Business Chat with The Happy Hour Ladies
Hello Martinis and Your Money Listeners! Today is the last Friday of the month and my regular listeners know that on the last Friday of the month, I host the happy hour on the podcast where I gather great friends with me to drink cheap drinks and talk about money topics. For most of this month on the podcast, we’ve been talking to business owners or talking about business ownership and determining if it’s the right path for you. The Happy Hour ladies join me today to discuss their journeys into entrepreneurship or in the case of Joy, her journey into entrepreneurship through the lens of her clients. We discuss lessons learned, the pros and cons and some things to think through before making the leap.
What are we drinking?
Melanie from The Mental Health and Wealth Show - Ginger Tea
Kassandra from kassandradasent.com - Mocha Frappe
Joy, Level 2 Trainer at the Gym - New England Shipyard Pumpkinhead Beer
Shannon - Bota Box Nighthawk
Podcast Notes
Shannon, Kassandra, Joy and Melanie sit down to talk about various aspects of business ownership.
Whether you have a full-time business or side hustle, making the leap into this lifestyle is scary. Huge congrats if you are already making it happen.
Melanie, Kassandra, and Shannon all have experience in this self-employed / business owner field. The number one employer of clients at the gym is self-employed. Our trainers are very familiar with this kind of lifestyle and all of the benefits and challenges that come with it.
Joy points out it takes an incredible amount of self motivation and discipline to run a business or be self-employed. You have to know your value and be able to ask for it. You also have to have great time management skills. As a self-employed person, your livelihood depends on it.
THE PROS OF BUSINESS OWNERSHIP
The ladies discuss the various things that make business ownership desirable.
You are in control of your time
You can be location independent
Your income possibilities are limitless in a way that is not possible with most W2 jobs
You have the ability to create multiple revenue sources, which provides stability long term.
There is a lot of control over various aspects of how you choose to work. The freedom that comes from self-employment can be wonderful
THE CONS
While being an entrepreneur is sometimes glamorized, the ladies discuss some of the challenging aspects that come with this journey.
Even though you are self-employed, you still answer to someone, whether that is clients or other folks you choose to work with.
Hiring employees adds a whole other layer of responsibility. It’s no longer just your family, but others as well.
It can be hard to take time off.
Even when you take time, it can feel like there is more catching up the next day. Or you have to cram four weeks of work into three to justify taking a week off. There’s a constant debate.
When Joy works with self-employed clients, she encourages a savings goal for these ‘paid vacation’ days for this purpose.
There are challenges that come with having inconsistent income
You have to handle your own retirement savings and insurance, which are part of benefits packages when traditionally employed.
TIPS
Here are some of the tips from the panel from their experience in business ownership and working with clients on the journey.
Understand that building a successful business is not about the numbers alone.
Having a 6 or 7 figure business does not have to be your goal.
There are things outside of the numbers that are incredibly meaningful and finding those is important.
Some of the greatest moments with self-employment / owning a business aren’t financially obligated
Find the perks of self-employment and really enjoy them.
When it comes to social media, try to avoid playing the comparison game.
Show up authentically. Use it as a tool to reach new people, tell your story, and connect with others. You don’t have to worry about what people on the internet are up to or follow some formula.
Don’t work in isolation! This journey can be a lonely one so it is important to have others you can lean on. That can be a coach, accountability partner, or colleague.
This is someone to talk to and lean on for support and guidance. When facing constraints and hurdles, it’s better to not go at it alone.
Always think about how to scale up and charge more. This is one of the biggest similarities across our clients. Folks are scared to charge their worth and we coach them through that.
GOING BACK TO THE OFFICE / HAVING A W2 JOB
There are many benefits to having a W2 job, even if you’ve made the leap and tried something on your own, going back is always an option.
Now that more companies are offering the work from home option, it’s a great perk for people who enjoy working a steady, consistent job.
Even if you try something new and decide to go back, it is not a failure. There are so many lessons learned on the journey of entrepreneurship. These skills are valuable and transferable.
You can have a full time job in addition to your own venture on the side. It’s all about knowing your limits.
FINAL THOUGHTS
As we wrap up, the ladies share some last thoughts about being business owners and how to support small businesses you love.
Ask for what you need. There are people out there who want to support you and don’t always know how. Ask them to follow your page, engage with content, or leave a review.
Owning a business of any size is a roller coaster ride. There are extreme highs, intense lows and having a support system is vital.
Joy’s practical reminders: Joy really likes the model outlined in the book, Profit First . Similar to the idea of ‘pay yourself first,’ this model helps you set up a structure to ensure you are paid while running your business. It’s a sustainable way to bootstrap your business and get clear about revenue goals.
Have multiple buckets for cash. Make sure one of them is for taxes and you’re saving enough for that. Get creative with your expenses.
If there is someone you know who has a business that you know and love, please give them five star reviews. Take the time to do the free things to support these businesses. It is a wonderful thing as a small business owner to receive.
Final Takeaways: I hope you enjoyed our conversation today. My biggest takeaway is that being a business owner is filled with tremendous ups and downs, and at the end of the day, if you have an idea that just keeps you up at night knowing you have to bring to life, then take that as the most important answer to the question of whether or not you should start a business. No matter how much you think through it, you’ll never have a perfect time or perfect answers, but the best answer will come from your gut. That’s what led me to the Gym.
If you have any topics you would like for me to cover on this podcast, I encourage you to email me to shannon@fingyms.com or join the private Martinis and Your Money facebook group and let me know what you want to hear.
If you’re thinking about becoming a business owner, I highly recommend Financial Gym’s Business Courses that you can find on our website. If you’d like some accountability to help you achieve this goal faster than you imagined, then you should head to financialgym.com and start working with one of our trainers today. And remember that Martinis and Your Money listeners get 15% off of your Financial Gym membership. We’d love to help you accomplish your dream of entrepreneurship sooner than later. And until next time, take care!!