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Solo-Entrepreneur? 5 things you should know about your taxes by Paul Koullick of @keepertax

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Solo-Entrepreneur? 5 things you should know about your taxes

by Paul Koullick

Whether you’re earning money in a side hustle, or have your own small business, it comes with some serious tax burdens. Many first-time self-employed don’t realize this and wait until the end of the year only to discover that they owe thousands of dollars to the IRS and forgot to keep expense receipts. In this guide, we’ll cover the basics of what you need to know to avoid getting slammed by taxes as a freelancer.

#1 No, taxes aren’t being withheld from your paychecks

If you’ve previously only worked as an employee (W2), it may come as a shock that the money you earn on a 1099 contract or invoice does NOT have taxes already withheld. That means you’ll need to consciously remember to set money aside throughout the year to avoid needing to take a loan out at the end of the year.

#2 Keep track of work expenses throughout the year

Everything you buy and then use for work, whether it’s a new phone or gas for your car you drive for work errands, is at least partially deductible. Trying to remember expenses from nine months ago at tax time is really difficult, so it’s best to track these expenses throughout the year.

Sometimes, what counts as a tax write off isn’t entirely intuitive but you can use online guides like this one to learn more about what expenses you should be keeping track of during the year.

#3 If you work from home, you can likely claim the home office deduction

Even if you don’t have a separate room dedicated for work, you may be eligible to claim this valuable deduction. As long as you have a workstation located somewhere in your house or apartment where you tend to do work (rather than entertaining guests or watching TV), you get to write off of rent, utilities, wifi and so on.

#4 All of this matters even if you’re only self-employed part-time

Even if The standard deduction does not trade off with itemizing 1099 work expenses. It’s additive – meaning that you can claim both! That means even if you have a full-time W2 job and only do limited part-time 1099 contracting work, neglecting to claim work expense tax deductions is like donating money to the IRS!

#5 If you earn more than $1,000 per year, file quarterly (estimated) taxes

If you earn above the $1,000 threshold from self employment work, you’ll need to file quarterly taxes. Also known as estimated tax payments, this is the IRS’s way of simulating a salary tax withholding so that you aren’t caught off guard with a huge tax bill at the end of the year.

The good news? It takes just 15 minutes. You can use free online tools like Keeper’s quarterly tax calculator to quickly estimate how much you’ll need to pay, and file online. It takes just 15 minutes, and allows you to avoid a nasty penalty from the IRS.

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Paul is the founder and CEO of Keeper, an app that helps freelancers and 1099 contractors save money on taxes. In his free time, he loves jogging, chess, and spending time with his family in San Francisco.

The Energy of Entrepreneurship by @SBSLEducSoltns

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( A flyover of all the glorious forms of creating your own asset )

Just as a strong case can be made that entrepreneurship & education are intertwined, so the same can be said for energy & entrepreneurship. How many business owners do you know who live day to day with boundless determination?  Joy? A skip in their steps?

 

We have a B-i-G opportunity! We should encourage entrepreneurship’s many forms so the energy in our society is always flowing, & many new assets are created to better ourselves, families, communities, nations, & beyond!

 

Describing Our Economy

 

Thought leaders have been using various labels:

 

Conceptual Age

 

Gig economy

 

Youpreneur

 

Multisided platforms ( ‘Matchmaker Economics’ )

 

You might wonder; how do these inform, inspire, & instigate citizens to leave mediocrity behind to embrace these energetic forms of entrepreneurship?

Inform(ation)

 

With conventional classrooms in all 3 tracks very slow to adapt to the modern era, as entrepreneurs, we can share stories, teachable moments, & connections with those in our own, as well as younger, generations.

Welcome any opportunities to be someone’s mentor, advisor, or coach. Focus on paying forward crucial knowledge to others. Serve 1st always!

 

Inspire (-ation)

 

Often, entrepreneurship is not a soft fluffy bed; it’s part of the charm of the day to day journey to struggle at times! Anything that comes ‘easy’ often has more downside than engaging in smart x hard work building a business.

Don’t hide this from those whom you talk with, yet don’t muddy the clear lens of a passionate individual who wants to be a difference maker. Inspire her by adding value, w/ no stated expectation of reward or return.

 

Instigate ( lighting sparks )

 

Those who deeply understand principles such as the ‘Five Laws …’ & ‘Law of Attraction’  should be beacons of inspired instigation in her circles of influence.

The sparks lit in the fire pits of today will lead to the solutions of tomorrow.

So many of our most pressing societal challenges can be solved with entrepreneurial energy; if you flip back through the pages of history, you’ll see this jump off the pages.

 

7 Forms

 

Now, we transition from the most valuable question, why?, to what? +

 

( + we’ll leave out ‘how’; JFK’s 1962 Rice Univ Speech is the model for why not to focus on this Q )

 

Franchisor/franchisee

 

  • Franchise consultants set up shop to help someone who has the liquid capital to purchase a brand & its intellectual property, turnkey system/s, & in many cases, a ‘bricks & mortar’ location. Franchisees are far from cutting edge concept; although if you were talking with your grandparent(s), they would tell you that at 1 point, it was new & barely understood!

 

Solo-preneurial / proprietor

 

  • This is the simplest form. How do you monetize? Choices inc. hour for dollar billing ( ‘self employed’, creating your own job ); using a retainer; or working on a project basis. As with any form, there are pluses & the opposite; yet, if you’re very new to entrepreneurship, keeping things uncomplicated may be your wisest choice.

 

Gig / freelancer / contractor

 

  • Gig based businesses abound in our modern age; do depth based research to find options best for you.  Freelancing is very common in right brained, creative pursuits like social media, content/digital marketing, & writing.  Finally, being a contractor for a larger enterprise where you are offered more flexibility than an old school W-2 employee could very well be a win:win arrangement.

 

Broker / Agent

 

  • Insurance & real estate:  Both have high name recognizance, even by those who have never been entrepreneurial. Many of the agencies & companies operating in these very mature industries are always looking for someone who is servant minded & willing to tailor a solution to the consumer/prospective policyholder or buyer/seller ‘s unique needs.

 

Direct Sales

 

  • This form is newer on the block than its sister ( see below ).  How is it different than Ntwk Mkt/MLM?  It often generates income for the owner through the promotion of events versus growing a team.  For instance, you set up a cooking demo, offer products to those that attend at a % off, & build a relationship with them that goes beyond 1 transaction. Often, social media is used most often by these consultants, hosts, & associates.

 

Network Marketing ( MLM )

 

  • A mature form, when compared to its brother ( scroll up ), they’ve been options for upwards of a century! Yet, there is still much mis-understanding, inaccurate representation of its legality/lawfulness, etc.  This form is absolutely viable, esp. for those with people skills; those who are patient & don’t expect income overnight; or someone who is able to lead another by serving her first, a fundamental for building a team that replaces you.

 

Licensor / licensee

 

  • The licensee model is essentially ‘franchisee lite‘.  It has many elements of the latter, yet it doesn’t necessitate a bricks & mortar storefront;  often, you can be a mobile-preneur ( easily able to work at a coffee shop, coworking facility, or at home ). Licensors offer intellectual capital ( logos, brand awareness, a systems based approach to building revenue & cash flow ) in exchange for a 1 time, or recurring payment(s).

 

Lots of – ‘Preneurs!  Which are you?!

 

Profiles Worth Following

 

Sidepreneur

 

Mompreneurs

 

Teenpreneur Inc

 

Self directed Educational links

 

Employee vs Entrepreneur – Which is Riskier?

Actually, Starting Your Own Company …

Becoming an Entrepreneur …

 

In short …

 

  • Describing today’s economy
  • Inform, inspire, & instigate
  • 7 forms of energy: entrepreneurial options
  • Types of -preneurs
  • Three Twitter handles
  • For further learning …

 

Thank YOU for reading!

The Worst Advice We’ve Been Given as Entrepreneurs by Bianca van der Meulen of @sunbirdcreative

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by Bianca van der Meulen

The worst advice my co-founder and I ever got was to write a formal business plan. We had been business owners for about six weeks and it sounded right—especially to me. I’m the kind of person who creates 10-year plans for achieving my personal goals when I feel stressed. Sticking to the plan is another story. I pivot constantly—like deciding to get married and move back to New York within four months of planning to spend the next decade living a single, quiet life in Virginia.

As more planner than doer, I’m a bit of an exception in the small business world. Except for those who go after funding, the entrepreneurs I’ve met (90% of whom are women) have two things in common when it comes to business plans: they haven’t written one, and they feel guilty about it. Yet their conviction never moves them to action. Why not? Lack of incentive, lack of time. It took us a month of nearly full-time work to write our plan, and we were spurred by a competition that offered cash prizes. (Spoiler alert: we didn’t win.) Resources are extremely precious for small business owners. We need to make every hour and every dollar count—our dreams and savings are at risk. I devoured the business planning textbook, spent days researching at the library, and attended multiple seminars on writing a business plan because I believed that those hours would give us a huge return on investment.

Two and a half years later, I wish we had spent that month another way—and I’m not saying that just because we didn’t win any prizes. While we did learn a lot from creating that 20-page monster of a document, it ultimately encouraged the wrong mindset for a new service-based business. The act of writing a formal business plan implies that you can think your way to success. Rather than give us clarity, the process mired us in details that may be relevant to a large product company but certainly didn’t apply to us.

I’m still a die-hard fan of planning. Planning in itself is absolutely necessary and not at all bad. The question is: what kind of planning actually helps (rather than hinders) a new small business owner?

If I could speak to my younger self, the idealist who’s new to business and trying to get a creative services firm up and running, here’s what I would say:

  • Ignore the well-meaning business expert in the suit. Listen to people who have built the kinds of business you want to build.
  • Don’t aim for perfection; iterate. As the lean/tech startup folks say: fail cheap and fail fast! Before getting fixated on any idea, try out a prototype (“minimum viable product”). Film industry veterans can’t predict which movies will become blockbusters and stock traders never know if they’ll do better than the market average. How would you know if your new service or marketing strategy is going to work?
  • When it comes to services and operations, you can not get too simple. Your energy, time, and headspace is much more limited than you think. Make time to focus on what’s most important by ruthlessly cutting out everything else. That means, among other things, limiting your services to 1-3 revenue streams and using the heck out of spreadsheets until you absolutely must get specialized software.
  • The most important research you’ll do is face-to-face with real people. Forget the stats for now; spend your time finding and talking to as many potential customers as you can. Find out what they care about, what drives them crazy, what they’re looking for in a company like yours. Developing empathy for your target market will make everything else—product development, marketing, sales—infinitely easier and more effective.
  • Every time you hear someone talk about the 4 P’s, run. Every time you hear the word lean, listen closely. Forget writing a business plan; use the 1-page Business Model Canvas instead.

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Bianca van der Meulen is the Co-founder of Sunbird Creative, a boutique branding agency based in Harlem, NY that help solopreneurs and entrepreneurs carve their niche in the world. Bianca graduated summa cum laude from NYU with a literature degree, and then began a 4+ year as a freelance writer. She decided to take her talent for strategic thinking, marry it to her skill as a wordsmith, and then launched Sunbird Creative in 2015.

Tips to Hire the BEST Interns and Contractors for Business Growth. by @luckifit

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by LaKisha Greenwade | Featured Contributor  

Although solopreneurs rely heavily on technology to automate tasks and maintain a lean organization during the forming and growth phase, it’s inevitable that human help will be needed to add value to your business. It’s projected that employment will be highest from 2014-2024 amongst jobs that require higher social and analytical skills: 83 and 77% respectively.

Prevent overwhelm and enhance your productivity by hiring qualified contractors or interns to not only get the job done, but done well. Where do you start? Consider the role or job that if filled, would make your life much easier. Write a description of the duties then consider the qualifications and type of person you want to fill it.

When picturing your ideal candidate, consider soft skillsets that are hard to teach such as emotional intelligence, curiosity, adaptability, and critical thinking. Also, determine if you desire a team player or one who likes to win alone.

Keep in mind the following ten tips and helpful questions that lead towards a successful hire:

  1. Use behavioral interviewing techniques.
  2. Avoid bias- but listen to your gut, otherwise known as your intuition. Don’t dismiss facts presented by the employee during the interviewing process.
  3. Determine if the employee is a fit with your company brand- DO they uphold the same values and work ethic? Does their personality and energy ALIGN (not MATCH) your organization or the one you are trying to create?
  4. Are they self-aware? Do they consider the impact of their actions and words?
  5. Do they DO MORE than what is asked?
  6. Do they embody an entrepreneurial spirit? Do they enjoy partnering, learning, and experimenting?
  7. How well do they communicate? Assess this from the time they apply for a position with their resume or inquiry, ongoing email and phone communication pre and post interview, as well as how they treat all people (if you’re able to assess this in a public space).
  8. Determine YOUR management and communication style- Are you collaborative? A Micromanager? One who trusts employees to get the job done? Determine if your management and communication style is a fit for the respective candidate to achieve success for the project or mission.
  9. In many cases, interns will have limited working experience. Instead assess, their drive, passion, attention to detail, flexibility, and willingness to learn. These characteristics go a long way and will be essential foundational qualities that aid in the perfect employee molding process. Don’t be afraid to hire for a trial basis such as 30-90 days.
  10. Compensation matters when attracting the perfect candidate and managing your business cash flow. Research compensation norms and determine the level of supervision required for the task at hand. This will impact your offer.

Start small. Hire for a specific project and assess if the candidate is a good fit assume other roles in your business. For instance, hire for help with a PowerPoint project, small social media campaign, or event management assistance.  If you still feel uncomfortable with the hiring process, utilize resources and tools form SCORE.

To determine market rate, post a project on LinkedIn where contractors can submit bids for your job. Be mindful of how minimum wage impacts the position you are hiring for as well as the identification of a 1099. Peruse sites such Indeed, Internship posting sites, Craigslist, and local universities with internship opportunities to determine market rate.

Ultimately, the process of on-boarding the right help will enhance your business productivity and allow you to MANAGE your business versus WORKING IN your business. Your confidence as a leader will grow and hopefully you will be on a path to crush financial goals.

Why Your Side Business Isn’t Growing and What To Do About It by Caz Wilson of @socialkitchenlv

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by Caz Wilson | Featured Contributor 

If you’re reading this then there’s a good chance that you have a side hustle, a passion project, something which you hope to leave your soul-crushing day job for. I applaud you, friend. By starting a side hustle, you are walking down a path which will have mountains, valleys, and the occasional angel and evil villain thrown in there, just for good measure!

I know this path well. It was just a few months ago that I was right there, walking it with you. In June of 2017, I began building my social media business on the side of an intensely stressful brand marketing job in a very corporate, grey office.

My journey down this path took lots of personal sacrifices (think very little sleep, any sort of self-care going right out of the window, along with a social life and anything which fell under the category of “fun”).

As with most challenging journeys, the path was not always an easy well-laid track. In the beginning, when it seemed like nothing was happening, I took a good hard look at what I was doing. The truth was, I was making a crucial mistake which kept me stuck in one place. The fact is, in order to get your side hustle moving, you need to get out there and get visible, failing to do so will significantly hinder your progress. Here are some things I implemented and almost immediately, I saw a shift in momentum

  1. I became very visible when I made the decision to commit to my new business and I made the decision that I was not going to hide what I was doing on social media.I had done my research and knew the parameters of starting a side hustle while at my 9-to-5 and I recommend you do the same. You may find that you may not be able to start your side hustle while in your current role as there may be conflicts. Ask your HR department in confidence, or check your company’s handbook. Presuming there are no conflicts, it’s time to get visible and let the world know about your journey.
  2. I added my new venture to my Facebook personal profile, my LinkedIn and my Instagram bio. It is imperative that you start getting the word out that this is what you are doing and by adding this to your social media, you are are showing the world that you are serious about your new venture.
  3. I then put a post out on my Facebook personal profile that this was something new I was starting and that I would love to help any friends or family with their social media. At the time, I was gaining testimonials and experience, so I offered my services for free to close family for a set amount of time and I recommend doing this in the beginning. Not only can you gain valuable testimonials this way, but it will help to build your confidence and qualify your idea.
  4. I began acting as if my side hustle was my full-time job. Although this can be challenging, at some point, you have to make the mindset flip. You’re an entrepreneur now sister, you have to step into those gorgeous shoes, and doing so sooner rather than later is how you’re going to make the strides you need. For me, I printed business cards, I began attending local networking events and meeting local entrepreneurs. Any conferences I went to, I lead with the side hustle first.

The chances are very slim that you will bump into anyone from your 9-to-5 and even if you do, if you have done your due diligence there is nothing wrong with having a part-time source of income as long as it is within company parameters. What you must understand is that this side hustle is your future, you need to adjust your mindset accordingly.

Being invisible is a very risky strategy in any profession, but particularly in the entrepreneurial world. Visibility is what gets you clients and is what build your business. If nobody knows about you it is impossible to build a successful business.

Building a business on the side of my corporate job was one of the most challenging times in my life. It stretched me beyond what I believed my capabilities were and forced me to grow in ways that I know I never would have done if I had stayed in the corporate role. It can be tough, there will be many days that you want to quit, but perseverance and a commitment to being visible is what will turn that dream into a reality and lead you to the pot of gold at the end of your path.

How to build your business whilst focusing on self-care by @CatCrawf_

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by Cat Crawford

Turning your side hustle into your dream business takes significant time and work. If you’re like me and trying to do this, as well as maintain a regular 9-5 office job, things can start to get a little messy and hard to cope with.

I read so many articles from successful solopreneurs, telling me I needed to use every second of my free time building my business. So I did. I woke up early, got into the office and started working on my own projects before starting my 9-5. Then I would use my lunch break to do some more work, finish work, go home and work right up until bedtime, before waking up and doing it all over again.

Can you guess what happened? Major burnout!

Use your time productively, not excessively

I had been told by my boss babe inspos that I needed to constantly be working on my business in order to make it work, or I wouldn’t get to where I wanted to be. Working this way was not only damaging to my health, it was damaging to my business.

I was completing tasks that didn’t further my goals but made me feel like I was doing something nonetheless. It took a major burn out for me to realise that this was not the way I want to grow my business. A tired stressed and ill me was not the foundation for a healthy company.

So instead, I started working on balancing my life. I cut down the time I spent on my own projects and balanced it with some ‘me’ time.

Guess what happened? I actually made more progress in my business within that first week than the last month I’d been working myself to death!

How to balance business and pleasure without the guilt?
For those of us working hard to create our dream business, taking rest breaks can fill us with guilt. We feel like we are slacking or being lazy by taking some time for ourselves. This is not the case!

Balancing your business and life is something you will need to do from the very beginning of your business, right through to the peak of your success! So it’s important you get the hang of it now.

The best way to balance your time is to note down how long you are spending on your tasks, prioritise the most urgent things and then work in some downtime around those tasks. If you need to physically schedule in a nap into your diary, do it!

The only person that is going to look after you, is you, so treat yourself like a patient that needs constant care. Your dream business will never get built if you are constantly spending your time run down with no energy to do what you love. Put yourself first and your business will thrive off your strength and healthy mindset.

 

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Cat Crawford is a digital campaign manager at a leading Manchester agency, as well as running her marketing blog, catcrawfordmarketing.com, on the side. She loves to help fellow solopreneurs and bloggers understand the actionable tasks needed to create an online business, from SEO to YouTube, social media and blogging. In her downtime, she likes to lock herself away to paint with watercolours and listen to her discover weekly playlist on Spotify.

How to be your own best boss by @JenniferSDaley

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by Jennifer Studer Daley  | Featured Contributor

So now you’re your own boss. But are you being your own best boss?

1. Be on your “A” game
You are your brand, you are a walking advertisement and the main spokesperson for your company. How you dress, how you speak and how you make people feel all affect how others view your company and whether they want to “buy in.” Whether you’re just starting out or established make sure you’re putting your best foot forward – yep, that means on social media too. Nothing represents your brand more than you. Hold yourself to higher standards; you’ll be happy you did.

2. Trust yourself and your instincts
Be confident in your decisions. If you don’t trust yourself, others will see that and begin to second-guess you. If you have the time and really need to think through a dilemma or new business partnership, deliberate in private. You had the confidence to become an entrepreneur, put your shoulders back and show that self-assurance to the world.

3. Be the boss you wish you had before you became an entrepreneur
What traits does your ideal boss exhibit? What did your former colleagues say about their model boss? What are your strengths and weaknesses? Take some time to reflect on these questions and then personify the characteristics you deem most important.

4. Don’t get run down
My grandfather and fellow entrepreneur once told me, “You mustn’t burn out quickly my dear; life is a marathon not a sprint.” Be realistic with the expectations you have for yourself and your business. It is also critical to make time to refuel and unplug. When in doubt, schedule that vacation or weekend getaway.

5. Ask a trusted friend or family member to help you evaluate progress every year

It is one thing to have a quarterly review with your team, but to really take a step back sometimes we need to use a fresh pair of eyes. Get someone not directly involved in your business to offer their perspective. Even better, utilize multiple people in your inner circle to review financials, new business opportunities and the structure of your operations.

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3 Simple (and Cheap!) Tools that Help You Get Paid on Time by @lieshapetrovich

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by Liesha Petrovich

“You must gain control over your money or the lack of it will forever control you.”
– Dave Ramsey

And when you’re running a one-woman shop, the lack of money can be the difference between paying the bills and hiding from collection calls. Since money is the lifeblood of your business, it’s the literal heartbeat that keeps you going.

Yet, that can be very hard because you actually have work to do. Let’s say you’re a freelance graphic designer who has 10 projects to finish. You don’t get paid until the work is done, but you won’t get paid unless you take the time to send out invoices. It’s a nonstop cycle and you can’t forget that staying on top of your financial situation is just as important as your designs.

 

 

Here are a few tools to consider while trying to streamline your process and spend the majority of your time on building your business.

WorkflowMax’s Hourly-Based Invoicing
The phrase time is money is the first commandment for freelancers, especially those that bill by the hour.

In the past, you had to keep track of your time and then transfer the information into an invoice. Sure, that doesn’t sound difficult, but it’s certainly a waste of time. Instead, try a program like WorkflowMax that sends your timesheet data into an invoice anytime you want.

Lemonstand’s Subscription Boxes
Some freelancers business models are based on a recurring subscription model. This can be incredibly time consuming and sometimes the lack of options can be a huge turnoff for some consumers.

That’s where Lemonstand’s subscription boxes comes in. It gives your customers a choice in how to pay, including weekly, monthly and yearly. You can add this feature to your website and your customers can easily sign up for a subscription. And it won’t take any of your time after your initial setup.

Paypal’s Versatile Invoicing
Paypal is one of the most trusted online payment services. It’s probably the easiest freelancing option available And it’s a great choice if you have a limited number of invoices every month.

Some may still be in the dark about the small business services that Paypal now offers, including invoicing. You can easily track invoices that haven’t been paid, duplicate invoices, and send reminders. One of the best Paypal options is that customers can pay on your website or app, in person or at a location, or by email or phone.

Money’s Your Priority, But It Shouldn’t Take All Your Time

I’ll never forget my husband’s infamous words about managing our business:

“I don’t want to do any business stuff, I just want to do my job.”

Unfortunately for him (and me!), his job included business stuff and not just the fun stuff he liked. But that man loves to get paid! So out of necessity, I had to come up with a system that is fast and easy. Because I love to get paid too.

Take a look at your current invoicing system. Stop chasing people and wasting time on a process that can be automated. Find the right tool to match your unique business situation.

And start spending your valuable time on anything but paperwork.

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Liesha’s a freelancer by day and Kyokushin Black Belt by night. A late-blooming academic, she’s happiest teaching business at UoPeople. Liesha’s the author of Killing Rapunzel: Learning How to Save Yourself Through Determination, Grit, and Self-Employment (her mother hates the title – but it’s a metaphor mom!). She talks business at Microbusiness Essentials and everything else at Liesha Petrovich.

Get in touch with Liesha on Twitter.

Surviving “The Crunch” Phase in Your Business Growth by @Melcoach

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Surviving “The Crunch” Phase in Your Business Growth

by Melanie Benson Strick | Featured Contributor

Janine had a quickly growing business – lots of new clients flooding in and no shortage of opportunities to expand. Many of her colleagues envied her fast growth and wondered what the secret sauce to her growing income was.

But there was one big problem — Janine had become the bottleneck in her business.

Janine was a solopreneur who was working 10 – 13 hours, 7 days a week. Fatigue was kicking in and her stress level was through the roof! Knowing that something had to change in order to achieve the dream business, Janine hired me to coach her on building a team. As we developed her plan to scale her business beyond the early six figures I noticed that she gets more and more anxious.  She can’t seem to make time to follow the hiring process and is sucked into more and more breakdowns that drain her energy daily.

Janine is in The Crunch.

The Crunch is that horribly overwhelming and quite daunting phase of knowing WHAT to do but not having the TIME to do it. The Crunch begins when thoughts like this start plaguing your mind throughout the day:

  • I know I need to outsource more tasks but I’m afraid to spend any more money on my business.
  • Bringing clients in the door fast is essential to my cash flow but when I do that I’m overwhelmed with too much to do.
  • Tasks and deliverables are falling through the cracks but I can’t slow down enough to hire or put systems into place.
  • There’s never enough time in the day to get everything done so I always feel like I’m slipping farther and farther away from my dream business!

The Crunch is not a fun place to be but I see so many fast-growth entrepreneurs fall into this challenging phase over and over again.

Why? Because most small business owners want results faster than they can realistically achieve them.

Here’s a little formula to survive “The Crunch” phase:

  1. Decide to set realistic expectations of what’s possible.

The reason you feel so frustrated and down-trodden is because your expectations are not realistic and your internal dialogue is to beat yourself up for not moving fast enough. Here’s a news flash: you can’t do it all at once. Introducing new leverage strategies takes time. Rome wasn’t built in a day and your business won’t turn around in a week – or probably even a month. Find the patience to do what’s right for your next phase of growth.

  1. Prioritize your new strategies.

Take time to identify what strategies should come first. You can’t get them all done at once (really, you can’t, I promise) so set proper expectations. Make a list of what you want to implement and prioritize based on what will solve your biggest challenges first.

  1. Get that you have to invest to grow.

Whether it’s investing in a team, a good mentor or the right growth opportunities, it takes money to elevate your business and take your success to the next level. If you freak out when you have to invest money then you might as well just decide to stop growing. Consider each expense an investment and determine what has to happen to turn it into a profit.

  1. Indulge in a little (or a lot) of support.

You can gain a fresh perspective by recognizing you are not alone, and this phase is an important rite of passage as you grow to new levels. Most business owners don’t know how to be the leader of a six or seven figure business until they arrive their – and get some help learning new thinking, habits and strategies to thrive at each stage of growth.

Make a point to hire a good coach, invest in a high-level mastermind, or even join a leadership retreat. It’s important to surround yourself with people who get where you are and can inspire you into smart actions at each stage of your evolution.

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melanie strickMelanie Benson Strick is known as America’s Leading Small Business Optimizer because she knows how to boost profits and results with her secret weapon — LEVERAGE. With over 12 years in corporate project management, Melanie works exclusively with thought leaders and visionary entrepreneurs who want proven strategies to monetize their big ideas and catapult their success without giving up their life.

Melanie is author of Rewired for Wealth, serves on the Executive Leadership Team for Women Speakers Association, is co-author of Entrepreneur.com’s Start Up Guide to Starting an Information Marketing Business and has her success tips featured in magazines such as Bloomberg BusinessWeek, Parenting Magazine, Woman’s Day and American Express FORUM. Melanie is a proud lifestyle enthusiast and spends her free time in search of the best spas and beaches in the world. Find out if you are using all of the right Profit Boosting Factors with this FREE downloadable guidebook on SuccessConnections.com.

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Why You Can’t Afford To Not Be Successful As A Single Mompreneur by @_businessbabes

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My Floor Will Be Their Ceiling: Why You Can't Afford To Not Be Successful As A Single Mompreneur

My Floor Will Be Their Ceiling: Why You Can’t Afford To Not Be Successful As A Single Mompreneur

by Yolanda Keels-Walker

Children are great imitators. So give them something great to imitate.”
— Anonymous

Ask either of my girls what they want to be and undoubtedly they will say “I want to be an entrepreneur.” At five and six, they walk confidently into my place of business and begin to do “their work.” Whether it’s pretending to sign in clients, practicing hairstyles on mannequins, or talking with other stylists about trends and techniques, my girls take a serious approach to business. It wasn’t always this way.

After divorce, like most women, I had to rebuild and really work my ass off to rebound financially. I didn’t have a corporate job to fall back on, and although there was a strong year I needed public assistance, my “inner me” would never allow me to go through with it. If my parents weren’t in a position to have helped me, I can’t even fathom where I would be right now.

I worked 16 hour days with my children in tow nagging about why we pretty much lived at work. I was dedicated to improving my business so that I could be in a better position, and that meant sacrifices would have to be made for our family. It was a very trying period because I was going through so much emotionally and financially, and I knew they didn’t understand. It required a new, downsized, normal that they’d have to embrace until I got back on my feet. The change wasn’t welcomed and often came with meltdowns until one car ride…

Gabby: “Mommy do we have to go with you to work today? I really do not want to go.”

Me: “You know those people under the bridge that we pass on your way to school?”

Gabby: “The people that sleep outside? Yes.”

Me: “Mommy has to work very hard so that we don’t end up like that. Mommy is an entrepreneur, so if I’m not working, I can’t afford our house or trips to Target, or pizza with bread sticks. I’m working very hard so we don’t have to struggle. Ok?”

Gabby: “Oh. You better work all the time mommy. I’ll help you.”

London: “Yep mom. You better go to that shop everyday because I don’t want to be in the bushes sleeping.”

Me: “Baby you’ll never be in the bushes. Your mommy works way too hard to ever let that happen.”

The struggle is real, and as mothers, we always want to shield our kids from it. That conversation was freeing for me because it took away the guilt and stress I felt. Homelessness is rooted in a myriad of circumstances, but that illustration was enough for my girls to understand that I was fighting for a better life for them. It also gave me the extra motivation I needed because I knew they were watching me and how I handled that period of transition. Failing to provide a life anything less than what I desired was not an option for me from that moment on. There’s no way I could pour positivity and affirm success habits if I hadn’t been successful at doing it first and my girls being a witness to that.

They’ve never given me flack about working since then. They embrace it and have adopted it as their “normal.” Thankfully I’m in a much better position now and proud that that experience made them take ownership of businesses that will one day be passed down to them. Every payday I get four little side eyes peering at me as I sign checks and whispers of “don’t give away all of our money mommy.” I always laugh because I know it comes from a protective place that is all about keeping our family unit tight and on top.

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Yolanda Keels-WalkerYolanda Keels-Walker is an author and successful serial entrepreneur with a portfolio ranging from motivational speaker to salon owner to real estate developer. Yolanda is most known as the brains behind Business Babes, an online resource and business coaching organization of over 25,000 females that helps budding female entrepreneurs manage their business and grow their circle of influence. Prior to starting her own business ventures, Yolanda served as a Senior Manager in Contracts and Procurement for the Central Intelligence Agency. She has thorough knowledge of corporate, commercial, federal, and international contracting practices, and a proven track record in contract negotiations.

Yolanda has been invited to speak for the NAACP, The Urban League, Miller Lite’s Entrepreneur events and various universities and small business seminars. Because of her 30K following across brands, Yolanda’s expertise has been sought after by prestigious publications such as Black Enterprise, Billionaire Entertainment Magazine and Newsworks. She published her first book this year, The Femme and The Fearless: A 30 Day Guide To Use Fear And Anxiety As Fuel To Create A Fortune and is enjoying speaking to women from all backgrounds on the subjects of business, life and remaining excellent in the midst of it all.