Archive | Bootstrapping

The economy sucks; your business doesn’t have to

The economy sucks; your business doesn’t have to

My take on an article from the Harvard Business Journal

1. Cash is king – if you’ve got it – stash some; invest the rest. If you don’t have it, then figure out a way to get some!!!

2. Innovation and creativity matter – it is a time when American business simply has to change. You may not be able to figure out how to create a better product right now (that takes significant investment), but you can probably figure out how to market better, sell better, and provide better service for little or no cost. (Need help? Call me 310-453-7008!)

3. For better and for worse, information moves at lightning speed – make sure that you are on top of your communication strategies and know what is being said about you and on your behalf on the street, in print, and in cyberspace!

4. Focus, focus, and focus – keep your eye on the ball, and focus on the above three points. If you do, you will end up succeeding!!!

 

 

Virginia Ginsburg is an entrepreneur and business & marketing consultant who delivers strategic, affordable marketing services through her company accordionmarketing. She also writes a blog called Body > Mind > Business, which discuses the connection between business health and personal health, and the struggles she faces in pursuit of work-life balance. Virginia has an MBA from the University of Southern California and is currently (slowly) pursuing a Ph.D. in Psychology at UCLA. She has more than 12 years of experience as a senior marketing consultant, and has served as a trusted partner, coach and consultant to more than 100 sole proprietors, partnerships and corporations. 
  Virginia lives in Santa Monica, CA with her husband and daughter. As part of her passion for working with entrepreneurs, Virginia is actively involved in small business development projects in the U.S. and in developing countries.  

Virginia Ginsburg is an entrepreneur and business & marketing consultant who delivers strategic, affordable marketing services through her company accordionmarketing. She also writes a blog called Body > Mind > Business, which discuses the connection between business health and personal health, and the struggles she faces in pursuit of work-life balance.
Virginia has an MBA from the University of Southern California and is currently (slowly) pursuing a Ph.D. in Psychology at UCLA. She has more than 12 years of experience as a senior marketing consultant, and has served as a trusted partner, coach and consultant to more than 100 sole proprietors, partnerships and corporations. 
 
Virginia lives in Santa Monica, CA with her husband and daughter. As part of her passion for working with entrepreneurs, Virginia is actively involved in small business development projects in the U.S. and in developing countries.

Posted in Bootstrapping, Home Business, Managing Money, NetworkingComments (0)

New Week, New Product

New Week, New Product

Okay, so I would never buy this product. It’s one of those things that my mother would send to me and I would think, “Seriously?”

clipon

Off! Clip-On Mosquito Repellent is a personal mosquito protection that you don’t spray on. The quiet, battery-powered fan circulates repellent all around you.

If I had one, it would probably sit in a drawer until I got so fed up with summer mosquitoes that I would clip it on, and then – because my mother is never wrong – I’d be amazed at how well it worked. That’s my hypothesis at least.

I do really like that you don’t have to spray any smelly repellent onto your skin, and if you’re wearing a dress without an obvious place to clip the disk on, you can just set it next to you. And if you’re going from the park to a friend’s BBQ, it would be easy to throw it in your purse, unlike a citronella candle. In fact, that portability might have just sold me…

What do you think? Would you try this product? How do you escape those summer bug bites?

Posted in Bootstrapping, Pension & SavingsComments (0)

Wednesday’s episode of OPRAH reinforced how mom entrepreneurs need to get back to basics

Wednesday’s episode of OPRAH reinforced how mom entrepreneurs need to get back to basics

I don’t usually watch OPRAH because I don’t have time. When working at home, I have to stay focused on getting work done.

But today the TV was on for the kids and when their show ended I switched over to OPRAH. Today’s theme was spirituality 101 – and how being spiritual helps in your everyday life.

They featured many people, including a mom entrepreneur who felt her business was failing and that she may lose her house. She sounded desperate and very depressed.

Oprah and her other guests, advised this woman to choose one thing she had that she was thankful for. When the frustrated mom could not name anything, Oprah suggested “the ability to breathe”.

I agree with Oprah. When things get really bad, you have to focus on the things you have and are thankful for. The woman did not tell her complete story, but she sounded like someone who needed to get back to basics and be grateful for the simple things in life.

I, along with many mom entrepreneurs in my online support group, have experienced desperate moments in business. After building my company 10 years ago on only $18.49, surviving the fallout of the economy after 911 and avoiding creditors garnishing my husbands wages for failure to pay credit card bills, which were used to fund the growth of the company, I have come to realize that I can face any obstacle head on.

This starts with a strong belief in yourself. This positive attitude and optimistic outlook will help you accomplish any goal you set.

This is why I love our June 17th teleseminar presenter Mike Michalowicz of The Toilet Paper Entrepreneur. He knows what it means to start a business with no money, overcome obstacles and employ boot-strapping techniques to grow multi-million dollar companies. His book The Toilet Paper Entrepreneur is raw and entertaining, and gives a clear picture of the stumbling blocks entrepreneurs encounter.

Mike will be discussing his 3 Sheet Strategy To Dramatic Business Growth (Especially in A Down Economy) on June 17th from 1:00pm – 2:15pm EST. This presentation is certain to reignite that entrepreneurial flame in anyone who is doubting their ability to run and grow a successful business.

I hope you will join us!

Traci Bisson has been a mom since February 2000 and an entrepreneur since August 2000. Eight weeks after she returned from maternity leave, the company where she had been employed for five years went out of business. She decided to try doing her own thing and failed miserably. After another year of working for two different companies (the first laid off the department she worked in and the other was showing signs of going under), she decided to try entrepreneurship again. Raising her two children and growing her company, Bisson Barcelona, has been both challenging and rewarding. Her story has been told in dozens of publications, including the Associated Press, National Federation of Independent Business (NFIB.com), Plan Ahead Get Ahead (cover story), Union Leader, The Portsmouth Herald, Our Times and Seacoast Ventures.

Posted in Bootstrapping, Business 101, Highlights, Home Business, Social Media & Blogs, Technology, Work/LifeComments (2)

How to: Turn Your Desk Into a Productivity Zone

How to: Turn Your Desk Into a Productivity Zone

If you’re like many busy people, your desk is full of mail, papers that hold forgotten to-do lists, and perhaps a stray coffee cup or two. This sort of environment just isn’t conducive to productivity. Follow these tips to streamline your work area and get things done.

  • Keep it tidy

    First things first. A tidy desk makes it easier for you to stay focused. Otherwise, you’ll feel overwhelmed by the weight of stuff around you. Organize your papers, corral post-it notes into a journal, and get rid of any random junk. You’ll feel refreshed and can clear the path towards better work.

  • Clean up your computer desktop, too

    A clean virtual desktop is just as important as a the one you’re sitting at. Instead of using lots of specialized tools, find a few super tools that can do multiple jobs and stick with them. Clean out the junk by uninstalling programs you don’t use anymore and archiving old files.

  • File

    Have you ever found yourself scrambling to find a piece of paper you just know you have, but can’t seem to place? Make it easy for you to find what you need by putting everything in a specific spot. You’ll save yourself time and frustration, plus it will be easier to stay on track if you don’t have to stop everything to conduct an extensive search.

  • Keep the essentials close at hand

    Your desk should be stocked with nearly everything you need to do your job. Whether it’s a file cabinet, printer, or pencil sharpener, make sure it’s within reach. If you have to get up and cross the room to use something, you’re likely to get distracted and off track.

  • Don’t goof off

    Make your desk a sacred space for work, and you’ll train your brain. Avoid using your desk for personal projects, storage, or other distracting items, or your attention may be swayed. If you keep your desk purely a work zone, it will be easier for you to get into work mode when you sit down.

  • Have good lighting

    Lighting is essential to productivity. It reduces your eye strain and prevents gloominess. To create productive lighting, focus on using natural light and reflection. Get rid of shadows and glare, and be sure to keep up proper maintenance.

  • Practice desk yoga

    Yoga isn’t just good for health and spirituality, it’s helpful for creativity and concentration as well. Take a moment to be active and mindful, and you’ll refresh your brain. Try out a program like Yoga @ Your Desk to learn about yoga you can do without even leaving your chair.

  • Get a smaller desk

    To get productive, get simple. Using a smaller desk means you’ll have less opportunity to let clutter take over. There’s less room for papers and assignments to pile up, so you’ll be forced to deal with items as they come. This can provide you with an incentive to work more efficiently.

  • Decorate with stimulating colors and design

    Some colors are just more productive than others. White rooms create an environment that supports errors, while bright colors like red are stimulating. If you’re overwhelmed by stimulating colors, blue-green walls are universally productive and relaxing.

  • Practice good ergonomics

    The comfort and efficiency of your body can directly influence productivity. Getting out of an awkward posture simply makes it easier to do any given task and concentrate on your work. It’s also been found to reduce errors.

  • Leave your desk

    That’s right, take a break. The most productive desk is one that you’re not chained to all day. Get up, move around, have a snack or a quick chat with a friend, and you’ll be more refreshed and ready to work again.

Posted in Bootstrapping, Business 101, Home BusinessComments (1)

20 Fail-Proof Ways to Expose Lazy Employees

20 Fail-Proof Ways to Expose Lazy Employees

If you have a lazy employee in your office, you could find yourself working overtime to make up for missed deadlines and wondering if you should give your lackluster worker either a little extra motivation or the pink slip. While some employees simply take longer to perform certain tasks and think things through, this list is devoted to exposing those employees who purposefully show up to work late, waste time on the Internet and skip assignments, all in an effort to shave minutes off their work day. If you’re through putting up with it, check out this list of 20 fail-proof ways to expose your lazy employees.

  1. Monitor their arrival and departure times: The easiest way to find out if your employee is deliberately trying to cut out time spent at the office is to monitor the exact times they show up to work in the mornings and duck out each evening. If they are arriving late and leaving significantly early each day, confront them, and ask if they will be willing to work out a new schedule or make up the time they’ve lost.
  2. Cameras: If you’re having trouble tracking the arrival and departure time of your employees, or if you want to see exactly what they’re up to when you leave the room, consider putting a hidden camera somewhere in the office. You’ll have hard evidence of any slacking off, but just remember to be reasonable. No one wants to be known as their office’s Michael Scott.
  3. Spectorsoft: If you have suspicions that your employees are playing on the Internet all day when they should be researching or typing up reports, install one of the spy software products from Spectorsoft onto their computers. These products will let you know who your office’s “worst offenders” are after analyzing which websites, chatrooms and keystrokes are used.
  4. Send in an undercover customer: If you’re worried about how your lazy employee treats your customers, send in a fake client to request information or schedule a meeting. Have the undercover customer report back to you, detailing the employee’s efforts to make he or she feels welcome, give the correct information and adequately promote your company’s image.
  5. Recruiting tests: Sometimes managers can expose a lazy employee during the recruiting process, saving them time and trouble down the road. This article describes how one hiring manager weeds out lazy workers by asking them to fill out two applications: one online before the interview, and another one during the interview. The manager ultimately “finds that people who skip the parts on the second application that they had previously filled out online, will eventually turn out to be lazy once hired.”
  6. Monitor lunch hours: Just because you work through lunch each day, don’t expect your employees to consistently do the same; however, if you have one or two employees who make a habit out of strolling back into the office twenty minutes after their hour was up, you have reason to expose their negligence.
  7. Track them with a GPS system: Lazy employees love running work-related errands out of the office because it gives them more control over the way they spend their day. If, however, you suspect them of running non work-related errands, install a GPS tracking system on the company vehicle, which will help you in “catching employees shopping, working out at the gym or otherwise loafing while on the clock.”
  8. Schedule meetings early in the day or late in the afternoon: Within reason, schedule a meeting every once in a while at the very beginning of the work day or sometime in the late afternoon. If your employee takes major issue with the scheduling but can’t provide a reason for his tardiness (or absence), you will have successfully exposed their laziness.
  9. Follow through with deadlines: By not enforcing deadlines, you give your employees the signal that it’s okay for them to procrastinate or turn in work late. Strictly follow through with deadlines, and hold employees accountable when they consistently fall behind. Document your efforts to remind them of deadlines, through email or by using the popular Monkey On Your Back tool, so that lazy workers can’t make up excuses.
  10. Demand doctor’s notes: When an employee calls in sick practically every week, start demanding doctor’s notes from workers who have used more than one or two sick days. Just be aware of the fake doctor’s notes that can be bought online to trick managers.
  11. Surf Logger: This “tiny add-on for Internet Explorer” records website history, so that you can track which sites your employees visit when they’re on the clock.
  12. Guardian Software: Guardian Software is an Internet monitoring tool marketed towards parents who want to control what their children do online. Managers can use the same product to effectively expose lazy employees by blocking certain websites, recording e-mails from Yahoo, AOL and other accounts, and even “captures and records keystrokes.”
  13. Cyberspy: If your office is on a budget, download Cyberspy to find out what your employees are doing on their computers. Cyberspy even captures whole images of a website or document in case you can’t properly evaluate the content from the file name alone.
  14. Employee Loyalty Acid Test: If your employee isn’t performing his or her duties at your desired level, they could be planning to leave your company for another job. Give your employees this survey to gauge their company and job satisfaction.
  15. Employee loyalty evaluator: If handing out surveys seems too obvious, check out this article to more discreetly evaluate an employee’s loyalty.
  16. Motivate them: This post from Yahoo! Answers discusses the proper ways to motivate a lazy employee in order to gain positive results in the office. Give them a vested interest in the company’s success by talking to them in your free time, limiting harsh criticism and helping understand that their slow pace affects other workers.
  17. Tell your boss: AskMen.com publishes this article, entitled “How to Complain About a Colleague.” Readers will find different ways to tell their supervisors about lazy employees without sounding like a tattle tale.
  18. Award productive employees: If you can, set up a merit-based rewards system in your office that grants raises, gift certificates, or other perks to your most productive employees. Lazy workers may be so apathetic that you won’t see any change in their performance, despite the added bonus.
  19. GPS-equip the company phone: While giving your employee a GPS-equipped company car might be way out of your budget, try investing in a company cell phone that comes with GPS. If you suspect your employee of leaving the office early, you might be able to catch them in the act with the GPS system.
  20. Fire them: If you’ve tried to confront your lazy employee but he or she continues to miss work and deadlines, set a precedent in your office by firing them. Let your other employees know that you won’t put up with laziness any longer.

Before spying on your employees, discuss any problems you have with their less than desirable work performance. Laziness could be a reflection of a much bigger issue at home or in the office, and the problem could be solved in a more amicable way. If, however, your employee continues to be lazy at work, use these tips and tools to expose their listless behavior.

Posted in Bootstrapping, Career, Managing MoneyComments (2)

When GTD Goes Too Far: How To Avoid Productivity Paranoia

When GTD Goes Too Far: How To Avoid Productivity Paranoia

Anyone interested in improving their productivity has no doubt heard about the Getting Things Done philosophy. Created by

David Allen

, this workflow program advocates a five step process to getting your daily to-dos under control. For many, it’s helped them turn their chaotic and unproductive work hours around and get their careers and jobs under control. But for others, productivity management has taken over their lives and their well being. If you feel yourself slipping into this kind of productivity paranoia, it’s not too late to salvage your sanity and your productivity. Here are some tips for getting your obsession under control.

  • Stop wishing you had more time. You can only fit so many tasks into so many hours in the day. Having one or two more hours isn’t going to make you any happier in the long run. If you’re going to plan your time, plan for the time you do have, not what you don’t have. Assign yourself an appropriate amount of tasks for each day that you can actually get done. If this means some things don’t get tended to, so be it. It’s not the end of the world.
  • Don’t quantify your output. You may feel good about getting more things done in a day, but getting more done isn’t really what it’s all about. The quality of your work is what really matters, and chances are pretty good that if you’re clamoring to cram in as much as you can, the quality of each of those tasks is suffering. Instead, pride yourself on the quality of the work you’ve gotten done each day.
  • Take a break. That’s right, take a break, as in stop working. When you get things done ahead of schedule or just have a few spare minutes, don’t try to cram them full with even more tasks. Reward yourself with some time away from your desk and your omnipresent task list. If you can’t bear to just do nothing, then add break times to your to-do list so you can check them off as if you’ve accomplished an important task.
  • Realize that getting more done isn’t the only thing that makes you an asset. Do you brag to others about how much you work or how much you managed to fit in one day? This shouldn’t be the quality by which you define your worth as an employee or a person. Being a hard worker is a great quality to have, but if you’ve become paranoid about your productivity, chances are you’ve taken it too far. Loyalty, creativity, and good leadership skills also help to make a great worker, so take a few minutes to reflect on what other assets you bring to the table besides your ability to multitask.
  • Stop the guilt trip. Didn’t get to everything on your list today? Don’t beat yourself up about it. You’re only human, after all, and even the best of us can’t meet goals that are unrealistic. Stop making yourself feel guilty for everything you didn’t get done and start thinking about all the things that you did get done instead. Chances are that you’re not giving yourself credit for having done a whole lot of work.
  • Narrow down what works for you. There are literally hundreds of GTD techniques out there, so many, in fact, that you could spend days reading about them. Many addicted to productivity spend an awful lot of time trying to find ways to squeeze extra minutes out of their days. Whether you use sticky note reminders or an elaborate online to-do list setup, find what works for you and stick with it. You’ll save yourself the stress of worrying that you could be using a better method and you’ll get the extra time to spend connecting with friends or doing small tasks.
  • Enjoy your time away from work. Many who are used to days crammed with back-to-back tasks find it hard to take a load off and enjoy a quiet evening at home with family or a vacation that doesn’t involve staying in constant contact with the office. The reality is that we all need a break and working too hard can lead to numerous stress related illnesses that can not only put a crimp in your productivity but in your health and well-being as well. Change your mindset when you leave the office and let yourself enjoy just doing nothing if only for a few hours a day.
  • Keep track of your accomplishments. For many addicted to getting things done, the to-do list is both a blessing and a curse. On one hand, it helps motivate and keep track of what you need to accomplish. On the other, it can make you feel terrible if you don’t check off every box by the end of the day. Break out of this guilt and let yourself relish in your sense of accomplishment for what you have gotten done instead of what there is still to do. Attempting to tackle everything is an unrealistic goal, as there will always be more work to do, so work your hardest, finish what you can and let that be enough.
  • Make things simple. If you know you have to get something done, you don’t always have to write it down or make sure it gets put into your PDA. Sometimes, the most productive solution is to just do it. For many, letting go of the lists and the calendars can be hard, but it can also help you to break the habit of turning your life into a to-do list instead of something you should be enjoying.
  • Time is worth more than money. You might pride yourself on working hard for every dollar that you earn, but at the end of the day those dollars don’t mean much if you don’t have guilt-free time away from work to enjoy them. Time spent with people you care about or doing things you love is just as valuable as time spent completing lengthy to-do lists. Keep that in mind the next time you’re tempted to make yourself feel bad for not checking off each one of those tasks.

Being productive is great, but when it starts causing you to stress out endlessly, it may be time to take a step back and reevaluate. There will always be more to do, and basing your happiness on getting more done in a day is going to result in disappointment. Make your to-dos manageable, and make time for the things that really matter in life, like family, friends, and enjoying the benefits of all that hard work. In the end, that’s what being truly productive is all about.

Posted in Bootstrapping, Highlights, Technology, Work/Life, organizationComments (3)

A quick primer on cash advance transactions

A quick primer on cash advance transactions

Anyone with a child in girl or boy scouts knows that the first rule of scouting also applies to business: Always be prepared. As an entrepreneur, you’ve probably learned this lesson pretty quickly – effectively using the resources at your disposal can separate the successful business women from the rest of the pack. With loan default rates at record high levels and credit becoming more difficult to obtain, many entrepreneurs are turning to creative alternative financing solutions like merchant cash advances in order to make ends meet.

Business cash advance transactions are similar to loans in that they involve an application process and a payback period, where fees are charged in addition to repayment of the advance amount. You need to accept credit cards to qualify for an advance – repayment is transferred directly to the provider as a portion of your daily credit card sales. Some providers require additional qualifications, such as a verifiable financial history, existing property leases, or a minimum credit score to qualify. Merchant advances are much easier to obtain than traditional loans – some providers even boast that they approve over 90% of applicants.

Is a merchant cash advance a good idea? What should you look for in a provider? More importantly, what should you look out for? Here’s a brief primer on business cash advance transactions, gleaned from the experiences of real business owners:

FIND A GOOD PROVIDER
All providers are known by their reputation. Before signing a cash advance agreement, make sure to check out your prospective lender. Here are a few places to look:

  • The Better Business Bureau: Check out the BBB website to find out if any complaints have been filed.
  • The Federal Trade Commission: Since merchants can also file complaints against providers, the FTC website is another great place to check references.
  • The North American Merchant Advance Association is a self-regulated organization of advance providers and their website provides information for consumers about industry standards and practices, and allows you to access complaints against providers.

In addition to checking these sites, you should also ask for references directly from a provider, and do a quick online search for more information. Be wary of providers that ask for an application fee, or those that guarantee automatic approvals. Providers with a “clean” record on all these counts are the best choices.

AVOID RISKY AGREEMENTS
Checking references is a great way to make sure your provider has a good reputation, but it won’t shield you from a potentially risky agreement. You’ll need to make certain that your individual service agreement is fair. Here are some “red flags” that a service agreement should be renegotiated:

  • High fees and costs. Many providers charge monthly minimum amounts where you’ll pay a certain amount even if your credit card sales cannot “cover” the agreed upon amount. If your sales drop below a certain level, you may also be responsible for penalty fees and other charges.
  • Merchant account compatibility. Most companies have agreements with several different merchant services account providers. If a company is asking (or requiring) that you switch in order to obtain an advance, be careful – the long term costs associated with switching might be higher than you can afford.

WHAT TO LOOK OUT FOR
While high fees and strict service agreement provisions sometimes cannot be avoided, there are a few things you should definitely avoid:

  • Balloon repayment. Similar to a loan default provision, balloon repayment makes a borrower responsible for the entire advance balance at a certain date or if sales decline below a certain amount. Be extremely cautious if you are agreeing to such a term.
  • Collateral. Some providers require that a business pledge equipment or property, or allow access to a business checking account to cover payments that aren’t transferred correctly or on time. This is like writing a blank check to the provider- try to avoid these kinds of arrangements if you can.
  • Flexible rates. Sounds good in theory, but usually the rate only “flexes” in one direction: higher. Avoid any agreement that will be too difficult to repay.

A merchant cash advance can be a beneficial source of alternative financing for businesses that need cash for any reason. Make sure you choose a reputable provider and sign an agreement you are comfortable with.

About the author:
Betsy Brottlund is the Director of Marketing at Resource Nation, an online resource that provides expert advice on purchasing and outsourcing decisions from payroll services to phone systems for entrepreneurs and business owners. She frequently contributes to several sites that offer tools and advice for entrepreneurs, including Dell and BizEquity. Previously a communications consultant, Brottlund has worked with start-ups to Fortune 500 companies managing their marketing and communication programs.

Resource Nation provides tools to help start and grow your business and are used on other online business communities such as Entrepreneur.com, StartUpNation.com, and Ladies Who Launch.

Traci Bisson has been a mom since February 2000 and an entrepreneur since August 2000. Eight weeks after she returned from maternity leave, the company where she had been employed for five years went out of business. She decided to try doing her own thing and failed miserably. After another year of working for two different companies (the first laid off the department she worked in and the other was showing signs of going under), she decided to try entrepreneurship again. Raising her two children and growing her company, Bisson Barcelona, has been both challenging and rewarding. Her story has been told in dozens of publications, including the Associated Press, National Federation of Independent Business (NFIB.com), Plan Ahead Get Ahead (cover story), Union Leader, The Portsmouth Herald, Our Times and Seacoast Ventures.

Posted in Bootstrapping, Business 101, Home Business, Managing Money, Pension & SavingsComments (0)

Debt Management Tips For Single Moms

Debt Management Tips For Single Moms

Having been a single mom for several years now, I have finally acclimatized myself to my status. It is indeed hard carrying the responsibility of children on my shoulders alone. But I do love the perks I am able to monopolize. I am the sole beneficiary of the kids’ hugs, kisses, and love.

As a single mother, I face a lot of challenges. Most I can handle very well, but the immediate concern that I always have to resolve are financial problems. Missing due dates on debt mean additional costs and having insufficient funds can cause a lot of stress. We don’t want to be worrying about paying for the basic needs of the children. Thus, financial stability is important for a single mom.

The first step on the road to financial stability is debt management. Whether you’re an individual or a corporation, debt can be your downfall. In this day and age, almost everyone has debts because of credit cards. It can go further with mortgages on houses and vehicles. There is nothing wrong with debt because it does give us the opportunity to acquire things with only the prospect of future earnings. Nevertheless, it is necessary to manage our debts and only incur those that we can afford.

If you’re already deep in debt, is there a way out? Yes, there is. And the faster we remedy the situation, the better. The goal is to minimize the interest expense or penalties that we will incur before it reaches a point that we can no longer make the monthly payments. For single parents, this is very critical because they will not have anyone else to rely on but themselves while the children depend on them for sustenance.

The first thing to do is list down all your debts, the corresponding monthly payments, and the interest rate for each one of them. The interest on each debt is important because we need to determine which of the debts are more expensive. Now, match these with your monthly earnings. After all the estimated expenses, do you have enough to pay your debts regularly? If it is insufficient or even tight, then it’s time to reduce your monthly payments. You can reduce your monthly installments by (a) partial debt payment with savings, (b) consolidating your debts at lower interest rate, or (c) restructuring any of them by extending the terms to reduce the monthly payments.

What would be the best option among them? It will depend on what your current status is and what options are available to you. If you can consolidate them into a single debt at lower interest rate, that would be the better option. However, those who are more confident in the security of their employment may opt to reduce debt through partial prepayment of the debt with their savings. When reducing your debt, prioritize those with higher interest rates.

Whatever option you choose, remember that the goal is to reduce the cost of debt (interest) or the debt itself. And of course, while you are deep in debt, stop incurring more immediately. Cut off those credit cards and start saving on your expenses. Financial stability is not a difficult feat for single parents. It only takes prudence and discipline. If you need motivation, just keep in mind that the reason for all your hard work is that tiny person who gives you warm hugs with milk and cookies.

All the best and much success!

Samantha a.k.a. Rich Single Momma
Author, 100 Secrets of Successful Single Motherhood

P.S. Did you get your Single Mom Survival and Success Kit? It’s FREE and full of incredible information that will transform your life. So stop fooling around and get your kit now! Did I mention that it’s FREE!

P.P.S. Did you like this post? Let me know in the comment section below and pass it on to a friend. This might be just the thing they need to hear right now.

Samantha Gregory is a writer and motivational speaker. She is the author of 100 Secrets of Successful Single Motherhood: An Inspirational Guide Single Moms. Get the book at http://www.blueserenityink.wordpress.com

Posted in Bootstrapping, Divorce, Investing Tips, Managing MoneyComments (1)

Officially Boycotting The Children’s Place

Officially Boycotting The Children’s Place

I really think I need to shop on-line more with all these unfortunate situations I seem to keep stumbling into when shopping at retail stores. 

Maybe it’s just me, because these things only seem to happen to me…BUT, I wanted to go the The Children’s Place to buy my girls some flip-flops, which are staple footwear in Florida. Currently, they’re two for $5 (which is such an awesome deal) and I refuse to pay $8 and up for cheap, floppy footwear. I don’t care how many sequins they glue on them. Those bad boys will be buried in the sand and Emmalynn (my youngest) will be down to only one shoe before the end of May. 

Anyway, I arrive at the Citrus Park Town Center well before mall hours on Sunday, because I forgot it opens later on Sunday.  Not to worry, the girls and I hang out at the padded play area before the stores open. The girls were having a good time and I was so happy they were minding the rules and Emmalynn stayed in the play area. It’s a great feeling to be past the days of barricading the entrance with my legs or trying to keep her from scaling over the wall as she attempts to escape. 

Finally, the mall opens and we dart over to TCP. There’s an awesome sale going and everything is 50% off. But like a recovering retail junkie shopaholic, I avoided the red clearance signs and stuck to my flip-flop plan. It’s all about needs vs. wants right? I did some deep breathing and focused on the great wall of flip-flops.  

Of course, Allana chooses a pair at the very top, so I need the help of a sales assistance with her big hook tool to reach the precious.  

As I find someone to help me, Emmalynn climbs through the rounders while Allana spins other rounders. So much fun!  I ask them to stop and warn them that there will be no tea at Teavana if they don’t stop. (Yes, I bribe my children with free tea at Teavana. So what? Whatever works, man!) They stop, but move onto the spinning mirrors.  

Finally, an unwilling sales associate helps me, but Emmalynn is still spinning the rounders. Then, another sales associate scolds Emma to stop. At this point, I am so embarrassed. I ask the girls, “Do you think Mommy makes these rules up?” 

After trying a variety of flip-flops and still able to fight off the fabulously marked down spring clothes, we’re ready to check-out.  

“I can help the next person”, shouts out the associate, who happens to be the same lady who helped me with the flip-flops.  

“Great! Thanks!” And I jump to it. 
“Um yeah…the line is over there. You’re not next.”

“HUH? Where’s the line?” 

“Over there.” And she points to a sign hidden in between the rounders to the left of the register.  

“Well, that’s so obvious.” I sarcastically remark. Might I remind you I had TWO pairs of flip-flops. 

The next person in line is a gentleman who has a pile of clothes. So, I wait in the camouflaged line while children continue to destroy the store. As I wait, I realize I am not the only customer confused by the camouflaged line. 

Now, I am fuming. Annoyed at my children for being monsters unruly. Pissed off that I had to beg for sales associates to help. Trust me. If I could use the flipping flip-flop fetcher tool hook myself, I would have. And so angry that I and other customers are repeatedly being treated rudely by sales associates.  

In this economy, they should be THRILLED to see customers shopping. They should be kissing my ass and thanking me for shopping in their store. They should be elated that their store is still open while others are closing due to the recession. 

Yep, looks like I need to shop on-line more.  But first, I will send an e-mail to TCP regional and corporate offices about my not-so-pleasant shopping experience.

Posted in Bootstrapping, Managing MoneyComments (1)

You Can Always Deliver Pizza

You Can Always Deliver Pizza

The major news networks recently carried a story about a man who had taken a very hard financial fall. The gentleman, who holds an MBA from a prestigious business school, had worked on Wall Street for a number of years, and then went out on his own and started a hedge fund. Married with two young daughters, the couple lived in a dream house in a dream world, and made good use of his $750,000 income. And then the recession hit.

The income plummeted, in fact evaporated. But the couple persisted, trying to maintain the lifestyle and some semblance of normalcy. This of course is easier said than done-more about that in a minute. The man’s business collapsed 18 months ago, so now fast forward to the present. The house is in foreclosure and the family will be evicted in a couple of months. They owe hundreds of thousands of dollars in credit card debt. So believing that any action is better than no action, the man decided to deliver pizzas-for about $9 an hour-so he’d have a little money coming in.

His efforts are noble-but a little odd as well. Since the national news media picked up on the story, he’s gotten some publicity out of it, but one wonders whether that’s a good thing. What’s strange is that here’s an obviously bright guy, who’s made a fortune once already, and he chooses to deliver pizzas? That’s like placing a band aid on a gaping chest wound-it doesn’t make sense.

The lesson here is that when faced with financial calamity, you need to take action before the problem strikes. The downsized entrepreneur must have seen this coming. Rather than try to maintain a façade of normalcy and instead of trying to maintain a lifestyle he couldn’t afford, changes should’ve been made then, not now. Sell the house, lower your sights on a job, cut costs, and create a plan for rebuilding are all steps that could’ve been taken. But staying in the house and trying to hang on is pointless.

Instead of delivering pizzas, perhaps the already proven entrepreneur could’ve started an internet marketing business from his home. He’d be making a lot more money than he is now, and would be well on his way to building back his fortune. If you’re facing financial disaster, wake up. Face reality, and create an actionable plan. If you don’t think an internet marketing business fits your lifestyle, you can always deliver pizza.

Carla Schroeder is a business coach and mentor that assists serious entrepreneurs in building a profitable online business with multiple incomes streams. Carla and her team have assisted hundreds of people in generating profits that exceed $250K or more in their first year. For more information and to contact Carla, visit: http://officialwealthstrategy.com/

Posted in Bootstrapping, Business 101, CareerComments (0)

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