Tara Jones-Williamson is the feminine Financial Success Coach and Lifestyle Designer behind Your Pretty Pennies, an online financial lifestyle brand dedicated to helping women pay off all of their debt in two years or less. She spoke with us about the philosophy behind her strategies, how single motherhood brought her into financial education and how beginners can create a foundation in their business to achieve their lifestyle dreams and financial success. 

GROW: Finances are intimidating for a lot of first-time entrepreneurs. Even with a lot of the education that is out there, a lot of people don’t yet have the financial vocabulary to fully participate and flourish.

Business owners hear a lot about how they need to keep their business and personal finances separate from the beginning. Can you talk about why that is important and what that looks like, especially if you are bootstrapping and might not be generating revenue yet?

Tara Jones-Williamson: It is really important to separate them from a legal standpoint because if your business and personal finances are co-mingled and if something happens, the IRS can look at both your personal assets and your business assets. You need a business checking account and a business line of credit. Use those accounts for your business. Don’t fall into the trap of, “my business isn’t making a lot of money right now, so I am going to use my personal account for this.” If you start doing that, you will do it all the time. The reality is that you need to pay yourself, even if it is your personal money you are paying yourself with. So you need to build that paper trail of money from your personal account going to your business account to pay those expenses.

GROW: You talk about creating a business and financial plan to help support your desired lifestyle. Once people get into the nitty-gritty of solopreneurship, it can be easy to lose the big picture of why they started in the first place. Can you describe the philosophy behind your approach?

TJ-W: I work with a lot of women who are creating their businesses because they are passionate. Once they get into business it’s, “I have to hurry up and make money.” Or, “I have to do all of these mundane tasks.” They get into what I call “Entrepreneurship Poverty,” where their business is sucking all of their money. So every dollar they make, whether from their 9-5 or their business, goes right back into the business vs really creating a financial plan that supports the lifestyle they desire. I always tell women, “There is a person behind your business. Your business should work to support the lifestyle you desire, otherwise, just work a 9-5. ”

I am always highlighting how important that is. You have dreams, a family, a life, and you need a business model that supports that.

GROW: You talk about creating daily, weekly and monthly habits and routines to make book-keeping easy. How can someone who is starting from zero get started with those habits?

TJ-W: I want to start by saying that even though I love finance, I didn’t start that way. I was a biology major in college, and I thought I was going to go to med school. Yes, I liked math, but I didn’t have a background in accounting and bookkeeping. You don’t need to be amazing at numbers to keep your accounting easy and organized. I use QuickBooks and spreadsheets that I created myself that are very easy to use and understand (at the end of the webinar, I send out a link to the spreadsheets).

Those habits, rituals, routines, the weekly check-in with your money is a game-changer. When you go to a business class, they talk about clients and overhead and your KPI. All of those things are very important, but you also need very practical, day-to-day actions to stay on top of your accounting and booking keeping, especially if you aren’t in a place to hire an accountant.

There are a lot of things you can put on autopilot to where you can just check in and make sure things are running smoothly. Again, a lot of us do not need a complex system to where it is overwhelming and daunting. You just have to build it into your routine.

I am mostly looking forward to people taking away confidence in managing their money. My goal is that by the time people are done hearing my voice and seeing my face, that they feel confident enough to know that financial management is a skill that can be developed.

GROW: How did you come to start your business, Your Pretty Pennies?

TJ-W: It started with my financial journey, which started when I was 21 and in the middle of my college. I had my daughter, so I was a single mother in college. When I went back to school, alongside my biology degree, I started taking finance classes because I knew I needed to learn how to manage my money.

When I had her, I had $0 in the bank because I needed to buy everything I needed for when she was born. I became diligent about learning how to manage money. I got a minor in finance, which helped a little, but it was really all of the self-study I did. I looked into how to master savings, how to pay off massive amounts of debt, increase income and credit repair — all of these parts of personal finance that I was oblivious to. It was a learning curve for me. After I graduated college, I made a financial plan that allowed me to pay off $50,000 in debt in two years, all on my own income.

I made it my mission to help myself. It transformed into creating a blog to share my story and knowledge, then I helped people at my church with budgeting, saving and paying off debt. People started asking me to coach them, and I didn’t know anything about building a business. No one in my family had ever started a business, so that was a learning curve all on its own. It was very organic with my desire to help other women in the financial trenches, and being the person I needed all of those years ago.

GROW: What do you want people to take away from your webinar?
TW-J: I am mostly looking forward to people taking away confidence in managing their money. My goal is that by the time people are done hearing my voice and seeing my face, that they feel confident enough to know that financial management is a skill that can be developed. I want people to feel confident to be diligent and approach their finances without fear, shame or guilt. I want people to get excited to create the lifestyle they desire with their business.

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Are you dreaming of starting a food truck? Do your friends tell you that your salsa is delicious enough to sell? Do you want to open a restaurant? A bakery? A popcorn shop? A coffee shop? A catering business? We talked to Kendra Wills, a counselor at the MSU Product Center Innovation, which provides support for new or expanding food business owners. Wills gave us insight on what questions to ask yourself when you are getting started, and how to reach your food entrepreneur goals.

GROW: What are the first steps people need to take if they are thinking of starting a food business?

Kendra Wills: It’s really important to outline what your goals are and how much time you have to spend on the project. A lot of the small business owners that I work with already have a job and want to start a side hustle, and then they find out how much time is involved with producing the product and selling it. Often times when you are starting out, you have to do everything: you source all of the ingredients, you do all of the marketing, you do sales, even web development.

 A lot of times people really underestimate how much time and capital it takes to start a food business. Decide how much time and money you have to put into this project. Make goals but do it in phases: the first year, maybe test the market out to see if it is a viable product; year two, grow to farmers markets and maybe retail, years three, four and five, maybe go for a brick and mortar. 

You have to consider the shelf-life of your products, too. The Michigan Cottage Food Law is a great tool — it helps people start food businesses from their home kitchen. But you can’t make anything you want, you have to follow the law.

Baked goods are popular products, but you can’t bake them weeks in advance and they don’t last very long. So, it’s a time-crunch situation where you have to make and then sell. So your marketing and production have to go hand and hand. There are labeling requirements and production requirements, and you must secure a food license through the state department of agriculture or the local health department.

GROW: What can people expect from the licensing process and how can they make it easier for themselves?

KW: Read what the licensing requirements are. There really isn’t anything easier than that. The health department is for ready-to-eat foods, like a catering business, food truck or restaurant. Packaged foods or retail stores are mostly licensed through the Michigan Department of Agriculture. Now, let’s say you are a caterer and make most of your money catering but want to sell salsa on the side; you can do that under your license from the health department. If you are doing both, running a restaurant and selling packaged foods, it matters where you make most of your money. If you make more than half in packaged foods, then you go to the department of agriculture. If you make more than half in the restaurant, then go to the health department. And then it is just reading guides that are on the respective websites. 

Another really helpful resource that is good for learning the basics is the Serve Safe class. It will teach you what to look out for and how to prevent food born illness.

What do you see that tends to set people apart?

I really think it is the focus and the amount of time they are committing to their project. The most successful people really dedicate their focused time. It might be every day or every week, especially when you have another job that doesn’t relate to what your food business is. It can be really hard to find that time, especially when you are tired from your other job and you other home responsibilities, it can be really hard. But the time and focus make a difference.

Click here for more information on the MSU Product Center.

The post What You Need to Know to Start a Food Business appeared first on Grow.

What steps can someone take to determine what kind of entity they need to be?

Your primary questions to ask yourself should be about taxes and liability. So, depending on your answers to those two questions will determine what the most appropriate entity for you is. For most people, an LLC will be appropriate.

What do people need to know about being an LLC?

One of the biggest misconceptions is that it provides full coverage law liability, cart blanche, and that is not the case. The term-limited liability is very much that-limited. You still need the right permits, follow zoning regulations, as well as have insurance to protect yourself from any potential liabilities.

What are some common mistakes you see people make when starting out?

The number one mistake is not having a proper system in place to account for everything. It is a whole lot easier to build a system from the ground up than to go back after a year with a box of receipts. As you build and make money, your system will grow with you. All of those behind-the-scenes things–the paperwork, processes and systems — are really important to start from the ground up.

What other legal documents do business owners need to protect themselves?

Mainly internal documentation. If you have partners, figure out who is responsible for what, how assets are split. Beyond that, it depends on what your business is. You have to determine if you are offering guarantees or warranties. Anything with employees needs to be in writing in some sort of fashion. For service businesses, if you are writing your own contracts, make sure that they are reviewed by an attorney and be cognizant that if there is any ambiguity down the road that it will be construed against you.

What advice do you have for people who are starting out and might be overwhelmed with getting this stuff in order?

Look a year down the road at where you want to be, and work backward. Go back from where you want to be and take it step-by-step to help yourself figure out how to get there. A lot of people are at the starting line and don’t know what direction to go on. Thinking of it backward helps.

Watch our full webinar with Brent here to learn more about how to get your legal paperwork in order so your business can thrive.

The post Q&A: Attorney Brent Greers on Legal Rules Every New Business Needs to Understand appeared first on Grow.

Christina VanDam is a the owner of Zeal Aerial Fitness and a GROW client. 

How old were your children when you started your business?

My son was actually the reason I started to pursue my business. I was laid off while on maternity leave. I began meeting with the SBDC during that time to take steps to open my business. I opened the doors for my business when my son was 2. My daughter is currently 7 months old. 

What are the biggest challenges in your life as a business owner and mother? 

Finding what works for you and your family. There is no magic formula. Social media has led us to believe that there are so many people who have it all together and their life is perfect… when in reality, it is not. Some days, my house is messy, filled with toys. Some days we have a great balance and other days, my kids need me more.  

What inspires you in those really challenging moments?

Knowing that everyone is going through it, especially now during the pandemic where there is a large number of parents home with their kiddos. Also, remembering this is only for a time. My kiddos are going to grow up and go to school all day and my business will still be here. 

How does your role as a mother inform you as a business owner, and vis versa? It seems that the same skills can come in very handy for both roles.

As a mom, I am consistently multitasking and prioritizing tasks that need to be done. For example, dinner needs to be cooked before the laundry needs to get put away. I do the same thing with my business. I have a “Big 3” – my 3 goals I am working on for the year. All of my tasks are focused on those Big 3. If it isn’t part of those tasks, I don’t do it. Also… as a mom, I say no to my kiddos if it isn’t beneficial for them and I’ve learned to do this for my business as well. 

What do you love about being a business owner who is also a mom?

I love the ability to share my business with my kids. They come to the studio with me when I need to do things there. They can see me working and being a mom. It also gives them the opportunity to meet other people in the community who own businesses too. Those connections have been invaluable for their learning. I feel incredibly lucky that I get to have time with my kids as they are growing up. 

What advice would you give other business owners who are also moms?

It’s OK to not get things done for your business immediately. When it is my days home with my kids, I don’t respond to emails unless it is nap time or after bedtime. Same with phone calls. Almost everything can wait a few hours.   

The post Christina VanDam on being a business owner and a mother appeared first on Grow.

What does it mean to be a coaching leader?

It is critical for leaders to be a coach, and that is the wave of the future, as opposed to the top-down mentality. We want leaders to promote self-reliant problem solvers. What is happening when we aren’t doing that is getting passive employees who don’t take ownership and responsibility for their outcome, whether successful or not.

What are some common mistakes you see leaders make?

Not being in-tuned enough to understand their own triggers with people. When I have to sit across from someone who is making excuses, we have to come more out of curiosity than judgment. We have to stay in tune with ourselves to stay in tune with what is going on.

What advice do you have for people who are in a leadership role for the very first time?

Make sure you know who you are and what influences you. Do a deep dive to work on your emotional intelligence. What are the stressors that make you more reactive and less responsive? Understand your communication style. Too many leaders are not aware enough of their own strengths, weaknesses and values.

How has the pandemic evolved leadership? What behaviors or standards would you like to see leaders embrace as we come out of the pandemic?

If you are not a leader who has learned to pivot, adapt and be resilient, you are probably struggling a lot. Moving forward, a lot of ways t the pandemic can make you or break you. If you have a resilience mindset, you are really setting an example for others in your business. Life is a lot of pandemic situations: in our heads, we think it should go smoothly, but in life, we have a lot of dips and valleys in the road. Part of being able to navigate is being able to coach through those moments.

Click here to register for our free webinar with Lorraine on May 19 to learn more about leadership coaching and how it can benefit your business.

The post Q&A: Lorraine Medici on Coaching Leadership appeared first on Grow.

Small businesses can have a big impact on the environment by adopting eco-friendly practices. And, going green is likely to have a big impact on your business. Consumers are increasingly favoring sustainable businesses. A recent study conducted by the National Retail Federation showed that 70% of consumers in the United States and Canada think it is more important than ever for brands to be eco-friendly. Now, it is easier than ever for businesses to achieve sustainability. Here are just a few of the steps you can take today to go green.

Source goods and services that are environmentally and sustainably produced
One of the biggest impacts you can have on the environment as a business is to source sustainable goods. Look at your suppliers – do they integrate sustainability into the production of materials? Are they transparent about their processes? As much as possible, try to source from local suppliers.

Recycle and reuse electronics
Most electronics contain toxic material that can do a lot of damage when thrown in a landfill, leaching into the soil and polluting water supplies. Locally, Comprenew offers electronic recycling via drop-off or pick-up! Additionally, you can up your green game even more by purchasing high-quality refurbished electronics at their store when you need to update your tech.

Take advantage of the cloud
Using a cloud service like G-Suite, Dropbox or Microsoft Office 365 allows you to store essential documents without printing a shred of paper. You can customize access for employees, clients and vendors. 

Eco-friendly packaging
Containers and packaging make up 23% of landfill material. Go for biodegradable packaging or packaging that your customers can reuse! If you take the latter route, you can integrate it into your brand by providing a list of suggestions for what your customer can reuse the packaging for. 

Adopt green shipping practices
Reduce your business’s carbon footprint by consolidating orders, and using shipping boxes that are as close to the size of your items as possible (haven’t we all received a relatively small product in an enormous box?)

Green up your brick and mortar
If your business has a physical location, there are plenty of things you can do to make it more eco-friendly. Work with your utility providers to enroll in energy-efficient programs, use a green cleaning service, buy second-hand furniture and eliminate single-use items, like paper coffee cups.

Get certified
There are plenty of green certifications available to businesses of all different scales! In addition to elevating your brand, these certifications take away the guesswork of switching to sustainable practices by outline exactly what you need to do. Here in West Michigan, Local First houses the Good for Michigan program, which helps businesses in Michigan measure their impact and work toward B Corp Certification.

As you work toward sustainability, make sure you start small with achievable goals! Take stock of where you are at and where you want to be. Celebrate your eco-friendly milestones with your employees and share your progress with your customers and clients. Talk with other business owners, ask questions and share tips. The accountability and support you receive will help to further build a community around your brand, attract customers that align with your mission, and create a better planet for future generations. 

The post 7 Ways to Go Green with Your Business appeared first on Grow.

Yelena Wells is the Vice President of Business Development at  Elite One Media. She specializes in marketing strategy, SEO, web design, social media and VR. As  a Google Trusted Photographer and a Google Partner, she is certified by Google to create virtual tours and is formally recognized for having the skills and expertise to optimize Google ad campaigns that drive results.

Let’s start with the basics! What IS a marketing campaign? And why would someone need to create one?

Marketing campaign could be a lot of different things. It could be a Facebook advertisement used to promote a new product, email marketing to advertise an event or direct mail print campaign to target a specific community or brand recognition and audience growth on a specific platform.

What are the elements of a successful campaign?

Having clear measurable goals.

Where do you see people go wrong?

Knowing their audience and unclear in call to actions. It is very important to identify your key target demographic and understand how they talk, where to find them, what answers they are looking for.

How do you measure a marketing campaign?

The great thing about marketing, especially digital marketing is that you CAN measure A LOT. How many views, clicks you get, where people click, how they follow up.

Click here to sign up for our free, interactive webinar with Yelena to learn more about how to successfully marketing your business! 

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These books for women entrepreneurs will inspire you on your journey, guide you to success and help you create the life of your dreams.

Dare to Lead by Brene Brown

Professor, podcaster, author, researcher and adored thought leader Brene Brown brings her signature vulnerability-centered approach to leadership in this #1 New York Times Best Seller. Filled with research and anecdotes from Brown’s experience running her own company, the chapters will help you evolve into a braver leader that inspires and uplifts others on the path to your dreams.

The Black Woman Millionaire: Hot Mess Edition: An Insurrection of Personal Power as Profit by Dr. Venus Opal Reese

Described as “Edgy, instructional, and inspirational,” The Black Woman Millionaire walks you through the evolution of fledgling entrepreneur to established business owner. Complete with worksheets, transcripts and resources, this book stands alone in also addressing the historical wounds and cultural trauma bore by black women that undermine their financial health.

The Multi-Hyphen Life: Work Less, Create More, and Design a Life That Works for You by Emma Gannon 

This book explores the multiple-realities of today’s professionals — a fulltime career, side hustles, gigs, entrepreneurship —  and shows you how you can utilize technology to design a fulfilling and financially healthy life. Whether you are nurturing a side hustle (or two) or are a full-time business owner, Gannon will teach you how to channel your entrepreneurial spirit and give you the inspiration you need to embrace success on your terms.

The Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person by Shonda Rhimes 

Shonda Rhimes is the powerhouse behind mega-hit TV shows Grey’s Anatomy and Scandal. In The Year of Yes, Rhimes brings us along on a journey of changing her tune from “no,” when opportunities and invitations came her way, to “yes,” for one year. The result is nothing short of transformative. If you are an introverted entrepreneur, this book will inspire you to step out and take your business to new heights with the magic of “yes.”

In the Company of Women: Inspiration and Advice from over 100 Makers, Artists, and Entrepreneurs, edited by Grace Bonney 

Described as “instantly inspiring and motivating,” this book features more than 100 accomplished women who describe how they overcame obstacles, nurtured their creative spirit and sparked a global movement of entrepreneurship. From comedians to thought-leaders to architects, artists and more, these profiles show us what happens when we do away with expectations and embrace our dreams.

Tough Skin, Soft Heart by Shannon Cohen 

The debut book by inspirational Grand Rapids-based thought leader (and GROW Board Member) Shannon Cohen is a powerful guide on balancing the tightrope of compassion and resolve in a world that demands much of its leaders. The authentic kindness that Cohen embodies is woven throughout the book, which shows us that being a strong, resolute leader and a soulful human being are not mutually exclusive.

Being Boss: Take Control of Your Work and Live Life on Your Own Terms by Kathleen Shannon and Emily Thompson 

Authors Kathleen Shannon and Emily Thompson host top-rated podcast “Being Boss.”  In their debut book, they give guidance on how to cultivate a boss mindset (goodbye, fraudy feelings), creating habits to help you reach your goals and how to manage your finances and sell your skills and products for maximum results. 

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How has the pandemic impacted our mental health overall?

There is so much more anxiety, depression, and even substance abuse and domestic abuse. People are experiencing trauma from the global grief and loss. Even though we may not know the 500,000 who have died from COVID, or gotten sick or experience a loss, it still resonates with us. There is a lot of fear — it reminds us that we could still get sick, or it could be a loved one. If we are around people, we may worry that we could be a carrier. There are also a lot of political and racial tensions right now. We may have survivors guilt, compassion fatigue, burnout. We’re emotionally drained. It’s a lot.

What can we do throughout our day to care for our mental health right now?

It’s more than being self-aware. You have to pay attention and check-in. You can’t always get what you need from the environment around you. It might be taking a day off, it might be helping someone else, or allowing the dishes to sit for a day because it will be OK if you don’t do the dishes. You have to be intentional. Soak in the bath, take a walk, eat a little healthier, get better sleep. We have to pay attention to those things. 

Business owners are very relied upon- — their employees, clients, families and communities depend on them. What advice do you have for business owners who are really struggling and feeling the mental and emotional strain of all of this?

I want to say, “pack your backs and go to Hawaii and run your business on the beach!” (laughs), but that isn’t real. Being able to laugh about that can make the difference between “I’m overwhelmed,” and “I can do this.” Leave space to laugh, to cry. Get a group of other business owners that you can talk to and identify with. You have to be intentional and deliberate with your time and make sure you schedule that in.

What can we do as we come out of this to make sure that we all have a small business culture and workforce that is emotionally and mentally sustainable?

We need to have a culture that supports people being OK. Our team talks about trust and conflict a lot and that allows us to have difficult conversations. We divide and conquer when checking in with each other, and we check in often. We are deliberate about calling and texting (not email). Business owners also need to have someone check in on them. Be deliberate, ask someone to check in on you regularly. That is so important.

Click here to sign up for our interactive webinar with Dr. Agnew to learn tools you can use to stay mentally and emotionally well as your run your business through stressful times. 

The post Q&A: Dr. Valencia Agnew on Recharging when You are Emotionally Drained appeared first on Grow.

What exactly is a mentor?

A mentor is a person in your life who provides guidance. An ideal mentor is authentic, engaging, available and in-tune with your goals and needs. They are where you want to be, and they use their experience to help you get there.

Why do you need one?

When you are a fledgling entrepreneur, you are charting your own path. It is a bold, brave and exciting move. It is also full of obstacles you can’t see yet.

• You get the benefit of their experience
  Your mentor has been, there done that. They have encountered the obstacles you will face and can tell you where they are and how to get around them. They share with you the steps they took to find success, and ideally, their failures. They pass their lessons on to you, to make your experiences a little easier, a little less lonely and a lot more informed.
• A mentor can instantly expand your network
  When someone is in the position to act as a mentor, they likely have a substantial network accrued from years of business practice. Your mentor should be invested in your success and will tap into their network to help you reach your goals.
• A voice of encouragement… and reason
  When you start a venture, one thing you can do to help your future self is identify your cheerleaders. Your mentor is meant to be your loudest cheerleader when you need it most. Additionally, they will level with you when you need some perspective on how to tackle certain goals and whether the timing is right.
• It works
  According to SBA, 30 percent of new businesses may not survive past the first 24 months, and 50 percent of those may not make it past five years. However, 70 percent of mentored businesses survive longer than 5 years.

How to Find a Mentor

Before you seek a mentor, know your goals. Start by doing a SMART goal exercise to break down your business dreams into approachable steps. 

Next, make a list of businesses that you would like your business to look like. Reach out to those business owners informally to introduce yourself (if you don’t know them already) share your goals and get to know their business journey better. 

Once you find the right fit, make your ask concise, outlining your goals and why you feel they would be a good mentor for you. Be clear about your time commitment and expectations. Remember, the worst thing someone can say is, “no,” and if that is the case, you can ask them to recommend a mentor in their network. 

Additionally, SCORE has a vast mentor network in which participants are matched with an appropriate mentor based on their goals, needs and experiences. 

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