#CEODiary It Takes Money To Make Money

Happy Saturday fellow future CEOs!

Quick update before today’s topic: I have a company logo!!! I’m so excited that I found a graphic designer on Fiverr (a resource I introduced in last week’s article) to design my logo. It only took 3 days and guess how much… go ahead… nope… close… ok ok… $10!!! That’s right, a professionally done logo design for ten American dollars. Check it out:

Now let’s talk about spending money to make money. If you’re like me, you HATE spending money. I go shopping for clothes once or twice a year. I have clothes I still wear that’s older than some of you. However, when it comes to building a business, you HAVE TO invest in yourself. Why would anyone invest in you if you aren’t willing to invest in yourself? Having a quality product/service is essential for being able to set an appropriate price for that product/service.

Figuring out what you need in order to earn profit is the first step. For me, I needed a laptop and Microsoft Office software. I’m also looking into more advanced business presentation software options. That’s all I need to deliver my service, but how do I gain clients? My company is B2B (business to business) so I have to have a professional website. I’ve already purchased my domain name from GoDaddy (around $14/year), now I have to decide which website host (WordPress, SquareSpace, Wix, etc) would be best for my site. WordPress has a free option (this website uses WordPress), but I want to ensure the best quality for my business. Other options may cost around $200/year.

I also need business cards after I finish designing my website. 250 business cards from VistaPrint will cost around $50.

Budgeting and saving is key! Is not going out as often worth you being able to buy what you need for your company, which will help you one day make 6, 7, plus figures? I’d say yes. I’m willing to cancel my Hulu account (that I only have for Living Single) to help pay for my Google G Suite account if needed. Figure out where you can trim the fat from your spending and know exactly how much you can save per check to put towards your company. A business loan is my last resort because I have enough debt (HELLO student loans), but that’s also a great option to get you started if you can afford it. However, be mindful that you will have to put together a very well planned out business plan in order to apply for a business loan.

“Scared money don’t make no money.” Entrepreneurship is a risk, but with high risk comes high return. Believe in and bet on yourself.

Comment below and let me know what you need for your company.

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#CEODiary What Qualities Make a Good Business Owner?

Hello fellow future Founders/CEOs! I hope you’ve made another step towards building your company. My goal for November is to have my logo designed, business email, and website finished. 😳😰 Fiverr is a GREAT resource for finding freelance workers to help with tasks like these. I’m currently discussing my logo design with someone on Fiverr and hope to get it done this weekend.

In this journey to becoming an entrepreneur, I’ve noticed qualities that I need to work on in order to be a good business owner: self-determination, consistency, and faith.

Self-Determination

“They ask me what I do and who I do it for…” Why are you choosing to own your own business? Doing things out of love, passion, or a greater purpose than my own benefit have always produced great results. When I think of success, I think of being able to get myself and my mother out of debt, paying for a house for family, helping pay tuition for my cousins, etc. Another major goal of mine is to put together a wealth conference for people of color that will tour every HBCU. I don’t want to just give people money, I want to be able to give everyone around me opportunities to make their dreams come true. I’m also owning my own business because Corporate America hasn’t given me the opportunity to do the type of Finance I want/trained to do, so I’m giving myself that opportunity.

Consistency

Now… this… right here… Le struggle. Consistency is my biggest hurdle. I am a true perfectionist, so if I can’t visualize myself doing something well I don’t do it. I self-sabotage a lot when I feel like I can’t do something. Working through this mental barrier is a must if I want to become a business owner. Self-doubt and the imposture syndrome are ashy bold-faced LIES!!

One way I’m trying to fight self-doubt and become more consistent is by having a strict schedule. I wake up at 4-4:30am every morning, workout from 5:30-6:30am, and (try to) leave for work around 8:15-8:30am. I’ve established a blocked out time (8-10pm) that I will use to work on my company. I’ve already notified some people that I will be away from my phone during that time so I can totally focus on my business. I’m also turning my living room table into my desk (so you’ll have to eat on the couch if you come over).

Faith

The reason why I’ve grown SO much mentally since this time last year is church and therapy. Both give me the tools (or I should say help me discover the tools I already have) to become more confident and willing to step out on faith. You HAVE to believe in yourself. I believe that God will provide a way for me to have the lifestyle I’ve always dreamt of, I just need to figure out how I’m supposed to get there. I know through hard work, self-determination, consistency, and faith in God and myself that I will accomplish my goals.

Comment below and let me know what qualities you think are essential for every business owner.