Picture this all-too familiar scene: you’re driving in your car and you notice a blinking light on your dash. One of those wonderful check-something lights comes on. And, since those lights always manage to come on at the most inconvenient times, you’re also developing a knot in your stomach. And on top of that, sometimes dealing with car issues can be stressful. Especially when you know you ought to get a second opinion (or three or four), but you’re worried about time, finances, and current obligations.
Even so, let’s adjust that mindset so that you are able to handle these everyday situations with ease – whether at home or at work.
Take Control of the Situation and Get a Second Opinion
The above scenario is one that happens to each of us regularly. Recently, when I had a “check tire” light come on, I dutifully drove it in to a local tire shop to get things checked out. I expected this to be a pretty quick visit to re-inflate the tires, double check the tread, and be sent on my way. However, the technicians advised me that one tire heavily damaged and that should I hit a curb it was likely to explode. They advised immediate replacement of all four tires.
Only a few years ago, this scenario would have left me in tears, scrambling to adjust funds, and trying to figure out which credit card I should use. Thankfully, this wasn’t a few years ago. Instead, I took my boyfriend’s advice and got a second opinion from his tire shop. The first shop was fine; but this second shop was a far better experience, value, and overall warranty. Guess which shop I picked? That’s right – I bought tires from the second.
The difference I’ve learned, over the years, is that pausing to get a second opinion isn’t a hassle or a “problem”. It’s part of the problem-solving process. Because when you go get that second opinion, it allows you to take control of your situation.
Compare your Options to Choose the Best One for You
Once you’ve obtained that second opinion, now you’ve got choices.
Well, to be fair, you have several choices before you got that second opinion – even if you didn’t realize it! With my tires, for example, at the first shop I could choose to buy from that shop, or I could go elsewhere. Thankfully, my car was still drivable. If it hadn’t been, towing it elsewhere or making calls to other shops would have been viable options.
But after I visited the second shop, I had two quotes to work with. From there, I could evaluate the quality of the tires being purchased, the warranties on them, and the final price.
Realizing that those choices exist, though, is a huge step towards adjusting your mentality – both in life and in business.
Your Mentality is Everything in Business and in Life
Now, how was this paradigm or mentality shift possible?
The first step is realizing that it can happen!
The second part of it is being prepared. Remember how I mentioned that years ago this exact scenario would have given me a panic attack? That’s because I lacked the experience and wisdom to be prepared for those things. Thankfully, though, I learned to be prepared for exactly these kinds of scenarios.
What I do now is this: I have money set aside for surprise purchases like these. And, because I’ve already got money set aside, I’m able to handle things more confidently.
In fact, here’s a little secret: because I’ve got the money set aside already, I actually use my credit card to pay for these kinds of purchases. Then, I make sure I pay them off immediately so that I’m not paying any interest or other fees. Finally, I collect airline miles off of those credit cards – airline miles that I can then use to travel. Have I mentioned how much I love traveling?
Okay, so that little secret is a great way to accumulate extra perks (like airline miles!) – but only if you’ve already got the funds to pay off your purchases. Otherwise, the interest and fees are not worth it.
Finally, once you realize that your mentality is shifting, watch how much more you’re getting out of life. Both in your personal life and in business, you’ll see more control, more options, and more success.
Do you need some help shifting your mentality so that your business thrives? Let me be your second opinion. If you’re ready to go from entrepreneur to six-figure salary, then let’s chat.
Emergency expenses and a little change of plans today!
Posted by Lori Hildebrand on Thursday, February 8, 2018
While the New Year is the traditional time of year to set resolutions, it’s not always the best time to set business goals. Why? Well, because those resolutions don’t typically last very long. So let’s turn that on its head and learn how to make a lasting change to your business. Let’s transform that hobby into a six-figure, money-making business that gives you the freedom and flexibility you want, all while filling the market need that created your business in the first place. And how we do this is through business accountability groups and one-on- one coaching.
Business Accountability Groups: Making SMART Goals Work for You
A goal isn’t a goal unless it’s SMART – it’s Specific/Simple, it’s Measurable/Meaningful, Achievable, Relevant, and Timely. So many times, though, business owners don’t make their goals specific enough. For example, they may say, “I want to help other female entrepreneurs to get out of the expensive hobby mode and break the six figure barrier.” Now, that’s an admirable goal, isn’t it? Of course it is! But, it isn’t specific enough. So let’s tweak it ever so slightly, shall we? “In 2018, I want to help 30 other female entrepreneurs to get out of the expensive hobby mode and break the six figure barrier.” Better, right? That’s a SMART goal. And I have a confession… it’s my goal for this year. Well, mostly. I want to help 30 female entrepreneurs to achieve their personal business goals. It doesn’t have to be a six figure goal. Six figures is just a nice placeholder while I work with clients to set their personal (and SMART) business goals – and then help them learn how to make those goals work for them.
Surround Yourself With Like-Minded Achievers Who Help You
When you’re on a journey, it’s important that you surround yourself with people who want to reach the same destination. Otherwise, things don’t go smoothly. Dealing with your business is no different! That’s why you need a support team who’s on board with your goals and is willing to help you achieve them. And when you’ve got a business accountability group or an experienced business coach, they’re on board with your vision, your income producing activities, and your plan. They’re there to help you succeed. And with a great team, you’re bound to succeed.
Transform Your Hobby (and your mentality) and Have A Successful Business
So this (and any) year as you look at any resolutions or goals you’ve made, make sure that you’re not only making SMART Goals and getting a great team. Make sure that you’re also transforming your mentality. And you do that by making sure that your attitude and your business plan is in the right place. Because once you’ve got a solid business plan (even if it is simple), your mentality is going to shift. You’re going to be able to set those SMART goals with ease. You’re going to see the importance of having an accountability group. You’re going to want a coach in your corner. And you’re going to want to lessen the noise from those less-than- supportive types in your life. And as you do these things, you’ll soon find that your business has grown leaps and bounds, as has your income, your happiness, and your freedom.
Want to be one of the 30 entrepreneurs that breaks barriers this year? Then lets work together now.
10 days into the year – what's different?
Posted by Lori Hildebrand on Wednesday, January 10, 2018
Without a solid, simple business plan, life truly is like a box of chocolates: you never know what you’re going to get. You won’t know what’s coming, how to get there, or how to make the changes you need to achieve your goals. But here’s the good news: a simple business plan is easy to write so that you can achieve that six-figure business goal. So let’s get your business on track for a six-figure year, okay?
How to Write a Six-Figure, Simple Business Plan
Before we jump into each step, let’s take a quick step back. Because business plans are highly personalized, it’s important to know that this 3 step process is a solid foundation, but it’s not the whole house. That’s why so many successful entrepreneurs turn to a mastermind group or a coach. It’s easier to build a whole house with a support group! With a knowledgeable coach and mastermind group to support you, you’ll be able to tease out the details that escape the other entrepreneurs who rush in without backup. And it’s these details that help you create the freedom you’ve been looking for: to make more money; to make a bigger difference in the lives of your clients; to have more time; and to run a business that you love from the bottom up. In other words, go through this process. And then rely on your coach, your mastermind group, and your support system. Because it’s going to take work, insight, and inspiration to get it right.
Step 1: Determine Your Vision
Imagine your life 3 years from now. Now, write down what that looks like, because we’re going to take this vision and work backwards from it… so that we can transform this vision of yours into a reality. Write down how old you’ll be. Write down what your family looks like: how old each member is, how many kids or grandkids or nieces and nephews you’ll have. What do your relationships look like? What kind of traveling do you do? Where do you live? What does your income look like? How do you feel about this 3-year- in-the- future version of yourself?
Step 2: Make Your Decision
Now that we’ve got your vision, step 2 is simple. You simply have to decide that there is no Plan B. You are willing to work to achieve your dreams and goals. And you’re willing to give your vision an outside power in order to give it life. In other words, you’re going to quit treating your business like a hobby. You’re going to quit giving time and power to those who don’t value your contributions. And you’re going to assign a dollar amount to your annual income. From there, we can break it down into how much you need to earn each quarter, each month, each week, and each day in order to achieve that goal. From there, we need to decide that it’s okay to say “NO.” It’s okay to not serve everybody who comes in and asks for help, because that’s not how business works.
“Why not try to serve everyone? Well, it’s like trying to cook spaghetti without setting a timer. You’ll be throwing spaghetti at the wall trying to guess if it’s done – and you’ll guess right some of the time, but you’ll always end up with a filthy, frustrated wall.”
Your business is designed to fulfill a need in the market – and not everyone has that particular need. And that’s okay. So instead, let’s focus on serving the people you can help – and fulfill that business niche only you can fill. This way, you can focus on offering a specific set of skills, services, and products. Now, it’s time to take action.
Step 3: Plan Your Action
It’s time to determine your “Income Producing Activities” (or IPA’s). We all have 24 hours in a day, and we all have multiple demands on our time. However, attending yet another meeting or sitting at your desk doesn’t usually generate revenue for your business (or you!). So instead, let’s grab an accountability partner or a coach and plan how to spend our mornings. When you know what your IPA’s are, you can plan your calendar so that you can accomplish amazing amounts of work in unbelievably short amounts of time. For example, I know many single mothers (with kids in school) who only have a few hours to work from home. Plus, they’re also juggling kids’ activities, housework, and the billion other things on their to-do lists. But these amazing entrepreneurs know their IPA’s. And so they can reach their goals and earn a great income – and still be there for their children by the time the bus brings them back in the early afternoon.
Know your IPA’s. Use those IPA’s. And you’ll be able to transform your business into a six-figure company, too.
Do you need some help turning your simple business plan into a working business model? Let’s take a look together,
find the holes, and see where we can do better together. If you’re ready to go from expensive hobby to six-figure salary,
then you can reach me here https://lorihildebrand.com/work-with-lori/ to chat.
Life can get complicated – right? Of course it can. And it’s up to us to keep things going. That’s why I recommend that you talk to your lawyer on a regular basis.
Now, this isn’t to sell you on a lawyer (although if you need a referral, I’ve got an extensive network, so I’ve got you covered even if you aren’t local to the South Jordan or Salt Lake City areas). Rather, this is something that’s so important that it’s something I do on a regular basis, too.
Why you should talk to your lawyer on a regular basis
Let’s talk about what nobody wants to admit (but we all know): we’re all working on borrowed time. Sometime, someday, we won’t be here any more. And when that day comes, what will happen to those we love most?
In my case, my goal is to make sure that my children will be cared for. When you’ve got two young children and you’re divorced, it seems like everything is a lot more complicated.
And because I want to make sure that my children’s finances, future, and stability is well-defined, a will just won’t cut it.
Trusts vs Wills, and which (I think) is better
Now, if you currently have nothing written down or spelled out in a legal sense, please change that. If you’ve got to jump on a service like Legal Zoom, do it. It’s not the best option, but it is better than nothing.
But if you can go talk to a lawyer, that’s the better route. It’ll save you a lot of time in the long run – especially since laws and filing are minutely different from city to state to country.
And between a will and a trust, I’d have to recommend a trust every time. While a will lets you determine who gets your children, your money, your home, and the rest of your belongings, a trust lets you dictate what happens.
It lets you make contingency plans – and have backup plans in place. It can also let you set up who’s going to manage the money for your kids – that way, you’ve got someone you trust involved in making sure that your children’s welfare is guarded.
And when you’ve got small children, think about having a non-parent be the appointed trustee in charge of handling the finances. Of course, it will depend entirely on your situation and preferences. That’s another reason you should talk to your lawyer.
How to plan for the inevitable and take care of those you love
Planning for the future is important. There’s no better way to make sure that those you love will be cared for, no matter happens. I promise, once you get this important task done, a weight you didn’t even know was there will be lifted.
That’s why you need to call up your lawyer (or find a reputable one who specializes in this branch of law!) and plan your trust today.
Transitioning to a full, abundant, entrepreneurial life doesn’t have to be hard. And neither does setting up your trust.
Ready for more real-life advice about building your business? I’m your girl.
A visit with my attorney, and other fun things…
Posted by Lori Hildebrand on Monday, November 27, 2017