Whether you have employees or you’re a 🤗one-person shop, all small business owners need to focus on the finances.💰Only 40% of small businesses are profitable. 💵 30% of small businesses break even year to year. 📈
🛑That leaves 30% of small businesses that are losing money annually. 🛑
💸86.3% of small business owners take an annual salary of < $100,000.
💸30.1% don’t pay themselves AT ALL.
💸Of those who do take a salary, most of them range between $20K and $50K.
Who Do Small Businesses Employ?
The nearly 30 million small businesses in the US employ 47.8 percent of US workers. ✅
A business is just a hobby if you’re not making money. ⚡️If you’re not making money, you can’t scale your impact! ⚡️
At all times, we need to gauge the age of the industry that we’re in! 👩💻If we’re in an older industry that’s set in its ways, you may need to have two businesses at the same time - the one you’re in now, and the one that’s going to put the old industry out of business. 🕒You want to position yourself to be the one that puts yourself out of business.
I have a client with 4 physical retail locations. He knows that online retail is coming up on brick-and-mortar stores, so he’s begun an online business to supplement his retail locations.
If you implement the right systems and strategies:
💸In the first year, you should be able to get your first $100,000 in revenue.
💸1-3 years - $1,000,000 in revenue
You can achieve the financial freedom you desire and deserve with your business. With commitment and confidence, you can be in the successful percentage! 🙌
There are two months left in 2019. I have a few questions for you: How are you showing up? And are you showing up or just going through the motions?🤷🏻♀️ Have you thought, “Well it’s the end of the year, I’m going to take it slow.”? Or are you one of our crew, one of our tribe and you see the last three months as the end of the race. 🏃🏼♀️You say, “I'm ready to go! I am fired up! I am bringing everything that I have inside of me to make this the best year of my life!”🙋🏻♀️👏🏻
So if you want to make sure that 2019 is the best year ever, keep reading!👇🏻
Let’s check in. ✔️ How is your year going?
This time of year can mean different things depending on where you are in your business and who you are. Maybe it means that you're 18 and you're bringing all the fire🔥🔥 , you’re working it, and you have all this energy🤩. You are at an early stage in your life full of promise and everything is new and you're learning🤓📚. Or you might be in your mid-30s. You're asking different questions now and you are assessing life In prioritizing things a little differently than you did when you were 18 or in your early twenties. This is a really great time to check in with yourself. You might be in your fifties and enough time has gone by that you are wiser you've lived a lot of life and you still have another 50 years to look forward to. This is such an exciting time for you!👏🏻
Wherever you are in your season of life, what I want you to do is look back and ask yourself ‘How have I been showing up? 🤔 And ‘Is that good enough for me?’👌🏼
Or have you been asleep at the wheel of your own life? Are you listening to what everyone else around you wanted you to do? My challenge to you is: Today is the day that you make sure you are living for yourself! 🙌🏻 What do you really want from your life?
Even if you feel like you are stuck, I want to tell you that that is a lie. We are all resourceful and can change. Yes, it will require courage and figuring out things differently. But when will enough be enough?
It’s integral to know about other small business owners so we can understand how powerful we are and know that the struggles we go through are not singular instances. We’ve all been there. We’ve all gone through it. There’s a trajectory of business growth. 📈It’s part of the process.
😎Take a breath and know that you’re doing the best you can by showing up and being strategic in learning and growing your business.
Today, let’s take a look at the 📌5 biggest problems for business owners. 📌 Knowing them and naming them will help us avoid falling into their traps!
⛔️PROBLEM ONE: CLARITY
One of the biggest problems for small business owners is a lack of clarity in terms of knowing what it is that you do, who you serve, who your target market is, and what the right product/service is to offer, and how to offer it. You need to know WHERE you’re going to win. Imagine that you have 10 soccer balls and 10 goal posts. You can use a different strategy and angle every time, but you won’t perfect your technique. But if you have 10 soccer balls and 1 goal post, you’ll get better SO MUCH FASTER! 🏃
⛔️PROBLEM TWO: VISIBILITY
People buy what’s in front of them. Potential clients and customers need to like and trust and respect you, but if they forget about you they’re not going to purchase your product or service. Marketing and sales is the engine to success! 🙌We need to innovate with our marketing and sales strategies while focusing on our target audiences.
To increase your visibility strategy, 👀answer the following questions:
⭐️Where does your target audience hang out?
⭐️How do they find you?
⭐️What are you the expert in?
You must become the expert in your winning space! 🤳🏼You can generate expertise in a number of ways, including hosting a podcast or offering services. Based on your business, determine what platforms make sense for you!
⛔️PROBLEM THREE: LACK OF PROVEN SUCCESS STRUCTURES
Systems, systems, systems! Success is not an accident. Success leaves footprints. 👣We know this! When we’re not successful, it’s often because we’re not following the right footprints and implementing the right strategy. So many business owners are winging it! You need to be sustainably, predictably successful. Implement strategies for success to ensure you can grow your business to the heights you want to reach. Are you implementing systems that keep you in continual struggle, or are you implementing systems that lead you to real financial freedom? Implement your million dollar strategy! 💸
⛔️PROBLEM FOUR: ACTION AND ACCOUNTABILITY
A million vision boards do not compare to a single ounce of action. 🏅You can have all the ideas in the world, but if you’re not taking action on the things that matter, it will simply be a dream. A lot of business owners know what they need to be doing, but common knowledge is not always common practice. You have to do the work, be disciplined and show up for your business, even when you don’t feel like it. It all comes down to a decision. 🙋
Personally, I haven’t had an easy journey. Last year, I made the decision: I was done dabbling. I was going to go for financial freedom RIGHT AWAY. I was done working hard, long hours for little financial reward. Two months after that decision, I 35x my income. 💰With 100% YES and no excuses, you can achieve this success.
You have to take ownership of your results and your experiences. If something isn’t working, it’s not the end of the world. Take stock of it and take action. What are the metrics you’re seeking?
⛔️PROBLEM FIVE: CONFIDENCE AND MINDSET
Mindset is everything. 🧠Success is 80% mindset, 20% strategy and tactics. You have to step into a higher level of confidence and energy than you feel. You must create the energy necessary to succeed! 💥
Remember: you’ve already won. When you were being conceived, there were 300 million sperm fighting to be the sperm that won. That sperm that one created you. You won the first race you ever entered into! Take that energy and don’t let anything hold you back. The only person that can give you the power you need is yourself.
To achieve success as a small business, you must be committed. Hard times are going to come; it’s just part of the journey. If you’re committed, you’re ready to hold steady and strong while weathering the hard times!
In the last post we talked about small business success and failure rates. This week, we’re going to talk more about small businesses in the US - and I guarantee there are a couple of stats in here that will blow you away! 🤯
Let’s start with the basics.
🤷What is a small business, anyway?
Small businesses don’t have to be that small! Depending on your industry, the definition of a small business depends on the number of employees and the annual revenue. 📈
📌99.7% of ALL firms in the US are small businesses. That’s 30 million businesses doing their best to offer products and services to their target markets!
📌47.8% of all US workers are employed by a small business.
In some industries, the definition of a small business maxes out at 250 employees. In other industries, the definition caps at 1,500 employees. 👀That’s a HUGE range!
But most businesses have nowhere NEAR that number of employees. Small businesses with less than 20 employees make up 90% of all US businesses, while 23 million US businesses have NO EMPLOYEES AT ALL! 🔥
To be successful as a small business, you absolutely MUST get a handle on sales and marketing. Success is not an accident. You’ve got to decide to be successful. Never undervalue who you are and what you know. Never underestimate what you are capable of. 💪
I will fight to see you and your business be one of the successful ones. But you have to want it too. You have to get clarity on the roadblocks and the obstacles, you’ve got to choose to overcome them, and then it’s time to win! 🏆🥇
To start a new business, you’ve gotta dream big. 💫
Remember those posters along your middle school hallway? The ones that said, “Shoot for the moon. Even if you miss, you’ll land among the stars? ” 🌙✨
It might be true for life, but it’s not always true in business. 👩💻Before embarking on a new business venture, it’s important to understand the statistics.
According to the Bureau of Labor Statistics:
❌20% of small businesses fail in the first year.
❌30% fail in year two.
❌50% fail after 5 years.
❌70% fail by year 10.
With stats like that, we MUST be strategic. 📈
But it’s not all gloom and doom! Starting a new business is nerve-wrecking. It’s okay to be anxious, y’all. It’s a big undertaking! When you focus on marrying strategy and passion to create your ultimate business, however, you can start with success. 🤩
Let’s look at those numbers from a different perspective.
According to the Bureau of Labor Statistics:
✅80% of small businesses with employees will survive their first year.
✅70% of small businesses with employees will survive their second year.
✅50% of small businesses with employees will survive their fifth year.
✅30% of small businesses with employees will survive their 10th year.
These rates tend to be consistent over time, no matter what else is going on in the world. 🌎
So what can you do to be one of the 30%? 🏆
First, let’s take a look at why businesses fail. The largest percentage of businesses that fail - 42% - fail because there is no need for their product or service. So start with research. 💻 Before you begin, you should be certain that there is a need for your business. If you’re offering something people want and need, you’re much more likely to succeed!
We’ll talk more about positioning your small business for success next week, so keep an eye on your inbox and right here!
You’ve found your passion, and you’re ready to make it your lifeblood AND your revenue stream. 💰 Now you need something to sell. 🙋
Let me re-emphasize that. Yes, you need something to sell that makes money. 💸💸
No money, no business. No money, you just have a hobby, and we don’t want that! 🙅
Whether your business is product-based or service-based, focus on a basic 3-tier offer ladder to bring in new clients at all levels and allow access for more people to engage with you!
To start, begin with a foundation of VALUE. 🙌
If there is one thing you take away from this email, remember: value, value, VALUE. 🙌
Give them a taste - provide valuable content for free, so that potential clients understand who you are and the work that you do. Once you’ve built trust through complimentary value, clients will join the offer ladder - and they won’t always start at the bottom! 🤩
📌Building trust is essential to your business success. People only buy from those they like and those who are top of mind. By providing valuable content, you'll remain at the forefront of their thoughts AND build the trust that's so necessary to successful sales! 📌
A basic 3-tier offer ladder contains 3 levels of products or services:
⚡️Low-tier: costs < $100
⚡️Mid-tier: costs $100-$2000
⚡️High-tier: costs $2000+
Every single tier connects to a complimentary content value offering. That is, you will shine light on your offers by providing valuable content for free to build trust and likeability. 😍🤗
Now, suppose you want people to know about the widgets you’re selling for your high-tier offering 💻→ provide valuable complimentary content and then mention that offering with an invitation ✉️ (for higher tiers, there will be different ways that you’ll have to engage your audience for the next step).
So again, the main takeaway here is as follows: have something to sell, and to help you sell your products or services, use an information strategy to help you along!
Yes, to make money, you gotta start with having something to sell! I want you all to be wildly profitable! 🔥💵📈
If you want even more guidance, reach out to schedule a 1-1 Profit Session with me about YOUR business! I’d love to walk through ways to make sure you’re being as profitable as possible! You can click here or press the button below to schedule a Complimentary Profit Session with me (value of over $1000).
Remember, I am your biggest fan, I am in YOUR corner, and I want to see you profit!
If you want to learn about my latest program (and group coaching experience) check out my FREE Profit Course, where I share five things you must do to build a profitable 21st century business!
Can I tell you all something? I’m so very happy.
🤩I’m 33 years old.
🤩I am single.
🤩My baby is … a company, less cuddly than a toddler.
🤩I LOVE my baby (company).
🤩My life is unconventional.
Oh… and I’M SOOO HAPPY. 🤗
I barely know how to change a diaper, I don’t know how to lock in the baby seat, I don’t know how to change a tire, and I barely have time for most things that need to be accomplished each week. 🤷I’m rushing around from here to there, from call to call, from video to video, and training to training.
And I LOVE it. I love every second of it.
At 33, I feel more confident, sexy, healthier, in my power than I ever did in my twenties. 🔥🧡
I know who I am and what I want, and I don’t apologize for it anymore. I stand in my power.
You see, I made time to get to know me, to learn how to prioritize me and love on me no matter what was happening in life or around me. I became a BOSS when it comes to boundaries 🏆— please, please master this skill too!
I chose the path less taken. 👣 It’s been HARD, but I chose it. I chose to keep trying until I’d figured it out. Happiness. Health. Thriving finances. Keep figuring it out. And I am sooooo happy. 😍
It’s been HARD. But I chose my suck. But that’s the beauty, in the darkest moments, crying alone in my apartment, not knowing what the next step would be, I knew I CHOSE this path. I didn’t settle for it. I CHOSE my hard. And I have loved even the hard parts because I felt in control of my life and my destiny. There’s nothing like that feeling. 💪I chose ME.
If you think about it, we all CHOOSE OUR SUCK.
You just gotta ask yourself if your suck is setting you up for the kind of life that sets your soul on fire. 🔥
Mine has. I created the life of my dreams! ✨ I worked without stopping for over a decade … a little immigrant girl who didn’t speak a word of English when she arrived to this country, a girl who at some point felt so worthless she didn’t think she should exist on this planet. How far away that feels. How happy I am now.
Keep going. CHOOSE YOU.
I chose differently. 👩💻I chose to build a company, well, companies, rather than build a family at a younger age. I decided not to settle when everyone told me that my path wasn’t conventional. I could be married, sure, but I am single and childless by CHOICE.
I don’t just want a marriage, no, I want an INCREDIBLE lifelong romance with my man and future father of my children. 💖I will continue waiting until I meet this warrior.
I didn’t just want to be a mom. No, I wanted to become a mom when it felt like the responsible thing to do- when I’d be able to still run my company(ies) AND have a life. When I could hire help to clean and cook. Maybe I won’t have my own biological children, but I don’t need that to be a MOM. The children who I get to raise will be SO LOVED and I will be one of the most amazing moms in the world, and I’ll do it MY way. Be the kind of mom for my kids I always wanted to be. ✈ We’ll travel the world together, and that education will be unlike any they could receive in school. 🌎
Yes, my choices have been less than conventional. And I’m not posting this to boast, I just want you to GET TO KNOW YOURSELF. Know what makes YOU happy and gosh darn it, go after it. You deserve to and CAN make your life a masterpiece, but you’ve got to claim it! 🙋
I’m also writing this for the young women (or older ones) who feel shame for prioritizing their happiness, going off to create their own adventure in a non-conventional way. YOUR LIFE DOESN’T HAVE TO LOOK LIKE EVERYONE ELSE’S!! 🙌
💥STOP GIVING AWAY YOUR POWER to people who should have such little say in your life. If you want to be liked and approved of by the world, you will never be happy. Set your own list of values and make YOURSELF HAPPY. Your neighbor, mom, sister, mentor disapproves of your choices? So what? It’s your ONE precious life, stop trying to shape-shift to make other people happy, gosh darn it, MAKE YOURSELF HAPPY. Stop giving so much weight to what others think or say.
If you listen to the beating of your heart, 💓choose the few people that will walk with you on this path (choose them VERY carefully), if you get to know yourself and make yourself happy every day, you will live an incredible life.
I am not a millionaire yet. 💵 But I realized I don’t need that to be HAPPY. I am living life on my OWN TERMS, making mistakes and getting bruised along the way, but I CHOSE this path. And that makes me so HAPPY. When I do become a millionaire, I’ll be a happy millionaire! 💵Work on your happiness and self-worth first!
You have to be relentless in going after your dream. You have to be the only one still going when everyone is telling you you are crazy. Believe me, I know.
BUT…if you follow your heart, your intuition, if you listen to that inner beating that is there, that inner voice… you will CREATE a life that you do LOVE 💖, where you and your chosen tribe will be happy and work through the hard times together. You will have said you CHOSE your life, you didn’t settle for it.
The world is my oyster. I’m building my company. I am helping change businesses to impact the world. I’m making time to spend with family. Dating has never been this amazing in my life! I am enforcing my boundaries in all parts of my life. I am showing up for me and my dreams every day.
I AM SO HAPPY. 😍
My wish is that you’ll go out and make yourself so happy too. You deserve it.
So tell me, what are you committing to make YOUR life a masterpiece?
THE PERFECT EMAIL IS IN YOUR REACH!
So you've got your list. Those folks who are invested in what you say. They've given you their emails, and you're sending out newsletters. But how will you engage them? 🤔
Let's talk about crafting emails. ✍️
It's one thing to get someone's attention; it's another to keep it. Great emails both capture and retain your audience's attention. They can help you sell, help you scale, and help you reach your wildest dreams. 🎇🎇🎇
Great emails are broken down into five major components:
💌Subject Line: Your subject line must be clear, short, and sexy! It must be engaging enough to entice the recipient to open the email.
💌Body: Use images and headings to break up long pieces of text. Don't be afraid to use emojis! We live in a digital world. Embrace it!
💌Call to Action: Best practices call for the same call to action throughout the email. Avoid confusing your readers - if you confuse, you lose!
💌Signature: Your signature can be text- or image-based.
💌Footer: How to connect with you - let them know multiple places they can find you to engage further with your content.
Above all, great emails have to provide value. Our inboxes are inundated with emails all day long - so yours needs to be one your audience wants to open AND read! Providing value in your emails is easy if you focus on making your email:
Your emails will feed your audience...and you'll have them coming back for more!
So many people have asked me to talk about money - so let's do it!
Confession: I love money. 🤑😍
If that statement made you puke in your mouth a little bit or made your stomach turn a somersault, KEEP READING. Money is, unfortunately, a taboo subject in our society - and we need to change that! In order to have healthy relationships with money, we have to change our mindset. 🧠
Let's start at the very beginning. Money is NOT the root of all evil. 👿It's a tool. Think of money like a hammer. 🔨 It's neither good nor bad - it's simply a neutral tool used by people for good or for ill. Money amplifies your own energy and accentuates the qualities you're already putting out into the universe.
Does this sound familiar? You secretly get excited when you have money, but you'd NEVER say "I like money" because it feels weird. You do NOT have to take a vow of poverty to do good things in the world! A healthy relationship with money can't be based on a constant battle between yourself and money.
So how do you develop an amazing relationship with money?
💰Start With Mindset. Scroll back up to the top. If my saying "I love money" made you uncomfortable, you will benefit from examining your money mindset.
💰Follow With Strategy. There is no lack of strategy when it comes to your relationship with money. There are books, courses, podcasts, and more all providing proven strategies for improving your relationship with money. But if you don't START with your mindset, you'll never follow through with the strategy. Set yourself up for success!
Over the next couple of months, I'm going to take a DEEP dive into the world of money in my Zero to Profit Blueprint program. Join me so we can do some serious mindset and strategy work together!
Confidence is EVERYTHING.
Don't feel confident? Good news! You don't have to be born with confidence. There are daily practices that can help you build your confidence muscle, and I'm here to share them with you!
I know you have a lot on your plate. You're managing families, teams, businesses, and households - and when you do it with confidence, it can change your whole life!
11 foolproof practices to increase confidence:
💡 Treat yourself well; practice self-love and self-care
💡 Create and enforce boundaries - practice saying NO
💡 Have clarity regarding who you are, who you are choosing to become, and what is most important to you
💡 Be in charge of your body language - build confidence with power poses
💡 Look hot and upgrade your environment
💡 Create your power name!
💡 Condition and schedule in confidence
💡 Door frame triggers and alarms (catch the video training to learn more)
💡 Be excellent. Practice discipline, integrity, and commitment
💡 Allow yourself to be a learner
💡 Own yourself - STOP comparing yourself to others
Above all, be aware of your self-talk. There is nothing wrong with celebrating yourself and liking who you are. Use these tools to live a life where your soul is on FIRE! 🔥
Watch my video for more confidence-building tips, and let me know which practice you're going to start implementing TODAY!
Sending a huge hug,
Working to radically improve the lives of a billion++ people via tech & mindset