Over the last year, I have received a plethora of messages asking me about how I handle my finances as small business owner. To be honest, I was shocked to see others asking me about how I manage my money because almost five years ago I was not that great it, to say the least. I am proud to say my financial understanding and goals have done a complete 180, which I am very proud of. However, in those messages, I read your comments on how you switched to making Monday your money management day, started zero budget method, and switching over to Aldi.
The other day, I was reading a thread in a closed Facebook group and the discussing focused on the poster asking about which bank they should use for their business needs. As you can expect there were over 50 comments of people sharing why they love their bank and referral links. Let me first say, I have banked with a plethora of different banks such as; First National Bank, Bank of America, Chase, Citi Bank, Navy Federal, Wells Fargo, and a couple more to just name a few. As we all know everyone is not everyone’s cup of tea and that goes the same for banks.
Last month, my friend Jess of No Real Jewelry wrote this amazing blog post on 2 Small Tricks That Help Me Save Big Money, that really got me thinking about the excuses we create for not saving money. In addition to that, since I was a college freshman I always wanted to help my community have a better relationship with money. So many women and men of color are not taught how to balance their checkbook, saving for an emergency, the importance of a credit score, life insurance and many other things of that nature. My goal was to open up a financial literacy program or something of that nature. Yes, I was rather ambitious at 17 years ago, and 15 years later my financial journey has been one heck of a rollercoaster. However, I feel that since my ride has not been smooth and I have had to learn the hard lessons over and over again, I can share something on how to start saving when you don’t know where to start.
There must be a secretive excuse manual for those looking to start a business, but don’t want to commit to making their vision, dream or empire happen. One of the first excuses people tend to tell me is “I do not have extra income or money in general to fund my business.” Today, I want to share six creative ways to save money in order to fund your small business. What’s great about this advice and a majority of the advice, I provide is, I used it myself for my small business.
I can honestly say this year was the year of learning on how to live on less, but still, pay off debt. Too many times, I hear people say they do not have the income to get out of debt or save. I am calling all times of bullshit on that excuse. Its all about your priorities and what you want in life. One of my goals is to be debt free, so I can do more. Not just for myself but those around me. This year, I increased my credit score drastically without hiring some credit expert, I have saved money, and I have paid more on my student loans than ever before. Oh did I mention my income has gone drastically down from not only previous years but from what I was making at the start of the year to now?
Early one November day, it hit me what would it be like if I had an extra “$1,000” for my business in the new year. The thought of the extra cash flow made me think of the things I would love to invest in to help my business grow. In addition to that, starting the year with $1,000 could transform my business situation. Getting me months ahead verse covering month to month. Next, thought was how could I make this happen. Last month, I wrote an article talking about no limits and bold actions regarding moving yourself forward. All these thoughts, helped me outline how I can increase my bank account by $1,000 for 2017 business year.
First, sorry it has taken me so long to write this post on “How To Make $100,000 In Sales A Year” or better yet break the six figure revenue stream. Trust me; it was something I wanted to do, but there was no significant response to the other three parts of the series. So, I completely let the ball drop. Then recently someone mentioned in a Facebook group how they were tired of the bait and switch of how to create the code of making six figure income.
If you don’t know what that means, let me shade some light for you quick. More creatives are selling courses, ebooks or webinars on the subject matter but never really touching on how to achieve it. They might have tiered level products that suppose that gets you there but you already spent $497, and now they are asking for $2997. Eek! That’s a no go. Quick tip, the fastest way to make a million dollars is to sell a book, eCourse or host a seminar on it. People will flock to it because most people have the aspirations to be a millionaire without working for it.
My goal with launching Kick Start Your eCommerce courses was to help remove the excuses people from when wanting to open up their own business. Personally, I believe there are two reasons people constantly use when it comes to investing in their dreams. They are “I have no time to go after my dreams” or “money is tight, and I can’t afford to invest.” Most people are living in their comfort zone and the lies they tell themselves to keep them happy, warm and exactly where they are.
Today, I want to introduce you to a new series for Imperfect Concepts. My vision and mission for the company is to help a million women through entrepreneurship by providing the right tools, resources and insight they need. This series focuses on the tools I use to grow my business. Every month, the number I tools I invested in will be different or resources will be something out of the ordinary. Its great to write a blog post sharing the latest tools and resources on the market. Its even better to outline why I chose these tools to help me propel my companies. Without further a due here are the tools that really helped my business this month.
If you were me three years ago, your credit was shot, gone down the drain and that was that. Trying to obtain a loan, credit card or even department card to save your life was not happening. As, I have talked about finances in Entrepreneurship Forced Me To Become Better At Math, 5 Ways To Create Better Money Habits and more under the money category of the site that my finances have not always been the greatness. However, as I have matured in recent years, one thing I have been working on is re-establishing my credit after of years of bad mistakes.
The other day, I was in my bank doing normal routine stuff and happen to pop my head into Liz’s office. For the last three years of business Liz has been my personal and business banker at Bank of America. Our relationship started off by my former banker being promoted to assistant manager of the branch not leaving her with time to work one on one with clients.
We are well into 2016 and one thing every small business is grow their business. Increasing your businesses earning potential this year takes a couple things working together. It’s not just some simple “omg I want to make $10,000 a month” but didnt make $10,000 in sales in 2015 magic. Today, want to share some insider information on how I focus on increasing my earnings each year from the previous.