Artists Define Their Own Business Success

Artists Define Their Own Business Success: At Peace With Money

Have you ever noticed that a lot of business advice focuses on how to get wealthy, fast? It’s as if many people view business as a pathway to the motherlode, and little else. But not everyone wants to be the CEO of the next Fortune 500 company. And that’s ok! It just means we need to turn somewhere else for our business advice.

The conversation I had with Megan Auman a few weeks ago was all about another kind of business mindset – seeing your business as a way to sustain your artistic pursuits. Instead of the end goal being amassing the world’s wealth in your bank account, Megan talked about small business as a strategy for fueling an artist’s livelihood. Here are a couple of my favorite points she raised during our chat.

Find Advice that Speaks to Your Vision

So much business advice speaks to people who want to run a million dollar company. Megan indicated that the prevalence of this point of view in business circles could often be hurting artists or driving them away from business altogether. For this reason, it is so important that we start talking about different goals and models for business.

In my last post, I mentioned that artists often want to spend more time doing their creative work, and the best path towards making that time is to make more money! Even if artists don’t want to be a CEO at a computer all day, there is still an incentive to run a profitable business. The key is finding voices who understand and respect what artists need.

The Profit First model and Megan’s courses are two great resources for an alternative view of business. Rather than seeing business as a race to amass capital, both sources look at business as a way of meeting the owner’s needs and sustaining the work they enjoy doing.

Business Automation

While we were talking, Megan brought up the 4-Hour Work Week, the hugely popular book by Tim Ferriss. She mentioned how the book highly encourages business automation, so that business owners can spend more time lounging on the beach. Business automation can also be a great tool for artists and makers, according to Megan. However, instead of beach bumming, artists can use the time freed up by automation to spend more time working in the studio, doing the things they really love.

Artists Define their Own Success: At Peace With MoneyOverall, Megan stressed the importance of understanding what you really want from your business and your life, and structuring it to include more of what you want. Whether this is more time in the studio, more time with your family, or less time spent on certain tasks, automation helps creatives focus on the work they really want to be doing. I have written a little bit about how automation can also be great for your finances, have a look if you like!

I hope you enjoyed these nuggets of wisdom from our conversation. If you haven’t already, definitely check out the full interview posted on Facebook. Megan is a wonderful person with lots of good insights into creative business, which you can look into here. And of course, please don’t hesitate to schedule a call with me if you’d like to talk more about Profit First and setting up your business to meet your needs and desires.

Angela

Image Source: Joshua Coleman

Create Your Own Paycheck

A Solopreneur's Paycheck: At Peace With Money

I know you like being your own boss, but do you ever have paycheck envy? Do you ever wish you could get a paid vacation? Do you get tired of the feast or famine in your personal income? Especially with creative or freelance work, this can be a real issue for some of us. Fortunately, when you create money systems around your business income, you can create a solopreneur paycheck, by paying yourself first.

The System

Setting up a paycheck for yourself is simple. Every time you collect income, set aside a portion in a separate account just for your pay. Then pay yourself out of that account, but leave a portion in the account. The balance in this account will build over time so that you eventually have a cushion built up to even out those rough patches and even pay your self while you take a holiday.

Determining Amounts

How much should you pay yourself each round? A good place to start is keeping track of your personal expenses and ensuring you cover those every month. After that, it’s a simple question of what to do with any extra income you may have made that month. You may choose to leave it all in the

Create Your Own Paycheck: At Peace With Moneyaccount to build up your balance, or take out an extra allowance if you’ve earned a reward. Setting up rewards systems for yourself can be another motivator to keep you money systems consistent, organized, and ensure they meet your needs.

More in-depth information on creating a solopreneur paycheck can be found in the Profit First Book. The first 5 chapters are available to download here on my website. If you’re intrigued by this idea and think you might benefit from a consultation with me, don’t be afraid to reach out and book a discovery call!

Angela

Image Sources:  Cody Davis,  rawpixel

Check In With Your Goals – Time for a Review

Check In With Your Goals: At Peace With Money

Time to review your goals.  Only four months left in 2018, can you believe it? It’s certainly flown by for me, which is why this week I want us to take some time to reflect on our goals. Many of us set goals at the beginning of each year.  You may have set some goals for your business that you have since been working towards. It’s been a while since January, so now’s the time to check in!

The Review

Review your goals and begin to reflect on your progress for each one. Now, here’s the tricky part: don’t get caught up in what you still need to do. Instead, it’s important to spend a good chunk of time reviewing what you’ve already done to reach your goals. If you feel like you can’t remember everything, try going back month by month. If you use a day planner, flip through it and scan your old to-do lists. Chances are, you will find you’ve done quite a bit of work towards your goals, no matter how close you might be to completing them! Take some time to reflect on the work you’ve done, and congratulate yourself on this work. Celebrate your achievements so far! Being a self-starting solopreneur is hard work. If you’ve done the work, you deserve to cheer yourself on once in a while.

While you’re having this victory party for yourself, now may also be a good time to map out what you hope to get done during these last three months of 2018. By reflecting on what you’ve done up to this point first, you are able to clearly see the pace you work at. With this in mind, you can set realistic expectations for the next three months, rather than trying to cram in too much work.

My Check-In

You may remember that I set a goal earlier this year to be mindful by enjoying what’s right in front of me. I want to share a little check-in of my own on this goal. That way, you can see how it’s going and be inspired to reflect on your own goals.

I’ve been doing a couple things throughout this year to stick with this goal. Every weekday, for 10-15 minutes each morning, I’ve been writing in my little gratitude journal. During my morning walk, when I reach the top of our road, I cross the street to take in the view of the Monterey Bay for a few minutes. In this way I’ve been able to appreciate the place I live more fully. I also notice changes in the season and the forest, and even the subtleties of the fog cover.

Check In With Your Goals: At Peace With MoneyI’ve also been trying to practice a technique for grounding my memories. The way this works is, when having a good experience, you try to capture the memory by taking in all the sensory details. Notice how your surroundings smell, feel, sound, and taste. Paying attention to these details has helped me appreciate them more. I learned this technique from Lucky Bitch by Denise Duffield-Thomas. It’s a great read, and I hope to do a book review on it soon!

For more resources on reviewing your goals, I recommend this video series by Muchelle B. on Youtube. I hope this post inspires you to check in with your goals, celebrate your hard work, and be mindful of your capacity as you finish out the year. Remember to enjoy your business, and your life! If you find you need some help setting goals, especially for your business, check out my services page or set up a discovery call with me!

Angela

Image Sources: Brooke LarkAmy Shamblen

The Possibilities of Rejection Therapy

The Possibilities of Rejection Therapy: At Peace With Money

Everyone dislikes rejection. So the thought of “rejection therapy” may seem less than enticing at first. But when I came across this idea, I immediately thought of how useful this could be for solopreneurs. How so? By helping us learn to make the big asks!

Learning to Love “No”

In a recent podcast episode, Hillary Hendershott featured Alex Grodnik, an investment banker turned entrepreneur  who discussed “Rejection Therapy”.  His therapy practice is simple: every day he asks for something and tries to get a “no” answer. This regular practice desensitizes him to rejection, and makes it easier for him to ask for what he wants. I think this is a great exercise for any of us: we all need a little help in asking for what we want!

Make the Ask

Rejection therapy is really about encouraging you to make the ask, and remember that the worst case scenario is hearing “no”. Once you’re desensitized to that outcome, it doesn’t feel nearly as scary as it used to! What are some things related to your business that you’ve been wanting to ask for? Maybe this issue comes up for you when you’re negotiating your rates, or looking for new clients, or cutting a deal with someone. Think about the big asks you’ve been needing to make. What if you just made them?

My best ask ever was getting to visit bead makers in Murano, Italy, when I was running my jewelry business. I was planning a trip to Italy, when I realized I would be very near the studio that the beads I used to make my jewelry came from. I had practiced bead making for a little while at that point, and my heart leapt at the thought of getting to visit and observe master bead makers. Before the trip, I reached out to them and they enthusiastically encouraged me to come to their studio. I even got to use their equipment and make beads along with them! If I hadn’t asked, I wouldn’t have had that experience. Making the ask made all the difference.

Can you think of a time when you made a big ask that worked out well? Think of the positive impact it made on your life. Asking is important! I encourage you to try out rejection therapy and work on asking for what you want and need. It will only help your business, and help you achieve your dreams! If you find you need some guidance or coaching, check out my packages under my Services page.

Angela

Image Sources:  Katerina RadvanskaJeremy Galliani

How to Get The Most Value From Your Bookkeeper

How to Get the Most Value Out of Your Bookkeeper: At Peace With Money

As a business owner, every time that you outsource a task for your business, you want to make sure you are getting the highest value out of that task. Particularly if you are hiring a professional for services, such as a CPA or bookkeeper, they should not only provide the service you need to keep your financial records up to date. They should also be able to provide you with insight or advice into your business finances. They regularly see all the financial facts of your business right in front of them. If they aren’t interpreting and discussing with you the trends they see in your business,  or they aren’t talking about or making suggestions to support the health of your business , they are actually doing you a disservice. Financial professionals can easily access that information. Making sure you hire someone who is willing to talk to you about those things and provide information that will provide you with much greater value from this professional service. If you are able to apply these financial insights, your business will benefit greatly in the long run.

This point also illuminates the value of hiring a professional in the first place. Hiring someone who knows what they’re doing to both keep your books in order and analyze financial trends is important. Paying a professional a higher wage for a better quality work, rather than hiring someone who doesn’t do the job well, will greatly benefit you and your business. Someone who can provide you with valuable information about expenses, cash flow, profit margins, and other financial inner workings of your business can prove invaluable in the long term. Think of hiring a talented professional as an investment in your business’s financial wellbeing.

How to Get the Most Value Out of Your Bookkeeper: At Peace With Money

When you are looking to hire a CPA or bookkeeper, inquire whether their services include providing these insights and consultations. If you are already working with a particular professional, ask them if they are willing to start discussing their financial findings with you. If not, maybe it’s time to find someone else – because that valuable financial knowledge of your business is absolutely worth it. If you’d like to speak with me about my financial services, schedule a discover call!

Angela

Image Sources: Sergey Shmidt , Sharon McCutcheon

What is the Feminine Economy?

What Is the Feminine Economy? At Peace With MoneyAs someone who’s been involved with finance throughout my career, I love hearing about and researching new financial ideas. When I came across Proposals for the Feminine Economy, a talk given by Jennifer Armbrust, it piqued my interest. Immediately, I began to see the parallels between Jennifer’s ideas and Profit First ideology. Today, I want to share these parallels and discuss how we can apply these ideas to our business as solopreneurs!

Money as Water, Business as Art

Jennifer speaks about thinking of money as water, flowing where it is needed. She maintains that a business is a “needs-fulfillment machine.” To me, this aligns directly with the Profit First philosophy of creating a business that meets the owner’s financial needs. My objective is always to help my clients align their business profits with their life goals. This includes making sure their business is supporting them financially and meeting their needs!

She also suggests that we treat business as art, as a process of experimentation. She encourages everyone to monetize their natural skills and abilities and build business structures that allow for growth. Her emphasis clearly lies on building business and a larger economy that meet the needs of the people running them. In her book, room for growth and meeting personal goals are also needs that a business can serve to meet.

How Can We Use This?

First, if you haven’t viewed the talk yet, I suggest watching it! Jennifer’s solopreneur story is one full of creativity and inspiration.

Next, take some time to think over these ideas and apply them to your business. Perhaps it might be helpful to list out all your needs. Think about things like time spent with your family and doing social activities, your involvement in your community, the amount of money and time you’re able to give to causes you care about, your diet, health and exercise, time for creativity and expression, yoWhat is the Feminine Economy? At Peace With Moneyur spiritual needs, etc.Which of these needs is your business meeting?  Which ones are not being met, and how could you adapt your business to better serve you in that area? What are your goals? Is your business helping you meet those? Answering these questions can help you discover whether your business is truly supporting you in all the ways it could. Approaching your business with a creative eye can help you create something more supportive. That’s Profit First in action!

I hope these ideas have piqued your interest just as they did mine!

Angela

Image Sources:  Omar Lopez , Hian Oliveira

The Cash Flow Problem Facing Healthy Businesses

business desk with flowersIt’s great to have a healthy cash flow, but a cash flow without a plan? Not so great. Lacking a plan when it comes to managing cash flow can definitely cause problems.

Let’s say Barbara owns a business. She makes a nice cash flow every month. She pays herself a high salary and maintains a fun, comfortable lifestyle. Barbara also has a large monthly payment for last year’s taxes, past-due vendor bills, and every week she scrambles to make payroll. Barbara makes her decisions based on the fact that the money just keeps flowing. This is bank-balance accounting. It’s a stressful game that is played almost weekly, with a few sleepless nights here and there.  

What if Barbara had a plan for all of that cash coming in? What if she actually allocated some portion of it to work in her business, some portion to pay taxes, and a portion to pay for her lifestyle? With a bit of planning anHow to Manage Cash Flow At Peace With Moneyd a few adjustments to her habit of treating her cashflow like a personal piggybank, her business would be much less stressful.

Profit First is that cash flow management system. This is the methodology I specialize in helping small businesses implement. You can schedule a call with me for a discovery chat about Profit First, or read up on the system here.

Angela

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By | 2018-03-05T19:51:16+00:00 March 5th, 2018|Categories: Cash Flow|Tags: , , , |0 Comments