Are you the boss of your business or is your business the boss of you?

Are you self-employed or are you a business owner?

By LaTasha West

Do you know the difference in being a business owner and being self-employed?

When you started your company, what was your vision? Are you achieving that vision?

Most entrepreneurs start out as being self-employed and eventually move into business ownership. However there are some, myself included who get stuck in the “self-employed” stage. If that is not where you want to be, then you will become drained, frustrated and feel discouraged and stagnate.

So how do you know if you are stuck being self-employed when you want to run a business? Here are a few signs to let you know that you are self-employed.

·        

             If your business can’t run without you

·         If you are actually the person making the product or providing the service

·         If you don’t work, then you don’t get paid

If this is you, you are most likely self-employed; you created a job for yourself!

Now if that was not your plan and you would like to have more time, more flexibility and greater earning power it’s time to discover how to go from being self-employed to being a business owner.

Here are a few steps to get you started

1. Determine what processes in your business can be automated

2. Hire some help, even if it’s only contract or part time

3. Create a passive income stream

Can you see the difference between being self-employed and owning a business? Those who are self-employed work “in” their business, those who are business owners work “on” their businesses.

If you are not where you want to be, don’t fret, start making changes!

Staying focused on your focus

"Image courtesy of Michal Marcol/ FreeDigitalPhotos.net".

Staying focused on your focus

By: LaTasha West

If you are anything like me or like most creative minds you have at minimum 10 new ideas a week. The super hero in you tells you that you can do each and every idea that comes into your head, but I have to share a secret with you. That’s not the best idea.

Trying to do too many projects at once can cause you to be overwhelmed and you may get burned out. Believe me when I say I know, I have found myself working like a mouse on a wheel trying to get 6 projects launched at basically the same time. It was terrible and quite honestly I was working, working, working and getting nowhere. You have to decide what to work on now and which brilliant ideas to put in your “later folder”. The later folder is your friend, use it.

How do you decide where to put your focus? I’m glad you asked. This depends on your long term goal. For example if your goal is to make money soon, then you want to work on the project that is most likely to bring in revenue quickly.

Once you have set your BIG goal then you should tackle it one piece at a time. Take your BIG GOAL , break it into medium goals, break those in to small goals and then break those into micro goals. By doing this you will reduce your chances of being overwhelmed and loosing focus or giving up all together. This helps you FOCUS on your FOCUS. As you check items off your list you will feel accomplished.

Your focus plan may look something like this.

BIG GOAL: Host graduation party June 6th

Medium Goals: Find venue, caterer, and DJ and book them by May 1st

Small Goals: Call 4 venues for pricing and availability by Thursday

Micro Goals: Monday make a list of 10 possible venues, caterers and DJs

Make sense? By breaking each task down, into smaller quantified goals with a due date you now have focus. As you complete your micro goals, you are now set up to complete your small goals and so on.

Now you try!

Spotlight's on you

"Image courtesy of Stuart Miles/FreeDigitalPhotos.net".

Are you ready to speak up?

By: LaTasha West

If you are networking for business as you should be, there will come a time when you are in a room of unfamiliar faces. This can be daunting or it can be exhilarating! No matter how it feels that moment is a pivotal moment.

As an entrepreneur we need to get the word out about who we are and what we do, especially when we are just starting out.  This is the whole reason that you attend networking events right; to see and to be seen.  Great, but are you ready if the spotlight shines on you?

Many times you will have opportunities to talk about your business by introducing yourself to the people in the room. Did you know there is an art to the introduction?  

What to say and when.  The first thing you want to do when networking is to “see”, spend a few minutes checking out the room (Sometimes you can do this before you arrive, with the help of social media.We’ll talk more about another time). As you notice who is there make a list or mental note of who you want to connect with.  If you are a women’s business coach like myself, you’ll probably want to connect with women in business, if  you are selling medical supplies, you may want to connect with any doctors in the room. Make sense? Be strategic.

Now that you know who you want to talk to, what do you say? This is your moment, possibly the only chance that you will have to get in front of this audience you must make it count! Are you ready?

Here’s when a good elevator speech or 30 second speech comes in handy. If you don’t have an elevator speech use the tips below and create yours.

This is the basic layout for an elevator/30 second speech.

I (verb) (target audience)(what I do) (benefit)

Your pitch must also be intriguing and move potential clients to action.

Example:

Tiffany the event planners 30 second pitch may look like this:

Hello my name is Tiffany; I make clients dreams come true by creating memorable weddings and other events.  Is there a milestone event that I can make memorable for you?

Tiffany started off with a bold attention grabbing statement, she explained what she did then she offered to help, all in 30 seconds or less.  A simple well-crafted elevator pitch can lead to make some great connections. Have your pitch ready!

Go ahead give it a try. If you are not sure about your pitch I’d love to help. Click here to shoot me an email with your pitch and I will offer tips and advice to help make your pitch great!

The Fab 5

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Don’t put all your eggs in one basket. I’m sure this is a statement that you have heard many many times. It’s so simple yet so powerful. Visualize yourself back in the 1950s (I know you may not have been born yet, but go with me) you are a young girl and your parents have sent you to the market to get the families weekly supply of eggs. You gather up the biggest, brightest eggs and put them in your new basket, and begin your journey home.  Just as you are strolling along enjoying a nice sunny spring day humming your favorite song, here comes Bobby. We all know Bobby, the boy who plays entirely too much! He pushes you and your basket goes flying in the air. Gasp! All off the eggs fly in the air and then crash to the ground. There goes your family’s full weeks’ worth of eggs.

If only you had more than one basket you could have possibly had a few eggs to spare.  Look at your business in this same way. You do not want all of your revenue to come from one source. What happens if that source dries up? Your income is dead, flat line and you have to start over. As business women we have to be proactive, forward thinkers. Any smart business woman should have multiple income sources in her business. Studies suggest that one woman should have 3-5 income sources.  Do you?

I encourage my clients not only to have 3-5 income sources; I also strongly suggest that your main business should be able to generate revenue in 5 different ways. Can you think of 5 ways that your business can make you money?

Let’s look at an example

You own a daycare, here are 5 possible revenue streams for your daycare

1. Main source- 9 a-5 p care for children

2. Extended before and after care- 6 a-9 a and 5 p-7 p

3. Tutoring services

4. Spring Break, Winter Break and summer camp for older siblings of the children you normally care for

5. Transportation service- offer to get the children to and from school or after school activities

Pow- You have just figured out 5 revenue streams for one business.

So what is your 5?

Need help figuring out your 5, click here to schedule a complimentary consultation to learn how we can help you make more money!

Written by: LaTasha West, CEO of Her Business Consulting, and a certified small business development coach.

www.herbusinessmag.com

You should be in video

"Image courtesy o FreeDigitalPhotos.net".

Well at least your business should. I’m certain that if you are not hiding under a rock you have at minimum heard of YouTube. Chances are that you have probably even taken to the site to learn how to do one thing or another. 

YouTube is the 2^nd largest search engine next to Google (which by the way owns YouTube).  In my opinion all small businesses should have a video presence. This will allow your customers an alternate way to experience your company and could be also give your company an edge over the competition. It’s a fact that people do business with those they know, trust and love. YouTube helps to create that relationship.

True story- I was looking to hire a speaker for a workshop, I glanced at each candidates’ YouTube page to learn a little more about them.  By looking at their videos I was able to see their presentation style, hear them speak &learn a bit about their personalities. I made my final decision based on the YouTube presence.

Here 10 ways your company can use YouTube

1. To introduce the company to the world

2. To connect with clients on a more personal level/ build trust

3. To introduce new products, services or team members

4. To do damage control, if needed. You can put together a quick sincere video explaining the situation and have it available within minutes literally.

5. To teach clients how to use products

6. To explain “how to do something”

7. To present a class

8. To make a short video greeting card or newsletter

9. To do a video blog

10. To market an upcoming event

I am sure you can think of a few more creative ways to use this service. One super-duper great thing about YouTube is that it’s FREE! All you need to get started is a smartphone, YouTube account and a video!  Try it out at YouTube.com

Visit our YouTube page and subscribe to stay update with the happenings of Her Business Consulting. Click Here!

***Diamond (commonly referred to as a tip)- If you’d like to add some pizzazz to your video with an opener, head over to Fiverr.com and have one made for just $5.00!