Women in Business And Money

Theresa Reed

Theresa Reed

How do you feel when it’s time to ask a potential client to buy your product or service?  Do you feel comfortable discussing costs or does it make you squirm?  Are the rates you’re charging enough to support you or are you struggling to make ends meet?  The mindset of an entrepreneur and the mindset of an employee are so different that the one thing that may most undermine your potential success as an entrepreneur is how you feel about money.  What you charge and asking for the purchase from the client can be major hurdles to success, but they don’t have to be.  You want to stand comfortably in a money conversation, but if you can’t do it now, perhaps it’s time to beard this particular lion in its den.  Let’s get comfortable with asking for the money we deserve as entrepreneurs.

To help you with any money phobias you may have picked up along the way, I sat down and had a chat with one of my favorite business women, Theresa Reed, aka The Tarot Lady and we have some timely tips for you as we head toward the culmination of tax season 2012; check out our interview here:  MoneyandEntrepreneurs

Also, there are many habits that can support you as you’re moving through the process of building a successful business, including:

  • Reading inspirational books that help you think like a successful business owner.  Books by Tony Robbins, Jack Canfield, or Robert Kiyosaki can help you retrain your brain so that your thinking better supports you.
  • Subscribing to emails from coaches who have acquired the success you hope for can move you along faster in developing the skills that will help you to achieve success.
  • Acquire understanding of how money works, aka being financially literate; Robert Kiyosaki’s books are great at helping you understand the difference between thinking like an employee versus thinking like a successful business owner.   I highly recommend his Rich Dad Poor Dad and Cashflow Quadrant books if you’ve not read them.
  • Find a great accountant to handle your taxes and become tax savvy so that you’re not quaking in your boots at this time of year, every year.  Ask for recommendations from your friends and be sure to find one who fits your tax style–are you conservative with regard to taxes or edgy?   If you’re conservative you won’t feel comfortable with a risk taker, so keep that in mind.
  • You can find more great business tips on the Resources page of this site.

Developing a successful business is the most intense personal development course you will ever encounter.  Your journey will repeatedly show you where your doubts and fears live, but it is so worth it to evolve as a business person and as an individual.  Take steps daily that inspire you and give you courage and move with determination toward earning what you deserve.

Rich Blessings!

Dee

Copyright 2013.  All rights reserved.

What Business Are You In?

Cover of "Rich Dad, Poor Dad: What the Ri...

Cover via Amazon

Greetings Friends!

This is going to be a way crazy week for me; I have a trip upcoming for training in Santa Clarita (which I’m looking forward to) along with a pretty big health challenge that I’ve got to come to grips with asap.  With that in mind, I thought I’d share a post from a couple of years back.  It’s an important post because as a business person, you will benefit from understanding that your business is, first and foremost, (when handled correctly) an asset.  Invest wisely.

Enjoy and I will back 11 February with an update on some changes I’ll be making with this blog

Dee

One of the challenges of leaping over the fence of lack into prosperity is learning how wealth is made–and the first rule Robert Kiyosaki said his Rich Dad taught him is that the wealthy don’t work for money.  The wealthy invest in assets that produce passive income over time.  The first time I read it I could literally feel my brain lock up, but Robert is a great story teller and he explained it pretty simply.  The wealthy understand that a job–whether salaried or hourly in pay, is like a drug addiction.  You get paid, the money goes out for expenses and then you have to ‘score’ more money to keep the (addiction) wheel spinning.  Robert refers to this as the rat race.

It’s not that hard to deduce that assets (interest, real estate cash flow, dividends and royalties) all are passive income streams; they don’t require the hourly work that wages require.  They are trickier to work with and as Robert states up front, you will experience failures as you gain experience in the world of investments, real estate and the development of intellectual property.  But some of the failures come from not truly getting the essence of the idea with regard to how wealth is generated.

There is a story about Ray Kroc, the creator of the McDonald’s franchise meeting with some MBA students at the University of Texas at Austin.  The students invited Mr. Kroc out for lunch and he very kindly agreed to go with them.  When Mr. Kroc asked the students what business they believed he was in, all of the students thoughts he was making a joke.  Mr. Kroc asked the question a second time and one of the students said, “Everyone knows you’re in the hamburger business.”  Mr. Kroc said no, he was in the real estate business.  Think about it; when you buy your McDonald’s franchise they get your franchise fees–but apparently they are equally interested in the real estate under your franchise.  In other words, they are focused on the assets–not the income from wages (hamburgers sold).  The value of the land brings tax benefits and accrues in value over time.

So, as a business owner who wants to escape the rat race you have to think in terms of assets, not wages to escape the rat race.

So, again I ask you, what business are you in?

Rich Blessings!

Dee