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The Make Money Your Honey Podcast

How do you build a business that is both profitable and enjoyable? Each Tuesday, join Amanda Abella, top sales trainer and business coach for women, as she interviews guests who are making big money, having an impact and having a good time doing it. If you have a business, want to start a business or simply want to build wealth with a no-nonsense approach this podcast is for you.
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Now displaying: June, 2020
Jun 30, 2020

What is perfectionism? Perfectionism is the refusal to accept any standard short of being absolutely flawless. A business owner looking for perfection may work with the mantra of a project that is entirely perfect, and all put together before launching their product or service off the ground.

Overachieving as a Form of Perfectionism

I know clients who always want to get another certification. They think if they attain more certifications, they will have more credibility and will be perfect. New entrepreneurs want to know if they need an MBA or certification to start. Do I need to go back to school? That's perfectionism.

Skill Sets You Need to Succeed

You could be horrible at what you do, but if you know how to market and sell, you'll still make money. I don't recommend that because that's super unethical, but it's the truth. Focus on learning to build your sales and marketing toolbox. Finding out how to build relationships and creatively market your product or service to create and publish content is a better use of your time than spinning in circles and not making a decision to move forward.

Listen in to find out:

  • The many different ways perfectionism can show up in your life and business
  • Why you haven’t posted your social media
  • How perfectionism can stop you from making money
  • The role perfectionism has in blocking your creativity
  • How creativity can be toxic to moving you forward

 

For more information, visit the show notes at https://www.amandaabella.com/how-to-overcome-perfectionism-part-1

Jun 23, 2020

Part II of my conversation with Shelton Marchman.

We dive into business credit essentials and why they are so vital if you’re looking to build your business. Many people start their business without a tax ID number or setting up an LLC.

In this episode, find out what elements are essential to have in your business, why you should have a separate business entity, and how having a Sole Proprietorship can set you up for personal disaster.

Shelton explains how you can obtain an EIN or tax ID number for your business, how you can set up your business income and assets as a different entity than your personal assets. He and I talk about examples of companies who have walked through the credit process correctly and others who have made mistakes with their credit.

We will also dive into how you can achieve credit terms with your vendors, to build up your credit with vendors and eventually move your credit score higher up the scale. I’ll also talk to Shelton about the types of credit cards you can access with your business.

Choose a Business Card with Travel Perks

When choosing a business credit card, look for cards that can earn you points with travel perks such as Chase Venture or American Express, who have tremendous perks for small business owners. Make sure to have your credit card account under your business name, not your personal name. This way, you're building credit for your business, not your personal credit.

Listen in to find out:

  • How to create an EIN number for your company
  • Why your business needs a company address and website,
  • The importance of having an email address and phone number associated only with your company
  • Why you shouldn’t elect a sole proprietorship for your business
  • Working with vendors for payment terms
  • How you can secure a line of credit for your business

For more information, visit the show notes at https://www.amandaabella.com/final-steps-to-setting-up-business-credit-shelton-marchman

Jun 16, 2020

Shelton Marchman is author of Give Me Credit for Trying. He has been a business credit expert for the last two decades. Today we are going to chat into how to use debt to leverage your business correctly.

 

Consumer debt and business debt are two different worlds. You don't want consumer debt as this type of debt isn't useful. You definitely want to pay down consumer debt and get yourself out of that unfortunate situation.

 

When you want to start building wealth, your views on credit need to change. If you're going to wait on cash or plan to have cash on hand for everything, it's going to take you a lifetime to get results. As Shelton brings up in this article, he doesn't know of one business that's never had to leverage credit. When you use your credit, remember to learn to use it properly.

 

Entrepreneurship and Debt

 

Shelton's advice for entrepreneurs is to go into debt. "I don't know a single person who has successfully navigated entrepreneurship without taking out some debt. Honestly, if you make less than $200,000 personally, I don't know how you would navigate your entire life without having some debt. Whether it's a car, a home loan, or something like that, you know, some people think it's all cash. Debt is a tool. You don't want to be paying for that vacation you took to Cancun for the next five years. However, if you're buying something, that's going to help you to build credit, then that is a good move."



Listen in to find out:

  • The most common misbeliefs about debt
  • Why you should go into debt if you have a business
  • When you need to create a business plan
  • How to go about getting a loan for your business
  • The difference between personal debt and business debt

For more information, visit the show notes at https://www.amandaabella.com/using-debt-to-leverage-your-company-with-shelton-marchman-part-1

Jun 9, 2020

Michael “Coach Burt” and I talk more about thriving in a crisis economy, by starting with a driving factor some of us have experienced - it's called prey drive.

Prey drive is a drive inside of you that is typically activated by an external factor. A prey drive competition can activate a prey drive, a fear of loss, losing connection, or debate.

Your prey drive is the mindset that kicks in when you feel you are losing out on something important to you, so you go into prey drive and create a higher level of what you were going to previously present or show to others.

What Business Owners Can Do to Thrive Despite Challenges

Coach Burt advises business owners who are doubtful about the current economy. "Remove any consideration or hesitation that people are not spending money because that will prohibit them from taking action they need to take, then activate prey drive. Move to an explanation of your service, selling your system, followup, and the extraction of referrals. Next, move to the person of interest."

Coach Burt hasn't strayed from his system; he has only increased the intensity by making more phone calls, engaging at a higher level with current clients, and working better for his top 25 associations.

Listen in to find out:

  • How to turn your pain into thriving
  • Why comfort and complacency are our biggest economic villains
  • Michael’s advice for selling in an economic crisis
  • How Earth is an economic planet

For more information, visit the show notes at https://www.amandaabella.com/activating-your-prey-drive

Jun 2, 2020

My mentor, coach Michael Burt is going to discuss sales in a crisis environment.

I've joined his coaching program, and, as a result, we've got more clients, more residual income, and we were able to hire a sales team.

Your Product or Service Isn't Going to Sell Itself

When you have a powerful primary skill, there are all kinds of problems you can solve with that skill, and people compensate you for your expertise. If you can prove to another person that the small investment they put into you is going to give them a considerable return, then you're going to be able to sell something. You have to do the selling, your product or service isn't going to sell itself.

Many business owners expect either social media or the sales page of their website to do all the selling. In reality, this is just one part of the puzzle, which is what I teach in my Persuade to Profit program. You still have to talk to people and sell, mainly if you're doing high tickets, which is what my program focuses on.

Listen in to find out:

  • Who you should be selling to in this crisis economy
  • Know that you can sell high dollar ticket items
  • The two principles you need for successful sales
  • Why you should follow-up like crazy

For more information, visit the show notes at https://www.amandaabella.com/how-your-business-can-thrive-in-a-crisis-economy

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