lots of people find that when it comes to managing themselves, they are not the best bosses. Without somebody looking over your shoulder to make sure you’re doing what you should be, it can be challenging to actually get things done! Here are a couple ideas and resources that can help you take the leap – and take your creative work seriously.

My Story

Working alone has been challenging for me throughout my solopreneurial journey. While running my jewelry business, I often dealt with feelings of pointlessness and like I was working without direction. However, I knew that I really benefited from accountability partners, so when I took on another employee to help me with jewelry making, the company and the fact that I needed to have work for her to do both kept me on track.

In general, I have always worked best with either deadlines or an accountability partner. My most successful exercise programs have involved meeting others for hiking or for a class. One year Etsy offered a boot camp program where we got paired up with a couple of other people and we met weekly via FaceTime from October through December to prepare for the Christmas holiday. We discussed strategies and set goals and then reported back during the following week. 

Another strategy I’ve been working on recently is time blocking, which reduces decision making. Just like with your money, when you make a plan ahead of time and reduce the need to decide in the moment, you usually make better decisions. So on Sunday evening or first thing Monday I plan out my general schedule for the week. Then I schedule the tasks I need to get done each day, and I schedule break time so I don’t burn out. I’m still working on this, but I find when I do it I end up having a day that I feel good about.

Experiment

I’ve found the things that work best for me and figured out how to structure them into my work and my business. Doing this for yourself can ultimately really aid your motivation! Try brainstorming practices that have either helped you get things done in the past, or that you’d like to try. Maybe bullet journaling used to work well for you, or maybe you’d like to find an accountability partner who also runs a small business. Perhaps you’re actually exhausted from all the other things you’re doing, and you’d get more done if you scheduled in some breaks! Play around with your ideas and find out what works. Once you’ve found your sweet spots, use them and get stuff done!

Resources

Staying Motivated as A Solopreneur: At Peace With MoneyIn my monthly newsletter (subscribe here!), I recommended some of Thomas Frank’s resources on motivation. I also want to recommend a couple resources centered around motivation and productivity. Earlier this month, I happened to listen to a great episode of the Copyblogger podcast, which featured author and cartoonist Jessica Abel talking specifically about productivity for people who make creative work. I highly recommend the episode and definitely want to check out her book, Growing Gills. She also has lots of free exercises on her website. Muchelle B’s videos on goal setting and weekly scheduling are also very helpful. She talks more in depth about using an accountability partner and time blocking.

I hope these ideas are helpful for you, and that you find the motivation you need. Speaking of an accountability partner, my coaching is designed to provide exactly that. If you’re intrigued, check out my Services page and schedule a call!

☮

Angela

By |2019-04-24T17:44:44-07:00April 24th, 2019|Categories: Small Business, solopreneurs|Tags: , , , , , , , , , , , , , , , |0 Comments
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Getting Health Insurance If You’re A Solopreneur

Health insurance is often one of the biggest reasons people cite when they talk about why they don’t leave their job to start something of their own. Having your basic health needs covered contributes to the peace of mind and focus you need to really run a business. Figuring out health insurance on your own might seem scary, but it’s not impossible. In fact, about 18 million people buy health insurance on their own. So how can a solopreneur find health insurance that works for them?

Well, I did a little digging and came up with a couple ideas, plus a lot of resources. Here are my findings:

Don’t Freak Out About Numbers

If the sheer cost of health insurance is what scares you, this might calm your nerves. According to the Department of Health and Human Services, in 2016, the average American holding a federal Marketplace plan paid $106 per month, after subsidies. Of course your individual costs will differ depending on your situation, but I like to throw out a statistic just to help us all relax.

Assess Your Situation

Now it’s time to get into the nitty-gritty. What is your situation, and what are your needs? Are you able to qualify for subsidies through the ACA? Do you qualify for COBRA coverage? Do you qualify for Medicaid and CHIP programs in your state? (Note: These are all links to Healthcare.gov which you can click on for more info on each type of coverage)

How many people are you trying to insure? If you have a spouse, can you get on their plan at low or no cost? Determine what your needs are, what you qualify for, and any special concerns you have. Once you’ve got that information, you can begin the next step.

Shop Around

Once you’ve established your needs and what you qualify for, it’s time to shop around. There are an incredible amount of options when it comes to solopreneur healthcare. If you’ve explored the marketplace options above and found none of them work, it’s worth looking into the various group options available to you. These include the Freelancers Union, which offers a range of plans. There are also some religious groups who have ventured into buying group insurance through a money pooling system. If you’re interested in this option, check out the Alliance of Health Care Sharing Ministries, Health Share, and Samaritan Ministries. There are also often local professional groups or organizations that offer group health plans. It’s worth looking into any local options that might exist in your area. Finally, you can get healthcare as a business, if you are a legally registered business.

Another option to compare is taking a high deductible plan that includes a health savings account, or HSA. HSAs allow you to put money away in a tax-sheltered account, meaning you can save up for medical emergencies without being penalized come tax time.

Sometimes it can be helpful to talk to an insurance broker who represents various companies and go through all the different options with you. As you can see, there are quite a few. The more you look and compare, the more likely you are to find an affordable plan that works best for you.

How To Get Health Insurance As A Solopreneur: At Peace With MoneyFurther Reading

For further reading on the topic of health insurance, I recommend a couple articles. “Health Insurance For Freelancers: 12 Viable Options,”“How To Save On Health Insurance as a Freelancer in the Trump Era”, “Health Insurance for the Self-Employed”, “Health Insurance for Creatives”, “5 Places to Find Health Insurance for Freelancers and the Self-Employed” and HealthCare.gov are all current, helpful resources. They contain even more information about unions, group plans, short term plans, and the particulars of the ACA. If you feel like you need a broad explanation, check out the videos “Health Insurance Terms You Need to Know (In The U.S.)” and “The Structure and Cost of U.S. Health Care”.

Phew! Well, I hope that’s enough information to get you started. There’s certainly a lot to know about the ins and outs of health insurance, but that shouldn’t stop you from pursuing the solopreneur life you dream about. If you’re interested in talking to me about the financial particulars of your business, check out my Services page and schedule a call! I hope these resources empower you to shape your life the way you want to.

☮

Angela

Image:  Rodion Kutsaev

By |2019-04-13T21:13:34-07:00April 13th, 2019|Categories: Small Business, solopreneurs|Tags: , , , , , , , , , , , , , , , |0 Comments
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It’s Okay to Make Money

It's Okay To Make Money: At Peace With Money

If you get my newsletter, you’ll know that this month I’m focusing on breaking down some barriers that often prevent people from striking out on their solopreneurial adventures. I decided to tackle one of the most common stumbling blocks first; the belief that you don’t deserve to make money. There are many iterations of this belief. Maybe it’s not that you don’t deserve to make money doing what you want to do, but that it will be very challenging. Or maybe it’s that you need to do something more serious instead of following your creative pursuit. If any of these statements resonate with you, you probably have some limiting beliefs around how you can make money.

Not without reason, of course! Our society puts enormous emphasis on the corporate world, tech business, and STEM education. It’s no wonder that more creative pursuits and anything else that falls outside that realm is relegated to a list of jobs that won’t make you money. These messages get transmitted to us over and over starting in childhood – so of course our beliefs around how we can make money are biased.

Let’s go out on a limb and start imagining some ways you could make money from your passion. Get creative about the possibilities. What are some ideas you have? Once you open your mind, the ideas may start to flow freely. Making a list of all these ideas can get you going.

It's Okay to Make Money: At Peace With MoneyActioning and monetizing any of these ideas will take follow through, learning, and plenty of time and resources. My real point here is that there are many ways you can make money doing your creative pursuit. So it’s time for us to throw away the idea that you can’t/won’t/shouldn’t make money that way. I want to encourage you and give you permission to make money the way you want – whether it’s through your creative pursuits, or another idea that makes you want to strike out on your own.

Removing this barrier of belief is probably one of the most important things we can tackle, before we get into the nitty-gritty. For more on this subject, I recommend my articles “Artists Define Their Own Business Success” and “Artistry and Solopreneurship Can Coexist.”

And if you’re interested in getting into the details and figuring out how you can make the most out of the money you make, check out my Services page and schedule a call!

☮

Angela

Image Source: Paweł Czerwiński

By |2019-04-06T20:53:01-07:00April 6th, 2019|Categories: Money Mindset, Small Business, solopreneurs|Tags: , , , , , , , , , |0 Comments
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