Blog Archives
From Indie GoGo to Indie Oh NO!
Today’s Ask The Expert Post is from Dr. Letitia Wright America’s Crowd Funding Strategist! Be sure to Join us for at Stiletto Wealth Experience 2012 In November where Dr. Wright will be sharing her crowd funding know how on our financial resource panel.
There is nothing wrong with Indie GoGo and using it for crowd funding. But what happens when it all goes wrong? What happens when no matter what you do, you just don’t raise the money? This is really what this article is about. There have been plenty of successful people on Indie GoGo. If you follow a few rules, you will find success there too!
Understand what crowd funding is: Many people think crowd funding is just a bunch of people on social media handing you money. You just put the link on your social media and if 10% of the people click and give, you would be a millionaire! I am not sure how that rumor started but that is NOT how it works. Social media is a part of it, but only a part. You have to understand the strategy behind a successful campaign. You have to know what they did and be able to duplicate it. For example, if someone tells you they had a mailing list of 10,000 and they send each one three postcards. You have to look at your situation and figure out if you have the budget to do the same thing. If you have the budget, you must then find out what they had on each post card and how far apart were the mailings done. If you can’t duplicate that, then that strategy won’t help you as much as it did the other person.
Create a specific plan: For most people the plan is the basic 2 x 2 x 2. You know this plan. They have 2 websites to choose from- Indie Go Go or Kickstarter, They have 2 sets of people to share with- Their family and everyone else, They have 2 ways to get the word out- Emails and Social Media. That plan won’t work, as the millions of people who have tried it. Many people go into crowd funding without a budget, so the 2 x 2 x 2 plan is the only one they can afford. Your plan has to be more specific than that. There are over 500 websites to choose from and the list grows daily. If you only know of those 2, you have not done your homework. If you are only going to do a few emails and social media then you are making it hard. Most people do not have a large enough list for that to work.
Be sure you can deliver on your gifts: After you raise the money you have to perform. Currently, this is not a huge problem. There are some people who have not performed but no real scandal has happened in the industry. You don’t want to be the first one either! This is your tribe, if you scam them, it’s about you and your brand that is damaged. Almost no one does this intentionally. Be sure you budget enough money to do what you say you are going to deliver. There are a lot of hidden costs to doing crowd funding.
Dr. Letitia Wright is America’s Crowd Funding Strategist and has created a video series for those who are about to start crowd funding. You can access these videos at www.acflife.com
3 Sure Fire Ways To Know Your Worth
I’ve had my battles with self worth issues. Even as confident as I am.
I used to believe that an increase in income or a windfall will make everything better and loved the status that came from the things that money helped me buy. I used whatever credit and money I had to buy things that would impress others.
I believed money would solve all of my problems.
And with that belief came the presence of ongoing anxiety about my money status that occurred because my self-worth was linked to my net worth. I took crazy financial risks because I wanted to have the stories of big gains to impress people.
Little by little I had to make changes internally on both my conscious and subconscious mind around money and externally in the terms of shifting my business model as well as shifting the way I treat and pay attention to money.
One of the results is that I’ve become truly comfortable setting prices, and talking about money with clients and my family. As a result, I am much more successful as a business owner.
The truth is HOW you feel about money can have a significant impact on your overall mental and emotional well-being as well as your ability to generate consistent income.
So Here are my 3 tips:
- Get clear about your worth. State it, repeat it, own it. “Don’t mess around,” and be confident of the value that you provide. Build your self worth bank.
- Accept discomfort. Building a sense of self-worth can be challenging—even painful. Remember this…Everything you truly want is right outside of your comfort zone.
- Earn more now. Women earn 20% less than men. The fastest way to change your net worth now by earning more. Set lofty goals. Raise your fees. Ask for a raise.
- Never believe your “limitations. Stick with your vision, hire people to help and support you — You’re a wealthy entrepreneur. Wealthy Entrepreneurs Don’t Do It Alone!
I’d love to here from you…
How’s your inner sense of self-worth?
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
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
Unlimited Funding This Coming Wednesday
This Wednesday is going to change how you look at funding your business forever.
http://cashflowandcapitalsecretsmichelle.simplelander.com/
Hint: It has nothing to do with lists, nothing to do with business plans, having a big business, or perfect credit; and nothing to do with you walking into a bank at all.
In fact, you are about to learn how to get the money you need to do what you do best and take your business to the next level.
Meaning? Your Funding Problems are FINALLY REALLY OVER!
You need to be at on this call if you:
1) Are short on cash and can’t find money to start or grow your business quickly
2) Don’t know where or how to get the cash
3) Feel sick because you lost out on a great opportunity to sponsor and event and watched as other business owners took the opportunity and put profits in their pockets
4) Lack the confidence to raise money
5) Are frustrated and feel stuck
Wednesday April 18th at
6 p.m. PST
7 p.m. MST
8 p.m. CST
9 p.m. EST
Get Your Spot Here:
http://cashflowandcapitalsecretsmichelle.simplelander.com/
In this 90 minute call, I’ll open the door for you to receive an unlimited amount of money for your business – so you can finally kiss these problems goodbye:
1) No Cash
2) Losing out on lucrative business opportunities
3) Maxing out and Paying high interest rates on personal credit cards
4) Using Up Your Savings and Retirement Accounts
Were going to show you how to get in under the normal business lending radars and get exclusive, fast-pass access to funding for all your business needs (without ever having to walk into a bank).
Looking forward to it,
Shameca
P.S. This strategy has made all the difference in the world in my clients’ business. Now you can do the same. Get registered and we’ll see you Wednesday night:
http://cashflowandcapitalsecretsmichelle.simplelander.com/
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 access unlimited business capital, 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 Fatten Your Bank Account
MONEY. Sometimes it might as well be a four letter word. Have you ever felt if you ignore the topic it will go away? Did That increase your income? I Here it all the time…Shameca ” how do you do day to day management and monthly management of money in your business” and that statements if oftern followed by I’m not a financial persona like you. Shhhh…I’ll let you in on a secret. I’m not a financial person either. I had spreadsheets and all that jazz. And thats why i’ve created simple system that make the money part of business easier. Let me share a secret with you about money, It loves attention! I have three ways that will make tracking your money simple and doable.
So, how does a business owner manage money?
Why should you even pay attention to your money? Well, one of the attributes of money that I teach is “Money Loves Attention”. Just like most relationships, the more love and attention you give money the more of it you will make. This is true for everyone. From the person who avoids looking at your bank accounts and bills = a classic avoider. No worries – you’re not alone, I used to reside in that camp.
To the person who feels as though you don’t need any money to do what you love – you’re a classic martyr. Or maybe you just spend every dollar that comes into the door – you’re a spender. Or finally, you might hoard your money so close to you that you deny yourself pleasure and you aren’t growing – you’re a saver. No matter where you fall – tracking how much money is going in and out – is going to help you create a better relationship with money. And that will translate to more green stuff in your bank account and more massages and tasty restaurant meals (whoo hoo – I’m in!) Here are three ways to start receiving more money today:
ATTENTION: These three tracking mechanisms are not for your accountant. They are more for you to keep an eye on your money. What you do for your accountant may or may not be different.
1. Daily: Track Cash Flow: Create a Cash Flow Tracking Sheet: Here’s a simple system. Take out a piece of paper….YEAH I said a sheet of paper. Number it from 1-31 on the left – these numbers stand for the days of the month. On the top, write an inspirational quote for yourself. For example: “I am a money attracting genius and people eagerly pay me for the transformation I provide.” Also write down how much money you would like to attract over the next 30-60 days.
For example: 60 Day Goal: May 15th – $8,500. Now next to each of those numbers you will write down all the money that comes to you from ALL the sources in your life. It doesn’t matter whether it is business-oriented or not -all means all. If you find a $20 bill on the street, write it down. If your grandmother sends you a card with a check, write it down. For those of you that use a shopping-cart, Paypal or merchant account, write down the number that comes in from the day’s total. Every time you write your daily number down – celebrate, cheer, have a praise party. Show gratitude. Create and inviting atmosphere for the flow even more towards you. Remember, “money loves attention” .
OKAY. So I know some of you are thinking, “Shameca, I don’t make money every day. My sheet is going to be totally blank.” I want to encourage you that this process is almost magical. By month 5, you’ll be attracting more money than you ever did before. Why? Because you’ll be giving it attention of course. And we all know we get what we focus on. But don’t be misguided. You can’t just sit in your home and wish for the money. What you’ll find is that you start to get creative about how to attract money here, there and everywhere, namely bec ause there is a part of you that wants to fill your sheet. It’s not that different from the gold star tracking system that our elementary school teachers used. I mean who doesn’t want more gold stars?
2. Monthly or Weekly: Track Expenses: Ok, this one isn’t as much fun, but it is necessary. As a business owner, you also have to be aware of what is going out. The way that I do this is in excel. I set up a spreadsheet that has all the categories of my expenses for both business and personal in the first column. The second column is titled personal and the third column is titled business. Then I save every receipt everywhere I go – business or personal. At the end of each week or each month, enter the receipts into the business or personal column. If you don’t like the data entry of receipts there’s a cool tool called neat receipts that will input it all for you. That way you can get a sense of your spending for the month in various areas. You can also hire a bookkeeper to do thi s for you either in Excel, Quicken or Quickbooks. You can also learn to do it yourself in the software. It’s up to you.
3. Quarterly: Evaluate Cash Flow- Income and Expenses and Evaluate Your Money Making Strategy: First, evaluate your expenses: Have you ever looked at your credit card bill and noticed that you are being charged for a club that you totally forgot that you joined? Or that you haven’t used a software you purchased in three months even though you’ve been paying dues? It’s good to evaluate your expenses each month and make sure that you are still paying for what is important to you. You should also do a check on how much you’ve been paying for certain categories. I noticed once that my restaurant bill had more than doubled and it came with 10 extra pounds! You can bet I did some more home-cooking after that! It’s not uncommon for me to help my client’s find $25,000-$50,000 a year in fees and expenses that could have been eliminated. What could you do with an extra $25,000 – $35,000.
Second evaluate your Money Making Strategy: What launches worked well? Which ones brought you less money then you had liked? For example, I often see practitioners offering retreats where they either break even or make very little money on each client. When they work with me we figure out a service that takes less time and brings in a higher return on the investment. Decide what could you do differently over the next 3 months? Then change your Cash Flow Strategy accordingly so that you are doing activities that bring in the most amount of money and give you the greatest amount of pleasure.
In terms of making room for money and increasing cash flow, this is just the tip of the iceberg, but these activities alone can double your Cash Flow if you do them consistently. Good luck with it all and do let me know how it works for you. And feel free to tell me how you manage your money in the comments on my Facebook Page. I’m always open for new ideas
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
5 Books Every CEO Must Read
The Slight Edge by Jeff Olson
Olson takes the concept of compounded interest to a whole new level. His premis: If you will just put a penny’s worth of effort each day towards your goals, over time you will achieve them. If you are to be a successful CEO, make the Slight Edge philosophy a part of your daily attitude. Making a business work takes a lot of time and effort. Your effort must be a little bit every day, and consistant.
Raving Fans by Ken Blanchard
Blanchards work focuses on organizaiton excellence presented in the form of “legendary customer service”What is a raving fan? The premis: “If you really want to ‘own’ a customer, if you want a booming business, you have to go beyond satisfied customers and create Raving Fans.” A raving fan is an advocate of your products or services in the marketplace and an integral part of successful businesses.
The 7 Habits of Highly Effective People by Stephen R. Covey
Habits are a matter of choice. In this book Covey dives into the depths of our attitudes (paradigms) and principles to help us identify “where we are coming from”. Once we can identify which of our paradigms are keeping us from interacting effectively with others, then and only then can we truly begin to work on changing them.
The E-Myth Revisited by Michael Gerber
Gerber’s book is all about why most small businesses don’t work. To me it is the very summation of the definition of insanity seen in the business world everyday. Don’t get caught in the rat trap and the lie of entreprenuership, thereby only creating a glorified job for your self. Discover the Five core leadership skils as defined by Gerber: Vision, Discrimination, Strategic Thinking, Commitment, and Inspirational Communication. A definite must read for CEO’s
Think And Grow Rich by Napoleon Hill
This is likely the book every most CEO’s have read as budding entreprenuers, or at least has been told it is a must read. Who wouldn’t want to learn how to just think about being rich and have it happen? Published in the 1930s, the personal issues Hill wrote about Like the thoughts and behaviors that hinder people’s success in acquiring riches are still relevant today.
Top 10 Costly Business Credit Mistakes to Avoid (Part 2)
Costly Mistake #2: Destroying Your D&B File by Checking it Yourself!
Can you go to Dun and Bradstreet and check out your own profile or check to see if you even have one? Yes, You Can!
top secret business credit mistakes
But here’s the problem, if you go to Dun and Bradstreet too early and pay them to set up a credit profile, they’ll give you a number and access to log in to see if you have a credit profile. That won’t help you if you do not have a profile with D&B.
Depending on what package you get. The package can cost anywhere from free to $700. With the purchase of some of those packages they say they will build a credit profile for you. They really won’t do it. They’ll just get a number for you and they’ll see if there are any vendors you currently work with that will report.
Then when they start to check your corporate compliance, if everything isn’t in order, they will redflag you or put comments on your file. “Secretary of State lists this persona as a CEO. This person from the company listed somebody different as its CEO.” They will start putting things in your file that is potentially negative information. (insider information from a former Dun and Bradstreet employee)
3 Ways to Protect Your business- A Conversation With Janise Graham
http://www.blogtalkradio.com/btrplayer.swf
Is Your Personal Credit Affecting Your Business
Want to know how your personal credit will affect your business? Don’t miss the Do It Yourself Credit Repair Workshop!
Obviously, if you currently have poor or bad credit history, it’s best to work on improving the status of your credit first before submitting your business loan application. Otherwise, you may just get declined by your lender. Banks and lending companies seek out applicants with good or excellent personal credit history.
You see the advertisements in newspapers, on TV, and on the Internet. They all make the same claims: “Credit problems? No problem!” “We can erase your bad credit – 100% guaranteed.” Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
This workshop will include:
• How you can improve your credit worthiness and legally dispute negative information on your report.
• How to obtain a free credit report and understand your credit rating.
• Understanding the credit scoring system.
• Secrets to getting business capital with less than perfect personal credit.
Bring a recent copy of your credit report and get it reviewed by an expert!
Program of:
Inland Empire Women’s Business Center
SPACE IS LIMITED!
Register online at www.iewbc.org Tuesday November 2, 2010 Time: 6pm -8pm
Cost: $10.00 Online or $15.00 at the door
INSTRUCTED BY:
Author of Credit Repair For Entreprenuers, Speaker, and Business Finance & Credit Advisor
Play BIG #Power Player 