September 09, 2020

201: Make Money Make Sense: Creating a Business Plan: Tracey Bissett

35 minutes

Today’s show will help you make more money in your business! Isn’t that what we all want? Join us to learn more about increasing your financial fitness by creating a business plan.

Tracey Bissett is a financial coach on a mission to redefine the world’s economic future by increasing the financial literacy of entrepreneurs just like you and me. Tracey has over 20 years’ experience in the financial industry, so she has the skills to help us best flex our financial muscles. She is the founder, President, and Chief Financial Fitness Trainer at Bissett Financial Fitness, Inc. Tracey helps her clients understand and improve their financial fitness levels to increase their confidence and clarity as business owners. In addition to owning her business, Tracey is a professor at Centennial College’s School of Business, and she’s a regular speaker at engagements to increase financial fitness awareness.

Show Highlights:

How Tracey realized her early passion around finances and entrepreneurship
To get started with your business plan, test the market to make sure your product will sell
How to get clarity around your ideal customer:
Who do I want to help?
What problem can I solve?
How to explore the market with focus groups and surveys
How to use pricing exercises to see if you can make money on your endeavor, considering your product/service costs, time, and overhead expenses
Why Tracey says most business owners undervalue and underprice what they sell
Tracey’s suggestions to increase income, freedom, and flexibility as an entrepreneur
Don’t be afraid to get advisors to help with bookkeeping, accounting, and other tasks
Consider hiring a business coach to help you figure things out faster and smarter
Tracey’s tips:
Have a regular time to review financial results, either weekly or monthly
Don’t beat yourself up about mistakes. Move on!
Don’t commingle personal and business finances
Be kind to yourself and patient

Resources:

Find Tracey: www.bissettfinancialfitness.com

Find BissetFinFit on most social media platforms.

Tracey’s giveaway, the Money Meeting Agenda, can be found at: www.cashcoach.biz

Find templates for your business plan: https://www.bdc.ca/

Join Meg Live for Wednesday’s Wisdom each week at 9 am CT/10 am ET on the STaR Coach FB page.

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By Meg Rentschler

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