I am going to be a little more bold and blunt than usual so I hope you still like me at the end!
Let me take you back about 17 years ago when I was in the infancy of my business. I was truly enjoying being a part time business owner and being able to stay home and raise my kids. However, my husband asked me a question that changed everything. He asked, “Are you even making any money in this business? I see you working a lot but is there any money coming in?” I could NOT believe what he just said to me. Of course I was making money!! I just wasn’t showing him.
I called my Sales Director in a panic and told her what just happened. I explained to her that I was paying for groceries, preschool and school things like pictures, fundraisers, etc…. She said to me words that I would never forget. She told me to NOT pay for those things out of my Mary Kay profit but to write him a check each month instead. She said because he was not actually seeing the money, he didn’t realize how much money I was making. From that day forward, I began to write him a check and put it on his computer. Pay day was and still is the 15th of the month. We have a running joke now about the paycheck and his computer!
Writing a paycheck to my family each month solidified for me and my family that my small business was a legitimate money-making business. So I have a few questions to ask you:
- Are you writing your family a paycheck from your small business profit?
- If not, why not? Is it because you are not making a profit?
- Are you embezzling money from yourself?
- Do you have a goal for the amount of profit that you would like to make each month?
- Do you share that goal with your family?
- Do you work your business weekly to meet your financial goals?
If you answered no to many of these questions, then I would tell you that you have a hobby and not a business. Hobbies cost money, businesses make money. If you want to be taken seriously as a business owner than some changes need to be made. But they can be made. First, write your family a paycheck EVERY month whether it is $50, $500, or $5000! Then set a financial goal for your business and get to work!
Still love me? Lol I really hope so!
Grateful for you,