Archive for October, 2014

5 Ways to Build a Legacy Instead of a Hustle

Tuesday, October 14th, 2014

I don’t want to create a hustle; I want to create a legacy. What’s the difference you ask? A hustle is something you do to get money quickly. A hustle is something to keep you busy with a bit of extra money in your pocket. A legacy may not pay you much in the beginning, but the rewards are greater. A legacy will make money and makes you happy thereby increasing your longevity. I don’t want the quick money; I want the longevity!

Here are 5 ways to create a LEGACY and not a HUSTLE:

1. Take yourself seriously. If you treat your business like it’s a quick way to make money it will become just that. Believe in yourself and your services/products. Tell people you are a professional, present yourself as a professional and maintain a work ethic like a professional. Invest in your business, your business development and mentorship. If you take yourself & what you do seriously so will others.

2. Do your homework. Yes, your history homework. Look at businesses or entrepreneurs that you admire. Those superheroes likely had humble beginnings. Do a bit of research to find out what their early days were like. Learn from their lessons and study how they grew their legacy.

3. Think BIG but start SMALL. Entrepreneurship is a marathon not a sprint! Take your time. Don’t make your business a big business until you have established yourself in the industry. Instead let the business grow with you. Trying to grow with the big business you create may set you up for a quick hustle instead of a lasting legacy. However plan and run your business like it’s an EMPIRE! If you are prepared for the business to become HUGE it won’t take you by surprise.

4. Redefine. There comes a time in your business when you may have to reinvent your brand. Redefining and reinventing your business to stay relevant is necessary! You may need to redefine things a bit when you grow, or when you want appeal to a new audience. Don’t be afraid to take your business in a different direction than you initially planned. You can tweak things, but still stay inline with your purpose, mission and personal morals.

5. Watch your cash flow. Always pay attention to how much money is coming in and how much money is going out. Find ways to keep your overhead low. I do not encourage any business to cut corners; however if you can save a few dollars here or there do it! Buy things in bulk, buy less of something you do not use often, shop around for the best pricing from manufacturers. Losing or wasting money is the quickest way to have to stop your hustle and get a new one. I don’t know about you, but I want a consistent business/ legacy and not the stress of finding new hustles!

5 Tips For Becoming a Financially Secure Entrepreneur

Friday, October 10th, 2014

Recently I was asked to answer a few questions for a feature in a magazine. One of the questions gave me an opportunity to give what in my opinion was a pretty rockstar response. After responding I read my answer and immediately knew I had to share with my blog readers. The interview will also have more tips I provided for living a pretty darn incredible life. In the meantime enjoy these tips for financial success as an entrepreneur.

1. Create a strict budget and live by it. As an entrepreneur your income may not be steady; you may have good financial periods as well as low financial periods. Creating a realistic budget and following it will prevent you from over spending and feeling regret later. It will also allow you to have a resource for the periods when your income is low.

2. Commit to a savings plan. Even if it is $5.00 per week, get into the habit of putting something on the side. The easiest way to commit to saving is to make it automatic. Having an emergency fund can help with unexpected car repairs, an emergency plane ticket, etc. There are so many unknowns that can happen; it is important to be financially prepared.

3. Set weekly financial goals. As an entrepreneur there is no cap on how much money can be made. I remind myself of this as I determine how much I would like to make for the week. I pick a realistic number and I write it on a post-it and stick it on my bathroom mirror and another on my computer. I am reminded all day of what I need to attempt to achieve. It is a great motivator and the incentive is twice as great

4. Think about retirement. Given the fact that as an entrepreneur you may not have a 401k plan to contribute to, I suggest opening an IRA or creating some other financial plan for retirement. Although you may be a young entrepreneur now you will one day be an old entrepreneur. Plan now so that you will not be an old broke former entrepreneur!

5. Invest in Yourself. Making and investment in yourself can be the best business investment you will ever make. Abraham Lincoln once said, “Give me six hours to chop down a tree, and I will spend the first four hours sharpening the axe.” Imagine yourself as the axe. You can accomplish so much more and accomplish your goals so much quicker once you have honed your skill. Honing your skill can come from purchasing material to improve, seminars, training, etc. Take advantage of as many opportunities to improve yourself and your skills.