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In this episode, we were joined by the incredible Daniela Wolfe, an expert in helping stressed and burnt-out professionals. Together, we uncovered the ways you might be setting yourself up for burnout and explored practical strategies to create more work/life balance. Daniela shared her invaluable insights on prioritizing self-care, managing stress, and transforming your daily routine for a healthier, more balanced life.
About Daniela Wolfe:
Daniela Wolfe is an LMSW with 27 years of experience in self-care, stress management, mindfulness, relationships, parenting, and managing daily chaos. She empowers individuals to prioritize themselves on their to-do lists and learn the strategies to prevent burnout and makeover their daily lives. A working mom of two, Daniela enjoys stand-up paddleboarding, hiking, reading, and traveling when she’s not helping others achieve balance and wellness.
You can follow Daniela online and access her many great resources using the links below:
Daniela Wolfe / Best D Life - Helping You Find the Bliss in Your Busy
www.bestdlife.com
LinkedIn - https://www.linkedin.com/bestdlife
Instagram - https://www.instagram.com/best_d_life
Facebook - https://www.facebook.com/bestdlife
email - [email protected]
Exhausted to Empowered Formula 1:1 coaching - https://www.bestdlife.com/exhausted-to-empowered
Time Takeover Micro-Course - https://subscribepage.io/nT4QhL
Freebie - Reclaim Your Time in 10-Minute Blocks Cheatsheet - https://subscribepage.io/KJ4pB1#YEaLohglXNmihwNUypRFvTeNeSiUWDYoa
Once there you can also take a short quiz to find out how close to burnout you may be.
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/ Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode, we're joined by Michael Roach, the founder of Michael Roach Creative and a seasoned expert in marketing and communications.
During our discussion, Michael shares his insights on the transformative power of marketing automation for small businesses. Whether you're a solo entrepreneur or managing a small team, this episode is packed with actionable tips to streamline your marketing efforts and enhance your business's efficiency. Don't miss out on these valuable strategies that can help elevate your marketing to the next level.
About Michael:
Michael Roach is an award-winning marketing and communications professional. His experience with the creative process and visual communications has allowed him to work on numerous creative projects, as well as internationally-awarded film documentaries. Avid, a leading audio/video editing production software company, recognized Michael for his content creation skills and storytelling ability.In addition to running his own boutique creative/marketing firm, Michael Roach Creative, he is a past president of the American Marketing Association New York Capital Region chapter. Michael thrives in fast-paced, creative environments and enjoys training and speaking with audiences about marketing, design, business, career development, and technology. One of his goals is to help elevate the marketing profession and grow the business community. Most recently, Michael launched three professional networking groups. They are in the lower, mid, and upper Hudson Valley areas, stretching over 150 miles… from Westchester through Albany.
You can get in touch with Michael by visiting his website: https://michaelroachcreative.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies -
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In this episode, we’re joined by Julie Takac, a Certified Health Coach and owner of TakAction. Julie’s mission is to empower busy professionals to transform their lives from barely surviving to thriving in their health, home, and work lives. Together we discussed a variety of topics including how your health can impact your productivity, and some easy changes you can make right now to improve your health each day.
About Julie Takac:
Julie Takac is a Certified Health Coach and owner of TakAction. Her mission is to empower busy professionals to transform their lives from barely surviving to thriving in their health, home and work life. By focusing on developing small healthy habits that develop into big changes over time, clients are equipped with all of the tools they need to improve their health and wellness.Julie used to struggle with stress, overwhelm, and overall poor health herself. By implementing a simple and structured program with the support of a Health Coach, she changed the way she lives, works and parents. Now she’s passionate about helping others achieve their own wellness goals, whether it’s being more productive, boosting energy, losing weight, reducing and managing stress, or simply feeling better overall.
Health Evaluation: http://bit.ly/TakActionEval
[email protected]
518.338.5695
http://Facebook.com/juliehocktakac
LinkedIn: https://www.linkedin.com/company/takaction/---------------------
Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
https://www.facebook.com/groups/streamlinedbusinessstrategies
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Joining me is international speaker, author, and consultant Alex Theis.
In this episode, Alex shares his personal journey from introvert to sought-after speaker, offering valuable advice on honing your speaking skills, establishing credibility, and seizing speaking opportunities. From navigating the virtual vs. in-person speaking landscape to leveraging the power of props for impactful presentations, Alex covers it all.
Whether you're a seasoned speaker or just starting out, this discussion is packed with actionable tips and inspiring insights to help you elevate your speaking game
About Alex:
Alex is an international speaker, author, consultant, and podcast host. He specializes in helping organizations and individuals reach new levels of growth and success by breaking through their self-imposed limits. His podcast episodes have been downloaded over 5 million times, and he is also a best-selling author of the books Limitless Leadership, Hiking The Timberline Trail, and Surviving Section A on the Pacific Crest Trail.You can learn more about Alex and check out his own podcast by visiting: https://www.alextheis.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies, and value to elevate each other:
https://www.facebook.com/groups/streamlinedbusinessstrategies -
In this episode, we had the opportunity to speak with Kristi Mitchell, Marketing Strategist and Consultant.
During our discussion, we explored the difficulties business owners face in marketing and how Kristi helps them create a strategy that not only gets results but gets them excited. We'll also dive into a variety of marketing topics including how to market if you don't yet have a ton of contacts, creating a compelling lead magnet, and how to prioritize your marketing list and not get overwhelmed.
About Kristi Michell
Kristi Mitchell is a Marketing Strategist & Consultant. She believes that the number one reason business owners don't see marketing results is because they lack a strategy. She believes that marketing should never be the thing that holds you back from being successful in your business. Kristi jokes that it's her personal mission to make you love marketing - really though, her goal is to help you get excited about it because it feels good AND gets you the results you want. Kristi brings an MBA, over ten years of corporate marketing experience, and a drive for continual learning to the work she does with her clients.
If you'd like to get in touch with Kristi, you can contact her by email at: [email protected] or visit her website: https://www.kristimitchell.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
https://www.facebook.com/groups/streamlinedbusinessstrategies
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As a small business owner, do you ever find yourself thinking or feeling: You don't have what it takes to make this business work Guilty asking for money or a certain level of payment. You just want to provide your service and not worry about charging. Resistant to raising your rates to match the value you provide You hate selling When you do surpass your financial goals, you don't give yourself credit or celebrate
Those are just some of the mindsets Christine Mathieu discusses the importance of overcoming on this call.
Curious what Money Type you currently embody? (I loved this archetype discussion!) Take the money type quiz here: https://www.noteadvisor.com/the-money-types-quiz/ Give this a watch, think about your own money mindset and reach out to Christine if you'd like support: [email protected] As always, if you're looking for streamlined strategic growth in your business, visit my website, https://scatteredtostreamlined.com/ You can download a free copy of my Maximize Your Profits guide right on the home page. -
In this episode, we’re joined by the founder and principal of Integrated Management & Sales Consulting Denise Horan. Denise also launched a national sales platform, Sales Club USA where sales and other professionals can go for resources, events, clubs, guest speakers and more.
During our conversation Denise shares with us the importance of sales and marketing along with being active in your community. There are some great sales tips for small business owners that you’re not going to want to miss.
About Denise:
Denise Horan, the founder and principal of Integrated Management & Sales Consulting, provides solutions to help organizations grow revenues, find new marketing opportunities and develop effective sales and management leaders. She also launched a national sales platform, Sales Club USA where sales and other professionals can go for resources, events, clubs, guest speakers and more. Most recently, Denise has launched her first book, Stories From The Sales Field, a collection of 60+ interviews from great sales performers.Denise has been recognized by the YWCA for advancing the empowerment of women, by the Stakeholders as Volunteer of the Year, The Women’s Employment & Resource Center as a pearl of wisdom and empowerment and by The Capital Region Chamber of Commerce as a Women of Excellence.
You can get in touch with Denise by emailing her: [email protected] or [email protected]
And by visiting her website: https://www.denisehoran.com/ or https://www.salesclubusa.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies -
In this special episode of the Small Biz 101 Podcast, we're thrilled to have Alex Theis, a renowned expert in client relationships and business growth, join us to delve into the critical subject of client retention. Discover how focusing on client retention can be your secret weapon for breaking through revenue plateaus and achieving long-term business success.
About Alex:
Alex is an international speaker, author, consultant, and podcast host. He specializes in helping organizations and individuals reach new levels of growth and success by breaking through their self-imposed limits. His innovative sales and retention programs have created well over $100 million in revenue for his clients. His podcast episodes have been downloaded over 5 million times, and he is also a best-selling author of the books Limitless Leadership, Hiking The Timberline Trail, and Surviving Section A on the Pacific Crest Trail.You can learn more about Alex and check out his own podcast by visiting: https://www.alextheis.com/podcast
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies, and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies -
In this episode we were joined by Brandon Hills, web designer and founder of Good Steward Designs.
Together we discussed the importance of having a professional custom website, along with new accessibility requirements that can both help and protect your business.
About Brandon Hills:
Brandon has been involved in web design since he first picked up a book to learn in 2017. Starting his first website design and development business in 2018 he gradually transitioned to become specialized in website accessibility. After finding that many designers and developers were not equipped to correct the accessibility problems found on their clients' websites, he started Good Steward Designs. Now he helps business owners upgrade from their do-it-yourself website to a new professional and fully compliant design.Get in touch with Brandon:
Website: https://www.goodstewarddesigns.com/
Email: [email protected]
Phone: 607-235-5708---------------------
Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode we were joined by Women's Portraiture Artist and Photography, Elizabeth Snyder.
Together we discussed her photography experience, along with why headshot photography is so important for professionals. We also dived into her Passion, Purpose, Power! Masterclass that is designed to help women find their purpose by recognizing their passions.
About Elizabeth:
Elizabeth Snyder is a women's portraiture artist, confidence expert, and workshop leader passionately committed to helping women feel their best. She specializes in women's portraiture, branding, and headshots because it is her mission to help women feel their worth in any situation. Elizabeth has decades of photography experience and has won many awards for her artistry. These awards include The Portrait Masters competitions, the Castellani Art Museum's 20/20 Vision: Women Artists in Western New York exhibition, the WeddingWire Couples Choice award, and the top 10 photographers in Buffalo through Expertise.To learn more about Elizabeth, and see examples of her amazing work, visit: https://www.elizabethsnyderphotography.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode, we had the pleasure of sitting down with start-up clarity coach and founder of Humanity Inc., Melissa Davis. Together we delved into the importance of discovering your ideal niche and how understanding and embracing your core values can be the catalyst for creating a thriving and impactful business. We also discussed identifying and connecting with your target audience, while aligning your values to infuse authenticity and purpose into every aspect of your entrepreneurial journey.
About Melissa Davis:
Melissa Davis is on a mission to make sure that every changemaker has a fair shot at bringing their impact to the world. Through her work with startups, entrepreneurs, and changemakers, she's uncovered an invaluable process for helping them get clarity on their purpose, impact, and perfect business.
If you'd like to get in touch with Melissa and her mission, you can visit her website: https://www.humanityinc.world/
And get her Values Exercise for Impact-Driven Entrepreneurs here: https://bit.ly/S2S-Values-Exercise
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode, we're oined by professional librarian of the Buffalo and Erie County Public Library, Carol Ellen Kowalik-Happy, who reveals the unexpected wealth of tools, materials, and expertise available to small business owners through the public library.
We also discussed her one-on-one Book a Librarian sessions that provides entrepreneurs with various topics, including market research, grants, nonprofit resources, and patent, trademark, and copyright.
About Carol:
Carol Ellen Kowalik-Happy has been a professional librarian for over 15 years. She is an energetic and dedicated librarian and educator with a strong passion for serving diverse communities. As a Small Business Librarian, she provides one-on-one Book a Librarian sessions on various topics, including market research, grants, nonprofit resources, and patent, trademark, and copyright.You can get in touch with Carol by emailing her: [email protected]
And be sure to visit the Buffalo and Erie County Public Library’s website which is a great starting point for the tools we mentioned today.
https://www.buffalolib.org/subject-guides/business-and-finance/small-business
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
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In this episode, we had the pleasure of speaking with Tiffany Pavelka, founder of Red Cape Consulting.
Red Cape is my OBM and has done a wonderful job helping me with my own business. Having a business manager can have a huge impact on a business and during our conversation we discuss what she’s done for myself, and her other clients.
In addition to this, we delved into a discussion on staying current with the most recent trends, maximizing efficiency in business operations, and Tiffany's insights on best practices and lessons learned throughout her company's 5-year anniversary.
About Tiffany:
Tiffany Pavelka is the CEO and Founder of Red Cape Consulting, a relationship-based marketing and business management company that partners with thought leaders worldwide to deliver life-changing business results. She strongly believes in the power of authentic connections, both in business and life. Empowering her clients to achieve their business goals while fostering lifelong relationships.
If you'd like to get in touch with Tiffany, you can contact her by email at: [email protected] or visit Red Cape’s website at https://redcaperesults.com/
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode we chat with Janna Willoughy-Lehr, the owner of Papercraft Miracles, a company specializing in handmade stationery and paper goods.
Janna shares some of the strategies she uses to stay on track and productive and the unique approach Janna takes to differentiate herself from other companies in the crowded handmade stationery market. We also explore Janna's "why" - the reason she started Papercraft Miracles.
About Janna:
Janna Willoughby-Lohr is a talented artist, poet, musician, and entrepreneur from Buffalo, NY. Her company, Papercraft Miracles, specializes in crafting paper art that brings meaning to people's lives. She's been recognized for her work by winning the Ignite Buffalo Grant and being named 40-Under-40 by Stationery Trends Magazine and is the host of Reach the Stars Podcast and a dedicated member of the NAWBO’s Buffalo/Niagara Chapter, where she leads the membership committee and serves as a founding member of the Diversity & Inclusion Task Force. Janna is a mother of three who enjoys bright colors, small things, and giggling.You can learn more about Janna and her company, Papercraft Miracles by visiting:
https://www.papercraftmiracles.com/Email: [email protected]
Instagram: @papercraftmiraclesGallery works and artists books:
https://www.papercraftmiracles.com/galleryworks---------------------
Learn more about Scattered to Streamlined at:
https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode we talk with Tabitha Sweeney on the impact of body self-image on business success.
Tabitha delves into the profound impact that body image has on other areas of our lives, such as our sense of worthiness, boundaries, and our ability to attract abundance. She shares her insights on how we can align our lives with our authentic selves and explains why it's crucial for our overall wellbeing and success. Additionally, we discuss why we may experience frequent failures in achieving our goals and how we can overcome this pattern.
About Tabitha:
Tabitha Sweeney is a highly respected champion and mentor who empowers female entrepreneurs and business owners to enhance their net worth and revenue by embracing authenticity and self-worth. She firmly believes that a healthy body image is the cornerstone of a successful life and guides women in repairing the foundation of their self-image.Connect with Tabitha and learn more about her June 2nd Failure to Success program! https://hustling-motivator-4937.ck.page/2654bc046d
Facebook: https://www.facebook.com/tabithalynnsweeney
Instagram: https://www.instagram.com/tabithalynnsweeney/
Podcast: https://bit.ly/42BZnAq
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Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other:
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In this episode we’re talking to attorneys Alyssa Gross and Ruth George.
We discuss the significance of having an attorney in ALL stages of a business, from start to end, as well as the importance of estate planning for your enterprise. So many nuggets of wisdom shared!
About Alyssa:
Alyssa Gross is an associate attorney at William C. Moran & Associates, PC, where she has practiced for six years. Her practice focuses on corporate and nonprofit law, advising both types of entities throughout their life cycle from start up through operation to transition or sale, including commercial real estate matters, employee issues, obtaining tax exempt status for nonprofits, and purchase and sale of business entities.
About Ruth:
Ruth P. George, Esq. is an Estate Planning and Probate Attorney with over 15 years of experience in trusts, estates, and real estate law. She strives to find that extra way to help clients better prepare for the future. She cares about protecting individuals from making mistakes, ensuring their assets are handled properly, and proactively planning to better the lives of people they love.
If you'd like to get in touch with Alyssa or Ruth you can contact them by email:
Alyssa: [email protected]
Ruth: [email protected]---------------------
Learn more about Scattered to Streamlined at: https://scatteredtostreamlined.com/
Join our Facebook group and join other small business owners working together to provide the best tips, strategies and value to elevate each other: https://www.facebook.com/groups/streamlinedbusinessstrategies
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In this episode we welcome Buffalo/Niagara SCORE Chapter Administrator, Letasha Montgomery!
If you are starting a business and have not heard of SCORE or have not explored your local chapter, you MUST head there today at www.score.org!
SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship.
Because SCORE's work is supported by the U.S. Small Business Administration (SBA), and thanks to its network of 11,000+ volunteers, SCORE is able to deliver its services at no charge or at very low cost.
SCORE provides: Volunteer MENTORS who share their expertise across 62 industries Free, confidential business MENTORING in person or via email Free business TOOLS, templates and tips online Inexpensive or free business WORKSHOPS (locally) and webinars (online 24/7) SCORE's 320+ chapters hold events and workshops locally across the U.S. and its territories, and match up entrepreneurs with local, volunteer mentors. In 2016, SCORE helped clients start over 54,000 small businesses!! Next Event! Be sure to check out SCORE's next online event: The Small Business Success Virtual Conference on June 8, 2017. This half-day event offers educational webinars, exhibitor booths, and networking chat rooms to give you the information you need to succeed as a small business owner. You’ll hear from a number of industry experts as they share insider tips on various aspects of marketing, sales, financing, hiring, choosing a business location and more. Our Guest: Letasha Montgomery has been working with SCORE for several years now, initially as a volunteer mentor and most recently as the Chapter Administrator for the Buffalo/Niagara SCORE Chapter. In this interview, Letasha shares with us the many offerings of SCORE as well as some terrific local success stories, including one involving two goats! To reach Letasha for more information about her work or the resources available through SCORE, please email her at [email protected]. Free eBook: Passion to Prosperity: Finding Your Ideal Side Business If you would like more information about how to find your ideal small business, please help yourself to a free copy of my eBook: "Passion to Prosperity: Finding Your Ideal Side Business". Although it was written with side businesses in mind, the process for determining your own small business is very much the same. Ask Your Questions or Share Your Feedback In the comments section of these show notes. At the Scattered to Streamlined Business Coaching Facebook Page By email at [email protected] Connect with Me At my business website, Scattered to Streamlined Business Coaching Join the Scattered to Streamlined Business Coaching Facebook Page Connect with me on Twitter Subscribe, rate, and review in iTunes -
Free and Low-cost Small Biz Resources Online: Small Business Administration USA.gov Entrepreneur.com Local: Small Business Development Centers Co-sharing work spaces Service Corp of Retired Executives (SCORE) 1 Million Cups Local library Business specific: Associations Mentors Task specific: Market research: Small Biz 101 Podcast Episode 9: Research, Research, Research Marketing Online marketing guides and courses American Marketing Association Any business topic: Online guides and courses YouTube Dummies Books! When a Business Coach Makes Sense Where a business coach or consultant comes into play is when you’ve exhausted these resources and still need: Advice personalized to your business Someone with whom you can discuss ideas and narrow down choices Someone to help pull together the plan for you, finalizing the details and developing the action steps Someone to hold you accountable and celebrate the successes! Application Select one or two of the resources to explore. Get started today! Next Episode Interview with Letasha Montgomery, Buffalo-Niagara Chapter Administrator for SCORE Free eBook: Passion to Prosperity: Finding Your Ideal Side Business If you would like more information about how to find your ideal small business, please help yourself to a free copy of my eBook: "Passion to Prosperity: Finding Your Ideal Side Business". Although it was written with side businesses in mind, the process for determining your own small business is very much the same. Ask Your Questions or Share Your Feedback In the comments section of these show notes. At the Scattered to Streamlined Business Coaching Facebook Page By email at [email protected] Connect with Me At my business website, Scattered to Streamlined Business Coaching Join the Scattered to Streamlined Business Coaching Facebook Page Connect with me on Twitter Subscribe, rate, and review in iTunes
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Find the Right Biz for You Series (Part 10) Welcome to Episode 11 of the Small Biz 101 Podcast – The 10th and final episode of the Find the Right Biz for You Series. We’ve covered quite a bit in past series episodes: Self-assessment Generating business ideas Business styles Business cautions Research - Is your idea a viable one? What will your business idea cost? Now that you have an idea of the business costs, where will that money come from? In this episode, I cover the following sources of funding: Self Family, friends, associates Debt financing Grants Equity financing Crowdfunding
Self-funding
Funding the business with the owner’s own money is the #1 source of financing for most small businesses. It’s also the one I almost always recommend for my small business clients, if they can swing it. Where might your money come from? Inventory your assets You may find you have more assets than you thought. Perhaps, an investment account that’s skyrocketed with the market the last few years. You may find assets you can sell to support starting up your business. Savings From what you currently earn Consider moonlighting for the sole purpose of saving for your new business Personal credit cards If you go this route, be sure to get the lowest credit card rate possible and NEVER be late or miss a payment, as often those rates go up with one missed/late payment. If using a currently-owned credit card, call the card company and ask to have your rate lowered. If using a new card, get one with the lowest rates. Check out these sources to find current offerings for hundreds of cards: bankrate.com, creditcards.com, www.lowcards.com Home equity loan There may be tax benefits to going this route and usually the rates are lower than from other sources. Be sure you will be able to pay it back or you could lose your home. Borrow against retirement 401(k) accounts Last choice source of self-funding. If you go this route, pay it back as quickly as possible. If you lose your job, you will be required to pay the total amount back within a very short period of time. You also will be double-taxed on the money as you pay back the loan with already-taxed money and have to pay taxes again when you withdraw the funds at retirement.Family, Friends, Associates
People who know you and your work ethic and who like your idea often may be willing to support you. Here are some guidelines to follow: Never ask someone for money who you know may already be in any kind of financial trouble. If, for some reason you can’t pay them back, you’ve not only put your financial situation at risk, but you’ve harmed someone else – someone very important to you. Keep it professional. Like with any financial transaction, keep your interactions business-like. Give the person loaning you money your complete business plan and review in detail the financial section. Keep the emotion out of the interaction and don’t use your relationship as a way of “guilt-ing” someone into supporting you. If the person you have approached declines to help you, accept their answer graciously and move on. Do not let this hurt the relationship. Be sure to put the terms of the arrangement in writing. Include how much you will be borrowing, for what purpose, and what the terms are for paying the loan back. Sometimes it makes sense for you to give your personal connection a percentage interest in your new business in exchange for their money. This may provide tax advantages for the lender and it can incentivize the person to loan you money knowing that if the company takes off, their investment will increase in value. Keep the person updated as to how things are going with the business, even if your news is not as positive as you would like. It’s always better that they know the truth. Pay on time and as you agreed upon. Stick with your end of the deal.Debt Financing
This is a loan made to you by a bank or commercial lending organization that must be repaid. There are hundreds of different types of loans for businesses. The following are some of the most often used by small businesses SBA Loans The Small Business Administration acts as a go-between for you and various lenders who participate in SBA programs. To explore SBA loans, click here. Line of Credit Loans If you have your business checking account with a bank, your bank may provide you with a line of credit for that account. These are short term loans intended to protect businesses in case of emergency or stalled income flow. When using your line of credit, money is transferred into your checking account up to a particular limit. Standard Commercial Loans These are your regular installment loans. A terrific free resource for finding these types of loans is www.C-loans.com. This website allows you to apply for loans with multiple lenders at one time. Loans may be secured with collateral or may be unsecured. Unsecured are more difficult to obtain and typically have higher interest rates than secured loans. The following are typical sources of these loans: The government provides small business loans at the federal, state, or local levels. A terrific “wizard” that walks you through various offerings to find those best suited to you is available at business.gov. Often banks offer loans for small businesses. Keep in mind that, if you live in a smaller community, you may have more success obtaining a start-up loan from a community bank with people who know you, rather than from the larger banks. Commercial finance companies also offer loans to small businesses. Of course, with any of these sources, you will need to have all of your financial information (business AND personal) in order. It also helps for the lender to see that you already have committed a substantial amount yourself to the new venture.Grants
While we often think of grants as being only for non-profit organizations, there are many grants available to for-profit businesses. Organizations with a focus on social or environmental benefits and certified as B-Corporations are most likely to be able to obtain grants for their work. Check out www.grants.gov for more information. Grants also may be available at the local community level. Look into your local small business administration office. help community development or a specific group of disadvantaged individuals.Equity Financing
This occurs when someone gives you money and, in exchange, you give him/her equity – a percentage interest in your company. Think Shark Tank or The Profit. The upside means you have more capital to work with. The downside is that your ownership and control is diluted. If you enter into an equity financing arrangement, be sure to consult with financial and legal experts to ensure this is set up correctly. Venture capitalist firms These typically invest in large ventures and stay away from small businesses. Angel Investors These most typically are individuals who invest in your company. For a great story on how NOT to approach an angel investor, check out the first episode of the Start Up podcast called “How Not to Pitch a Billionaire”. Angel investors do not have to be billionaires, or even millionaires. They could be the neighbor next door who is really excited about your business and has a few thousand dollars they are willing to invest. Think creatively here. You may have a potential angel investor in a company that offers complementary services to yours, or a supplier, or even a potential customer.If you can’t think of someone connected with you, you may want to consider looking into a service that matches angel investors with people/businesses searching for funding. Two excellent sources for this are: www.go4funding.com and www.angelcapitalassociation.org.Crowdfunding
This source of funding has become huge in recent years. There are three types of crowdfunding: Reward crowdfunding In exchange for people providing financial support to you, you provide some type of reward like a free product or product sample. The most well known sources of reward crowdfunding are: Indiegogo, Kickstarter, and Gofundme. For people in the arts or anyone who considers themselves a “creators, Patreon is a terrific resource to explore. Debt crowdfunding In this situation, backers provide a loan to you or your organization. It is usually faster and easier to qualify for a loan through debt crowdfunding than through a bank. Two major debt crowdfunding sites are Lending Club and Kiva. Equity crowdfunding At this point, I’m sure you can guess that this is where you give away part ownership in your business for funding. Angel List is one of the equity crowdfunding sites that has been around the longest. For more information on the top 25 crowdfunding sites, divided up by type of crowdfunding, check out this article by Fit Small Business: http://fitsmallbusiness.com/best-crowdfunding-sites/ Next Episode Top free or low-cost business development resources for small business owners or want-to-be business owners. Free eBook: Passion to Prosperity: Finding Your Ideal Side Business If you would like more information about how to find your ideal small business, please help yourself to a free copy of my eBook: "Passion to Prosperity: Finding Your Ideal Side Business". Although it was written with side businesses in mind, the process for determining your own small business is very much the same. Ask Your Questions or Share Your Feedback In the comments section of these show notes. At the Scattered to Streamlined Business Coaching Facebook Page By email at [email protected] Connect with Me At my business website, Scattered to Streamlined Business Coaching Join the Scattered to Streamlined Business Coaching Facebook Page Connect with me on Twitter Subscribe, rate, and review in iTunes -
Find the Right Biz for You Series (Part 9) Welcome to Episode 10 of the Small Biz 101 Podcast – The 9th episode of the Find the Right Biz for You Series! We’ve covered quite a bit in previous episodes: Self-assessment Generating Biz ideas Business Styles Business Cautions Research - Is you idea a viable one? Today, we’ll get into the numbers. The finances: What you anticipate the costs will be to start the business? What the ongoing costs will be? Determining your cash flow and – the highlight – what is your breakeven point? When will your business turn the corner into profitability.
Start-up costs
Even at this early stage, it’s a good idea to at least have a sense of these numbers. They will reveal many critical things to you: How much you will need to begin to open the doors. Whether you afford the business on your own. Whether you need to put off starting the business for a bit while you save money. Should you use other sources of financing? When we think of start-up costs, we often think of these only having to do with the beginning of a business. I suggest that, if you have a business, it’s still relatively new, and you plan on making major changes once you’ve gotten it up and running, consider these new phases of the business to be start up costs as well. Property Down payment, if purchasing space Rent, if renting space + security deposit Build-out Costs Equipment Facility equipment Office furniture Technology equipment Initial supplies Decorating Signage Lighting Starting inventory Licenses, permits, certification costs Professional fees: Accountant Attorney – his/her own fees + incorporation fees Business Coach Graphic Designer Website designer Person who comes to your location to set up your computers and phones Professional Development: Education/Certifications Memberships Professional library Online Technology Expenses: Domain name Webhosting Online Scheduler Online payment processing Opening/Launch Activities: Advertising and other marketing costs Brochures, flyers Business cards Add on 15%. Rarely do actual costs come in below estimates. Give yourself a cushion.Cash Flow and Break even Analysis
Estimate of the gross income you anticipate generating on a monthly basis Estimate your ongoing monthly expenses: Rent/mortgage Insurance Utilities Online charges Loan payments Marketing and advertising fees Employee salaries Your salary Ongoing independent contractor fees Inventory costs Taxes Maintenance + 15% Plot these estimates out in a spread sheet deducting the monthly expenses from the monthly gross income to calculate your anticipated net profit or loss. Once at the profit level, begin reimbursing your start-up costs, a chunk at a time. When you reach the point where your income consistently covers your expenses and the start-up costs have been reimbursed, this is your Breakeven Point. Celebrate!!! The cash flow and breakeven analysis will also provide you with valuable information: How much money will you need to set aside to support the business until it reaches a profit point? Do you need to adjust factors around the source of your income (even changing your business model, possibly) to take your business into the black in a time frame that works for you? Can you cut expense estimates to meet your needs? Do you have enough money to start this business on your own or will you need to obtain funding from other sources? Coming up Getting creative with sources of financing: You Your family, friends, and associates Debt financing Equity financing Crowdsourcing Other valuable free or low-cost resources for starting up a small business. Free eBook: Passion to Prosperity: Finding Your Ideal Side Business If you would like more information about how to find your ideal small business, please help yourself to a free copy of my eBook: "Passion to Prosperity: Finding Your Ideal Side Business". Although it was written with side businesses in mind, the process for determining your own small business is very much the same. Also, go back and listen to previous episodes of this Series, if you haven't already. Ask Your Questions or Share Your Feedback In the comments section of these show notes. At the Scattered to Streamlined Business Coaching Facebook Page By email at [email protected] Connect with Me At my business website, Scattered to Streamlined Business Coaching Join the Scattered to Streamlined Business Coaching Facebook Page Connect with me on Twitter Subscribe, rate, and review in iTunes - もっと表示する
