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Why Every Solopreneur Needs a Mentor
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Why Every Solopreneur Needs a Mentor

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Why Every Solopreneur Needs a Mentor

As a solopreneur, you have a huge amount of control over your business. You get to make all the decisions, whether they’re creative decisions, financial decisions, or simply what kind of stamps to get at the post office. But what do you do when you need to bounce ideas off someone? Who do you turn to when you could benefit from another’s wisdom? The solopreneur’s work life can easily become isolated. That’s why it’s important to reach out to others and find a mentor! Someone who can help you solve problems, make decisions, and refine your ideas can be immensely helpful to your business, especially if that person is experienced and knowledgeable.

My Mentorship Experiences

In the early years of my career, when I was living the corporate life, it was easy to have a mentor because there were so many people around and available. My coworkers and supervisors were available for me to “talk shop” with whenever I pleased. Their influence and advice proved invaluable for me in that stage of my career.

When I started my jewelry business, I found I no longer had access to that same store of wisdom and encouragement. As a result, I often made the mistake of often trying to figure everything out on my own. Because I knew I still had a lot to learn as a business owner, I turned to online courses. I took a course from both Tara Gentile about building my own website, and a course Megan Auman, who really helped me learn more about running my own creative business. (I would highly recommend both for solopreneurs looking for a good course!) I also participated in Etsy’s Bootcamp program. As far as I can tell, they no longer host that program for sellers, but it was a step-by-step program that connected Etsy sellers and helped them prep for the holiday season. Through this experience, I found another Etsy seller who became my accountability partner and helped me work through the trials of running my own business.

These mentorship relationships were an integral part of both my corporate career and my solopreneur life. They provided me with fresh ideas, advice, and sometimes simply the support I needed to get things done!

What’s a Mentor For?

If I learned anything the hard way from my early days as a solopreneur, it’s this: don’t try to do everything yourself. There is so much I wish I had known (particularly financial stuff!) when I started my own business, and so many ways I could have benefited from the problem-solving power of two brains rather than one. I encourage you to reach out to potential mentors, particularly if you have specific questions or don’t have expertise in some area.

Where Can I Get One?

Where you look for your mentor depends on what kind of help you need. If you’re looking for general industry advice and people to bounce ideas off of, you could turn to your business-savvy friends or perhaps befriend some people working in the same industry. When I owned my jewelry business, networking with other creative business owners was always helpful for me.

If you’re looking for expertise or need answers to big questions, taking an online course or seeking out a coach or specialist might be your best bet. I know I definitely would have benefited from speaking with a Profit First Professional when I first started out! If you’re looking for help in the financial department, you know where to find me. You can read more about my services and schedule a curiosity call if you’re interested!

Happy mentor-hunting! May you find the advice and energy you need.

☮

Angela

Image Sources: My Life Through a Lens, Brooke Lark

By Angela Keller|2018-07-16T18:57:28-07:00July 9th, 2018|Categories: Uncategorized|Tags: business beginnings, business planning, coach, entrpreneur, fiscal management, mentor, mentorship, money buddy, my small business, my story, solopreneur, starting a business|0 Comments

Why Selling More Doesn’t Mean Making More
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Why Selling More Doesn’t Mean Making More

Cash Flow, Small Business, solopreneurs

Why Selling More Doesn’t Mean Making More

I assume that when you started your business, you wanted to put money in your pocket. Whether your goal for that money is to use it to fully support yourself or your family, or to fund a particular life goal, your business is meant to supply you with money. As such, making money by selling product is often the business owner’s most common focus. Enter, the hustle timeline.

The Hustle Timeline

When we first start a business we have to get out there and hustle to sell something; to get things moving. Eventually we start rolling. But at some point we want to make more money, and we believe that growing our business is the way to make more profit.

So, we hustle some more. We do more gigs, we move more product, we sign on more clients. There is more money coming in, but there still doesn’t seem to be enough. Then we set our sights on a particular goal, the gig, the number, the client that’s big enough to put us over the edge so we can put more in our pocket. But it never really happens. Here we find ourselves trapped in the timeline; always hustling, and never quite reaching our goals.

The Answer

There are only two ways to put more money in your pocket: increase margins or decrease expenses. If we are using the same labor, materials or processes as we increase sales we are increasing our output, but not gaining anything. Perhaps we may have even added to our spending to buy that new printer or new app to handle the increase in sales volume. If we haven’t examined our spending, we aren’t gaining anything. Taking a good look at our margins and our business expenses is an important step to upping the profits of our business.

To examine your expenses and profit margins, ask yourself these questions. Is your product or service priced appropriately, or are you undervaluing it? Comparing your prices industry standards can help you suss out an answer. So can calculating in materials, labor, and other costs. If you’re unsure how to price your product or service, do some research to get other opinions and methods!

Are you delivering your product or service in an efficient manner, or are there places you could cut time and expenses? Look at your processes, and be discerning. Have you reviewed your business expenses lately to see if it’s really all necessary?

Ask yourself these questions and review the inner workings of your business. This is where your profit is hiding. Let’s get it into your pocket.

☮

Angela

Image Sources: Roman Kraft , Nik MacMillan

By Angela Keller|2018-07-02T23:19:12-07:00July 2nd, 2018|Categories: Cash Flow, Small Business, solopreneurs|Tags: accounting, bookkeeping, budgeting, business advice, business beginnings, business expenses, business planning, Cash Flow, cash flow management, entrpreneur, pricing, Profit First, solopreneur, starting a business|0 Comments

Three Important Financial First Steps to Starting a Business
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Three Important Financial First Steps to Starting a Business

Bookkeeping Business, Cash Flow, Small Business, solopreneurs

Three Important Financial First Steps to Starting a Business

3 First Steps to Starting a Business: At Peace With Money

There are plenty of money myths to avoid when starting a business, but what are the right financial steps to take when starting out? It’s an important question to answer as you embark on your business beginnings! Today I’m sharing with you three important financial first steps to starting a business.

Save Up

Especially if you’re planning to quit your dayjob or make your business your primary income stream, it’s important to establish a savings cushion. Start with enough savings in the bank to keep you and your business afloat for 3-6 months. The time period you aim for is dependent on your comfort level with developing your business into a healthy income stream. Even if you’re planning to start your business as a side hustle, saving can be helpful. It may enable you to work less hours for your other income sources, or give you a little start up cash for initial business expenses.

Speaking of business expenses, keep them low. Don’t fall victim to the “you have to spend money to make money” myth. The lower you keep your business expenses, the closer you get to creating a supportive and financially sustainable business.

Know Your Why

Focus on your “money why” for starting your business. Like I discussed last week in my article on saving, having a purpose and a plan for the cash your business generates is very important! Have a plan for your Profit. What are you going to use it for?

Even if you’re starting a side hustle, have a purpose for that income. Avoid the urge to simply inflate your lifestyle. Knowing your “money why” will help keep you more focused on your business and make the profits feel more purposeful and rewarding.

Take it to the Bank

Open a bank account just for your business. Do some research on the best business banking options before you commit to an account. Taking advantage of a good banking offer can start your business off on the right foot!

3 First Steps to Starting a Business: At Peace With Money While you’re nailing down the banking details of your new business, make sure you also create a money system for yourself. Have a plan to pay off your expenses and also pay yourself. My recommendation, of course, is Profit First, which you can read more about here. If you’re considering starting a business, I highly recommend reading the first 5 chapters of the Profit First book, which you can download here on my site. If you find yourself intrigued, you can schedule a curiosity call with me to talk about Profit First and your business. You can also read my other articles on small businesses. A few that might be helpful are these ones on accounting for business expenses, invoicing your customers, and managing cash flow.

Wherever your business beginnings take you, I hope these three points help you take the first steps with confidence.

☮

Angela

Images: Brooke Lark

By Angela Keller|2018-06-03T23:56:12-07:00May 28th, 2018|Categories: Bookkeeping Business, Cash Flow, Small Business, solopreneurs|Tags: business beginnings, business planning, cash flow management, entrpreneur, financial planning, money priorities, Profit First, small business bank account, starting a business|0 Comments

What is a Solopreneur?
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What is a Solopreneur?

Bookkeeping Business, Small Business, solopreneurs

What is a Solopreneur?

An increasingly popular term around the internet’s business and finance spheres, “solopreneur” is often used interchangeably with “entrepreneur.” The two are definitely not one in the same.

There are a few key differences between solo- and entrepreneurs. All lie in the mindset, business approach, and ultimate goal of the business owner. First, solopreneurs often are very content simply doing the work their business centers around. Often, they may be specialists of some kind, like freelance writers or cabinetmakers. Related to this, solopreneurs are more likely to either wear many hats and take care of the various business tasks that need to be done, or contract them out to other specialists. Rather than hiring new people and delegating or outsourcing to them, their preferred practice allows them to keep control on the central business ideas and outcomes. For example, many solopreneurs may choose to hire the help of a bookkeeper and profit strategist. They can receive assistance with their finances while still being heavily involved in all elements of their business, including the ones they love the most.

A willingness to be versatile while maintaining control over the business’s central concept means solopreneurs are also scrappy and economical. They can start businesses with very little money and don’t often look for large investments. Similarly, solopreneurs aren’t looking for a buyout. Rather than selling off to a larger company, solopreneurs dream of sticking with their business long-term. They are passionate about their business idea and enjoy the work it requires.

This scrappiness, passion, and versatility is what I love about solopreneurs. I’m a solopreneur myself! I understand the challenge and reward of starting and sticking with a businessyou love.

I also understand the financial oversights that befall some of us. Your business isn’t making you any money? Trust me, I’ve been there. That’s why my focus is helping solopreneurs get back on their financial tracks, so you can figure out how to align your business profits with your life goals. Isn’t that what your business is really about?

☮
Angela

Image Sources: 1, 2

By Angela Keller|2018-04-02T17:30:44-07:00April 2nd, 2018|Categories: Bookkeeping Business, Small Business, solopreneurs|Tags: creative control, entrpreneur, specialists, starting a business|0 Comments