Episode 187: $10k in 10 Days

solo show Aug 12, 2021

Recently I was listening to Rachel Rodgers' audiobook, "We Should All Be Millionaires: A Woman's Guide to Earning More, Building Wealth, and Gaining Economic Power" and was inspired to do her $10k in 10 days challenge. This peaked my interested because I am working on a goal of $30,000 months in my business.

 

I encourage you to look at your financial goals - income, retirement, vacations, etc. and what does that look like per day, week, month, etc. What may seem like a lot of money per month may not be as much as you think once you subtract expenses, taxes and savings.

 

To break down my $10k in 10 Days Challenge, I ended with $9,741. Here's how I did it:

 

My first few offers were not a hit which was scary at first. Then I got the idea for a new offer: LLC in a day. An offer is anything that you are selling and I decided to sell a 1:1 session with me to get you completely set up with your LLC. I put that out there via my email list. It's $1,000 and I booked 2.

...

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Episode 186: Profit Reports Are Back!

biz entities solo show Aug 05, 2021

On this episode of the podcast I announce the return of my Profit Reports and what they'll look like moving forward.

 

I'm launching a private podcast! This will be a second podcast exclusively for members of my free Facebook group, Braden's Besties. In the group I host a Friday Facebook Live where I answer questions I've collected throughout the week. I'll be turning this Q&A into a private podcast that will be accessible only to members of my Facebook group, so join now by clicking here or visiting www.bradensbesties.com

 

If you're new to the podcast in the last year you may not be familiar with my profit reports. These reports came to be in 2019 when I was reading the book Profit First by Mike Michalowicz where he walked readers through an exercise to determine the profitability of your business. I was operating at 30-40% profit at the time which was very low and I set out on a journey to operate at 70% profit. I started sharing my income and expenses with my...

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Episode 185: You Need More Than One Contract

contracts solo show Jul 29, 2021

On today's episode of the podcast I share part five of the Contract Series where I discuss the reasons you need more than one contract in your business.

 

A lot of us tend to only think about our Client Service Agreement when working on contracts for our business but there are other types of contracts you may need for your business so I'm breaking them down on today's episode. For downloadable contract templates, click here.

 

1. Client Service Agreement. This is the common, most important one, we sign with our clients. Typically, we need more than one Client Service Agreement. one for each service we offer and one for each package tier. I recommend having one template for each inside your CRM like Honeybook or Dubsado.

 

2. Contractor Agreement. This is what you will use if you're hiring a contractor to help with your business like a Virtual Assistant. If it's something project-based that the VA offers other people, ideally the VA should send you a Client Service...

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Episode 184: Try This Before You Get Sued

contracts solo show Jul 22, 2021

Today's episode is part four of the Contract Series where I share what to do if a client is planning to sue you.

 

Client issues are more common than you think, and client issues do not mean you're not good at what you do. Sometimes we fuck up, sometimes we just have messy clients. There will always be client issues when it comes to owning a business.

 

Back on Episode 112, I spoke with DJ Kevin Dennis about his experience with the legal system with a lawsuit from a couple about Kevin's contract and COVID related cancellation refund. Similarly, last year on Judge Judy a client sued a wedding planner for a refund due to a COVID cancelation/postponement. The planner said the retainer was non-refundable and have already substantially performed under the contract.

 

I give you examples not to scare you but to show you that even for small businesses with contracts under $5,000 can get into legal disputes.

 

If it looks like you're heading down this road with a...

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Episode 183: Outlining Your Payment Terms in Your Contract

contracts solo show Jul 15, 2021

Today's episode is part three of the Contact Series.  If you missed the last two weeks, go back and check out the first two episodes in the series

Five Ways Small Businesses Typically Taking Payments:

1. Hourly Payment - Most common along virtual assistants, coaches, consultants. If you have a no cancelation policy, you are better off charging a package price so you are still compensated for any hours you miss due to the client's no-show

2. Monthly - Conover with coaches, VAs, and even wedding planners. Monthly payments can be on a schedule, for example for a wedding planner let's say it's $12,000 you can say it's $1,000 a month that way if there is a cancelation you've still been paid for the months of work you did leading up to the event. 

3. Flat fee per project - Common for graphic designers, web designers, creators who sell physical or digital goods.  When you offer a flat fee per project you can split the payments into all the payment up-front, half up-front...

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Episode 182: Defining Your Scope of Services in a Contract

contracts solo show Jul 08, 2021

On today's episode, I continue the Contract Series with the importance of outlining your scope of services as a way to avoid the dreaded "Scope Creep."

 

Scope of services is what I view as one of the two most important parts of a contract. Typically we enter a contract because we are selling something in exchange for money. The contract needs to define what it is we are giving the client (product, service, etc.) and what they are giving us in return (money, exchange, etc.).

 

In a barebones, napkin contract, you'd have the names of the parties, what it is you are offering (scope) and what it is you are receiving in return (payment terms).

 

Scope creep is a very real thing, often happening to service-based business providers when the client starts to ask for more and more things (often little by little) that are not explicitly highlighted in the contract.

 

If you have multiple packages available, you will want to have a contract template for each level of...

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Episode 181: The Importance of Clear, Detailed Contracts

contracts interview Jul 01, 2021

On today's episode, my guest, Danait Berhe, Founder & Brand Strategist of The Asmara Agency, shares her insight on evolving your contract as your business grows.

 

Offering a wide scope of services from logo and web design to brand refreshes, Danait's scope of services changes for each and every client which means each client is getting their own custom contract.

 

Clarity is key when it comes to contracts. Start by spelling out all the details in your proposal before the contract so your client understands what they will be getting and the timeline for the project to be completed so this way you can accommodate and charge for any changes as you move them into the contract and need to charge additional rates for faster results.

 

Be sure to include:

-updated scope of services - define what they're getting out of the services

-project schedule - detailed timeline of when to expect client responses and what happens if the client does not respond by the specified...

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Episode 180: Contractor Laws By State

hiring solo show Jun 24, 2021

On today's episode I wrap up the Hiring Series discussing contractor laws by state and what you need to make sure you're legally hiring.

 

Click here to read this episode as a full blog post, "Contractor Laws State-By-State."


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Episode 179: How Much to Pay Your Contractors or Associates

hiring interview Jun 17, 2021

On today's episode I chat with Emily Loeppke, Principal and Founder of Anna Delores Photography about how much to pay your contractors as you grow your team.

 

Emily was doing paid advertising on every blog she could, networking at local events, and building her relationships with wedding planners which lead to her having a fully booked wedding photography schedule and knowing it was time to hire.

 

As Emily grew her team of second shooters, she started by calling them associates but transitioned to keeping that an internal term, understanding the importance of calling them the team or lead photographer because they are not any less than and she wanted to avoid clients feeling like these photographers were not all equal members of the photography team.

 

The question Emily was facing was if her team should be employees or associates (more on this in Episode 177). Emily started by paying her contractors on an as-needed basis per job. She would pay them a booking bonus...

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Episode 178: Getting Started Building a Team

hiring interview Jun 10, 2021

On today's episode I chat with Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group, about what goes into successfully hiring a team.

 

Ashley started hiring 6 months into her business by hiring a contractor and now has part-time and full-time salaried employees and helps other businesses hire and grow their own team of employees.

 

The biggest challenge is overcoming mental hurdles/mindset blocks to hiring whether it's thinking that you

- wouldn't be good leader (leadership is a skill, not a personality trait)

- don't want to be a boss (being a boss opens up freedom for you to do the parts of your business you love)

- can't afford (start with a small position you can afford and build the role)

- it's my art (hiring a team does not mean you need to lose creative control of your business. It means training someone so your creativity can be in multiple places at once).

 

Don't wait until you're 100% booked to start hiring. If you wait...

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