Category Archives: money

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?

Is Your Money Mindset Crippling Your Business?

The latest statistics from the Small Business Administration’s latest stats show that new businesses have a 50 percent chance of surviving beyond the first five years.

Some common factors that contribute to business failures are:

 #1 Insufficient Capital,
#2  Poor Management and Lack
#3  Planning
 But, there is a silent enemy that can also doom business success. This enemy takes residence in the battle field of  the mind–our money beliefs. Our beliefs about money is rooted in our deeper beliefs. Our self-image, perception of value and experiences (you know… our stories) all influence our money beliefs. Becoming aware of our money beliefs brings clarity into our way of thinking. Unhealthy money beliefs (money mindset) can destroy a successful business.
Here are some warning signs:
Excessive discounting
A strong need to be all things to all people
Operating in a constant state of fear.
There are behaviors that may indicate an unhealthy money mindset. In my new book, The Money Masquarade: It’s Time to Remove the Mask and Make room for the Money, we call the song and dance we perform as a result of our money beliefs and perceprtions, The Money Masquarade. .
Here’s a tip on how to increase you Money Moxie while igniting the power you have over money to create a wildly successful enterprise.
One of the keys to removing the money masks is to uncover deeply rooted beliefs and question their validity. Entrepreneurs who assess their business’s potential to make money without first taking inventory of their own money mask are potentially setting themselves up for failure. Money is the energy that mobilizes every business, an entrepreneur’s money beliefs will show up within every business structure. Businesses fail for a many reasons, but you can increase your chances of success by dealing with your money mask and developing positive money beliefs.
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

A Crash Course In Credit Scores

If  you had no idea that there is a totally different credit scoring system for businesses than there is for people, don’t fret—I’ll explain.

Personal credit scores range from 350 to 850.   All three of the credit bureaus—Equifax, Experian, and Transunion—offer  FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.

Business credit scores range for 0 to 100.  The major business credit bureaus are Dun and Bradstreet and Experian Insights. Unlike their counterparts the business scoring system is not complexed.  It is quite simply based on payment history.  Each credit bureau does however, give  the scores a different name.  At Dun and Bradstreet the score is called a PayDex and at Experian it is called an Intelliscore.  Here is the bottom line in this crash course:   Good business credit scores PLUS good business credit scores  gets you access to lots of business funding!

What Are You Free To Do?

Money Won’t Create Success, the freedom to make it will. ~Nelson Mandela~

Pursuing Your Passion is Fulfilling and Leads to Financial Freedom.  ~Robert G. Allen~

The Best Thing About Starting A Business is It Gives You The Freedom To Do Your Own Thing. ~Paul Clitheroe~

In honor of independence day, I’ve decided to blog about financial freedom.   As an entreprenuer, my business gives me the freedom to do so many things. 

  • Instantly Create Money Making Opportunities
  • Spend More Time with My Family
  • Use my gifts, talents, and knowledge to impact and empower the lives of others

As I work with coaches, consultants, and service based business owners on a daily bases, the common thread of desire is financial freedom. In order to achieve financial freedom you need to establish a roadmap for financial success and have the right mindset.

How often do you dream about financial independence, but struggle to believe that it’s actually possible for you? Are the business expenses piling up? Do you fear the financial obligations that come with the next step of growth?

 I have a message of hope. 

You can achieve the financial independence you deserve if you know the right choices to make and you’re willing to believe that you can do it!

When you get your financial situation under control, the benefits you experience will touch every area of your life. Many of the daily stresses you face that seem totally unrelated to money will disappear. Your physical health will improve quickly as you regain control of your stress levels. Plus, you’ll be able to think more clearly about your goals and dreams.

 Less stress means the more time to enjoy your family and nurture the relationships that are most important to you. Small steps in the right financial direction can give you the freedom to enjoy your life!

Are You Really Ready to Quit Your Day Job

Business startup funding is an absolutely critical element in launching a successful business.  If you assess your personal and business expenses, eliminate the extras where possible, and asequately plan for sources of alternate capital then you should be able to secure adequate business startup funding.

Business startup funding is always a huge worry.  Do I have enough money to start? Can I quit my job to concentrate full time?  Will I be able to cover my monthly expenses?
   
When the time comes to actually launch your business you must have done your homework regarding your business startup funding needs.  The truth is you need to be prepared so that if the opportunity to accelerate your launch presents itself, you’re ready.  
   

Assess Your Personal Finances

Take  out your checkbook and credit card statements and review all of your personal expenses.  Total up your personal expenses. Have you ever heard the saying, “how we do one thing, is how we do everything”?  If your personal check book is out of whack, chances are your business check book will look the same.  If managing finances is not a strong suite, then you may want to outsource that part of your business.  That will be an additional expense you will need to account for.  
   
Take Inventory of your personal credit.  If all three credit scores are not above 720 or you have high balances on your credit cards, you have work to do.  Develop a plan to pay your balances down and begin taking steps towards improving your credit.  Get educated and learn as much as possible about how these areas affect your ability to get funding.

Evaluate Your Business Expenses

Another element of business startup funding is your minimum business expenses.  Luckily, coaching, consulting, and service based businesses are  not a capital intense ventures.  You will have business expenses to cover though, so you must analyze what those are and figure them into your business startup funding needs.

Do the Math

Total up your personal and business monthly expenses. To launch a successful business you need to have at least six months of cash in the bank OR an alternative source of affordable capital.  Many people won’t have 6 months cash to cover their business startup funding needs.  If this is you, you will need to find, or keep, a job.  

   
Securing adequate business startup funding is one of the most challenging aspects of launching a small business.  You don’t want to minimize its importance though.  Inadequate business startup funding is at the root of many business failures.  

   
The Bottom Line on Business Startup Funding

 Having enough business startup funding means being prepared and applying to all the funding you need early.  You have to know where your money will be  going and have enough to cover 6 months of expenses.  Be really clear on this. There are plenty of practical ways and opportunities of securing the funding you need. There is money available you just need to learn how to get it.

The Most Powerful Way to Leverage Business Credit

Unlock Capital

Tips to Unlock Business Capital

CEO’s of new businesses should be aware that most Start-up businesses do not reach a level of profitablility and cashflow for while. The accurate use of business lines of credit along with a great business idea and plan can kick start the process.  Business Lines of Credit are very flexible tools that allow you to make payments out of th money you have set aside from your initial cash draw while you uild your business!

In the world of Business Credit, this is called seasoning money.  Seasoning money means to set aside some of the cash you withdraw from your business lines of credit and place it into another account for future use.

Here are some great reasons to season money from your business lines of credit:

  • keep money that can be used to repay the monthly payments on initial credit lines while you build the business
  • have money available for salaries during business start-up
  • Strengthen your balance sheet with good cash reserves
  • Use cash as collatoral or leverage to secure new loans
  • Cash cushion available for emergencies

The most powerfule way to leverage business credit is to use the cash from business credit lines to open accounts and establish relationships with small regional lenders.  These local lenders are more likely to offer you lines of credit if you season money in an account at your local bank.

%d bloggers like this: