SLAY your day
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Girlboss This #GirlBoss Business Plan belongs to
Today’s Date
Today is important because today is the 1st day of the rest of your #AwesomeLife as a #GirlBoss. 3
The FUTURE belongs to those who BELIEVE in the beauty of their DREAMS. ~ Eleanor Roosevelt
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table of
CONTENTS Modules 1. Your Side-Hustle 2. Clean Slate 3. The Big Picture 4. Your KSA + Schedule 5. Business Basics: Legal Entity 6. Naming Your Business 7. Financing Your Business 8. Setting Revenue Goals
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YOU’RE ALREADY WINNING Businesses that plan ahead perform more than 60% better than those that don’t. ~ State of the Business Owner
60% 6
WHAT DETERMINES SUCCESS I consult with many aspiring and ambitious women on how to make their dream of becoming a full-time author a reality. And the most common ingredient of everyone who succeeds over those who flounder is the BUSINESS PLAN.
GOAL SETTING IS NOT ENOUGH You need some details to go behind those goals and I’m not talking about the traditional SMART method. **snore** If you want to be a professional, you need to think, look and act like a professional. And professionals have a Business Plan. They may change it but they still started somewhere.
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how to use this This is meant to be a guide to simply get all of the brilliant and amazing ideas you have for your future #GirlBoss business onto paper into a cohesive and easy to follow action plan. As creatives, it’s easy to get lost in our own sea of opportunities and skip the actual execution phase in favor of the next great idea that pops into your head. Ideas have a shelf life, use them before they expire ~ Nathalie Lussier
STEP 1 | Do a happy dance because you’re about to create your dreamlife STEP 2 | Read this workbook in its entirety STEP 3 | Find a quiet space STEP 4 | Eliminate all distractions STEP 5 | Start at the beginning and go to the end SKIP the parts that you’re stuck on and make a note to revisit them later. This should be fun & exciting, not painful & tortuous. 8
$
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if you can dream it you can achieve it
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Module 1 | Your Side-Hustle
Purpose
Align your Side-Hustle with what motivates and interests you - you’ll excel at that which you are most passionate about!
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step 1 | watch video Never before have we had so many choices when it comes to careers and how to spend our time. And let’s not even talk about shiny object syndrome. Watch this video to help determine where you should be focusing your time and energy because the truth is you can be successful and do well at MANY things but which one is truly aligned with your personality, values, interests andpassions
https://youtu.be/QrIet-MuueQ Time: 14 minutes
key takeaways
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step 2 | list opportunities For every possible opportunity you could explore [writing coach, book cover designer, author virtual assistant, developmental editor, book publishing company, blog tour promotion company, etc] narrow your list down to the ones that you’d love to monetize and create a side-hustle out of. Next, put it through Brendon’s different rankings.
list out all potential side-hustle opportunities you're interested in
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step 3 | rank + score Next, rank each opportunity by the 6 criteria Brendon listed: • Rreturn on Investment [ROI] • Future Value • Personal Development • Lifestyle • Emotional Well-Being, Community Impact
List your opportunity here --->> ROI Future Value Personal Development Lifestyle Emotional Wellbeing Community Impact [Positive or Negative] Total Score • Re-print this page as often as necessary for each opportunity
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step 3 | continued I’m assuming you’re like me and have more than one idea for a side hustle you’ve been thinking about - here’s additional space to evaluate those
List your opportunities here --->>
ROI Future Value Personal Development Lifestyle Emotional Wellbeing Community Impact Total Score • Re-print this page as often as necessary for each opportunity
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step 3 | reference key ROI • Time, money, resources, emotional energy
Future Value • Position well in future, skills, financial, training, goals later on, network later on, long term gain
Personal Development • Challenge, stretch, deepen skill sets, competency & confidence in life • improve my character, develop myself OR is it too easy or too challenging?
Lifestyle • How many hours / week, exhausted, life is short, misery, lots of good opportunities, effects your family and others, it is beautiful • Emotional Well-Being deal w/ people you dislike, compromise integrety and values, meaning and purpose behind it, satisfaction, flow, fulfillment • No vs. Lots categories • How does it impact the community around you (family, friends), positive or negative way, social component, destroy other people’s lives or good for others • Don’t get overwhelmed, bring in the energy, set the boudaries of your opportunitiy
Are You Dreaming Too Big • You cannot think too big, but you can fail to plan too big • Dream vs. Development mode= work plan, structure, habit, routine, step by step. Be a Doer. Need a structured, written plan, • Must put it in calendar, is it scheduled, morning routine. A must, don’t be random • Plan for the worst case scenario- what would happen, lose respect, lose money. Don’t be scared of your dream, lose opportuitiy. Life is full of 2nd chaces, you’ll figure it out • Seminar leader, online trainer, personal development leader, • I can take lessons learned, I can take when people make fun at you, throw darts • Don’t let your current competencies / capabilities limit your vision for the future
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step 4 | the winner • What was your #1 priority [in addition to being an author, of course!] that you want to work on?
your future side-hustle is.....
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U.S. BOOK INDUSTRY The U.S. Book Market is a $113 Billion dollar industry ~ IBIS World Research 2015
$113B
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Clear your mind of any blocks3
Module 2 | Clean Slate
Purpose
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PHYSICALLY TOSSING YOUR WORRIES AWAY...
... Can Lessen Their Hold On You ~ Greatist, online health site
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YOUR WORRIES What’s the absolute worst that can happen...you lose all your life savings, you fail, you never write your book or no one buys a single copy, not even your mother... STEP ONE - Write it all out here - get it out in the open
STEP TWO | Then tear this page out, burn it and forget about it!
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YOUR PAST FAILURES & REGRETS Have you made mistakes? Have you found yourself telling friends, family and new acquaintances ALL ABOUT IT whenever a tangential subject comes up for either sympathy or a consolation statement of “Wow, that really sucks.” And while it may have sucked a lot, it’s sucking up even more of your time and energy by remembering it, recounting it, and by virtue of thinking about it - you’re reliving it. It’s the past, it doesn’t matter and until someone invents a time machine, it no longer holds any more power than the power you give to resuscitate it back to life. STEP ONE - Write it all out here - get it out in the open
You are not a victim
STEP TWO | Then tear this page out, burn it and forget about it!
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Thoughts produce the same mental instructions as actions. ~Psychology Today
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CHARLAINE HARRIS LEAPT FROM CASHIER AT THE PIGGLY WIGGLY TO A SUCCESSFUL $10M BUSINESS ... Hello True Blood on HBO, The Aurora Teagarden Mysteries on Hallmark [ESTIMATE FROM CELEBRITY NET WORTH SITE]
$10M
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Create Your Elevator Pitch
Module 3 | The Big Picture
Purpose
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THE #1 MOST POPULAR QUESTION WHEN MEETING NEW PEOPLE....
“What do you do?”
#1 26
what do you do?
If there’s one thing I’m certain of it’s that you’re going to get asked this question at one time or another. Hello, Facebook Groups. How you answer it will largely determine how confident you feel about your business, your abilities and most importantly, your commitment and belief in what it is you’re trying to GOING TO achieve.
my answer
TITLE I’m Revenue Coach for Stationery Store Owners MORE SPECIFIC You know how people love paper, planners and notebooks? I help them turn their passion into a profitable business
your answer
TITLE
MORE SPECIFIC
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YOU ONLY HAVE 7 SECONDS TO MAKE A GOOD FIRST IMPRESSION
7 seconds 28
why bother
You never know when you could meet an investor, the brother’s sister’s aunt, twice-removed of the Head of Content Curation for the Huffington Post, a future business partner, a potential collaborator, an Influencer.
my answer
Most Common Networking question How can I help you?
GENERAL I’m looking for marketing collaborations and Corporate Sponsorships MORE SPECIFIC I’m hoping to connect with women owned businesses for collaborations and Fortune 500 Companies for corporate sponsorships
your answer
GENERAL MORE SPECIFIC
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1
page
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1-page business plan
If you cannot condense and clarify your message into a single page, then how do you expect others to understand what is you are offering or can do for them? No one wants to sit through your one hour explanation of what it is you do Be brief, be smart, be gone. All of the work you’re doing in this workshop Will help you to gain clarity in exactly what problem you can solve for your final end-customer
2 different models
BUSINESS MODEL CANVAS For lean startups innovative solutions LISA LONDON MODEL For writing coaches and authorrelated service providers
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example explanation
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your turn business model canvas
your possible
MY OFFERINGS ARE
1-1 Client Services Group Coaching Program Online Course LIVE Event/Conference/Workshop Done-For-You Services or Products Software Application [SaaS] Other: _____________________________
MY STARTUP COSTS
Not a Lot $ Affordable $$ Higher End $$$ Out Of This World $$$$ Other: ________________________________
WHO BUYS THEM
HOW WILL IT HELP THEM
Aspiring Entrepreneurs Newbie Entrepreneurs Established Entrepreneurs Growing Entrepreneurs Side-Hustle Queens Other: _______________________
Saves them time Helps them discover new readers Keeps them accountable Increases their revenue Allows them to learn and grow Other: _______________________
WHERE WILL THEY FIND YOU
Website Facebook Pinterest Instagram Twitter YouTube Direct Mail Etsy
ADD’L REVENUE STREAMS
Revenue Coaching Membership Site Custom Design Services Social Media Services Customized Logos Subscription Box Sell Complementary Products and Accessories
MAJOR OBSTACLES
SUCCESS METRICS
Learning Curve Geographical Limitations Personal Commitments Home Office [roommates?] Experience
10 New Graphic Design Clients Acquired 200 Students Enrolled In FREE Challenge 10K Instagram Followers $5K Monthly Revenue
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your answers
WHO BUYS THEM
HOW WILL IT HELP THEM
WHERE WILL THEY FIND YOU
MAJOR OBSTACLES
ADD’L REVENUE STREAMS
SUCCESS METRICS
PF 1-Page Business Plan
MY STARTUP COSTS
MY OFFERINGS ARE
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WHY GO FOR PRINCESS WHEN YOU CAN BE THE QUEEN
YES! 36
bhag What is your Big Hairy Audacious Goal? “A true BHAG is • clear and compelling • serves as unifying focal point of effort • acts as a clear catalyst for team spirit
It has a clear finish line, so the organization can know when it has achieved the goal; people like to shoot for finish lines.” — Collins and Porras, Built to Last: Successful Habits of Visionary Companies
5 Types of BHAGs
1. Vision - Sony 1960s: Become the company most known for changing the world2. 3. 4. 5.
wide low quality image of Japanese products Target-Oriented - Wal-mart 1990: Become a $125 billion company by year 2000 Competitor - Nike 1960’s: Crush Adidas Role Model - Giro 1986: Become the Nike of the cycling industry Internal Transformation - Merck 1930s: Transform this company from a chemical manufacturer into one of the preeminent drug-making companies in the world
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example bhags
Vision Become the Best Life Coach most known for creating positivity and hope around the world
Target-Oriented Become a $1M company by year 5
Competitor Crush Marie Forleo
Role Model Become the Martha Stewart of the Online Coaching World
Internal Transformation Transform this company from a virtual 1-1 coaching company into the preeminent coaching certification association headquarters for all female coaches
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your bhags
Vision - Sony 1960s: Become the company most known for changing the world-wide low quality image of Japanese products
Target-Oriented - Wal-mart 1990: Become a $125 billion company by year 2000
Competitor - Nike 1960’s: Crush Adidas
Role Model - Giro 1986: Become the Nike of the cycling industry
Internal Transformation - Merck 1930s: Transform this company from a chemical manufacturer into one of the preeminent drug-making companies in the world
Last Step Go back and star the one that most resonates with your vision 39
hedgehog concept
Ancient Greek parable: “The fox knows many things, but the hedgehog knows one big thing.�
example
What are you passionate about Helping aspiring entrepreneurs hit six figures in their first year
What can you be the best at Helping women turn their passions and hobbies into real businesses
What drives the cash Long-term clients that sign up for quarterly packages
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your hedgehog There is more value in starting out as hedgehog vs a fox
What are you passionate about
What can you be the best at
What drives the cash
Last Step Go back see if this complements or conflicts with your BHAGs 41
WHERE WILL YOU BE IN 5 YEARS
5 year 42
your vision
Long term consistency beats out short term intensity ~ Bruce Lee
Year One
Year Two
Year Three
Year Four
Year Five
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Average age of entrepreneurs = 42 Average age of entrepreneurs who founded high growth companies = 45 ~ MIT 44 Study, quoted in Business Insider
Self-Inventory on the past accomplishments skills & experience you bring to your biz KSA - Knowledge | Skills | Abilities
Module 4 | Your KSA + Schedule
Purpose
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small biz stats
Businesses with less than five employees make up 62% of all businesses in the United States (U.S. Small Business Administration). More than half of the businesses in the U.S. are small businesses, and that number is growing. The number of small businesses in the United States has increased 49% since 1982 (U.S. Small Business Administration). You won’t be alone in the small business world, and more and more entrepreneurs are joining this community as well. Approximately 540,000 people become new business owners each month (The Kauffman Index). 310 out of every 100,000 adults become new entrepreneurs each month, and the rate of new entrepreneurs in the U.S. is .31% 30% of all new entrepreneurs in the U.S. are immigrants — up from 13.3% in 1996 (The Kauffman Index). As the startup economy continues to gain strength after a downward turn in 2010, there is plenty of opportunity for entrepreneurs from all walks of life. The number of women-owned businesses has grown 114% over the past 20 years (1997-2017) (American Expresss 2017 State of Women-Owned Business Report). Women-owned businesses are making an impact in the economy generating more than $1.7 trillion in revenues and employing close to 9 million people. 51% of people asked, “What’s the best way to learn more about entrepreneurship?” responded with “Start a company” (Small Business Trends). There’s something to be said for just doing it. Average revenues of women-owned businesses increased 12% from 2014 to 2015, with average earnings jumping from $67,950 to $72,529 year-over-year (Biz2Credit). The study also found that male-owned businesses generated about 60% more revenue on average than women-owned businesses.
95% of entrepreneurs have at least a bachelor’s degree vs the Millenial Drop-out Myth
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95% of entrepreneurs have at least a bachelor’s degree
95% 48
“The value of a college education is not the learning of many facts but the training of the mind to think ~ Albert Einstein
your education
What was your major
Why did you choose it
What is your happiest memory from college
What was the most valuable lesson you learned
What lessons are applicable to your GirlBoss Business
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Those who kept their day jobs were 33 percent less likely to fail in their new venture.
33% 50
Life consists not in holding good cards but in playing those you hold well ~ Josh Billings
your day job
What is your dayjob and some of your weekly to-do’s
Do you love it, can’t stand or somewhere in-between
What in your dayjob is applicable to your GirlBoss Business
What good things have come from your day job
What new skills and knowledge have you gained there
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THE MOST DURABLE BUSINESSES ARE TYPICALLY STARTED BY PEOPLE WHO PLAY IT SAFE. Phil Knight spent five years selling his athletic shoes before leaving his full-time job in accounting. The company he started? NIKE. Sara Blakely developed her idea for SPANX over the course of years, and kept her full-time job selling fax machines in the meantime. Forbes currently estimates Blakely's net worth at $1 billion. Markus Persson was a programmer who built video games on the side. He first put up MINECRAFT, unfinished, on a gaming portal. He kept his day job for a full year before committing to Minecraft full-time, eventually selling it to Microsoft for $2.5B
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your schedule
No one is too busy - it’s all about priorities
What is your typical work schedule
What are your non-work obligations that take your time
Are you able to move these to later in the year or outsource them
Is there someone in your household that can step up
When will you be able to work on your GirlBoss Business
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I&M
You need both Inspiration & Motivation 54
what moves you
Inspiration is something that evokes passion which creates a permanent inner yearning that pulls you towards your life vision.
Who and/or what are your sources of Inspiration
Motivation uses some outside incentive to push you towards your life vision. • “Motivation is required when you’re not aligned with your highest values.” ~ TonyRobbins • “Motivation is not always positive.” ~ Haidn Foster • “Motivation is external, inspiration is internal” ~ Simon Lawry • “Motivation is inner drive to fulfill goal. Inspiration is having a glimpse of who
you really are.” ~ Bambooforest • “Motivation is the push. Inspiration is the pull.” (I love this response!) ~ Natalie DeBruin
Who and/or what are your sources of Motivation
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86% of employees say they’re most productive when they work alone—devoid of distractions like inefficient meetings, office gossip, or loud office spaces.
I&M 33%
You need both Inspiration & Motivation 56
3.9M Americans now work from home at least 1/2 of the week ~ Source: FlexJobs April 2018
you're the boss
What’s the best thing about being your own GirlBoss
What are some other projects you’re going to pause while you build your #Girlboss Empire
Are you going to Work From Home or find a coworking space
Are you a 1-woman team or are you hiring help
If you could tell yourself to do/not do one thing this time last year, would it have been
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The majority of small businesses are S-corporations (32%) followed by LLCs (30%) ~ Source: National Association of Small Business’s 2017 Mid-Year Economic Report.
32%
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You’re CEO of a business Not a hobby
Module 5 | Business Basics
Purpose
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51% of women-owned firms account for 39% of all privately held firms ~ Source: NAWBO 2017
51% 60
your legal entity
Setting up your business as a BUSINE S S
Step 1 | Register with your state for an EIN with the IRS - You’ll need to choose a name for your business
STEP 2 | Setup your Business Banking - Only use one account, credit card and checks for your business. Do not co-mingle funds. Piercing the corporate veil.
STEP 3 | Look into Business Insurance and/or Professional Liability Insurance if you provide coaching services
STEP 4 | Obtain contract templates if you’re going to work 1-1 with clients and provide custom work - bespoke
STEP 5 | Determine your Tax Status - C-corp, S-copr, LLC, Sole Proprietor, LLC taxed as an S-Corp or Sole Proprietor
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Average startup costs of a new business = $30,000 ~ Source: Kauffman Foundation 2011
$30K 62
your biz financials
Every month, you should generate these 4 reports
ONE | Income Statement Your Profit & Loss
TWO | Balance Sheet - Your assets, liabilities and working capital
THREE | Your Cash Flow Cash is King
FOUR | Your Shareholders Statement Applicable if you’re anything but a Sole Proprietor
IMPORTANT Tax Considerations 1. Are you using an accrual or cash accounting system 2. When does your fiscal year begin and end 3. Is your inventory LIFO or FIFO or AVERAGE [only applies to physical products]
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Cost of a Brand Refresh $40K - $60K Cost of a Brand Reboot $70K - $90K Cost of an Overhaul $120K - $250K ~ Source Ignyte Blog Post
$40K
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Your About Page & Beyond
Module 6 | Naming Your Biz
Purpose
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Brandless supply cost $3/item average - Brandless secured a $240M investment and plans to challenge Amazon ~ Source: Bloomberg July 2018
$240M 66
your company name
Don’t be afraid to do something different than “XYZ Coach�
ONE | Who is your GirlBoss busines for stay at home moms, single women looking for their true love, busy entrepreneurs who need a VA
TWO | What is your signature service/product a course, a coaching service, a virtual assistant service
THREE | What outcome will users have from using it more productivity, more happiness, more time to spend with their kids, greater clarity on their purpose and life passion, more revenue, less stress
FOUR | Before & After State stressed to relaxed, sad to happy, lonely to content, confused to clarity, all over the place to consolidated
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DBAs 1 to 4 weeks Copyrights 3 months Trademarks 1+ years Patents 1+ years ~ Source: upcounsel.com
1years+ 68
your company name
Making it official costs extra but can be worth it - especially Trademarks FIVE | How often is it used how often will they use your services/product: hourly, daily, weekly, monthly, yearly
SIX | How will they access it digital, physical, video calls, in person event
SEVEN | Why do they need this right now what pain are they experiencing right now that your girlboss business can help fix?
EIGHT | Where will they use it at the office, in the car, during their subway commute, at home, in a coffeeshop
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naming options ONE | Your Name = Your personal brand • Orpah Magazine • Marie Forleo
Unless • Hard to say, spell, pronounce, remember • Too common - Susan Ross • .com isn’t available
your turn
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naming options TWO | Your Institutuion = Your company • Entrepreneur, Inc. Magazine • LegalZoom
Unless • Hard to say, spell, pronounce, remember • Too common - Revenue Coach • .com isn’t available
your turn
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naming options THREE | Mood Services • The Happy Girlboss • The Well-Fed Entrepreneur • The Productive Creative Entrepreneur Creates a culture around your GirlBoss Business but you need to stick w/it. If you have the Happy Entrepreneur, you probably can’t say mother f*#$ER, GSD, badass, F#$k You. Not that there’s anything wrong with that style of branding but make sure you’re consistent through out
your turn
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naming options FOUR | End Customer Client • She Works • Girls With Goals • Side Hustle Nation
your turn
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naming options FIVE | Tribe • TheFempreneur Society • GirlBoss Sorority
your turn
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naming options SIX | Purpose • Sell More Stuff • Hit Six Figures • Make Your First Million • Launch That Course
your turn
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naming options SEVEN | Big Promise • The Millionaires Club • Six Figures Months
your turn
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naming options EIGHT | What It Is Business • Blog Services For Online Businesses • Online Marketing Promotions • Your Girl Friday Virtual Services
your turn
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naming options NINE | Nonsensical Made Up Name when all else fails Can be a cultural reference Trendy - like pineapples Mashup Phrase Acronym Misspelled word
your turn
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• Uber
claim your name
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A typical bill consists of 70% food & 30% alcohol ALCOHOL ~ National Restaurant Association
30% 80
It all starts with you when you’re CEO
Module 7 | Personal Finance
Purpose
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15.5M
SELF-EMPLOYED 15.5M Americans were self employed in 2015. That will increase by 40% to 60M by 2020 ~ Bureau of Labor Statistics 82
Why Are Financials Important Financial Freedom is available for those who learn about it and work for i. ~ Robert Kiyosaki, author of Rich Dad, Poor Dad
MONEY BLOCKS • Money is the root of all evil • The rich get richer and the poor
get poorer • I’m just not good with money • My family has never been rich • It’s selfish to want a lot of money every Hallmark family movie ever made about a workaholic parent Do you believe any of these?
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DEBT NATION Most Adults owe money 81% Baby Boomers 80% Gen Xers 81.5 % millenials ~ The Motley Fool 2018
80% 84
Debt
If you have debt, I’m willing ot bet that general clutter is a problem for you, too. ~ Suze Orman STEP ONE - Gather all of your bank statements and order a credit report from creditreport.org STEP TWO - Itemize everything you owe Don’t attempt to pay anything off or create a game plan - simply figure out where you’re at. STEP THREE - Create a spreadsheet Institution Sallie Mae
Citibank Credit Card
Total Debt $89,000
$20,000
Interest Rate 14.91% compounded daily 22% compounded daily
Monthly Payment $694.32
Due Date 15th
$236.72
21st
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Create a Game Plan for Getting Out Of Debt
It won’t happen overnight but your goal should be to be and remain debt-free STEP FOUR - Sell everything or just throw it away
The less you own The less that owns you STEP FIVE | Shift from spending to paying off debt This is NOT the time to invest and build up your portfolio. Get to zero first and then start building. Financial Advisors are NOT your friend - they’re there to make a commission for themselves and get a promotion.
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Have less. Do more. Minimalism creates • • • • •
clarity focus peace prosperity health
• freedom • time • purpose
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MEDIAN INCOME FOR A SMALL BUSINESS OWNER = $59,000 ~ SOURCE: PAYSCALE
$59K 88
Create Your First Pro-Forma
Module 8 | Revenue Goals
Purpose
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$10K
AMOUNT OF CAPITAL REQUIRED TO START A SMALL BUSINESS ~ Source: Wells Fargo Small Business Index
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create a pro-forma Estimate your revenue and costs
estimate scenarios Create a year 1, 2 and 3 pro-forma based on inflation growth competitor sales past sales employees business model changes worst, average + best case
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IT TAKES A NEW BUSINESS 2-3 YEARS TO MAKE A PROFIT ~SOURCE: SMALLBUSINESS.COM
2-3 years 92
hire an accountant
I recommend Bench.co rather than relying on one person. You’ll need to create:
your financials
Balance Sheet Assets, liabilities, equity Statement of Cash Flows Cash and cash equivalents entering and leaving a business Income Statement Profit and loss Statement of Retained Earnings Stock + dividends
frequency
At minimum, this should be done on a monthly basis so you can plan ahead and make intelligent business adjustments where needed.
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balance sheet
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income statement
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cash flow statement
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retained earnings statement
owner's equity Balance Sheet line item
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congratulations! YOU DID IT
Great job on completing the #Girlboss Business Plan No one said it was going to be easy but you’re tough and you’re going to make it!
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just a girlboss BUILDING HER EMPIRE
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