At Evolved Finance, we work with many amazing and talented entrepreneurs and small business owners to help them successfully manage the financial aspects of their business. Over time, we’ve identified five frequent financial mistakes that online entrepreneurs can easily avoid. Learn from these mistakes and you’ll be miles ahead of the game.
We’re so entrenched in the financial sides of our clients’ businesses that we forget not all online entrepreneurs are familiar with this stuff. That’s why in this episode, we make sure there is no confusion about the roles bookkeepers and accountants play in your online business.
Every online business model has advantages and disadvantages. They become more obvious the larger the business becomes. What’s unfortunate, is that when most entrepreneurs start a lifestyle business like the ones we work with at Evolved Finance, they don’t always realize what they’re getting themselves into until they start making real money. That’s why in the latest episode, we share the pros and cons we see in the three most common online business models.
There is a misconception that only extroverts make good sales people. Phil MacNevin is a perfect example of why that’s not the case. Not only has he built a successful marketing agency that works with some of the most well-known online entrepreneurs in the industry, but he is also a networking machine — all while being a self-proclaimed introvert. This interview will definitely be eye-opening to anyone wanting to see how to start and grow a service based business through grit and cultivating strong relationships. You can learn more about Phil at www.liftmedia.co.
Savvy online entrepreneurs know that as soon as their businesses start generating revenue, they’re going to have to invest money back into their marketing and operations to help the business scale and grow. That’s why in this episode we discuss the areas of your online business you’ll likely need to invest in first, and what to expect as your revenue grows.
If you have one product or service making money, then offering a second one will bring in even more money, right? You’d be surprised how often that is NOT the case. That’s why in this episode, we explain how less can be more when it comes to your product strategy.
If you made almost a million dollars last year from your job, would you leave it behind to start your own business? That’s exactly what women’s coach, Julie Santiago, decided to do after years of building a career on Wall Street. In the latest episode of our Entrepreneur Spotlight series, Julie shares why she made the jump into entrepreneurship and what her recipe for success has been growing a serviced based coaching business.
Many of the online businesses we work with at Evolved Finance were created in the past five years. That is why Todd Uterstaedt’s business is so interesting. In our interview with Todd, we discuss how he started his executive coaching business in the 90’s and brought it into the internet age. We also talk about how his popular podcast (From Founder to CEO) has helped him find and serve his niche and why his military background has helped him as an entrepreneur and coach.
You can listen to Todd’s podcast at fromfoundertoceo.com/podcasts.
Online entrepreneurs have a lot of options when it comes to how they can grow their businesses. So much so, it can be overwhelming trying to decide on the best option. At Evolved Finance, we’ve struggled with this exact thing. That’s why in this episode, we share the major realization we’ve had about our own marketing plans and how it’s inspired us to invest five figures into a focused marketing strategy that makes sense for our business model.
Making the jump into working on your online business full time is a scary transition, but that doesn’t mean it needs to be overly risky. Megan Minns’ entrepreneurial journey is a perfect example of how you can build an online business without feeling like you’re risking it all. Megan also shares how she pivoted from her original business (website designer) to developing an expertise as a technical virtual assistant, co-creating a successful online course (squareyoursite.com) and co-hosting The Femtrepreneur Show Podcast. You can learn more about how Megan helps online businesses become well-oiled machines at meganminns.com.
Abagail Pumphrey and Emylee Williams are the business partners behind Think Creative Collective, a business education company that helps other entrepreneurs build online businesses out of their passions. The ladies share their experience building a business together, the struggles they’ve had with a launch based strategy, what they’ve learned in 2017 to help them explode their revenue well into the six-figure realm, and why they think it’s so important to be transparent with their audience. You can learn more about Thinking Creative Collective at thinkcreativecollective.com. You can also check out their podcast, The Strategy Hour Podcast on iTunes
In our first ever Entrepreneur Spotlight interview, we’re joined by Caitlin Bacher. Caitlin is the expert when it comes to creating profitable Facebook groups and has built a thriving six figure business (soon to be seven figures) teaching other entrepreneurs how to get the most out of their Facebook groups. She shares the critical phases her business has gone through to get to where she is today, how she balances being a mom/wife while running an online business, how her mindset around money has changed, and so much more. You can learn more about Caitlin’s business at caitlinbacher.com.
To run a successful online business, you need to keep your monthly expenses under control and invest in the parts of your business that will provide the best return. But what most entrepreneurs don’t realize is that they also need to make smart decisions with their personal finances too. Unless you have a business loan or startup capital, which very few online/lifestyle business do, you’re going to need to strike a balance between what you pay yourself and what to invest back into the business (especially in the early stages). That’s’ why in our latest episode, we explain the importance of getting your personal finances organized to ensure you give your business the best chance to thrive and grow.
Don’t forget to check out The20minbudget to learn more about our personal budgeting system for entrepreneurs.
Because so many business coaches and gurus are teaching aspiring entrepreneurs how to create product based businesses, we feel less attention gets put on the benefits of starting and growing a service based business. Especially for people who have little or no business experience, creating a service instead of a product can be a great way to generate initial cash flow while learning the ropes of running a business. That’s why in this episode, we discuss the upside of a service based business as well as how it can turn into a product based business down the road.
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With online businesses, launches are where it’s at. It doesn’t matter if you’re selling an online course, a group coaching package or a piece of software, you’re going to have to plan a “launch” one way or another. As lucrative as a launch based strategy can be, it can be a roller coaster ride when it comes to your cash flow. The ups and downs in revenue can make this type of business extremely stressful to manage. That’s why in this episode, we cover everything you need to know about how launch based businesses work as well as how to make them more stable and consistent.
Click here to get the free forecast tool I mentioned in the podcast so you can plan your launches like a pro!
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