Small Biz Life

Public speaking is an important skill for small business owners because it gives us another opportunity to show the world we are an authority and is great free publicity. In this episode, we discuss small biz speaking tips with Aurora Gregory, co-author of Get Picked and owner of Aurora Gregory Consulting.

About Aurora

As an 8th grader, Aurora was a finalist in a speech contest. She didn't win but that just might have been the start of her career as a communicator. Some of the biggest brands in business have worked with her to get their message right, create communications programs that connect with target audiences and set marketing strategies – all achieving stellar results. Aurora's gotten high marks as a communications trainer, helping people develop skills to deliver their most important messages to customers, media and presentation audiences. She has years of experience in leading speaker's bureau programs that have placed hundreds of speakers at local, national and international conferences. When she's not talking, you'll likely find her hiking the foothills in her hometown or on the sofa watching classic movies.

To find out more about Aurora, check out her website.

Purchase your own copy of Get Picked: Tips, Tricks, and Tools for Creating Irresistible Speaking Proposals.

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There are a lot of retirement plan options for small business owners. How do you determine which one is right for you? In this episode, we discuss all the options to help you find the right plan for your biz.

All the numbers in this post are valid for 2017. Each year, these numbers are updated by the IRS.

Individual Retirement Plans (IRAs)

If you are just starting to save, an IRA might be an easy way to get started. An IRA will allow you to save up to $5,500 in 2017. If you are over the age of 50, you can make an additional catch-up contribution of $1,000.

There are two types of IRAs: a traditional IRA and a Roth IRA.

Traditional vs. Roth

It's important to understand the difference between these two plans to ensure you are achieving your goals.

Traditional

With a traditional plan, you put the money in pre-tax, which means you get a tax deduction now. However, when you take the money out at retirement, you must pay taxes based on your normal tax rate. With a traditional IRA, you are also required to take "required minimum distributions" starting at age 70 and a half even if you don't need the money.

Roth

Roth IRA contributions are made with after-tax dollars. You won't save on taxes today but the money will be withdrawn tax-free at retirement. There are also no required minimum distributions required.

SEP IRA

A SEP (Simplified Employee Pension) IRA allows you to put away a lot more money if you have a lot of profit. A SEP IRA allows you to put away $54,000 per year. However, in order to do that you must have a profit of $216,000. For a SEP IRA, you are limited to putting away 25% of your profit. Also, if you have qualifying employees, you must put the same percentage of their pay into their plan that you put into your plan. That can quickly add up. You can put in less than 25% but you are also limiting your own contributions to the plan.

A SEP IRA allows you to put away $54,000 per year. However, in order to do that you must have a profit of $216,000. For a SEP IRA, you are limited to putting away 25% of your profit. Also, if you have qualifying employees, you must put the same percentage of their pay into their plan that you put into your plan. That can quickly add up. You can put in less than 25% but you are also limiting your own contributions to the plan.

Solo 401(k)

A solo 401(k) is designed for single-owner or husband/wife owned businesses. This plan allows you to put away a lot of money but is more costly to set up and maintain.

This plan is a hybrid between a contribution plan and a pension plan. The owners can put in up to $18,000 per year, plus another $6,000 if 50 or older. An additional contribution of up to 25% of profit can also be added to the plan for a maximum contribution of $54,000. It's nice because you can put up to $18,000 (or $24,000) away each year without having to worry about having a high profit. You can also elect to have a Roth option for the $18,000 (or $24,000). The pension portion would need to be traditional.

However, if you hire employees that would qualify for your plan, you'll need to discontinue this plan and choose something else. You could pick a 401(k) without the profit sharing option or one of the other plans discussed. All 401(k)s have higher fees than the other options but it may be worth it for the amount of money you can put away.

SIMPLE IRA

The SIMPLE IRA is a popular option for many small businesses because it is a plan that works whether or not you have employees and still allows for a nice annual contribution.

A SIMPLE IRA allows you to put away $12,500 per year plus an additional $3,000 if 50 or older. Plus, you will also put an additional 3% of your profit.

If you have qualifying employees, you will need to match their contributions but only up to 3% of their wages, which keeps the costs low. Also, the fees are typically paid by the employee (but are very low).

Retirement Savings Contribution Credit

In addition to any tax deductions you might qualify for, you might also qualify for the Savers Credit. If you meet the income limits, you can even take this credit if you make a ROTH contribution.

This credit is designed to encourage low-income households to save for retirement. The maximum credit is $2,000 for a couple filing jointly, but your adjusted gross income cannot be more than $37,000 and the credit is only 50% of the contribution. As the credit phases out, the percentage and the maximum credit amount both decrease. If your income is $62,000, your maximum credit is $200 and 10% of your contribution. Luckily, if you put money into a tax-deductible plan, which lowers your AGI.

That's why it's important to work with a CPA who can help you maximize your tax deductions.

All figures are taken from Bankrate.com.

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We can't believe it's been 100 episodes and almost two years since we started Small Biz Life. In this episode, Jeff and Kristin reflect on where they were on episode 1 and where they are today.

A lot has changed since we launched the show on September 15, 2015. Join us as we discuss what we've learned and how our lives have changed.

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Money and Budgets affect every aspect of out a small business owners and our lives.

Personal Finances matter as much as business finances for small biz owners

Kristin and I have a discussion with Melissa about controlling budgets, working towards our dreams, and her new book, "Building My Yellow Brick Road: Life Lessons from Pursuing a Dream".

Listen to a great interview and get out and Building My Yellow Brick Road: Life Lessons from Pursuing a Dream and learn more about her business Melissa the Coach and how to deal more about your personal finances.

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http://amzn.to/2vai15K Building My Yellow Brick Road: Life Lessons from Pursuing a Dream

We all experience failure at one time or another. Successful business owners learn from their failures and keep going. In this episode, we discuss how to learn from failure to increase your success next time.

What to do when your plan fails

Jeff and Kristin discuss the following items this week:

• First thing is to accept that your plans can (and sometimes will) fail
• • Understand there is risk
  • Go in with eyes wide open
  • Try not to risk it all for an opportunity
• Own it!
• Understand the damage
• List out what when wrong
• Determine what can be salvaged
• Determine if there are other wins
• Make a new plan to move forward
• Breathe and smile
• Keep moving
• Learn from it

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None of us want to deal with unhappy customers but it is inevitable as a small business owner. In this episode, we discuss how to save your sanity and your reputation next time you must deal with one.

Before you respond

Many of us get a negative email, message, or review and want to instantly respond while we are seething mad. Probably not the best way to respond. Before you reply:

• Breathe
• Empathize
• Do not take it as a personal attack
• Think of solutions

How to respond

• Listen objectively and get to the root of the problem
• Come up with a quick resolution
• Implement the resolution quickly
• Don't be a pushover
• Sometimes you cannot make them happy, no matter what you do

Sometimes you must fire customers

If a customer is too demanding or gets out of line, you can fire customers. Make sure you have disengagement language in client contracts where applicable.

Links

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Small business owners typically struggle with pricing their products, especially digital products. In this episode, we discuss the factors that must be considered when setting your prices.

For more information about pricing your services, check out episode 90.

The components of pricing

There are four components of pricing:

1. Direct materials - These are the materials that go into each unit of your product. This might be the cost of a product that you have someone else manufacture for you or bonus items you give away with the cost of a digital course (maybe you mail a welcome packet or t-shirt). Direct materials can also be the cost of software that is incurred on each sale (if you are selling software as a service or other products with incremental software costs).
2. Direct labor - This is the direct cost of labor to make or provide the product. An example of this would be the cost associated with your labor to record videos for a monthly membership site like Small Biz HQ. This would also be the cost of editors and graphic designers for your new book.
3. Overhead costs - Overhead costs are all of your other costs associated with running your business. This includes other materials, labor, selling, and administrative costs. This definition is slightly different than the traditional accounting definition but it helps to simplify things.
4. Profit - Yes, you must actually figure profit into your calculations. There are a few different ways to do this. The most common way is to calculate your monthly desired profit or profit over the life of the product. For products with a longer lifecycle, I want to include monthly profit. Your profit should include your take home pay, any savings you wish to retain in the business, and your taxes.

You must also estimate how many units you can sell per month or over the lifecycle of the product (if it is short). Typically, we are very conservative with our estimates. If you estimate too high, you may end up not being able to cover your costs. If your estimates are conservative and you sell more units, your profit will be higher (which is a really good thing!).

Total Costs + Profit / Estimated Number of Products Sold = Price

Delays and procrastination will cost you

Time really is money. As the time you take to get a product to market increases, so do your costs. All of these costs, including the cost of your time, must be recovered. Here are some tips to minimize delays and procrastination:

• Have a plan to get new products to market in 30 to 60 days.
• If longer, minimize costs as much as you can.
• Work off your strengths to develop new products more quickly.

Additional advice for physical products

• Look for price breaks on order quantity but balance with storage and other costs.
• Look for print on demand for books.
• Discuss your plans with an accountant to avoid headaches, especially when working with affiliates or fulfillment in another state.
• Discuss your plans with an attorney for intellectual property, claims, and safety issues.

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Why do we always look at numbers that mean very little?

Vanity metrics are the numbers that push most online businesses. However, they are just that vanity. They can make us feel great when they look good or grow. However, if they are low then we feel horrible. It makes us what to stop.

However, we need to remember that good or bad they mean nothing on their own. Views, downloads, likes, views, and hearts all mean nothing on their own.

VS what we need to know

What we need to look at is revenue, customers, conversion, cost or ultimately profit.

However, when we start a business those numbers are bad. They are the numbers of "old" business. They are not as sleek and sexy as these more modern metrics that make us feel like we are at least helping others even if we are not yet making money.

We understand

We are looking for validation as well. We want profits. However, we do this to help people. However, the less money we make, the less help we can give people.

So we need to look at metrics that tell us the complete picture of our business.

Use these to use get the most value out of your vanity metrics

• Per Customer
• Per dollar of revenue
• Per dollar of profit
• Per hour
• Cost per Metric
• Earnings per Thousand Metric

Other Mentions

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As small business owners, we often forget to take care of ourselves in the midst of our busy schedules. Join us for some wisdom from integrative health and wellness coach, Emily Olson.

Health and Wellness for the Small Business Owner

During this discussion, we cover food, movement, and energy so you can more effectively run your business. We had a lot of fun doing this interview and Emily provided some great tips.

If you are interested in finding out more about Emily and working with her, check out her website and sign up for a free 30-minute Breakthrough call. You can also sign up for her free 7-Day Whole Food Challenge.

Other Mentions

Smoothie and Protein Powders

Vega protein powders

Ancient Nutrition Bone Broth Protein (this is what Kristin uses)

Organifi protein powder and green juice (use code WLW15 to save 15%)

Shakology

7-Minute Workout App for Apple or Android

(Some of the links above are affiliate links)

Links

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https://www.smallbizlife.com/blog/episode-94-health-and-wellness-tips-with-emily-olson

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http://wholelifewellness.co/

http://wholelifewellness.us12.list-manage.com/subscribe?u=7bd72a1e391b9c7a8795b6956&id=ae62e0213c

http://amzn.to/2ueqfHv

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https://www.organifishop.com/

http://www.shakeology.com/energizewithemily

https://itunes.apple.com/us/app/7-minute-workout-free-daily-fitness-routines/id650762525?mt=8

https://play.google.com/store/apps/details?id=com.popularapp.sevenmins&hl=en

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Episode 87 - 5 keys to creating connections

Scheduling client meetings, interviews, and other appointments can be time-consuming. In this episode, we discuss appointment scheduling apps that can help you save time and get paid faster.

Why should you consider an appointment scheduling app?

There are many reasons to use one of these apps. Here are some of the most important ones:

1. Allows clients to schedule appointments with you without the back and forth of email scheduling.
2. Allows clients to pay for appointments before the meeting.
3. Automatically sends appointment reminders.
4. Allows clients to reschedule if needed.
5. Allows you to set up classes or workshops with multiple attendees.

You can also use these systems to book other types of appointments like discovery calls and podcast interviews. Really any situation where you need to meet with someone else, you can use one of these systems.

Key features

There are a lot of apps out there. In this episode, we only discuss a few of them. When looking at different systems, you must determine which features you need. Most systems include:

• Web and mobile apps
• Payment processing (make sure to compare rates)
• Appointment reminders
• Online scheduling
• Calendar management (some systems are better than others)
• Checks your calendar for conflicts

Other features

These features may be important for some businesses. Not all systems have these features.

• Group scheduling
• Meeting room booking
• Multi-location support
• Free/trial version
• Live support
• Annual plan savings
• HIPPA compliant

Popular options SetMore

• All key features
• Free option
• Annual plan savings
• $25/mo (accept payments, reoccurring appointments, SMS, and other features)
• No group/room/multi-location booking

Yellow Schedule

• All key features
• HIPPA compliant
• A place for case notes
• $29.95 for 1 user / $49.95 up to 3 users / $99.95 for a team of 7

Schedule Once

• Starts at $5 per month (can be as high as $49 per month)
• No reoccurring
• No trial version
• No mobile apps

Acuity Scheduling

• All key features
• HIPPA compliant
• Starts at $10 per month (19/mo for up to 6 calendars and text messaging)
• No mobile app

Is there another scheduling app that you use? Tell us about it in the Facebook group.

Links

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https://www.smallbizlife.com/blog/episode-87-5-keys-to-creating-connections

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SetMore https://www.setmore.com/

Yellow Schedule https://www.yellowschedule.com/

Schedule Once http://www.scheduleonce.com/

Acuity Scheduling https://acuityscheduling.com/

Free Daily planner to help with focus https://www.smallbizlife.com/Focus

Small Biz HQ https://www.smallbizlife.com/store/5CQukiiy

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