With it being March and people thinking about that always-elusive pot of gold at the end of the rainbow, I brought in my fun and influential friend Kelsa Dickey from Fiscal Fitness Phoenix for some
Money tips for new entrepreneurs.
Here’s part 2 of what Kelsa and I talked about.
Tabitha: We left off talking about wasting money. Where you do see a lot of entrepreneurs wasting their money?
Kelsa: Oooh, good one. It’s not necessarily one category per se, it’s more the recurring expenses that individuals stop questioning. It becomes so commonplace that you stop to ask yourself, “Is this really providing value?” or “Is this really the best place to spend this money?” I find so much money simply by asking a client those questions and they say, “Oh, yeah, I guess I don’t really use that anymore…” yet they’ve been paying for it.
Tabitha: Say I’m having a slow month in my business. What are some quick and easy (and cost-effective) ways I can bring in income?
Kelsa: First, I’m not a fan of offering “discounted” products or services because then you indirectly train your clients to wait to buy until you run a deal. Instead, consider offering a referral bonus to your clients to encourage them to think of you with family & friends. Second, hit the pavement or get on the tele! Step outside your comfort zone and get to work to drum up business. Nothing beats hard work to drive your income!
Tabitha: My business is doing well right now. I’m ready to spend some money on my business. Where do I invest?
Kelsa: Do you have a business emergency fund? If not, that should be a priority! That way, good month or bad, you’re not stressed or worried about paying bills. Start with one month of expenses set aside.
Tabitha: As an entrepreneur yourself, can you advise your fellow entrepreneurs on some of the BEST ways you’ve spent money in your business?
Kelsa: The best place I’ve spent my money was also the HARDEST- it was hiring an assistant. I started off small- she worked for me 2 hours each week. Then we bumped it to 10, then 20, and now I can’t imagine my life without her.
Tabitha: So how does an entrepreneur know when it’s time to hire help? What’s the most cost-effective way to do this?
Kelsa: Every time you complete a task that you could easily train someone else to do for you, write it down. Then find someone that can grow with you slowly and wants to be part of your team and sees your vision and the value you add. In the beginning, you’ll be spending time training this person and you won’t be out marketing or making money instead. So, you’ll feel the additional expense but you can plan for this. Cut back in some areas and know the idea is that it should be temporary. Once your employee gets up to speed, you’ll have MORE time to focus on revenue-generating activities and it will hopefully pay for itself!
Such amazing advice, Kelsa! Thank you so much for sharing with us!
Now go visit Kelsa and tell her Tabitha sent you!
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