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3 questions to ask before starting a business

March 4, 2013 by Jana 9 Comments

This post is part of Women’s Money Week. For a roundup of some additional posts on today’s topic, make sure you go here.

businessI like earning money. There. I said it.

To me, there is something rewarding about using my skills and my education to bring additional income into my household. I like seeing something I thought of from the recesses of my brain come to fruition and gain some moderate success. I like spending a few hours a day on something for just me, something that’s all mine, something that makes me happy. I like designing my program and business in the way I’ve always thought they should be run. I like interacting with clients and program members. And I know I’m doing the right thing because when I sit down on a Sunday night to get some work done, it doesn’t bother me at all.

Sounds great, doesn’t it? Rest assured it’s not all rainbows and unicorns. It’s exhausting to run your own business. There’s rarely a break and sometimes, I feel guilty when I’m taking time off instead of working on an aspect of the program I run. I work crazy hours and some days, I’m completely unable to separate my life from BHB. There are days I question if I should keep doing it. But then I sit back and think about the alternative and calm the hell down.

So that’s my story. I don’t want that to dissuade you from starting your own business, even if you don’t know what you want to do. Most of us have some skill we can, with the right mindset and motivation, turn into a business, even a business that generates a small income. But before you start your own business, make sure to fully answer these questions:

Do you have the start-up capital?

Starting a business, no matter what kind, costs some money. Having a blog is probably one of the least expensive ways to run a business, but if you want to branch out, you’re going to need to spend some pretty serious cash. For instance, I know a woman who runs a custom sewing business out. While the overhead is low as she runs the business out of her house and most of her orders are taken via Facebook or her website, she’s responsible for shipping, materials, the cost of reserving booths at crafts shows and fairs, promotions,  and

Although the business turns a profit now, she had to lay out a good deal of money in the beginning. If you’re going to start a business along these lines (any craft based business), make sure you have enough money to put products even before the profits start rolling in. In fact, you might wind up losing money in the beginning. Ask yourself if you are okay with this.

Are you willing to work for free or at a substantially reduced rate?

Most businesses gain a following through good, quality work and through word of mouth, rather than as an overnight success. At the beginning of your business endeavor, you are going to have to do a great deal of work for free or at a reduced rate. It’s necessary to this in order to build up a portfolio, testimonials, recommendations/referrals, and a customer base. You must also be willing to negotiate your rates at the beginning or tweak your offered services. You might wind up doing some custom projects or more of the little services rather than the big, expensive ones. Remember, in the beginning, every little bit is step towards making your business successful.

And, while we’re on the subject, remember that it’s okay to use your friends and family as test customers and offer them extra discounts. A neighbor of mine owned a construction business and the first 10 or so projects he did were for friends and family. Remember, those people know other people and if you do great work for them, they’ll be happy to recommend you to others in their networks.

Can you break out of your comfort zone?

This is an essential part of owning your own business and it mostly relates to self-promotion. Many women are too modest or insecure to step up and say “hey, I’m awesome. In fact, I’m more awesome than everyone else so hire me instead of those other losers” (maybe that’s not verbatim). We don’t like to play up our talents or gifts or abilities. It’s uncomfortable and weird and awkward and it sounds like we’re showing off.  We don’t like the perception that self-promotion brings (at least in our heads) but, as it pertains to running a business, it’s essential.

You have to brag about your accomplishments and what you can do. You have to tell people that you exist if you want customers or clients. You have to make yourself stand out above your competitors not only by doing quality work but engaging in self-promotion. This is the part that I’ve struggled with the most. It’s weird to put a tweet or a blog post of Facebook status letting the world know that you’re for hire. But trust me when I say that you never know who’s listening and what doors it can open up for you. So, one day, when you’re feeling brave, just do it once. Just get over the first hurdle. The rest becomes a lot easier.

Yes, having your own business is a great way to earn extra money. I do recommend it. But before you do, make sure that it’s something you’re willing to fully commit to. If it’s not, there are plenty of other ways to earn extra income for your household.

Readers, what do you think is important to consider before starting a business? 

Filed Under: Money, work

When driven meets depression

March 1, 2013 by Jana 6 Comments

A few days ago, someone described me using a word I never expected. He said I am driven.

I guess, on the surface, it looks that way. After all, in the year since I've left full-time, traditional employment, I've started a mentoring program (which, after my daughter, is the best thing I've ever created), started a blogger consulting business, finished NaNoWriMo and am currently editing the manuscript, have 2 other ideas I'm working on, and a few other personal things that I'm not ready to discuss (I know. It's surprising that I am not willing to share something. Maybe someday). And I somehow manage to work on all of this every week.

(And I've stopped napping every day, too. Okay, fine. I've stopped napping most days. That's a big accomplishment.)

While this may seem like the week of a driven, motivated person, it's really not. Because there, lurking beneath the surface, is my old nemesis. Depression. And her asshole sidekick, anxiety. When the two of them get together, they make it so that no matter how much I do or don't do, it just doesn't seem like enough. Or that I am doing something wrong. Or that I am not working hard enough and I should be doing more. Or that even my successes are somehow failures.

It's pretty shitty to live in my head. It's not fun to think that no matter how much you do or how hard you work, there should be more. I constantly doubt everything I do and every decision I make because that's what depression does. It gets a stranglehold on your self-esteem and self-worth and tells you you're not good enough and never will be. Depression is a big fat liar but it's really persuasive. You can help but buy what it's selling.

It's even more frustrating this time around because last year, I emerged victorious from a pretty severe bout of depression. (Actually, that bout was pretty damn close to a breakdown, but we can talk about that another time).

But that's not the worst part. No, for someone like me, who has tons of ideas and wants to work hard at refining them and making them the best I possibly can, the roadblocks that depression throws in the way are the worst part. When I am in the thick of an episode–like now–it takes everything I have to just barely function, never mind function at the capacity I know I can. And when I do have to fire with all cylinders, I am so exhausted for the next few days that even cooking dinner or doing anything that's not sitting on the couch takes every bit of energy I have. As a result, I spend days or weeks just doing the minimum I need to and falling behind, which costs me money and, even worse, opportunity.

Now that I think about it, maybe that's actually the worst part. Losing opportunity means that I am not advancing my ideas or selling my products and services or doing everything in my power to put DMS and Bloggers Helping Bloggers at the top of their game. None of my projects are where I want them to be and having to compromise my standards because of something I can't control just ramps up the anxiety and all it winds up creating is a shitstorm of frustration, lack of motivation, and a complete withdrawal from everything I enjoy and care about, although somehow I am able to pull it together for my daughter. I genuinely don't know how. Maybe it's the meds.

I hate depression. I hate that no matter how hard I try, I can't get rid of it. It's always there, like a really creepy stalker waiting to pounce as soon as I stop checking for it around the corner. While I am better armed to deal with its attacks now, and have figured out a way to at least control my money when it hits, it still hurts just as much.

The good news is that I know it'll eventually dissipate. The severity of this latest round will lessen and I will get back to my version of normal. I'll get back on track with all my projects and work at the capacity I know I can. I appreciate all of you hanging in there with me, letting me rant about my mental health issues, and the incredible support you give me daily. It's what prevented me from quitting blogging and it's what's giving me the encouragement to continue.

Well, that, and I really want to see my book in a bookstore.

 

Filed Under: mental health, Money

Things I Was Not Prepared For Entering Motherhood: The Good, The Bad and The Stinky

February 27, 2013 by Jana 13 Comments

This is a guest post from my friend and Bloggers Helping Bloggers mentee, Catherine, who blogs at Plunged In Debt. Make sure to stop by her site or follow her on Twitter when you’re done reading her post. She writes some great stuff (and she’s a pretty cool lady, too).

someecards.com - Motherhood: a state in which you are compelled to catch vomit with your bare hands...My husband and I welcomed our first child this past June (Jana’s note: Yay for June babies! We’re the best!). I know it’s a total cliché, but it really was a life-changing event. There’s no other way to describe never using the bathroom unattended again.

I am a planner. I am a type A personality in almost every way. If I don’t know the answer to something I become near compulsive until I find said answer. Google is my crack. Needless to say, as soon as I found out I was pregnant I became a Google-monster, book-reading train wreck. If I was driving myself nuts with researching everything to do with pregnancy and parenthood, I can only imagine what my poor friends and family were going through having me around (Jana’s note to future moms: stay the hell away from baby sites and books. People never want to tell you the good things, only the bad, scary ones, and you will, in fact, make yourself nuts).

Becoming a mother is a funny thing. You very quickly realize that no matter how prepared you may think you are, it doesn’t matter because your baby has other plans! Becoming a mother means disengaging the type-A, overachieving personality traits, and letting go. You learn to roll with the punches and re-live your entire life in a different way. Entire life.

As prepared as I thought I was, these are things I could never have foreseen going into Motherhood.

Poop is exciting

You learn an entirely new diagnosing process through poop. As a mother you become a poop-stalker. Learning scientific, analytic-type skills you didn’t know you had in you. Maybe all my years spent dissecting stuff during my first undergrad weren’t totally wasted skills? A baby’s health can be very obvious through their stinky diaper. You learn to love seeing normal poos everyday. (Jana’s note: This is completely true. My husband and I discussed poop every day when our daughter was a baby. Now that I think about it, we still talk about poop every day. We’re very classy.)

Socializing is defined around necessity to wear a bra

I’m on maternity leave. My kid spits up, oozes poo and spits food at me. I don’t wear my finest when I’m at home. Unless I have to go somewhere you can usually find me lounging in my comfy clothes or pj’s that I don’t care about. When you have a baby breastfeeding on demand, a bra becomes annoying and cumbersome. Don’t get me wrong, I still remember how to clean up, and maintain an acceptable level of cleanliness, but I often find myself making decisions based on whether or not a bra would be necessary. A decision making process I didn’t know existed in society pre-baby. (Jana’s note: as a well-endowed lady, I am not afforded the luxury of going bra-free. I am a tad jealous of Catherine right now).

There is rarely a right answer

After our daughter was born I would continue to look up anything and everything in books and on the internet. Was she latching properly? How the eff do I make her sleep? What is this rash? How do I learn to change a diaper with my eyes closed? I looked for everything and quickly came to the conclusion that there is no right answer. There are a lot of good reference materials out there, but nothing could really prepare me entirely for parenthood.

If someone had asked me before her being born if I would co-sleep I would think you were nuts. Sure, she might share a room with us the first few nights but that would be it. Ha. Ha. Ha.

I had a c-section. Between discomfort levels and tubes connected to me, it was difficult for me to get up and re-position throughout those first few nights. Even with my husband sleeping in the same room as me at the hospital, it was much easier and very natural, to have her sleep beside me in bed, within an arm’s reach. I never intended it to extend beyond the hospital stay.

When we arrived home, in her bassinet she went (though still in our room). After WEEKS of searching for ways of trying to get my kid to sleep I decided that it was more important that she sleep than where she sleeps. In bed with us she came and guess what? We all slept better instantly. (Jana’s note: I differ from Catherine a bit here. I am not a supporter of co-sleeping but I won’t tell you not to. You need to choose what’s right for you and your kid and if you do co-sleep, please just do it safely).

Time goes fast

No amount of reading and research could prepare me for how fast time goes when you have a kid. Nowhere did I read time increases at warp speed. I cannot believe almost nine months has passed and she’s almost walking. I’ve really learned to stop cut back on sweating the small stuff and enjoy all that motherhood offers, good and bad. (Jana’s note: Yup. Time goes very fast. My daughter is 6 and I swear she was an infant yesterday).

Love grows

I fully expected my baby to be born and for me to instantly be madly in love. I wasn’t. I certainly felt connected and my instincts were to protect her, but my love for her had to grow. It continues to grow every day. I love her more than any words could possibly describe, but this is a feeling that has developed over the last nine months. It wasn’t brought upon me instantly. I initially felt bad about this but realized it’s a totally normal process of emotional growth.

Any parent will tell you having a child is the best thing in the world and it really is. When else in one’s life do you get the chance to instill as much dysfunction as you want? I kid. Seriously I love being a mom so much more than I ever thought possible. Even more than Google told me I would. It really is the best, and stinkiest job, in the world. I wouldn’t trade it for the world.

 

Filed Under: Money

Brush your teeth now. Save money later.

February 15, 2013 by Jana 10 Comments

This is a guest post from my friend (and huge DMS supporter) Christian Losciale, staff writer for Smart Military Money, a personal finance site dedicated to educating veterans, service members and their spouses. Follow Christian and his work on Google+.

toothThe bill hurt more than the surgery.

After not going to the dentist for about 20 months and seldom flossing during that time, I paid the price. Between several teeth I had deep crevices, as deep as 6 millimeters. The dental hygienist warned me that 5 millimeters is too deep. In short, I was going to need a deep clean, which was a lot like non-invasive surgery.

Without insurance, I would have paid $1,256. MetLife helped me out and I paid $727 for the procedure that left my mouth numb for the better half of a day. The hit to my emergency fund taught me a few lessons.

I should floss every day. Floss is an inexpensive alternative to two-hour visits to the dentist. For a few bucks you can buy plenty of floss for a few months’ time. Flossing only takes a couple of minutes each night. Do it.

My dental insurance helped. Not only did cover some of the costs for my deep clean, the price of my wisdom teeth removal was cut in half. I paid $260 to get all four of my teeth pulled instead of $520.

Always pad your emergency fund. The operations weren’t paid for completely by emergency fund. Since it was my first dentist visit in almost two years, I expected it to be bad, but not that bad. I had $500 ready. The emergency fund did the rest without being emptied. Every time you get paid, put some money in your emergency fund. Get it ready for six months of expenses.

Flossing is like saving for retirement. You can floss now and prevent dental problems down the line, just like you can save money now and be ready for retirement. Not taking action now means battling gingivitis or having insufficient income later, respectively.

All this I learned the hard way: on my back, staring at a bright light with hands in my mouth. It’s not the most comfortable position in which to have financial epiphanies. But like I said, the surgery wasn’t as bad as the cost.

Jana’s note: Going to the dentist is one of those things that many people just put off, claiming that they don’t have time or it’s too expensive or uncomfortable or any number of excuses. But dental health is just as important as taking care of your physical health. Because, in addition to the financial reasons Christian discussed, you don’t want a toothache or an impacted tooth to land you in the emergency room. Then you’re stuck with that bill as well as all of the other problems.

Other cost saving ways to protect your teeth and avoid huge bills or unnecessary dental expenses:

  • Watch your sugar intake. Good for your teeth, waistline, and overall health.
  • Watch your coffee and tea intake. Yes, there are at home remedies for de-yellowing your teeth but really, who wants to do that? And those whitening strips are expensive.
  • If you have dental insurance, review what your policy covers. For instance, my insurance covers bi-annual exams and one set of x-rays per person but there are certain x-rays that are not fully covered. They’re for my daughter so we need to make sure that we have that money set aside. Same for orthodontia, co-pays for dental visits, fillings, etc. It’s crucial that you know what your policy does and doesn’t cover so you’re not surprised with the bill.

Readers, what suggestions or advice do you have for avoiding huge bills at the dentist? 

Filed Under: Money, money tips

Dollar store shopping: My top 5

February 11, 2013 by Jana 14 Comments

dollarstore_graphicI’ll be honest with you. For the longest time, I never understood the allure of a dollar store. To me, it just smacked of cheap, crappy items and people who love to shop for junk. But as I got older, I notice that

people everywhere–at work, at daycare, in my neighborhood–couldn’t stop raving about the damn place. So one day, I went into one.

And I understood.

For starters, the store was just so…clean. Not at all what I pictured. And it had everything! Toiletries, groceries, household staples, craft and school supplies, party supplies, candy, balloons…I don’t think there was anything I could have needed that I couldn’t find at the dollar store. From that point forward, I was hooked.

It made me glad I stopped being all judgy and went inside. My budget is stretched just a little farther in certain areas now that I shop at the dollar store, which, at certain times of the year (what’s up, December), pretty much reaches capacity no matter how much we save in advance.

I won’t say that I do all my shopping at the dollar store. For instance, I’m not big on grocery shopping at the there for a number of reasons (number 1 being there’s an Aldi 3 miles down the road. More items, similar prices). I’m also not fond of buying certain household products because the quality is somewhat compromised (unless I’m in a huge financial pinch. Then I’m not in any position to be picky). But there are certain items that I do buy with some regularity. Inspired by a post on Money Saving Mom, I’ve compiled my list of my 5 favorite things I buy at the dollar store (really Dollar Tree):

  1. Storage containers. It may not seem like it on the outside, but I am a mess. Well, not so much me as my child, husband, and house. Since clutter drives my anxiety, I’ve been on a huge kick to organize as much as possible. Enter Dollar Tree. For under $20, I’ve been able to buy a number of storage containers, caddies, and laundry baskets to help organize all the shit that litters my house and my pantry closet. These have worked just as well as the fancy ones I bought at other places and will continue to work well as long as the other people in my home use them with the same regularity that I do (hint, hint, husband. I know you’re reading this). 
  2. Greeting cards. I’ll say it. I hate greeting cards. It pains me to spend money on something that just gets thrown away or recycled almost immediately. And I don’t quite understand why the cards cost so much. I’ve thought about making my own since the discount card store went out of business but I’m not crafty at all so instead, I purchase them from the dollar store. This way, I still look all polite and fancy, and it doesn’t bother me as much to know that they’re going right in the trash when I’ve only spent $.50 on a card.
  3. Gift wrap. Along the same lines as greeting cards, I can’t stand spending money on something that looks nice for about 17 seconds and then gets torn to shreds. While I usually use tissue paper instead of wrapping paper, it’s still a better value at the dollar store than anywhere else. So, when I’m in need of  gift bags, bows, ribbons, and all of the other accoutrements that go with making your gifts look fit for Pinterest, I hit up the dollar store. $10 and I’m set for 6 years, give or take. That’s a sweet deal.
  4. Kid stuff. My daughter is one of those kids that will draw one stick figure on a piece of paper and call it done. As a result, we go through lots of construction paper, doodle paper, coloring books, crayons (which, I’ll admit, I stock up on during back to school sales), and assorted other craft supplies. Rather than spend unnecessarily at the craft store, I can hit up the dollar store and for $5, buy 5 pads of paper that last, surprisingly, for quite a while.  While we’re there, we also stock up on some of the other crafts they have as well. A few extra dollar to save my sanity on a rainy day? So worth it!
  5. Candy. Here we go. Another confession. When I go to the movies, I bring in my own candy. And drinks. I hide them in my (very) large purse and once we’re settled into our seats, we dig in. Fortunately for me, the dollar store and the movie theater are in the same shopping center so I don’t have to lug the stuff around for a while. It’s just a nicer deal to spend less than $4 on snacks instead of close to $5 for a bottle of water. I’ll also buy bagged candy around the holidays and fine, yes, sometimes I go in and just buy myself a Butterfinger because I want one.

So those are my favorite and most frequently bought items at the dollar store. I’ve been known to purchase other things, too, but those really aren’t worth talking about.

Readers, do you frequent a dollar store in your area? What do you purchase the most often? Do you also sneak candy and drinks into the movie theater?

 

Filed Under: Money

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Jana

I'm Jana ...

A book reading, nail polish wearing, binge watching, music loving, dog owning, reluctant cheer mom.
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