boss mom

  • 6 things you can do to make your new business more profitable

    6 ways to build a profitable business

    You want to become financially free to spend time doing the things you love with the people you love, right? So you thought the perfect way to do this, is to build a profitable business. But instead of working less, you are actually working harder, spending more time and not making much progress.

    In the process of it all, looking at your financials is not something you have the time for…. Believe it or not, this is a big reason why a lot of businesses are just not profitable. Business owners don’t realize that the sales they are making just get swallowed up by all the expenses + the taxman!

    Building a profitable business that makes money (because that’s the only way to financial freedom) takes time and an intentional understanding of what is working and what isn’t. Your financial data will tell you a lot about what you might need to change to become more profitable. It’s also important to remember that the performance of your business in no way indicates how good or bad of a person you are, and many businesses are unprofitable in their first few years of operations. Think Uber, Tesla, etc – these innovative companies have been around for a while but not yet making enough sales to cover their expenses…

    That being said, here are a few things that you can do to get your business on the right track:

    1. Set and track your financial goals

    • Where do you see your business in the next 5 years? 
    • Set a goal and break it down into a short-term goal for the next 12 months
    • Break the goal down further into a monthly goal that is easier to achieve
    • What does this monthly goal mean for your everyday? Break your monthly goal further down into smaller, daily actionable steps that you can take to reach it.

    2. Focus on 3 revenue-generating items every day

    It’s so easy to get overwhelmed with the “busyness” of being a business owner, and worse if you are the only one in your business.

    Using my time management techniques mentioned in this post, prioritise your to-do items and mark the 3 items on your list that generate the most revenue for your business.

    Getting these three items done on a daily basis will not only make you feel like a champion (because you are a champion!). But will also get you closer to building a profitable business and a strong foundation for your business to truly thrive.

    3. Which products or services are bringing in the most revenue?

    Can you guess what Tesla, Apple and Facebook all have in common? They have all mastered just ONE product and made a killing from it. I know you want to grow multiple revenue streams, but before you start creating a hundred and one products to sell, first specialise on the 1 or 2 products that bring you the most sales, and make them so amazing that your customers want to sing your praises about how great your products/services are, from the rooftops.

    4. Take time to reflect on what is working and what isn’t

    By now, you should be tracking your income and expenses on a regular basis. Keeping track of your financials goes a long way in helping build a profitable business so do it as often as possible. Go back and analyze the good months when you made profits:

    • Are there expenses that you didn’t have then that you now have? Do these expenses make sense? Can you do away with them until the sales in your business pick up again?
    • Are there any other actions you took in these months that contributed to the good performance?
    • How can you repeat these actions and apply them in your business today and consistently?

    5. One bird in the hand is better than two in the bush

    If English was your favourite subject back in high school, you have probably heard this phrase. You may be focusing so much on winning more customers that you forget to give the best customer experience to your existing customers.

    Focus on giving your existing customers the best experience and services ever, and allow their testimonials and feedback to sell your services even more. This will put even less pressure on you when it comes to marketing because social proof is one of the most powerful forms of marketing in this age.

    6. Plan for huge expenses ahead of time

    Your business might be doing well in terms of sales, but one large unexpected expense could wipe out months of good performance. Plan for all your expenses ahead of time. Make sure you keep some cash aside for unforeseen expenses. Do what you can to run a tight ship (budget), and be in control of how you spend cash in your business.

    Want to find out more tips on how to build a profitable business, build your business the right way without experiencing overwhelm and burnout? Download this business basics cheat sheet and start receiving weekly tips from me to you!

    6 ways to build a profitable business

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  • How to pay yourself from your business

    How to determine how much pay yourself as an entrepreneur.

    There is nothing more stressful than putting up capital, running a business, and not getting a penny in return. Sounds crazy right? It is actually a more common practice amongst entrepreneurs than you would think. How much should you pay yourself anyway?

    There is a tendency to believe that you should either

    • not take any money from the business until it is profitable OR
    • use your business credit card to go on a spending craze

    Neither of these two approaches is the right way to manage your finances. And I can tell you from experience that neither will get you closer to your financial goals.

    How much you should pay yourself, is especially important if you have quit your full-time job to fully focus on your business. The truth is, your business might take months, if not years, to break-even. You would not want to go through sleepless nights of hard work, only to have to send around the offering plate for people to help you pay your bills.

    Here is what you should do, because you deserve to pay yourself:

    1. How much is your business left with after paying non-negotiable expenses?

    This will give you a realistic view of how much you could be paying yourself.

    However, remember that non-negotiable expenses include taxes, which are usually paid at the end of the year. So remember to make an allowance for these expenses when calculating how much your business can afford to pay you.

    2. There is a difference between a salary and a dividend

    This is rather obvious, but I believe that it is the reason why a lot of us in business wait until their business is profitable, before paying themselves.

    A salary is what you pay yourself to reflect the value that you bring to the business every day. A dividend is what you pay yourself as a shareholder for investing your funds into the business. A dividend is usually paid out when the business has made profits (income made is higher than the money spent on expenses).

    Whether your business is making money or not, I believe that you are adding value and putting your time and effort into growing your business. Just like any other person that you would employ, you deserve to be paid.

    Leave the dividends until when your business is profitable, but in the meanwhile pay yourself a reasonable salary.

    So the question remains: How much should you pay yourself?

    3. How to determine your salary

    There is obviously a limit to how much you should pay yourself. Because the income that you make from your business will first need to cover

    • all non-negotiable expenses
    • taxes (if your business is profitable)
    How to determine how much pay yourself as an entrepreneur.

    Basic-worth approach

    You can determine how much to pay yourself by using your basic worth as a starting point:

    • How much do you believe is your basic worth? You can use the last salary you earned from employment or the salary of people in your area of expertise as a starting point
    • Add inflation so that your income is protected from an increase in the cost of living for at least one year.

    So for example, if your previous employment salary was $30,000 per year, then you can use the same salary amount and add inflation of 6% to determine the salary to pay yourself -> 30,000*1.06 = 31,800. Divide this amount by 12 to get your monthly salary -> 31,800/12 = $2,650.

    It is important to make sure that you have enough funds to put back into the business for growth and any unexpected eventualities after paying your salary.

    As a rule of thumb, try and keep your salary within 20-30% of the money you earn from the business.

    Personal expense-based approach

    Start by determining your monthly expenses, that your salary needs to cover. Also factor in your annual and quarterly expenses into this monthly cost.

    In the early phases of your business, it is important to be as prudent as possible with the funds that you have, so try and cut down on your discretionary personal expenses.

    Once you have determined your total monthly expenses, you can use this figure as your salary, as long as it is not an extremely high percentage of your expected income (between 20 and 30%).

    4. Allowing for your salary in your business budget

    As part of running your business, you need to have a budget at least 12 months ahead of time, so that you are always in the know of how much income you need to make in sales in order to cover your costs (create a budget). Make sure that your salary is included in these costs so that even if you need to raise capital or take a loan, your salary is already factored in.

    Download this profit tracker to start tracking your income and expenses, including your salary expense.

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  • Systemize your business like a #bossmom using my 4S Method

    Systemize your business like a pro using my 4s method.

    What parts of your business are the most stressful? What if it was possible to stop getting stressed out about anything and everything in your business, and start working like a BOSS? Systemize your business using my 4S method; this is not a quick fix, but if you take time to put in the work upfront, you will reap the benefits and become the #bossmom that you truly are!

    I am sharing my 4S method with you because these systems have enabled me to

    • build a community from scratch during a pandemic
    • raise two babies and a toddler AT home and spend 24 hours of my day with them
    • share valuable information with you so that you can build a thriving business!

    If you do not systemize your business, you are going to spend so much time running around doing things that you should actually be doing on autopilot! 

    Remember, your time will always be limited and that is why you need systems to help you get over the overwhelm, burnout and misery that a lot of mumpreneurs endure unnecessarily.

    And don’t even think of hiring someone to help you out before you go through my method below. You can’t expect someone else to know what to do when you don’t have a proper system in place to show them!

    1. List down all your tasks

    What do you do every single day in your business?

    What have you done for the last 6 months in your business?

    List everything from marketing to product development to customer enquiries to social media communication to website development…… Whew, being an entrepreneur is werrrk!

    2. Split your tasks between once-off and re-occurring

    You should now have main categories and then a column for once-off and re-occurring tasks under each category. So for example, under CUSTOMER there should be a column “ONCE-OFF” and a column “RE-OCCURRING”.

    If you find yourself repeating the same task often, then the chances are high that part of the task can be automated.

    Tick off the items in the “re-occurring” list that you think can be automated.

    For example, if you find yourself sending the same response to your customers when they make a specific enquiry, then save this response in draft emails or templates on your email service provider’s platform, and use the template instead of typing out the response each and every time. This task should therefore be ticked as “automated” to indicate that you will work on putting a process in place to cut down the time spent on this task.

    Systemize your business like a pro using my 4s method.

    3. Systemize the tasks marked as “automate” in the list of re-occurring tasks

    If you think it can be automated, chances are that someone has already developed an app or program to automate the task. Let Google be your friend in doing the necessary research, and hit me a reply if you need help on finding solutions to systemize your business.

    Technology can be your best friend if you make time to find simple solutions and apps to help you thrive! The best part: a lot of them are FREE!

    The apps I use (almost daily) the most to manage this community:

    • Notion – planning & keeping all my processes and biz resources in 1 central place
    • Canva – DIY graphic design
    • Mailerlite – Free customer email management tool
    • Planoly – Plan my social media posts

    4. Prioritise tasks that cannot be automated

    There will be tasks that will need your unique attention, and some that not even an assistant can help you with.

    This is when you need to prioritise. The items on the top priority should be revenue-generating, customer-nurturing items.

    Everything else should either be:

    • outsourced
    • batched (find a time(s) during the week to complete these activities in one go, instead of trying to do them everyday)

    You are the CEO of your business! Do not spend your time completing tasks. Actually, not more than 20-30% of your time should be spent on these tasks.

    You should be spending 70-80% of your time thinking about how to grow your biz, build trust from your target customers and improve your product/service offering and promote your business.

    Like and share this post with your fellow bossmom friends if you found it useful and you are ready to systemize your business using my 4s method!

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  • Overcoming overwhelm as a mumpreneur

    How to overcome overwhelm as a mumprene in five simple steps.

    Last week, I surveyed a group of around 15 women online and the results were astounding; 85% of these women mentioned that their greatest challenges as mothers with businesses was lack of time and burnout! So if these are feelings you often experience, you are not alone. It is very easy to experience overwhelm as a mumpreneur, with so much to do and the same amount of time to do it as everyone else in the universe. The truth is…..

    Time will never be on your side! As a working mom of 3, I often find myself working at weird times of the day (or night), trying to literally burn the midnight oil before my kids stop my work mode!

    That’s why creating and committing to using a system to make the best use of your time, will get you from constantly feeling overwhelmed as a mumpreneur, to becoming confident that you are in control of your business.

    Here are 5 hacks that have helped me to build a business as a new mom of twins, while being able to spend quality time with my newborns and toddler.

    1.CREATE TIME SCHEDULE

    I created a time management planner for bossmoms, which you can download below. It has been a timesaver, and helps me to focus on my action plan for the week without becoming derailed by other “urgent” things that come up during the week.

    2.USE PRODUCTIVITY APPS

    You can view my post here to see the apps that I use frequently to keep me on track with my goals and action plans every single week. The app that I use the most from this list is To-Doist.

    I stopped taking mental notes of things I need to do, and started documenting everything. The minute I have more than 5 things on my daily to-do list, I start prioritizing and rescheduling, to avoid the overwhelm as a mumpreneur that eventually turns out into burnout.

    3.BECOME AWARE OF HOW YOU USE YOUR TIME

    If you have an iPhone, then you know that the new screen-time functionality/app can either be a sore eye opener or a lifesaver, depending on how you look at it.

    This app has helped me to be aware of how much time I spend on unproductive activities, excess time on social media and chatting on Whatsapp which never seems to be an activity that has an end to it.

    If you are on Android, you can try an app like Moment.

    Once you are aware of how you spend your time, then you will be able to easily pivot and make new decisions on your time-spending habits.

    Trust me, you do not have to reply to every single whatsapp or Instagram comment within 5 minutes of receiving them. The world can wait. Be intentional about how you spend your time, so that

    • you can have more time to build your empire
    • you can have more free time to do the things you love
    How to overcome overwhelm as a mumpreneur in 5 simple ways.

    4.KNOW WHEN TO OUTSOURCE

    Depending on the stage in which your business is, and your budget, you might be at a point where your business will not be able to grow if you do not get help.

    If you already have a good system to make your tasks efficient and you are managing your time well, and still experiencing overwhelm, then this might be a sign that you need help.

    HOWEVER, ensure that all your processes and systems are in place so that your team member can perform her tasks efficiently and in a way that does not require your constant monitoring.

    5.KEEP EVERYTHING IN A SINGLE PLACE: SYSTEMS

    I have detailed post on how I systemize my business so that repeatable tasks are efficiently completed.

    The point is, if you are organized and know where to find things easily in your business (whether online or in your physical files), then

    • hiring someone to help you will be so much easier
    • your company can actually function without your presence
    • you will save yourself A LOT of time that would otherwise be wasted by trying to find where you saved your brand logo, or what to check for when creating an Instagram post

    In conclusion,

    You do not have to experience overwhelm as a mumpreneur. Commit to taking a week to doing the groundwork of putting systems in place, becoming more self aware of how you are spending your time, and committing to 3 time-saving habits for 3 months.

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  • Why you should organise your life with positive habits and routines

    We all want to get organized and in the right frame of mind to achieve our dreams and aspirations. BUT getting to do the small actions consistently on a daily basis is what separates “average” achievers from the real deal mom bosses who seem to have everything under control. I like to see these small actions as a combination of good habits and routines.

    Personally, I have always struggled to do something consistently. My mind is always looking for something new, something different – and getting myself to do the same thing everyday has been one of the hardest things. With this pregnancy, practicing some of my routines has become even harder! So if any of this sounds familiar to your everyday, then you are not alone.

    THE TRUTH IS, once I started taking routines more seriously and consistently practice positive habits, I noticed a big change in how I felt and how much I could achieve in the same amount of time.

    It requires a lot of self introspection, and just being real with yourself about your weaknesses, but it is definitely the first step to mastering yourself and I have no doubt that it has helped me to achieve so many of the goals that I have been able to achieve in the last few months.

    TIME is a SCARCE COMMODITY and if you are still not convinced, then just have a look at what you planned to do last week compared to what you achieved. The most common excuse that you would use is “I did not have enough time”. This is probably true, and one of the reasons why a routine would make you more efficient in completing tasks within a limited time. If you haven’t as yet, download the free time management planner here.

    Creating a routine is not necessarily a daily routine. It could be something that you do everyday for 15-20 minutes. It could also be something that you DO NOT DO, which is linked to habits.

    Ideas for Daily routines

    Some of the routines that I strive to practice daily, which you can too:

    1. Morning routine: Every morning for 15-30 minutes, I follow a script that I set up for myself at the start of the year which involves
      • Praying
      • Reading my self affirmations out loud
      • Going through my planned to-do list and calendar
    2. Play & sleep time with my son. This can be anything between 10 minutes and an hour, depending on how
    3. Block times to do critical work: During these times, I have learnt the hard way of staying away from my phone unless there is an important call coming in. Giving myself 2-3 hours to go through the critical items that I need to do for the day is so effective and gives me a sense of fulfillment in practicing routines
    4. Going through my list of positive and negative habits, and honestly reviewing how well I have done on a weekly basis

    You can always create routines that work for you. For example, if you are naturally more productive at night, then create an evening routine to make the most of this time of the day and rather have a light morning routine that you can manage after having a late night sleep. You should, however, get enough sleep hours if you want to be productive during the day.

    One of my favorite quotes is by Aristotle which says “We are what we repeatedly do. Excellence, then, is not an act, but a habit. ”

    How true this is. When we repeatedly do the things that we should not be doing, it only robs us of the time that we could have spent being more productive. I am not saying that we should not have time to have fun, but it would be better to intentionally plan this than haphazardly scroll your life away on Facebook, just as an example….

    Be honest about your habits

    When it comes to habits, writing down your positive and weak habits is such a powerful tool, it makes it real and makes you realise what you could be doing that is taking away from your time to do things that will be more fulfilling. I try to read the books about the power of positive habits below at least every other 2 years, which you can get from Amazon using the links below*

    So I have prepared a FREE routine and habit template for you to use and track your progress over time. Don’t forget to track your progress, it will go a long way in boosting you and helping you to maintain positive habits and routines, and get rid of negative habits that take away from your ability to fulfill your potential.

    Download your free Routine and Habit Organizer now through this link, and get ready to get on another level of organisation in your daily living.

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