We’ve all got that picture of our dream life – that vision of where it is we want to be, and how we’d love for our life to look. Maybe (like me) you’ve got a vision board above your desk, filled with pictures of the things you’re working to create.
But I’m 100% certain that the things that you want, will be different to the things that I want.
Today I want to chat about how to stop spending getting out of control, because birthdays are – of course – a time for presents. The trouble is that now you’re earning so much more than you were, it’s easy to end up spending so much more money on ‘stuff’. And then you get to the end of the month or year and wonder where it’s all gone, with nothing much to really show for all your hard work.
Ultimately, we’ve each got a dream and a picture in our head of where we want to get to. But what happens when you get there? When the dream starts to become your reality? How do you decide what happens next?
There comes a time in a business owner’s journey where you decide to make the move from being a sole trader, to being a limited company.
I’m sure you don’t want to pay any more tax than you absolutely have to (me either) – so today, we’re talking about what you can do right NOW, to potentially save yourself a whole chunk of cash!
I’m sure you’ve seen the pictures of our beautiful house in Kent, with almost 5 acres of land and our alpacas in the garden (a dream come true for me, watching them from my office window as I write!).
But have you ever noticed something about the pictures themselves?
It’s January, we’re back to work and it’s that dreaded time for so many business owners…
Tax return time!
I do want to chat today about planning in advance and getting things organised, to avoid the panic and stress that kicks in when you suddenly realise that you’ve got an impending deadline. Especially when it comes to your business and making the money you REALLY want next year!
Is this Christmas turning out how you hoped it would be? Have you got the money to buy the things that you thought about last year when you had that vision of your business and your wealth increasing – the luxury concept of being able to buy ‘nice’ things for your friends and family, or spending more on food and luxuries over the holidays?
But the truth is that a recession may or may not happen. And ultimately, as a business owner, you are in a unique position to decide whether or not to participate in a recession, by recession-proofing your business. Making sure that YOU are spotting the opportunities that ARE there and tweaking your business where you need to, so you’re offering what people want, at a price they are prepared to pay.
So how do you make sure you’ve got all your financial ducks in a row, so the dream house doesn’t slip through your fingers? What do you need to get sorted? And at what point should you start?
Let’s talk about Inheritance Tax…the ticking time bomb, caused by your own success!
In business, it’s easy to see that your turnover goes up and down. You make more sales one month than the next – especially if your business includes online launches every couple of months or each quarter. And so lots of people think “well, I can’t earn the same amount of money each month, because the income in my business doesn’t look the same each month”.
The problem is that when it comes to your financial stuff, not getting it done does come at a cost, because you don’t feel relaxed about money. You’ve always got that little niggly stress in the back of your mind, that you really should get around to sorting out your Will or pension or life insurance or ISA (or whatever else is on your mental must-get-it-done list).
The great thing about the internet is that it brings information and education to us in a way that those of us that used to have to read books and go to a library could never predict.
Why don’t we tell our kids how much money we earn?
It’s one of those things that it’s just not done, is it? Because talking about money is something that we don’t do.
Certainly that’s the way it always was here in the UK, anyway – where talking about money was (and still often is) seen as vulgar or gauche or rude, and can feel like a pretty awkward conversation to have.
When you start in your business, it’s often just you sitting at your kitchen table and doing everything yourself.
Over time, maybe you bring in some outsourcers to help – a virtual assistant who you pay by the hour; an accountant; someone to help with your social media or copywriting or tech.
But when you get to the stage where your business is secure – when you’ve got those higher-level clients and the sales are rolling in – the time comes where you need to invest in more people to help you, in a bigger way.
The sun is shining. You’re sitting in the garden, feeling the warmth on your skin, enjoying your coffee (or gin!) or maybe an ice cream while the kids play around you.
But does it feel like you’re squeezing it in?
If you’ve ever decided to walk away from part of your business too – that you know is super valuable for your clients and generates positive cashflow for you – you’ll know how tough a decision that can be!
I am choosing to opt out of all the financial doom-mongering – the relentless narrative in the media about prices rises and inflation and the middle being squeezed – and instead, choose to focus on the positives. And on what I can do to take control and be in the strongest financial position possible, in my own life and business.