Category Archives: Business Management

So….Who’s Gonna Pay For That?

The Money is Already Here! It has not left the planet.

Contrary to popular belief and the financial doom and gloom stories you here on the news, Money HAS NOT left the planet. The biggest objection I hear from people working with me is, “I would love to, but I don’t have the money”. AND I know it is the biggest struggle you have when landing clients, as well. Out of all the objections for people to get the help, support, coaching, or consulting they need, money is the biggest. I have spent a lot of time finding ways to coach people into reality. The reality is two things:

1) We always have the money to do the things we REALLY want to do.
2) You always get exactly what you need when you need it.

If you believe Universal Truths of Abundance you will know the money is always there. Now, I do know some people do not know where to look for the money and that is where I come in. I thought it would be very helpful to share this with you for two reasons:

First, you might be telling yourself you can’t get the support you need because YOU don’t have the money.

Maybe this will help.

Secondly, it will help you in speaking to clients who say they don’t have the money.

So, here we go – 10 ways to get the money you need every time!

1) Business Loan. There are many small lending institutions (especially locally owned banks) that want to help finance small business because the  entrepreneurs are doing well in this economy.

2) “Business Loan.” This is what I call a job or part time job. I think if you TRULY believe in your dream then you must do whatever necessary to realize that dream. A stream of income will help you go from NEEDING clients to wanting clients. And do not look at it as a job – it is a business loan to fuel your start up.

3) 401ks and other investments. Your accountant will probably tell you this is a horrible idea but is very possible to used some of your retirement as seed money. That money can definitely be used to grow your business. With so many retirement accounts shrinking with the craziness in the market be very aware that one very good investment you could make is an investment in YOU. There are even ways to roll the funds into your business with NO penalties.

4) Low Interest Rate Credit Cards. We have a really messed up view of credit in this country. Debt has been made to seem evil (I could go on for days about this), but good debt is a very useful tool. In fact when structured properly business credit cards will not show up on your personal credit report so there’s no negative impact to your FICO score for having to much debt.  Good debt is debt you incur to finance a project or dream that will give you a return on investment and you have a plan to pay it back. You are using it to learn, grow, and develop to bring in revenue from your business. No one really blinks at student loan debt, but we all get nuts when we, say, put a coaching program or mentor on a credit card. What’s the difference? There isn’t – at all! One has just been conditioned by society to be okay. Check out the Cash Flow & Capital Secrets course.

5) Got Junk? I have had clients (actually right now) finance their dreams by selling gold, putting cool stuff on ebay, or selling a car they no longer wanted or needed. David Neagle, first financed his dream by selling a boat. Suzanne Evans spent a year selling yard sale finds on ebay to pay for a vacation AND her coaches. See how creative you can get?

6) Get Started NOW! Many of you are waiting to have everything perfect or in place to get clients and make money. I guarantee you know enough now to start working with people. Maybe you will have an introductory rate or special for the first 5 clients you work with, but there is no need to wait. You can start making money now!

7)The Bank of Friends and Family. Many times friends and family are happy to help and will charge you a much lower interest or no interest. If you are in the UK, Australia or South Africa, Richard Branson has made this very easy with www.virginmoney.com He has created a program that helps friends and family create loans and have tracking, accountability, and make them professional and organized. He calls them social loans. Crowd Funding is a more widely used term.

8) Make a Cash Flow Change. Look at your full budget and spending – I have never seen one person or family that didn’t have something they could tweak to find money for their business. Is there a tweak that could be made to your daily spending? Hobby spending? Where is there waste in your weekly budget?  Are there services you haven’t used in 60 days or longer that you pay for every month? If so, cancel them. You can always start them again if you need them in the future. It can be amazing how easy it is to find $100 or more a week with small changes.

9) Apply For a Home Equity Line of Credit. Some banks offer home equity lines of credit that let you borrow up to as much as 85% of the appraised value of your home. Depending on the value of your home and what you still owe in other mortgages, that can put a significant chunk of money at your disposal for starting your business. The downside: you’re putting your home at risk. This is not an option for everyone, but it is a great option for some. Always understand your risk and all the details.

10) Make The Decision. You or your clients do not need the money for coaching /mentoring/support until they make the decision to get support and play a bigger game. Anything is possible when you make a decision. Many people think they have made a decision, but here are the facts. A decision is ONLY when there are no other options. There is no failure or stopping buckets to put your balls in. You do whatever it takes. And you will get the support you need to make it happen because when you decide, heaven moves to support that decision.

There is divine provision waiting to fund your dream! Heaven is ready to move on your behalf. The money is already here!

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

3 Essential Steps To Creating A Cash Flow Breakthrough

MONEY is probably one of the most emotionally charged words on the planet, yet it is vital to understand and harness in order to live a full and purposeful life.  As women business owners, we need money to invest in the things that will help us grow our lives, ourselves and our businesses to the next level.  But here’s the problem: What do you do when you’re not making enough of it? What do you do when you make a decent income but still feel like there is never enough of it?  What actions do you take to make more of it? How do you create an cash flow breakthrough?

There are 3 things that you must do.  These 3 things are simple, but they aren’t always easy.  Getting into the flow with money and developing a healthy relationship with money is a journey.  What I can promise you is this, The liberated person you will become on the journey to creating your breakthrough will far outweigh any sacrifices or changes you need to make in the process.

Here are the 3 essential steps to create an cash flow breakthrough:

1) Make A Heart-Based Decision: There is a reason why this needs to be a decision that YOU make from a heartfelt place. The reason is this:  If you don’t make your decision from the heart, you won’t be committed enough to following through on making it happen.  For example, if you simply make a decision to “Make $10,000 in the next 30 days”, that may not give you enough juice to do it.  But if you make a decision to “Make $10,000 in the next 30 days” because you want to have enough money to take your kids on vacation next month, that is from the heart. You need to know the heartfelt reason(the why) behind why you want the money.  Doing this will ensure your decision is  in alignment with who you are and what you really want.

2) Shift Your Thoughts: You may have heard it said that you can’t bring more money into your life with an old mindset (and this is so true). Likewise you may have heard that your current thoughts, feelings, attitudes, decisions and actions are what dictates your current results (and this is true too) but I’d like to take this one step further (let’s go deeper).  The real reason why you are where you are and that you’re not making the income and don’t have the cash flow you want is because of how you see yourself.

In order to make more money in your business you have to change your perception of your own identity. You have to LET GO of the attitudes and emotions that have been locking you in to your old identity and you need to create a new identity.  See the treasure that you are.  Unlock the unique priceless God given value and gift that you are to the world.  This is the main thing I’ve done over and over again to create cash flow breakthroughs and it is what you MUST do too. You must see yourself differently. You have to see yourself as the wealthy visionary leader and successful business owner on the inside before you can ever be a successful business owner on the outside.

There is no way you can get around this. And when you change and shift your thoughts in this area your EXPECTATIONS of yourself will change. You will no longer allow yourself to do, say, feel, think and act the way you did before because you won’t see yourself as that person anymore. This must happen for the cash flow breakthrough to occur.

“A mind Expanded can never return to it’s original state” ~Albert Einstein ~

3) Take Strategic, Courageous, Audacious Action: Strategic and courageous are two very important words here.  You can‘t create an cash flow breakthrough if you’re not following the right income-boosting business strategies to create the breakthrough. It also takes a lot of courage to change, commit and take action on making these new cash flow-boosting business strategies a reality. If you combine strategy, courage, and the audacity to boldly step into the incredible gift that you are , you’ll have the winning combination to finally have your cash flow breakthrough.

Your Assignment

My mentor’s request to you is that you take some time this week to really dip into your heart to see if you’ve really made a heart-based decision to get what you really want, if you’ve shifted your thoughts about your identity and how you see yourself, and if you’ve take strategic and courageous action towards your business and income goals. If you haven’t, now is the time to follow these 3 essential steps and make your income breakthrough a reality.  Remember, what I’m asking you to do in these 3 essential steps is simple but it isn’t easy.

It’s time to put on your “Big Girl” shoes and play a bigger game! 

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankersonis a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

3 Simple Ways To Give Your Business A Financial Fresh Start For This Year!

As a woman entrepreneur, whether your business is robustly moving forward or you’re just getting started, its common to have a bit of “emotional baggage” (or negative money B.S. as I like to call it) you may be carrying around, that is slowing you down.  For example, maybe you have debt or perhaps you’re ready to increase your fees. but you’re feeling a slight twinge of guilt or fear that people won’t pay.  Or maybe you see the perfect mentoring program you want to invest in but your spouse is skeptical that it will be a wise investment.  Once thing is certain, if you carry past baggage with you into the new year, you’ll have a much tougher time creating success.  which is why this is the perfect time of the year to give your finances a fresh start.

The mistake that most women entrepreneurs make is not knowing exactly what type of financial actions they should take.  Let’s be real, it just isn’t a topic that is discussed.  which is why i’m sharing 3 of my BEST tips with you on how to give your finances a fresh start as you head into the new year.  And while you may not be able to wave a magic wand or sprinkle a little pixie dust and magically make your debt dissapear or make your husband change his mind, you can create a plan that addresses the emotional and practical aspects that make of every woman business ownere’s financial future.

Tip #1 – Stop Being A Victim of The Past and Falling Prey to Your Money B.S.
Women hold themselves to a level of perfectionism that leaves no room for mistakes.  Trust me we’ve all lent money to people we shouldn’t have, let worrying about what others think keep us playing small, given away our power with money,  or we’ve made decisions to purchase something that we later regretted.  You can’t change the past but what you can do is stop carrying it around with you!  So instead of feeling guilt or shame or blaming fate or circumstances for what’s happened, learn to forgive yourself.  Forgiveness is an act of the will, extreme compassion and understanding for the tiny part of you  that was doing her best when you made those decisions.

Tip #2 – Don’t Let The Debt Demon Stop You From Growing Your Business
I often this from many women entrepreneurs, ” Shameca, how can I invest in growing my business when I have debt?”  Or they’ll say, ” I don’t want to pile on more debt”.  First realize the best way (or chance) to pay off your debt (most likely) will be by growing your business, because you’ll have the increased cash you need to make more than your minimum monthly payments.   Next, understand that investing in growing your business while you may still have debt makes perfect sense if you are committed to taking action and implementing.  I’ve metored hundreds of women entrepreneurs on my simple cash flow debt pay-off strategy and i’ve discovered that those who take massive decisive action in their business are the ones who also pay off their debt faster than others.

Tip #3 – Create Boundries Around Money That Empower You And Others
Women tend to cave in on their boundries because in some way they feel responsible for other people’s feelings.  But giving in means giving up on your self-respect  and losing the respect of others.   And those yucky feelings and negative energy ofter flow through to other areas of your business, impacting your fees, the types of clients you attract, and so much more.  My advice?  Its far better to experience a moment of discomfort while upholding a boundary than it is to untangle a money mess later on.  No I’m not saying you need to be the wicked witch when it comes to maintaining a boundary.  Boundaries are easily upheld from a place of kindness, consideration, and connection, all of which helps you stand in your power with confidence!

Want to use this article on your website or your own ezine?

No problem! But here’s what you MUST include:

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

I’m Off Vitamins Forever

Just the other day I attended a training call with one of my mentors Adam Urbanski.  I had the most profound AHA after adam made one statement.  He said the problem that most entreprenuers have will selling their products and services is focusing on the process or the details of how they  will deliver to their clients instead of focusing on the benefits. 

Now I’ve heard that before and have implemented focusing on the benefis to my services.  But then he says:

People don’t buy because what you are presenting is something they can do without.  They could wait a couple of weeks, 6 months, or even years.  They feel like they can keep going in their current state with or without your help.  The reason:  YOU ARE SELLING VITAMINS

I thought: He’s absolutely right.  How many people take vitamins everyday even though they know the vitamins are good for them and the vitamins will make their body’s feel better and function more efficiently.

But what If the doctor diagnosed you with a terminal illness and told you that there was a plant in a remote bush town that when broken down and put in an easy to swallow capsule would cure your disease in a matter of months or even weeks..guaranteed. You’d move hell and high water to get that plant.  You know that you can not live without it…right?  You know that without it you would eventually cease to exist.

You’ve all heard me say that the number one reason businesses fail is lack of capital. In fact almost 90% fail withing the first 5 years.  So its definitely inevitable without cash flow, cash, mulah, money, You business will not make it.  BUT what I realized is explaining that to people is in fact just a vitamin because the hope is that somehow the company will make enough money to sustain its self.  Even though the odds are against them, many entreprenuers take that gamble every day.

They would rather struggle on the cash flow roller coaster or Play russion rouletter with the retirement accounts.

The Pill:

How would you like to double your cash flow in 30 days or less.

Here’s what I mean: 

What if your bank account could go from this

 

to this

 

In 30 days or less.  Well that’s what I do for my clients.

 

No more vitamins…Let’s be real…you need a pill!

Apply this principle to your own business and see if you create your own AHA moments.  Remeber how you get theire is virtually irrelevant….the client is asking What’s In It For Me?

3 Easy Ways To Eliminate Your Competition

Eliminating your competition is the easiest way to increase your chances of business success.  When I say eliminate, I mean … take them out of your prospect’s consideration, so your prospects ONLY think of your business, product or service when they are contemplating making a purchase. 

This is pretty easy to do if your business is not in a competitive industry.  But let’s suppose you are in an industry where there’s a slew of compitition, like coaching, consulting, or speaking.
 
How can you make sure your prospects ONLY think of you — and therefore only BUY from you — and not all those other coaches, consultants, and speakers?

Here are 3 easy ways to elimate your competition.

(1)  Find a position in the category  that none of your competitors focus on that you can own (a Niche).

This will separate you from all the other businesses and will make you uniquely qualified in the eyes of your prospect to fill their specific need.  It puts you in a class of your own and virtually eliminates the competition.

(2)  By joining forces with your competitors

What the heck? Yep you heard me right!  You can turn your competitors into a partners and prosper.  Are there businesses or individuals with whom you could partner, with the idea of referring business to each other?

For example, a wellness coach could partner with a weight watchers clinic or a health club or a massage therapist. All of these practitioners are selling improved health and well being, but they can also be positioned as complementary services.

Or, let’s say you are a web site designer and you decide to focus primarily on working with small businesses (a market niche). You could create a partnership with another web site designer who has decided to focus on large corporations.

If you both agree to only take on business that fits your identified niche, and to refer business outside your niche to the partner, you both win.

(3) Being YOU

Remember this: No one does exactly what you do. Or in the quite the way you do it.  When you are your authentic self…You will attract those who naturally connect with your personality and stye of doing business. Develop your own signature system and process.  Name it and Rock It!

Check out this quote from a well known superstar that rocked his own style:

“My mother said to me, ‘If you become a soldier, you’ll be a general; if you become a monk you’ll end up as the Pope.” Instead I became a painter, and wound up as Picasso.”~ Pablo Picasso. Just be you, and share your Light with the world. You really are more than enough.

There is not a business out there that cannot effectively use one of these two strategies to significantly reduce their competition.  So figure out which strategy fits your business best, and make it a priority to eliminate your competition this year.

A Business Credit Card is Essential

If you are running a business out of your home, then there are many details that you need to keep in mind. You should probably be reading up on as much information that you can get ahold of on having a business at home. One of the most essential pieces of running a bussiness from home that you absolutely need to know from the start is to get a business credit card to use for everything related to your business.

Unfortunately, as a business consultant, I have talked with far too many business owners that come to me after failing at running a home based business. Why?  Poor management of finances. Far too many people use their personal savings, retirement, home equity, and credit and that is a very dangerous thing to do.

I thought that the importance of seperating your business credit and personal credit was obvious, but maybe it is not.   Registering your company with the business credit bureaus and getting business credit cards that don’t show up on your personal credit ultimately allows the home based business owner or Entrepreneur to have the freedom to truly keep their personal finances and their business finances separate. This is essential throughout the year and obviously when it comes to tax season as well.

There is no reason why the finances of a home should be mixed up with the finances of a business. Keeping the credit profiles, credit cards, bank  accounts completely seperate will set you up for more funding options in the long run.

Here’s the bottom line: Entrepreneurs and home based business owners need to separate their business and more so because they usual operate from virtual office spaces or from home. This will be impossible without registering your company with the business credit bureaus and establishing  business credit cards that do not report to the personal credit bureas. So apply  If you want a widly succcessful enterprise you must do what widly succcessful business tycoons do.  It will make a huge difference to the organization and success of your company and ability to raise capital.

 

Why Every Small Businesses Needs Debt Management

 Here’s the deal.  Wealthy individuals, and many who have plans to build wealth, hire financial planners. What is  a financial planner’s job? They manage assets. One of the most common problems that business owners face is not in management of their assets but in managing their debt. The more wealth people have the more debt they usually inccur and in order for the business to grow they must have access to capital (aka Mulah, Money, Cash). Access to capital usually means creating more debt. The key is to properly structue or create the debt.  To do this successfuly requires strategies that most business owners are not trained or prepared to do.

Managing Business Debt is not just about paying your bills on time. When done properly you can create a well oiled machine that turns your company into a widly successful thriving enterprise.

The Goal:

Manage Business Debt Effectively

Leverage ALL  of Your Companies Resources 

Create Assets an Increase Cashflow

Stuggling with Cash Flow? Try Unsecured Business Credit Lines.

At some point in time, the reality with most businesses is that fluctuation periods would eventually come and such companies will have to face problems regarding their cash flow. A company may experience a financial crisis wherein more cash may be going out than entering as profit.

It is very important for any enterprise to never run out of funds.  Having an unsecured business line of credit could make all the difference. Assuring that your company has an unsecured line of credit will be a big step of precautionary on your part to keep your company afloat, even when faced with financial crises.

What Is An Unsecured Business Line of Credit and How Does It Help?
 
An unsecured credit line for your business is a type of financing resource that can provide your company with the money that it needs without requiring collateral. Having such a credit line for your company can be of great benefit, especially when faced with problems on cash flow. This can provide you with the temporary funds that your company may need for operations to continue.

In running your own company, sometimes being prepared for possible problems  play a big role in helping you ride the tides of business. For sharp entrepreneurs, even when there is no immediate need for the extra funds, having an unsecured credit account at hand will be a good cautionary tool for anything that could possibly go wrong with the business.

After all, you can never know exactly when your company might experience cash flow problems. But knowing that you have back up when funds become unexpectedly tight through unsecured business lines of credit, will surely set a whole lot of difference for your business to step up the ladder.

Shabby Business Image: What Does Coporate Image Have to Do With Getting Capital

Your company’s image is a huge part of it’s credibility.  There are actually creditors and vendors who will not finance your company if you don’t have a website or aren’t listed in the 411 directory.   Yep, that’s right! It is equally important your company complies with both local and federal laws and ordinances, thus supporting the integrity of your business entity. The truth is lenders are not required to share their lending criteria or compliance formulas used to determine which businesses they approve or deny.

Does this sound familiar:

You need to borrow capital for inventory, new space, upgraded equipment, a new phone system, internet marketing, expansion, or simply to have an emergency cash cushion.  You are confident in approaching a lender to request a business line of credit, after all,  your business is profitable and you have your business checking account with this lender. They are familiar with your business.  The process couldn’t get any easier, right? You can breath a sigh of relief.

Finally,  you receive a letter in the mail from the lender, “Dear ABC Company, we regret to inform  you that your request for credit has been denied.”  There is usually no understandable explaination in the letter other than your business did not meet their lending criteria.

80% of small businesses are forced to close their doors forever because they could’nt get the capital they so desperately needed. Don’t become another statistic put your business in the hands of a Business Cash Flow Strategist that is familiar with compliance requirements so you can get the funding needed to grow a successful business.

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level, create consistent cash flow and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

5 Compelling Reasons Your Company Needs a Business Finance Consultant to Obtain Capital

As the owner of a company the task of obtaining capital for your business can be quite intimidating.  The reason most businesses are unsuccessful because they don’t have the slightest clue where to begin in the funding process. This is why seeking expert assistance is so important.  Here are 5 compelling reasons your company needs a Cash Flow Strategist to obtain Capital.

1.  Out of the 7 million businesses who apply for funding each year, 5.6 million don’t qualify at banks.

2.  The Small Business Administration reports that 97% of business loan applications fail.

3.  80% of businesses fail in the first 5 years due to lack of capital

4.  Lenders are placing more emphasis on business credit scores. The business MUST have three separat business credit scores.

5.  Attempting to obtain business financing using personal credit can severely limit the amount of capital available to the business.

This is why many business owners turn to a Business Finance Consultant to help them create a funding plan, establish their business credit and navigate the business funding maze.

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

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