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!

Turn off the noise!

"Image courtesy of imagertmajestic /FreeDigitalPhotos.net".

Turn off the noise

By: LaTasha West

Distractions are everywhere; around every corner there is something to keep you from doing what you need to do.  I find that we spin our wheels doing several things and get nothing done. It’s time to turn off the noise in your head and in your life.

We must work on being intentional.

Is Facebook, Twitter or Pinterest helping you get closer to your goals? If not, then it’s not a priority it’s noise! TURN IT OFF!

Are the Real Housewives of whatever city paying you? It’s not? Guess what…it’s noise! TURN IT OFF!

Still working on the website and logo yourself? How is that coming? Clients calling you yet? No? You guessed it,, that is just another form of noise. Hire a professional so that you can work on your business. Turn off the noise!

Giving away your time and energy for free? Does this benefit you in anyway? If not…IT’S Noise!

It’s time to turn off the noise and clear your plate so that you can focus on where you want to be.

Take a couple hours and silence all of your devices, turn off all social media, close your email and put up the real or proverbial DO NOT DISTURB sign.

In this time

1. Spend about ten minutes noting your goal for the day.

2.  Take about 20-30 minutes to figure out what you need to do accomplish this goal

3. Spend the remaining time doing the items you have listed from step 2

Trust me you will be able to get much more done this way. Try it and let me know how it works!

The Fab 5

Image courtesy of: imagerymajestic

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