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.

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What Business Are You In?

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

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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

Seth Godin’s Classroom

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Greetings Friends!

I’d like to take a minute to do a little housekeeping before I dive into the meat of this blog; I promised a follow up on a blog piece I did over the summer and it’s time to wrap it up now.  So, I hope you had a chance to see last week’s blog featuring Jonathan Fields’ interview with none other than the amazing author and marketing guru Seth Godin.  Mr. Godin talked about his business philosophy and how to discern what business opportunities might be right for you, as well as how to determine when it’s time to let a dream go.  You can catch the interview here if you missed it.  I am a follower of Mr. Godin’s blog and not too long ago I did a post on some special contests and classes being run by Tim Ferris and Seth Godin.  Mr. Godin announced that if you couldn’t attend his classes being held in New York City during the summer of 2012, he would post some of his material in the Fall–and true to his word, here is his podcast!  I like bringing content to you from marketing experts–both old and new.  This way you can hopefully find a system of thought and action that works well for you.  And now, on with the show…

As I was prepping for tonight’s blog I thought about a couple of conversations I had had recently with friends of mine–both entrepreneurs with more than one work situation to make ends meet.  It then occurred to me that many of my friends are entrepreneurs and that surprised me.  When I first entered the work world very few of my family members or friends had businesses.  It wasn’t too long after I entered the work world, however, that some dear friends introduced me to Amway and with that introduction to Network Marketing, the embers of my entrepreneurial interests began a slow burn, sparking to a full blaze within the last few years.

The advent of the internet has taken the potential for entrepreneurial success to amazing heights, yet there is still the need to forever be a student of success and to be diligent in your practices.  Never the less, the internet extends your reach in way nothing else ever has.  With this new, and seemingly endless horizon, it can be difficult to know what path is best for you or when to let go of a dream, as I mentioned earlier–and it can be even more difficult to achieve success if you don’t transform your employee mindset to that of a successful entrepreneur (the two are nothing alike!).  If you had entrepreneurial parents or have worked in your own businesses most of your adult life, you needn’t worry about getting stuck in the mindset of an employee.  If you haven’t had the experience of growing up with business owners for parents or developing your own enterprises, then chances are you have some nagging beliefs that don’t serve you very well on the road to success.

You might be wondering what kind of beliefs I’m talking about.  Well, as a business owner it’s not about how many hours you need to work in order to receive a certain amount of payment; a significant amount of payment only comes when you have a coterie of followers who like you and your products/services (hence the allure of Social Media, you can gather fans worldwide).  Does it bother you that you can pour hours into your business and see scant return?  After all, it can be like that for quite awhile when you’re the CEO of NewEntrepreneur.net!

You may also hesitate to invest in your business, either because you feel you can’t afford it or because you want to see some serious cash flow coming in that merits the sort of investment marketing coaches require.  The truth is, your business is an investment.  You invest money in it so that one day it gives returns irregardless of you being at work or not.  Earning money whether you are at work or at play is the difference between a small business owner and a Big Business owner.  If you have to be at work for your business to earn money, you don’t have a business, you have a job.

So, there are several books I recommend if you’re treading the entrepreneurial path without the benefit of an entrepreneurial background.  The first is Michael Gerber‘s The E-Myth Revisited.  Mr. Gerber’s book is a must read; your business should be built with the end in mind (sounds like Stephen Covey, doesn’t it?).  This will help you to know which opportunities are right for you–all you need to do is check your original vision and if the opportunity isn’t a match, you can let it go.  I’d also recommend any book by Robert Kiyosaki, but especially Rich Dad, Poor Dad and The Cashflow Quadrant.  These two are seminal works for the 99 percenters hoping to understand a) how money works and b) the differences between the way the wealthy and the 99% handle money.

As you develop your business, keep this in mind–you are developing your business via your leadership skills.  Hopefully you love to read–because leaders are always readers.  Speaking of reading, I’d like to invite you to sign up for my business newsletter.  Very shortly this blog will post just once a week, but there will be additional great content for you in my bi-monthly newsletter.  There’s so much to learn and it is all so worth it.  May you enjoy an incredible adventure on your way to success!

Rich Blessings!

Dee

Investing in You Inc.

Greetings Friends!

Yes it’s September, but I wanted to talk to you about–gasp–tax time.  Most of you probably already have some form of organized information capture with regard to income generated by your business, as well as your business expenses.  And this is perfect because as of 31 December 2012, it’s tax time baby!  I’d go so far as to say your tax person should receive a holiday gift from you before anyone else, because he or she keeps you ahead of the tax game!

Whether you use Quicken or keep a paper diary of your income and related expenses doesn’t really matter.  What I actually want to talk to you about is the step beyond that–creating a financial statement.  Robert Kiyosaki discusses this in his ‘Rich Dad, Poor Dad‘ book, a must read for all entrepreneurs.  If you’re in business for yourself and haven’t read it, put it at the top of your To Do list today!

You may be wondering what’s the big deal?   Well, when you were in school you received a report card; that card told you, your parents, your counselors–and anyone else connected to you, how you were doing in your classes.  The main benefit of a financial statement is you get a clear sense of the truth of your income.  And here’s where it gets juicy/painful; you also find out where you’re leaking money.

The truth of the matter is, if you’re an American and you’re an employee, the tax code wasn’t built to help you.  It’s built to support businesses–often time big businesses, and that’s important because businesses create jobs, which keeps the Gross Domestic Product healthy.  But that doesn’t mean a savvy solopreneur, such as yourself, can’t take advantage of these benefits too.  This is especially true if you incorporate.  When you’re a business owner you deduct your expenses and pay your taxes from what’s left.  When you’re an employee your taxes are taken from you before you see a nickel.  Check in with your tax person and see where you stand and what they recommend you do…stat!

And all of this is a really big deal in these days of job shortages and relatively low wages, especially for women.

So, if you’re thinking that you’re not doing especially well financially or that you don’t have any investments–think again.  Your business is an investment.  Keep records of every cent you spend for your business and make sure you have that information organized for your tax person so that they don’t have a heart attack when you present that material to them.  Be nice to Mr./Ms. Tax Person; they are your new bff!

With that in mind I’d like to share with you a resource who has proven invaluable to me.  Her name is Ali Brown and she’s has put together some videos for ‘savvy, yet not wholly rolling in the dough yet’ entrepreneurs.  This is an affiliate link and I hope you find her information pertinent and empowering.

And remember to invest in You Inc.  You’re riding the wave of a brave new tomorrow as an entrepreneur.  Don’t be afraid to invest in your future success!

Rich Blessings!

Dee

Copyright 2012. All rights reserved

What’s Your End Game?

My daughter and son-in-law visited Los Angeles last summer from their home in Switzerland.  Though they were vacationing, my daughter was also busily putting together her new website–from scratch http://classicalmusiceducation.com/, of course.  I talked a little bit about what I am doing and she asked me was I creating a business or another job–excellent question!  Something that cuts to the heart of the financial literacy information I want to share with other online business men and women.

What is the test of a Business with a capital ‘B’ and a job?  Robert Kiyosaki defines it as a set of work circumstances that don’t require your physical presence in order for money to be made.  This is a point made by Michael Gerber, of E-Myth Revisited fame, as well.  It is important to know what your end game is–in other words, what kind of lifestyle do you want your business to create for you?  Walking down the beach in front of your own wonderful piece of exotic island paradise while the engines of your business are busily creating cash for you–somewhere else–may be your aim.  Are the things you’re doing today going to create those desired ends or do you need to revisit your goals and rethink some of your plans?

E-books, webinars, blog tours, blogs, free coaching consultations should ultimately lead somewhere…the question is what is your desired end?  And are you creating systems (see the E-Myth Revisited), so that ultimately someone (or something) else can duplicate what you do?  Are you creating things that can be automated–the E-Myth in its original form was written long before the handy dandy technological tools we have today came along.  So, you have some ways of creating passive income that are new, powerful and expansive!  These are a few of the things you might want to consider in your success plans for 2012–and beyond!

If the answer to the above question about having an end game and systems is yes, congratulations–you’re on the way to creating assets for yourself!  Assets are passive income streams that bring you money no matter where you are or what you’re doing.  If the answer is no, just know that awareness is key and so is time.  Successful businesses can take five to 10 years to build from the ground up.  Just make sure you’ve got your end game straight, so you’re creating a Business not a job (Just Over Broke) situation for yourself in 2012.

Rich Blessings!

Dee