by Angela Taffs | Mar 29, 2017 | Business Success, Finance, Tax and NI, Running a Business
Do you want to get paid on time
Sorting out collecting in payments due to your business really is critical as you will spend far too much time chasing outstanding payments (as you may already be finding) and your cash flow may be so adversely affected your business is put in jeopardy.
To make sure you get paid on time, follow these tips below:
Decide Your Payment Terms
Decide when you want to be paid and make this clear to your client. Don’t let the client dictate to you.
Depending on your business you may decide upon 30 days payment, 14 days, immediate payment or payment up front before any work is undertaken.
And you don’t have to stick to just one payment term for all your clients. You can amend them dependent upon who you are working with.
I have used a variety of payment terms in the past (and still do).
For my freelance work with large corporations that I have a good working relationship with, I work on 14 days payment due after the work is delivered. With business advice and consultations with individuals, I work on payment up front before any meetings take place. When I run my local workshop, I allow payment on the day.
For larger projects, you may consider splitting the payments and I do this when I release one of my more expensive courses. I ask for a percentage up front followed by 3, 6 or 12 monthly payments, depending on the type of course I am delivering and its length.
It’s your business, you know your cashflow (or you should!) and you decided what works for you.
Have a Contract
Once you’ve decided what you will be providing and when and how you want payment, you need to get this all written up in a formal contract that will be agreed and signed by your client.
Clearly state the payment details, what you will deliver in return for payment and what happens if a payment is missed or late.
Personally, I add a late payment charge into my terms and conditions and make it clear this will be automatically added to the client account if payment is not received within 48 hours of the due date. I also add that all work will cease until full payments have been received. I put in an explanation that this charge is to cover administrative costs in chasing payments and for not adhering to contracted terms and conditions.
Once you have your contract written up, make sure all details are included such as your name, business name, contact details and client details. Sign it, date it, send two copies to your client and ask them to do the same before returning one to you and keeping one for their own records.
When I first did this many moons ago, I was afraid this may put off potential clients. I know realise this is one of the most sensible things I have done as if anyone does not agree with these terms, I don’t want to do business with them. Paying clients are what I want, not freeloaders.
A contract also helps should there ever be any query about a payment in the future as you can both refer back to the agreements that has been signed by both parties (yes, you must get them to sign before you start any work!)
Collecting payment
One of the easiest ways to administer collecting payments is to use accountancy software. I personally use FreeAgent where I have all my payment terms laid out and once a contract is agreed, I create recurring invoices to be sent on due dates. It is also possible to send reminders prior to the invoice due date to remind clients to pay and to automate unpaid invoice reminders.
On each of these reminders, I highlight the fact that a late payment will be automatically added should the payment not be received. This relieves me of having to send individual emails to clients and the yucky feeling that can sometimes be felt when chasing payments. It really is a huge time saver.
After having a few late payments and introducing this system, I have only ever had one defaulter.
Below are a number of different financial software solutions for you to have a look at. There will many more out there but this is a small selection to consider. Yes, there is a cost to these but if it saves you stress and gets your payments in, it will be well worth it.
FreeAgent
Package prices start at £19.99 + vat PCM. I heard so many good things about this that I just had to to switch to it myself and now don’t know how I ran my business without it. I just love it. If you want to use it you can get a 10% discount by using this link
Freshbooks
A free option for just one client. Package prices start at $19.99 PCM
Kashflow
Pricing starts from £5 + vat PCM for sole traders. Has add-on features such as CRM.
Quickbooks
Pricing starts from £9 PCM. A simple calculator to see which package is best for your business.
Xero
Pricing starts at £9 PCM for up to 5 invoices. Lots of add-on features
Use the tips above and save yourself time and stress of getting those much-needed payments in and make sure you get paid on time
Do you have any tips of your own on how to get paid on time? Share them in the comments box below
by Angela Taffs | Feb 14, 2017 | Business Success, Personal and Lifestyle
Right then ladies. I have had a few calls for help just lately from women who are setting up their business or in the very early stages. They have come to me as they are feeling so overwhelmed when going on social media and seeing how many others there are doing the same as them and who are more experienced and more qualified.
This awful realisation is stopping them dead in their tracks and leaving them feeling deflated and like they ought to give up now.
Well, stop!!!!
When you do look for Facebook groups, DO NOT get put off by the more knowledgeable and qualified people than you. Take inspiration from them. If they can do it, so can you. Think how they got to where they are and be determined to get there as well. They had to start somewhere and inevitably, when they started they would have had the same issues as you. The difference is that they ploughed on regardless and remained absolutely determined to get where they are today.
Also, in your industry, people buy people. They will choose who they connect with and who they feel comfortable with rather than who has the most letters after their name. Think about what qualities you have that your competitors don’t. This could be quite something as simple as your location, your age (does a 70-year-old woman really want to be advised how to do her make up by a 20-year-old? – maybe, but quite possibly not), your positioning in the market place and a whole host of other reasons.
I once decided not to use someone purely because of her voice. Yes, it sounds crazy but her voice really grated on me and I just couldn’t listen to her. Accents can also play a part here.
And at the end of the day, think about how many people are out there who need your service. They can’t all be served by just a couple of people. There is more than enough work to go around for everyone.
So, stop being self-defeatist before you have even started. List all your qualities and start to keep a list of all the reasons that people WOULD deal with you rather than focusing on why they wouldn’t.
Come on. Start to believe in yourself because quite simply, if you don’t believe in yourself, why should anyone else?
by Angela Taffs | Jan 16, 2017 | Business Success, Starting a Business
Would you love to start a business but don’t think it’s possible?
Have you always dreamt of setting up your own business but the thought of entering the big wide world of entrepreneurship simply scares you more than Freddy Kruger popping in for supper on Friday 13th?
Would you love to escape the humdrum of working 9 to 5, being told where to be at what time, when you can eat and when you are allowed to take much needed time off with your family?
Well, your dream to start a business needn’t be so scary. In fact, whilst it will undoubtedly be hard work, it can also be quite exciting and give a new lease of life that leaves you energised and looking forward to each day.
But first things first. There are a few things to consider if you want to make your journey as smooth as possible and go from fearful to fabulous.
What’s your passion?
The start-up businesses that have the best chance of success are those that are based on a passion that will carry you through the difficult times. Doing something you love day in and day out doesn’t feel like work. It feels like fulfilment.
So, think hard about what you love doing. What can you see yourself doing in 10 years and still loving?
What are you good at?
Now here is the tough question! What are you good at? It’s no good having a passion for something but not being very good at it. People simply won’t part with their hard-earned cash.
Putting passion and talent together, I know that I love walking my dog, but keeping her under control is a challenge and I am sure if I tried to start a dog walking business, my passion would turn into a chore. You need to think about this carefully. It’s no use starting a gourmet burger bar if your cooking skills are akin to flipping burgers at McDonalds, no matter how much you love being in the kitchen.
What will people pay for?
The third piece of the start a business jigsaw is considering what people will pay for, and enough people to make you a profit. You may love crocheting tea cosy’s but if everyone is now making individual cups of tea rather than using a tea pot, you are not going to make any money from your business idea.
I started my business consultancy because I have an absolute passion for helping other women build a life and income stream that gives them the freedom to do what they have always dreamt of. I knew I was good at this as I had a proven track record of helping hundreds of people start up and build their own successful business. And I knew that if people were serious about their business, they would willingly pay to get the help and support they needed to kickstart their success.
So now you have your idea to start a business. But what next? There are a few key steps you need to take if you really want to give yourself the best chance of success.
Self-belief
The first step is self-belief. You must:
- Believe you are good enough
- Believe what you sell is worth it
- Believe that your clients will gladly pay you
Because quite simply if you don’t believe in yourself and what you are doing, then why the hell should anyone else? This can be a real challenge for women starting their business so take the time to write down all things you have achieved in your life, all the compliments you have received, qualifications you have gained etc. Look at this on a regular basis and start to believe in yourself.
Create a plan
Remember the adage ‘fail to plan, plan to fail’. Yes? Well it applies to you when you start a business.
It’s all too easy to become so enthused and excited about your new idea that you dive in without any real thought and planning. This invariably leads to a rude awakening down the line.
You need to plan:
- How much you want to earn
- Your capacity for how much you can make
- What hours you are going to work
- Who you need to help you and what resources you need
- How much it is going to cost to get your idea off the ground and to keep it running
- What you are going to charge
- How much profit you will make (and will this be enough for you to live off)
- How you are going to be better and/or different from your competitors to stand out from the crowd
- Who is going to buy your product or service and how you are going to get them to know about it
- How you are going to take payment and deliver to your customer
Test your idea
To minimize the risk of failure, try testing your business idea out on a small scale before going all in. This will provide you with valuable feedback as to whether others love your idea as much as you do and if they are willing to pay for it. You can then tweak your idea if necessary and minimise the risk of a spending far too much blood, sweat and tears on something that simply isn’t going to work.
If you are currently in a day job, by testing your idea out of working hours on a smaller scale, you can continue to earn a salary to pay your household bills each month and ease the financial pressure whilst getting your business off the ground.
Seek advice
If you’re serious about starting your own business and making it a success, find yourself someone who has been there and done it and made it a success to help you on your path. Trying to go it alone will be both be lonely and quite likely a very expensive mistake. Find someone with the experience and independent perspective to help you steer clear of the numerous start-up mistakes so many make.
If you follow these top tips then you can start a business. It ain’t gonna be easy. It’s going to be a rollercoaster of a ride. I remember the days of going from a feeling of euphoria that I was going to be a millionaire by the end of the year to the depths of despair that I was going to be bankrupt by the end of the month all in the space of 5 minutes! But if you are brave enough to hang on tight, you will make it to the end and the feeling of achievement will be worth every single bit.
There is nothing better than working on your terms, at the hours you want, and setting your own ceiling of income to live the life you have always dreamt of.
I’m one of the lucky ones. I have survived the hard times. I now have a business and life that I simply love and could not be happier. If you would like me to help you build the same for yourself, take a look at all The Small Business Kit has to offer.
by Angela Taffs | Nov 16, 2016 | Business Success, Personal and Lifestyle
There is a highly contagious virus going around and it is highly likely that you have it!
It is called comparisonitis and it is deadly!!
Let’s take a health check.
Let’s first and foremost take a health check and see if you are suffering from it.
- Do you find yourself comparing yourself to a competitor which then leaves your frozen in fear and despair?
- Do you see them doing so well and instantly wonder if you should simply give up as you can never be that good?
- Have you created a new promotion and then seen someone else doing almost the identical thing? Does this lead you to hide in a corner in tears as you will now have to shelve your idea because people will think you are a copy cat?
- At the end of the day, do you wonder why anyone wants to buy from you with so many others doing what you do out there?
Let’s take a look at your personal life
Before we start talking about business though, I want to talk about your personal life. I take it you have a few friends who you hang out with at times. I want you to think about why they hang out with you. Why don’t they choose someone else they know who is better looking, funnier, more intelligent, wealthier etc? Now, unless it is because you have some hold over them such as hypnosis or blackmail, it will be because they connect with you personally, they are attracted to your personality.
And the same theory applies in business.
Some of your target markets will be attracted to you and some will be attracted to your competitors. But there are enough people in the world to go around for all of us!
When you are looking at that super successful online coach with 20,000 followers, remember that not everyone will want to work with them or sign up to their new programme. Some people may feel too disconnected from that person and want someone nearer to the level they are at in the current moment. They may just be looking for you!
There may just be people who think that super competitor of yours is just too pretentious, perfect or staged and they want someone more real and down to earth.
This can come down to getting laser-focused on who your ideal client is, who they are, what they want and who they are looking to buy from.
I have spoken to several women just recently who have shelved their latest launch because they have seen a competitor doing the same thing. They are literally frozen in the headlights of the competition and it is killing their business.
Whoever your competitors are and at whatever level they are at, there will always be someone better than you in business, with more clients, and a better website etc. Do not let that freeze you in fear. Turn it into a positive and let them inspire you. If they can do it, so can you!
All may not be what it seems
But I now want to flag up a common occurrence – all may not be what it seems anyway.
When I took my business online, I was in awe of the number of successful coaches that popped up constantly in my news feed. How on earth could I compete with them? There were a few in particular that were posting daily about how many new clients they had, how wonderful their life was and I sat back wondering what I was doing wrong.
And then I opened up my mailbox. I kid you not, over the course of a few months, no less than three of these ‘super successful’ coaches reached out to me for advice on how to get clients. They were faking it until they made it! So unless you see the financial statements of your competitors, you really have no idea how successful or not they truly are.
Only yesterday I received an email from a particular marketing expert that I have sat in awe of for many a long time to be told she is closing her business. She simply can’t make ends meet! WTF!!! This is the woman whose website is all singing, all dancing. This is the woman with thousands of followers. What on earth had happened?
She had been super successful when she kept her business small, but when she started to grow and try to compete with the big guys, her costs rocketed, she didn’t get enough sales to cover these and she became completely overwhelmed.
So it’s not always roses around the door. Your business might be smaller but you may be in a much better financial position than many others you sit in awe of.
Believe in yourself
At the end of the day, you need to believe in yourself and what you are doing. After all, if you don’t believe in yourself, then why should anyone else.
If you would like to watch the Facebook live broadcast I did on comparisonitis, you can watch it here.
Please feel free to leave a comment below
by Angela Taffs | Oct 14, 2016 | Business Success, Personal and Lifestyle
How do you honestly feel about working for yourself?
Wow! What an eye-opener!
A very brave lady in my Facebook group posted the following message. She opened her heart and was honest about how working for yourself is not always what it’s cracked up to be:
I don’t normally moan about how hard things are, but today I wanted to share with you how I honestly feel about my business. I love what I do, I love the way people love what I do, but I hate my business today. I feel I am taking 1 step forward and 10 steps backwards all the time. I try to do what I am told to do and still feel like I am wading through jelly. There is no money coming in and a ton of money going out which means sometimes I have to choose between a meal or networking. I am so fed up with it today that I feel like chucking the whole lot out, clearing my office and renting it out. I would make more money. I know this is today and tomorrow I will get back to it because I don’t give up. (Wish I could sometimes). Just wanted to be honest that sometimes this working for yourself is not all it’s cracked up to be. Off to have chocolate and put the heating on.
The comments that followed were tremendous and amongst the support given, many more women admitted:
Bang on. You could have taken those words right out of my mouth.
Omg you won’t believe how many people actually feel this way too….
I feel the exact same way
You’re so not alone, thank you for being brave enough to speak out. I feel like you do most weeks and I reckon there are quite a few of us that do if truth be told.
I’m almost relieved to read this. It’s so easy to feel like everyone else is flying whilst I’m paddling like a drowning penguin.
And oodles more! You can read them here
Amongst other things, I advised the ladies to read my post When you feel like giving up
But I also knew they needed more than that. The ladies needed something short and sharp to help get them back on track and to get clients signing up to their business. They were completely overwhelmed and had fallen into a quagmire of indecision and hopelessness. They had all reached the point or realising that working for yourself is not always what it’s cracked up to be.
So I jumped into action (because I am so lovely and kind) and created a FREE 5-day email course on How To Convert Prospects Into High Paying Clients.
This course is for you if you feel:
- A bit clueless about who your ideal client is
- You are struggling to make more sales (and more money) in your business
- A bit nervous, even nauseous about the idea of ‘selling’
- You would love to know to communicate with potential clients in a way that makes them fall madly in love with your products and services
If you follow these steps and take action, this course truly can turn your business around.
To get access, drop me a message
You will thank me for it.
Angie x
by Angela Taffs | Oct 11, 2016 | Business Success, Personal and Lifestyle
Are your mind and body in sync?
There is no separation of body and mind.
If you are physically unwell, your mind will not work effectively.
If you are having negative thoughts, your body will not work effectively.
To be most effective and productive in your work you need to have both your mind and body in sync so whenever one of them is adversely affecting the other, try these top tips to get back on track.
When your mind is out of sync
Someone has made a negative comment to you and you are now feeling drained and lethargic. You have no energy and your body does not want to move. In fact, all it wants to do is to curl up under the duvet and hide in the dark.
Then you get a phone call. Your child or loved one has been involved in a serious accident. Your mindset changes in a nanosecond. You now have a sense of urgency and a heightened awareness that springs your body into action. You have all the energy you need to run as far as you need to be with your child or loved one.
The phone call could be to tell you that you have won the lottery. You are suddenly full of excitement, surprise, happiness and anticipation and you can’t wait to jump up and tell your friends and family. Your mind is buzzing with ideas of what you are going to do and your body is literally jumping with joy.
But when we are stuck in a negative mindset, these physical scenarios rarely occur so it is up to us to create an environment to get us unstuck and back in the right frame of mind.
How to get back into a positive mindset
Turn negative thoughts into positives.
One effective way to do this is to use a self-talk diary. When you find yourself having negative thoughts, write them down. Now look at this statement and think about how you can turn it into a positive.
Let’s say someone has been negative to you about your business or has cancelled their contract with you. You could decide that is a good thing as you simply weren’t a right fit for each other and would have become emotionally drained by having to work with them in the future. Alternatively, you could use their comments to improve your business and make future clients happier which you would have failed to do without these comments.
If you would a FREE copy of my self-talk diary template to download and use, drop me an email at co*****@********fs.com
Use affirmations daily
Create a list of positive affirmations and repeat them to yourself regularly throughout the day. This will start to slowly create a positive mindset and help your self-belief.
Talk to your mentor or another positive person
Just the art of talking to someone about how you are feeling and sharing your feelings can help you feel a sense of relief and be ready to take on the world once again.
Meditate
Mediation can gently calm and relax the mind. There are many apps for meditation that focus on dealing with different feelings such as self-confidence, anxiety, depression etc so do your research ad find one that is good for you.
Listen to music
Music can uplift us, energise us, calm us and excite us. You can be feeling low and then an upbeat tune comes on the radio and your mood can lift instantly. Create a list of your favourite tunes to turn on when you need a boost.
When your body is out of sync
When you eat and drink unhealthily so your body becomes bloated, all your mind can focus on is the feeling of your clothes being too tight, the queasiness and the extra rolls of fat gathering on your body. Your body feels uncomfortable and so does your mind and you simply do not function so effectively on whatever you are working on.
If you have a broken bone, your mind will be distracted by the pain and discomfort. You may have reams of ideas and be raring to get going, but the distraction of the pain will constantly dull your thought process.
Obviously, if you have a broken bone or serious disease, you are going to need medical attention to help with the pain and until that is sorted it is going to be difficult to do anything else.
However, with other physical symptoms, where your body just doesn’t want to get going, there are a few things you can do to help get yourself up and about again.
Look after your body
The first thing is to look after your body in the first place. Eat healthily and get enough exercise. Just a 20-minute walk each day is better than slouching on the sofa without a break.
Get enough rest
Constantly working 16 hours a day and until the early hours of the morning is not going to help. You will simply end up both physically and mentally exhausted. Set yourself working hours and stick to them.
Change your working environment
Sometimes it can really be this simple. If you have backache, move to a more comfortable chair or buy a new ergonomic one. If you have a broken or sprained ankle, move somewhere where you can rest it comfortably whilst you work. If you are feeling nauseous, move outside if you can and work in the fresh air.
Self-care
Get regular medical check-ups and take time out to have a massage to keep aches and pains at bay. Just a little preventive care now can save long-term damage and illness further down the line.
The power of music
As mentioned previously, music is incredibly powerful on the mind which reflects our physical ability. If you run, you will already know how listening to music can make you feel stronger and hence run faster and with more ease. Music can distract us from our physical feelings of discomfort and can reduce stress, so find some uplifting songs and create a playlist for when your body is feeling lethargic.
Do you have any top tips of your own to get your mind and body in sync? Share them in the comments box below.
