5 reasons to be a limited company
Jul 21, 2020
Should I be a limited company? I get asked this a lot, and the answer is it depends on your business and personal setup.
But in general, it is because of 5 key things:
1. Liability insurance
2. Employing people
3. Business partner
4. Tax & control of income
5. You want to be seen as a bigger business than you are.
Liability
Liability is a critical one. If you have insurance of any kind and you are a sole trader, if the insurance is inadequate, you are liable for your personal assets (house, car etc). So make sure you have adequate insurance cover especially if you are a sole trader. It’s the main reason I am a limited company, to protect me professionally.
Payroll
If you are employing people a limited company gives you a legal framework to work...
6 Figure Myth
May 20, 2020
In this week's blog, I want to talk about all the stuff I see online about "6 figure businesses". I think it can make small business owners feel that they are not getting it right if they are not doing this.
Don't get me wrong, I'm sure they are making 6 figures in their business but this is only talking about the sales they make. This isn't to be dismissed, but the bit they don't tell you is how much their business is costing to run and how much money they are taking out of the business for themselves. It may even cost them 6 figures to run their business!
It's expensive to run a 6 figure business, often with employees and freelancers working for the business, plus all the costs of various events they run and the software that is used.
I think it can be aspirational to hear about people doing well in their business, but it can also leave you feeling inadequate, especially if your business is just you.
Don't feel bad if you are not making 6 figures, focus...
Financial Goal Setting
May 06, 2020
Do you set goals? Any goals will do, but do you set them?
I set mine monthly at the moment, with everything going on, but usually every 90 days. I write one revenue goal, one systems or process goal, one launch goal and one social media/email list goal. That's it. I don't write 50 goals as I can't achieve them, plus it keeps me focussed. I put them on my computer lock screen so I am reminded of them every morning when I log in.
It is so important to set goals in your business. Time easily slips away and you find you are no further forward than you were 6 months ago. But making sure they are things you are going to work on and can aim for are critical.
When you set a revenue goal, do you just pluck a number out of the air, or take last month's number, or do you look at how that number will be made up? How much time will you be working over the period, what work are you going to do? Breaking down your goals into manageable steps is key to making sure you will...
Stepping out of your comfort zone
Feb 12, 2020
How do you show up in your business? Are you out there getting known for what you do and going big, or are you hiding at home behind your laptop?
It feels really uncomfortable, doesn’t it, to get out there and be visible in your business. One of my key words for 2020 is visibility, but I’m happiest sitting behind my laptop screen with a spreadsheet! But its not going to grow my business, or help my personal development.
I’ve been stepping out of my comfort zone A LOT recently. I ran the 5 day challenge in my Strength in Numbers group, despite having never run one before, and having never done a Facebook live before. I find broadcast lives really hard, as the interaction isn’t there and it’s a struggle to talk to myself (although my husband would probably disagree!). I love live interactive calls, but I only discovered this by doing them for my course. They are also really important for my...
