1 00:00:04,840 --> 00:00:08,920 Speaker 1: It's time for the b a q a A b 2 00:00:09,039 --> 00:00:11,880 Speaker 1: a q A what you say the b a q 3 00:00:12,400 --> 00:00:15,080 Speaker 1: tip the day to b a q o no man 4 00:00:15,200 --> 00:00:19,040 Speaker 1: Dad the b a q a A. It's time for 5 00:00:19,120 --> 00:00:22,840 Speaker 1: Branni Vision question to answer. But you have questions myself 6 00:00:22,840 --> 00:00:25,720 Speaker 1: and Mandy when she's here, has answers. Mandy's baby is 7 00:00:25,760 --> 00:00:28,160 Speaker 1: not feeling so well. He was if you want to see, 8 00:00:28,160 --> 00:00:31,560 Speaker 1: he made a little debut on our Wednesday show, but 9 00:00:32,080 --> 00:00:33,720 Speaker 1: he just could not make it for the Friday show. 10 00:00:33,720 --> 00:00:34,760 Speaker 2: So it's just me today. 11 00:00:35,880 --> 00:00:40,640 Speaker 1: But if you have questions about personal finance, about career, 12 00:00:41,440 --> 00:00:43,879 Speaker 1: about money, about business, entrepreneurship, just. 13 00:00:43,840 --> 00:00:47,159 Speaker 2: A life even, go ahead a slide in the d MS. 14 00:00:47,040 --> 00:00:50,040 Speaker 1: On our Ig Brown and Vision podcast, or email us 15 00:00:50,040 --> 00:00:55,080 Speaker 1: at Brandavision Podcasts at gmail dot com. Because Mandy's not here, 16 00:00:55,080 --> 00:00:57,440 Speaker 1: you know, I love Mandy's I don't love Mandy's out here, 17 00:00:57,440 --> 00:00:59,120 Speaker 1: but I love when she is not here to do 18 00:00:59,200 --> 00:01:02,040 Speaker 1: questions about this because y'all don't be asking enough business 19 00:01:02,080 --> 00:01:04,480 Speaker 1: questions and I love to talk about business, and so 20 00:01:04,720 --> 00:01:08,640 Speaker 1: I pulled some questions for my mentees. So y'all know, 21 00:01:08,680 --> 00:01:12,559 Speaker 1: like I teach mentees, well, I have a MENTI program. 22 00:01:12,600 --> 00:01:14,280 Speaker 1: Let me see how many people are my mentees right now? 23 00:01:14,640 --> 00:01:16,800 Speaker 1: I could tell you real quick, I could tell you 24 00:01:16,800 --> 00:01:18,480 Speaker 1: about it, I could show you I think I want 25 00:01:18,520 --> 00:01:18,680 Speaker 1: to say. 26 00:01:18,680 --> 00:01:19,800 Speaker 2: It's about four thousand. 27 00:01:21,920 --> 00:01:26,640 Speaker 1: Yes, yet four thousand, four hundred mentees currently signed up 28 00:01:26,680 --> 00:01:29,920 Speaker 1: under my Patreon, mymntor Tiffany dot com. Most of them 29 00:01:29,920 --> 00:01:32,360 Speaker 1: are women, especially women of color, especially black women, although 30 00:01:32,360 --> 00:01:35,920 Speaker 1: I don't turn anyone away. And every month I teach 31 00:01:35,920 --> 00:01:39,319 Speaker 1: a class, but every week they have meetups, they get them. 32 00:01:39,360 --> 00:01:41,880 Speaker 2: I give them tips and tools and lessons. It's been awesome. 33 00:01:42,080 --> 00:01:44,720 Speaker 1: So, like I said, it's about four thousand mentees currently 34 00:01:44,720 --> 00:01:45,600 Speaker 1: as I'm taping, it's. 35 00:01:45,440 --> 00:01:46,160 Speaker 2: Twenty bucks a month. 36 00:01:46,200 --> 00:01:47,800 Speaker 1: It will not be twenty bucks a month by the 37 00:01:47,880 --> 00:01:50,320 Speaker 1: end of this year, I promise you that. But if 38 00:01:50,320 --> 00:01:53,400 Speaker 1: you lock in, you luck in se Yeah, my mentor Tiffany, 39 00:01:53,400 --> 00:01:54,760 Speaker 1: if you want to be one of my mentees. And 40 00:01:54,800 --> 00:01:57,120 Speaker 1: so questions get up. Get asked me about money all 41 00:01:57,120 --> 00:01:59,240 Speaker 1: the time, so I felt like, you know what. 42 00:02:00,120 --> 00:02:01,360 Speaker 2: Let's talk about it. 43 00:02:01,800 --> 00:02:06,680 Speaker 1: So one question that comes up a lot is how 44 00:02:07,120 --> 00:02:09,880 Speaker 1: do you fund a business, especially when you first start out. 45 00:02:10,040 --> 00:02:12,880 Speaker 1: I actually talked this lesson to my mentee. Last month's 46 00:02:12,960 --> 00:02:16,160 Speaker 1: lesson was literally how do you fund a business, and 47 00:02:16,240 --> 00:02:20,040 Speaker 1: I identified four ways to fund business. So if you 48 00:02:20,080 --> 00:02:22,799 Speaker 1: have a pen and pat pad, this would be great 49 00:02:22,840 --> 00:02:25,440 Speaker 1: for you to start writing down. Okay, so let's talk 50 00:02:25,440 --> 00:02:28,519 Speaker 1: about the four ways to self fund your dream business. 51 00:02:28,600 --> 00:02:34,040 Speaker 2: Okay. So number one is to generate revenue early. So 52 00:02:34,040 --> 00:02:34,840 Speaker 2: what do I mean by that? 53 00:02:35,560 --> 00:02:39,639 Speaker 1: So you're going to focus on building a minimum viable 54 00:02:39,680 --> 00:02:42,120 Speaker 1: product MVP. So one of my friends, daniell Leslie, always 55 00:02:42,120 --> 00:02:44,280 Speaker 1: talks about this or like a basic version of your 56 00:02:44,320 --> 00:02:45,080 Speaker 1: product or service. 57 00:02:45,320 --> 00:02:47,000 Speaker 2: So this is going to allow you to test the 58 00:02:47,040 --> 00:02:49,839 Speaker 2: market with minimal investments. So what do I mean? 59 00:02:50,200 --> 00:02:52,040 Speaker 1: Lots of people will say like, oh my gosh, this 60 00:02:52,080 --> 00:02:53,840 Speaker 1: is dressed. Everyone tells me the dress I'm wearing is 61 00:02:53,840 --> 00:02:56,640 Speaker 1: so cute. I Am going to manufacture this dress. You know, 62 00:02:56,680 --> 00:03:00,400 Speaker 1: you scrounge together some money, maybe you work over time 63 00:03:00,480 --> 00:03:02,160 Speaker 1: and you scrounge. You get for five thousand and ten 64 00:03:02,200 --> 00:03:06,360 Speaker 1: thousand dollars to you know, get the dress made. And 65 00:03:06,360 --> 00:03:07,800 Speaker 1: now you have all these dresses and now you have 66 00:03:07,880 --> 00:03:10,519 Speaker 1: to sell them. You don't want to do that. You 67 00:03:10,560 --> 00:03:12,560 Speaker 1: want to think of a marketer. A marketer will say 68 00:03:12,600 --> 00:03:14,600 Speaker 1: I'm going to make one dress. I'm going to pick 69 00:03:14,680 --> 00:03:17,640 Speaker 1: my pick my cutest friend and say, girl, put this 70 00:03:17,720 --> 00:03:19,440 Speaker 1: dress on so I could post you on the socials, 71 00:03:19,639 --> 00:03:24,000 Speaker 1: and I'm going to take pre orders for this dress 72 00:03:24,639 --> 00:03:27,680 Speaker 1: because it's in the pre ordering. So let's just say, 73 00:03:27,760 --> 00:03:29,640 Speaker 1: you know, I don't know a thousand people pre order 74 00:03:29,720 --> 00:03:34,520 Speaker 1: the dress and the dresses ten, you know, ten dollars. 75 00:03:34,680 --> 00:03:37,400 Speaker 1: So now you've made ten thousand dollars, and now you 76 00:03:37,440 --> 00:03:39,600 Speaker 1: can use that money. That is, this is a way 77 00:03:39,600 --> 00:03:42,080 Speaker 1: to self fund. You print in that dress, use that 78 00:03:42,160 --> 00:03:43,840 Speaker 1: money to go make the dresses, and you don't have 79 00:03:43,920 --> 00:03:46,480 Speaker 1: to make any more any less because you know exactly how. 80 00:03:46,320 --> 00:03:49,240 Speaker 2: Many people want them. So generating early revenue is a 81 00:03:49,240 --> 00:03:51,200 Speaker 2: great way to do pre orders or pre sales in 82 00:03:51,240 --> 00:03:53,400 Speaker 2: your product. I did that for my book Happy Birthday 83 00:03:53,400 --> 00:03:53,920 Speaker 2: Molly Moore. 84 00:03:54,120 --> 00:03:55,960 Speaker 1: So some of y'all know I wrote a children's book, 85 00:03:56,280 --> 00:03:58,520 Speaker 1: and I remember, like I want to say, it costs 86 00:03:58,560 --> 00:04:02,680 Speaker 1: me like four or five dollars to print each book 87 00:04:03,360 --> 00:04:06,840 Speaker 1: and also maybe like another three dollars to mail them. 88 00:04:07,200 --> 00:04:08,560 Speaker 1: And I was like, oh, child, it's gonna be a 89 00:04:08,600 --> 00:04:10,960 Speaker 1: lot of money. And so what I did was a kickstarter, 90 00:04:11,840 --> 00:04:14,120 Speaker 1: you know, to kind of like to do that early. 91 00:04:14,920 --> 00:04:18,000 Speaker 1: And so we made seventy thousand dollars in Kickstarter and 92 00:04:18,040 --> 00:04:19,919 Speaker 1: I was able to print and ship books as a 93 00:04:19,920 --> 00:04:23,480 Speaker 1: result of that. So Number one to self fund your 94 00:04:23,520 --> 00:04:28,320 Speaker 1: own business is to generate revenue early by creating whatever 95 00:04:28,520 --> 00:04:32,520 Speaker 1: the cheapest way to create a product or service and 96 00:04:32,680 --> 00:04:36,080 Speaker 1: to create a pre order, pre sales, wait list, something 97 00:04:36,120 --> 00:04:39,640 Speaker 1: that's going to generate some revenue before fully launching the business. Right, 98 00:04:40,000 --> 00:04:41,440 Speaker 1: this is going to not only provide you with like 99 00:04:41,480 --> 00:04:44,920 Speaker 1: early validation of your business idea, but generate some cash 100 00:04:44,960 --> 00:04:46,600 Speaker 1: flow to fund your. 101 00:04:46,520 --> 00:04:49,040 Speaker 2: Future development and growth. Okay, does that make sense? 102 00:04:49,360 --> 00:04:50,680 Speaker 1: Like I said, some of the things you can use 103 00:04:50,680 --> 00:04:52,840 Speaker 1: like a tool for that as like a kickstarter, or 104 00:04:52,880 --> 00:04:55,800 Speaker 1: there's also these like you know, there's these gofundmeeds or 105 00:04:55,880 --> 00:04:59,160 Speaker 1: like Indiegogo is one, or just take like I said, 106 00:04:59,160 --> 00:05:01,760 Speaker 1: take pre orders of whatever the product or services you know, 107 00:05:01,800 --> 00:05:02,560 Speaker 1: get people excited. 108 00:05:02,600 --> 00:05:04,880 Speaker 2: You have to create a landing page. 109 00:05:05,279 --> 00:05:09,920 Speaker 1: Yeah, So generate revenue early by saying here's something I'm creating. 110 00:05:10,600 --> 00:05:12,360 Speaker 1: And a really great book for that is this book 111 00:05:12,360 --> 00:05:15,120 Speaker 1: called Launch l A n U l A U n 112 00:05:15,200 --> 00:05:17,760 Speaker 1: c H by Jeff Walker, because he is really the 113 00:05:17,839 --> 00:05:20,800 Speaker 1: king of kind of like this, like generating buzz and 114 00:05:20,920 --> 00:05:24,320 Speaker 1: excitement beforehand. Making money and then delivering that service or 115 00:05:24,320 --> 00:05:27,080 Speaker 1: product later. Hey ba fan, we're going to take a 116 00:05:27,160 --> 00:05:29,440 Speaker 1: quick break and we'll be right back. 117 00:05:33,120 --> 00:05:36,840 Speaker 2: Number two of self funding your own business is to. 118 00:05:36,960 --> 00:05:42,000 Speaker 1: Be your own bank via investing, and so investing in 119 00:05:42,040 --> 00:05:45,400 Speaker 1: the stock market in particular you could fund your business 120 00:05:45,440 --> 00:05:46,880 Speaker 1: can honestly be a viable strategy. 121 00:05:46,920 --> 00:05:47,920 Speaker 2: I've seen people do this. 122 00:05:48,480 --> 00:05:51,640 Speaker 1: It's important to approach it with careful consideration though and planning, 123 00:05:51,880 --> 00:05:54,800 Speaker 1: because it's not something that you can just like, you know, 124 00:05:54,920 --> 00:05:57,400 Speaker 1: jump out the window and do. Stock market investing can 125 00:05:57,440 --> 00:06:01,080 Speaker 1: be key to generating business capital you need. So there 126 00:06:01,080 --> 00:06:03,520 Speaker 1: are many ways to invest, but few as passively than 127 00:06:03,560 --> 00:06:07,600 Speaker 1: the small stock market. So for example, one of my friends, 128 00:06:08,279 --> 00:06:11,360 Speaker 1: she first started investing because she wanted to pay for vacations. 129 00:06:11,600 --> 00:06:13,880 Speaker 1: So while she was a vice principal of a school, 130 00:06:14,000 --> 00:06:16,440 Speaker 1: my friend Terry, she would say, okay, I want to 131 00:06:16,440 --> 00:06:17,840 Speaker 1: want on this vacation. It's going to cost me a 132 00:06:17,880 --> 00:06:20,159 Speaker 1: thousand dollars. And she had learned to invest from her 133 00:06:20,160 --> 00:06:23,240 Speaker 1: grandmother when she was in high school. So she would invest, 134 00:06:23,640 --> 00:06:26,400 Speaker 1: buy something, watch it, sell it, and be like, oh 135 00:06:26,400 --> 00:06:27,520 Speaker 1: my gosh, I made one thousand dollars. 136 00:06:27,600 --> 00:06:29,920 Speaker 2: Now I can go on vacation, but. 137 00:06:29,920 --> 00:06:32,240 Speaker 1: She quickly realized through that she could also use that 138 00:06:32,320 --> 00:06:36,960 Speaker 1: to fund her business. And so Terry is currently my 139 00:06:37,000 --> 00:06:39,160 Speaker 1: investing coach. What I love about Terry's at once she 140 00:06:39,160 --> 00:06:42,279 Speaker 1: went to MIT, so she's super smart, but also too 141 00:06:42,279 --> 00:06:45,720 Speaker 1: that she was a vice principal in education for ten 142 00:06:45,839 --> 00:06:50,000 Speaker 1: years and she's been investing for over twenty years. And 143 00:06:50,040 --> 00:06:52,280 Speaker 1: thus far she's taught about thirty five thousand students have 144 00:06:52,360 --> 00:06:54,400 Speaker 1: to invest. Some of them have made one thousand dollars 145 00:06:54,440 --> 00:06:56,839 Speaker 1: in a day, ten thousand dollars in a day, some 146 00:06:56,880 --> 00:06:58,640 Speaker 1: of her students not every day, but in a day. 147 00:06:59,040 --> 00:07:01,240 Speaker 2: And I have seen Terry herself. She did it publicly. 148 00:07:01,360 --> 00:07:04,480 Speaker 1: She did like a live once where she actually made twice, 149 00:07:04,520 --> 00:07:06,440 Speaker 1: two or three times she's done this. That she made 150 00:07:06,440 --> 00:07:08,640 Speaker 1: a trade that made her a million dollars. With that 151 00:07:08,720 --> 00:07:11,120 Speaker 1: one trade she took three hundred thousand. I think that 152 00:07:11,320 --> 00:07:13,920 Speaker 1: was with Disney or Amazon. She took three hundred thousand, 153 00:07:14,240 --> 00:07:16,320 Speaker 1: made a trade which is when you buy a stock 154 00:07:16,400 --> 00:07:18,760 Speaker 1: and then you sell it, and made a million dollars 155 00:07:18,800 --> 00:07:19,760 Speaker 1: from that three hundred thousand. 156 00:07:19,800 --> 00:07:20,679 Speaker 2: I was like sold. 157 00:07:21,400 --> 00:07:25,080 Speaker 1: And so I know that the Budgetista has made me 158 00:07:25,120 --> 00:07:27,400 Speaker 1: a significant amount of money y'all know, I've grown. 159 00:07:27,200 --> 00:07:30,040 Speaker 2: Wealth for myself, but it's been quite the grind. 160 00:07:30,600 --> 00:07:32,680 Speaker 1: And so what happens when I no longer want to 161 00:07:32,680 --> 00:07:34,880 Speaker 1: do the business part of business? I asked my friend 162 00:07:34,920 --> 00:07:37,560 Speaker 1: who was investing in real estate the same, and he 163 00:07:37,640 --> 00:07:40,600 Speaker 1: was like, essentially he would have to sell his properties 164 00:07:40,760 --> 00:07:42,560 Speaker 1: and then put his money to work in the market. 165 00:07:42,960 --> 00:07:45,240 Speaker 1: And so what I want to do is before I 166 00:07:45,280 --> 00:07:48,440 Speaker 1: get overworked and overwhelmed with the budgetistam and I want 167 00:07:48,480 --> 00:07:53,600 Speaker 1: to learn how to navigate the market now so I 168 00:07:53,640 --> 00:07:56,040 Speaker 1: can fund the things I want to fund, the business 169 00:07:56,040 --> 00:07:58,000 Speaker 1: being one of them. Last year was a really, really, 170 00:07:58,080 --> 00:08:01,440 Speaker 1: really hard year. I want from you know, making multiple 171 00:08:01,480 --> 00:08:04,600 Speaker 1: six figures to basically middle was seven figures in one business, 172 00:08:04,600 --> 00:08:07,240 Speaker 1: to barely making like I think I made like eight 173 00:08:07,360 --> 00:08:08,560 Speaker 1: hundred thousand in one of my businesses. 174 00:08:08,600 --> 00:08:11,520 Speaker 2: We're normally made multiple six, multiple seven. I'm sorry. And 175 00:08:11,560 --> 00:08:12,080 Speaker 2: so I. 176 00:08:12,160 --> 00:08:16,840 Speaker 1: Imagine if I was proficient and investing in the marketplace, 177 00:08:17,000 --> 00:08:20,600 Speaker 1: because last year the marketplace generated I think twenty was 178 00:08:20,680 --> 00:08:23,920 Speaker 1: up twenty four to twenty six percent, so business was down, 179 00:08:23,960 --> 00:08:26,560 Speaker 1: market was up. So imagine if I was proficient in that, 180 00:08:26,720 --> 00:08:28,840 Speaker 1: I could have said, even though business is down, we 181 00:08:29,000 --> 00:08:32,360 Speaker 1: gonna be all right because I'm in the market intentionally 182 00:08:32,640 --> 00:08:35,400 Speaker 1: to fund my business. And so that's why I told 183 00:08:35,480 --> 00:08:37,880 Speaker 1: myself this is the year, because last year, quite honestly, 184 00:08:37,960 --> 00:08:38,200 Speaker 1: was scared. 185 00:08:38,200 --> 00:08:39,719 Speaker 2: I didn't know if I was gonna make it. So 186 00:08:39,800 --> 00:08:42,240 Speaker 2: about the whole budget Liisa, I wasn't show if I 187 00:08:42,280 --> 00:08:42,880 Speaker 2: was gonna make it. 188 00:08:43,600 --> 00:08:46,240 Speaker 1: And so we did. But a lot of my friends 189 00:08:46,280 --> 00:08:49,360 Speaker 1: didn't make it. And I thought to myself, Okay, investing 190 00:08:49,800 --> 00:08:52,160 Speaker 1: is a way to be my own bank, you know, 191 00:08:52,200 --> 00:08:54,600 Speaker 1: because I'm not getting external funding, but I could be 192 00:08:54,679 --> 00:08:57,000 Speaker 1: my own bank. And so one of the resources I 193 00:08:57,040 --> 00:08:58,360 Speaker 1: offer up to you is that if you want to 194 00:08:58,360 --> 00:09:01,280 Speaker 1: be your own bank, this is actually like this opportunity 195 00:09:01,280 --> 00:09:03,720 Speaker 1: closes in like just a couple of days, because today's Friday, 196 00:09:04,040 --> 00:09:07,520 Speaker 1: and I think Sunday the door's closed. I partnered with Terry, 197 00:09:07,559 --> 00:09:10,400 Speaker 1: my investment coach. She has this five day live investing 198 00:09:10,480 --> 00:09:12,840 Speaker 1: master class. So I'm excited about it. And these five 199 00:09:12,880 --> 00:09:15,120 Speaker 1: days you're going to learn how to understand the stock market. 200 00:09:15,200 --> 00:09:18,120 Speaker 1: Day one all about indexes. Day two, this is what 201 00:09:18,200 --> 00:09:21,200 Speaker 1: allows you to invest more passively. Day three, how to 202 00:09:21,240 --> 00:09:23,960 Speaker 1: open a brokerage account, the exact exact account that you're 203 00:09:23,960 --> 00:09:26,160 Speaker 1: going to need to invest. Day four to buy your 204 00:09:26,160 --> 00:09:28,400 Speaker 1: first stock. We're going to buy our first stock. We 205 00:09:28,400 --> 00:09:29,760 Speaker 1: don't have any money to buy your first stock. 206 00:09:29,800 --> 00:09:30,200 Speaker 2: That's okay. 207 00:09:30,440 --> 00:09:32,560 Speaker 1: We could do it paper with them, you can do simulation. 208 00:09:32,920 --> 00:09:34,520 Speaker 1: And day five we're going to sell our first stock. 209 00:09:34,920 --> 00:09:37,800 Speaker 1: And so this this five day investing master class. And 210 00:09:38,160 --> 00:09:41,360 Speaker 1: what I decided to do is because I want company 211 00:09:41,400 --> 00:09:44,640 Speaker 1: in doing this five day master class, that I added 212 00:09:44,679 --> 00:09:48,240 Speaker 1: bonuses on top of Terry. So Terry has like, if 213 00:09:48,240 --> 00:09:50,880 Speaker 1: you just want to do the live class April fifteenth 214 00:09:50,920 --> 00:09:54,440 Speaker 1: to the nineteenth, Monday through Friday, two hours every day, 215 00:09:54,559 --> 00:09:57,440 Speaker 1: eight pm to ten pm Eastern Standard time, it's ninety 216 00:09:57,440 --> 00:10:00,160 Speaker 1: seven dollars. If you want the replay and to get 217 00:10:00,160 --> 00:10:03,640 Speaker 1: an extra bonus day with extra interviews as well, then 218 00:10:03,840 --> 00:10:07,360 Speaker 1: it's two ninety four, I believe, and that gives you 219 00:10:07,400 --> 00:10:10,360 Speaker 1: the replay access for six months and all these other bonuses. 220 00:10:10,440 --> 00:10:13,440 Speaker 1: I'm stacking bonuses on top of those bonuses, and because 221 00:10:13,440 --> 00:10:15,120 Speaker 1: I really want people to do it alongside with me, 222 00:10:15,480 --> 00:10:18,280 Speaker 1: and that budget needs to stockbonuses dot com if you 223 00:10:18,320 --> 00:10:20,360 Speaker 1: sign up for the class there, I'm going to give 224 00:10:20,360 --> 00:10:22,120 Speaker 1: you an ebook. 225 00:10:22,120 --> 00:10:24,280 Speaker 2: If you sign up for the ninety seven dollars version. 226 00:10:24,360 --> 00:10:26,800 Speaker 1: So general admission, I'm going to give you two ebooks, 227 00:10:26,960 --> 00:10:29,880 Speaker 1: one on learning to Earn, one on investing. I'm going 228 00:10:29,920 --> 00:10:31,839 Speaker 1: to give you one month free to my online school, 229 00:10:31,920 --> 00:10:34,480 Speaker 1: the Livature Academy. I'm going to give you access to 230 00:10:34,559 --> 00:10:36,280 Speaker 1: a pop up Facebook group that we're all going to 231 00:10:36,320 --> 00:10:40,360 Speaker 1: work together while Terry is teaching, and I'm also going 232 00:10:40,440 --> 00:10:43,120 Speaker 1: to do a live class learn to Earn class that's 233 00:10:43,120 --> 00:10:45,559 Speaker 1: like a thousand dollars worth of value for anybody who 234 00:10:45,559 --> 00:10:47,840 Speaker 1: does VIP that we will do it together because I'm 235 00:10:47,840 --> 00:10:49,360 Speaker 1: trying to bribe you all to do it alongside me. 236 00:10:49,640 --> 00:10:52,040 Speaker 1: And so that's at budget needs to stock bonuses dot com. 237 00:10:52,080 --> 00:10:55,200 Speaker 1: The link will be in the show notes. But yeah, 238 00:10:55,240 --> 00:10:57,080 Speaker 1: that's so one of the ways if you if you 239 00:10:57,120 --> 00:10:59,400 Speaker 1: have been thinking about what are the ways can I 240 00:11:00,000 --> 00:11:03,600 Speaker 1: fund my business? One of them is through investing because 241 00:11:03,600 --> 00:11:06,360 Speaker 1: it allows you to have access to money outside of 242 00:11:06,360 --> 00:11:07,320 Speaker 1: what your business generates. 243 00:11:07,320 --> 00:11:07,920 Speaker 2: So that's two. 244 00:11:08,679 --> 00:11:15,000 Speaker 1: Third way to fund your business yourself is part time entrepreneur. Yes, 245 00:11:15,120 --> 00:11:17,200 Speaker 1: you have to explore creative ways to bootstrap your business, 246 00:11:17,640 --> 00:11:20,280 Speaker 1: like you know, offer your skills or expertise as a 247 00:11:20,280 --> 00:11:23,880 Speaker 1: freelancer or consultant to generate additional income while building your 248 00:11:23,880 --> 00:11:26,880 Speaker 1: business on the side. This is what I did when 249 00:11:26,880 --> 00:11:29,120 Speaker 1: I used to when I started a budgetista, I also 250 00:11:29,240 --> 00:11:33,040 Speaker 1: taught and I tutored, you know, and so that helped 251 00:11:33,240 --> 00:11:36,960 Speaker 1: provide some fundamental base to pour into my business. 252 00:11:37,240 --> 00:11:37,400 Speaker 2: You know. 253 00:11:37,520 --> 00:11:39,720 Speaker 1: Look for flexible job opportunities that allow you to devote 254 00:11:39,720 --> 00:11:43,080 Speaker 1: time and energy to your business off hours, because here's 255 00:11:43,120 --> 00:11:47,400 Speaker 1: the thing that full time entrepreneurship takes typically time to 256 00:11:47,440 --> 00:11:47,680 Speaker 1: get to. 257 00:11:47,760 --> 00:11:48,439 Speaker 2: Sometimes people are. 258 00:11:48,440 --> 00:11:51,480 Speaker 1: Entrepreneurship snobs, and I'm like, no, girl, Like, there's nothing 259 00:11:51,520 --> 00:11:54,440 Speaker 1: wrong with having like uber eating, you know, there's nothing 260 00:11:54,440 --> 00:11:55,479 Speaker 1: wrong with instacarting. 261 00:11:55,840 --> 00:11:58,760 Speaker 2: You know. Also to consider bortering goods and services. 262 00:11:58,960 --> 00:12:00,679 Speaker 1: So in the beginning, I used to barter, like, hey, 263 00:12:00,720 --> 00:12:02,640 Speaker 1: I'll teach you, you know, I'll help you with your 264 00:12:02,679 --> 00:12:05,920 Speaker 1: finding your budget if you help build my website, you know. 265 00:12:06,000 --> 00:12:09,640 Speaker 1: So bartering also too, in exchange for products and services 266 00:12:09,720 --> 00:12:12,400 Speaker 1: to help you launch or grow your business, and so 267 00:12:12,840 --> 00:12:16,400 Speaker 1: some of the part time business resources. So consider, like 268 00:12:16,440 --> 00:12:19,760 Speaker 1: I said, looking for ways to make additional income. Kudos 269 00:12:19,840 --> 00:12:22,720 Speaker 1: if you can actually make additional income on the side 270 00:12:23,000 --> 00:12:25,719 Speaker 1: that helps to enhance your skill set. I'll give you 271 00:12:25,720 --> 00:12:28,080 Speaker 1: an example. A friend of mine wanted to go into 272 00:12:28,080 --> 00:12:31,800 Speaker 1: the retail space. She had like a clothing business, and 273 00:12:31,880 --> 00:12:33,800 Speaker 1: she on the side used to work at T Mobile 274 00:12:33,800 --> 00:12:34,959 Speaker 1: And at first I was like, girl, why are you 275 00:12:34,960 --> 00:12:36,040 Speaker 1: working on a T mobile if you want to have 276 00:12:36,040 --> 00:12:36,760 Speaker 1: this clothing brand. 277 00:12:36,920 --> 00:12:37,439 Speaker 2: She's like, I. 278 00:12:37,400 --> 00:12:40,880 Speaker 1: Wanted to work to understand retail, and so she worked 279 00:12:40,880 --> 00:12:42,480 Speaker 1: on the retail side of T Mobile, like in the 280 00:12:42,520 --> 00:12:44,080 Speaker 1: store selling products. 281 00:12:44,320 --> 00:12:45,720 Speaker 2: She wanted to be on the floor. 282 00:12:45,880 --> 00:12:48,360 Speaker 1: What does it look like to have employees that sell well, 283 00:12:48,520 --> 00:12:52,160 Speaker 1: what does it look like to for merchandise to move? 284 00:12:52,360 --> 00:12:54,160 Speaker 1: What does it look like to stock that? And she 285 00:12:54,200 --> 00:12:56,240 Speaker 1: did that for two years. So she made extra money 286 00:12:56,240 --> 00:12:59,240 Speaker 1: and she learned the retail side of a business, and 287 00:12:59,280 --> 00:13:00,960 Speaker 1: I thought that was genius. 288 00:13:01,240 --> 00:13:04,560 Speaker 2: So that part time like a business model. 289 00:13:05,040 --> 00:13:07,160 Speaker 1: Like to make extra money on the side to fund 290 00:13:07,160 --> 00:13:09,679 Speaker 1: your business while also learning something is like top tier. 291 00:13:09,920 --> 00:13:13,680 Speaker 1: So look for examples and resources like upwork, freelancer five 292 00:13:13,760 --> 00:13:16,480 Speaker 1: or Guru people per hour. These are places to make 293 00:13:16,480 --> 00:13:19,720 Speaker 1: additional money on the side as you and you use 294 00:13:19,800 --> 00:13:22,840 Speaker 1: that money to then fund your business. Okay, hey, ba fan, 295 00:13:22,880 --> 00:13:24,680 Speaker 1: We're going to take a quick break and we'll be 296 00:13:24,920 --> 00:13:33,120 Speaker 1: right back. So Number three ways to fund your Number 297 00:13:33,120 --> 00:13:38,040 Speaker 1: four ways to fund your dream business, seek grants or contests. 298 00:13:38,120 --> 00:13:41,240 Speaker 1: So you're going to want to explore opportunities to win grants, 299 00:13:41,400 --> 00:13:45,120 Speaker 1: Participate in startup contests, apply for small business competitions that 300 00:13:45,200 --> 00:13:48,800 Speaker 1: offer funding. Right, So I'll give an example. My grant 301 00:13:48,800 --> 00:13:51,320 Speaker 1: person on my team just applied for this grant. It 302 00:13:51,360 --> 00:13:53,720 Speaker 1: was a lot of work for like one week, and 303 00:13:53,800 --> 00:13:56,520 Speaker 1: it will generate us about two hundred and fifty thousand 304 00:13:56,559 --> 00:13:58,640 Speaker 1: dollars just in the summertime. 305 00:13:58,760 --> 00:14:01,000 Speaker 2: And then in the fall aditional income. And it's a 306 00:14:01,000 --> 00:14:01,680 Speaker 2: two year grand. 307 00:14:01,880 --> 00:14:04,240 Speaker 1: So you're looking at on the low end, this grant 308 00:14:04,280 --> 00:14:05,960 Speaker 1: will generate about maybe like half a million dollars. 309 00:14:06,000 --> 00:14:07,520 Speaker 2: On a high end, maybe closer to a million. 310 00:14:07,640 --> 00:14:09,720 Speaker 1: And she's working on another grant right now that will 311 00:14:09,720 --> 00:14:11,959 Speaker 1: generate about two point five million if we get it. 312 00:14:12,000 --> 00:14:15,240 Speaker 1: That's tremendous two point five million on top of the 313 00:14:15,280 --> 00:14:18,319 Speaker 1: half a million she's already generated us from grants. Now, 314 00:14:18,360 --> 00:14:21,640 Speaker 1: here's the thing. If you're going to look at grants, 315 00:14:21,800 --> 00:14:25,400 Speaker 1: you have to have underlying business fundamentals. 316 00:14:25,720 --> 00:14:27,320 Speaker 2: What's your P and L. If you don't know what 317 00:14:27,320 --> 00:14:28,160 Speaker 2: that is, don't. 318 00:14:27,960 --> 00:14:30,400 Speaker 1: Apply for a grant. Right your profit and law statement. 319 00:14:30,520 --> 00:14:34,360 Speaker 1: Do you have an accountant? Are your financials well organized, 320 00:14:34,400 --> 00:14:35,680 Speaker 1: because they're going to ask about that. 321 00:14:36,320 --> 00:14:37,960 Speaker 2: What deliverables can you deliver? 322 00:14:38,240 --> 00:14:42,400 Speaker 1: I have my online school Deliveratary Academy, I've got like courses, 323 00:14:42,640 --> 00:14:44,520 Speaker 1: I've got so you know what I mean. So the 324 00:14:44,600 --> 00:14:48,160 Speaker 1: thing about grants and even contests are you have to 325 00:14:48,280 --> 00:14:51,960 Speaker 1: be have the fundamentals of your business solidified. So many 326 00:14:51,960 --> 00:14:55,760 Speaker 1: people couldn't get ppe loans why because they had not 327 00:14:55,800 --> 00:14:57,800 Speaker 1: done their taxes in a number of years. And so 328 00:14:57,880 --> 00:15:01,280 Speaker 1: when it comes time to actually get funded, people are 329 00:15:01,280 --> 00:15:04,600 Speaker 1: not funding businesses without the underlying fundamentals. 330 00:15:04,880 --> 00:15:07,680 Speaker 2: There's fund and fundamentals. Does that make sense? 331 00:15:08,120 --> 00:15:10,080 Speaker 1: So you need to get that together before you seek 332 00:15:10,080 --> 00:15:13,160 Speaker 1: out these grants. Quite honestly, I feel pretty confident about them. 333 00:15:13,240 --> 00:15:16,760 Speaker 1: Multimillion dollar grant because last year only one person applied 334 00:15:16,800 --> 00:15:18,560 Speaker 1: for it because people didn't even know it existed and 335 00:15:18,600 --> 00:15:22,520 Speaker 1: most people were not ready. That is an amazing way 336 00:15:22,520 --> 00:15:24,560 Speaker 1: to fund your business because most people are not going 337 00:15:24,600 --> 00:15:26,840 Speaker 1: to take the time to be ready. They think they 338 00:15:26,840 --> 00:15:29,040 Speaker 1: have a business. They're just making money. It's not the 339 00:15:29,080 --> 00:15:32,320 Speaker 1: same having a business. Is the fundamentals of your finances 340 00:15:32,320 --> 00:15:34,520 Speaker 1: in order, your team structure, in order, do. 341 00:15:34,520 --> 00:15:36,440 Speaker 2: You have an org chart, who does what? 342 00:15:36,600 --> 00:15:39,880 Speaker 1: When you know, like that financial piece cannot be understated. 343 00:15:40,040 --> 00:15:42,600 Speaker 1: Are you clear about your deliverables? What do you deliver 344 00:15:42,760 --> 00:15:45,280 Speaker 1: to whom? Who is your audience? Sometimes it takes a 345 00:15:45,320 --> 00:15:48,440 Speaker 1: couple of years to get together, but so but grants 346 00:15:48,440 --> 00:15:51,360 Speaker 1: can be an excellent way, you know, and contexts can 347 00:15:51,400 --> 00:15:54,800 Speaker 1: be an excellent way to make money for your business. 348 00:15:55,160 --> 00:15:58,040 Speaker 1: And a lot of work to get it together. And 349 00:15:58,080 --> 00:16:01,440 Speaker 1: then it doesn't mean that like the deliverable. So this 350 00:16:01,560 --> 00:16:03,800 Speaker 1: is how tight I've gotten in business. We're like if 351 00:16:03,840 --> 00:16:06,200 Speaker 1: we get so we got the grant for the two fifty, right, 352 00:16:07,080 --> 00:16:09,400 Speaker 1: So what's so great about that is that I have 353 00:16:09,440 --> 00:16:12,280 Speaker 1: to basically teach. But I already put the APB out 354 00:16:12,320 --> 00:16:14,400 Speaker 1: there earlier in the year to say, hey, if I 355 00:16:14,440 --> 00:16:16,520 Speaker 1: have to have someone teach financial education in the state 356 00:16:16,560 --> 00:16:18,880 Speaker 1: of New Jersey, are there teachers that are already teaching 357 00:16:18,880 --> 00:16:21,400 Speaker 1: financial education? Y'all know, I got that law pass making 358 00:16:21,400 --> 00:16:23,920 Speaker 1: a mandatory for middle school students, So there's already financial 359 00:16:24,000 --> 00:16:27,320 Speaker 1: education teachers. Seventy people submitted their resume, so YO were 360 00:16:27,360 --> 00:16:30,680 Speaker 1: ready to go, depending on however many classrooms want to 361 00:16:30,760 --> 00:16:34,200 Speaker 1: hire us. I have seventy teachers ready to go, and 362 00:16:34,360 --> 00:16:36,560 Speaker 1: I know exactly what I'd pay them per classroom, and 363 00:16:36,600 --> 00:16:40,160 Speaker 1: I know I'd be earning and the overhead is minimal 364 00:16:40,240 --> 00:16:42,000 Speaker 1: at best. But do you see what happens when you're 365 00:16:42,080 --> 00:16:44,720 Speaker 1: red D. You know you can apply for things that 366 00:16:44,760 --> 00:16:46,880 Speaker 1: are going to be a fit. We can make a 367 00:16:46,920 --> 00:16:49,760 Speaker 1: tremendous amount of money with relatively low lift if you're 368 00:16:49,840 --> 00:16:52,640 Speaker 1: red D. And so here's some things you have to 369 00:16:52,640 --> 00:16:54,880 Speaker 1: consider if you're going to apply for grant and contests. 370 00:16:55,160 --> 00:16:57,640 Speaker 1: You want to find opportunities to buy, building strong networks, 371 00:16:57,800 --> 00:17:01,520 Speaker 1: cultivate relationships with mentors, advisors, and other entrepreneurs who can 372 00:17:01,600 --> 00:17:05,639 Speaker 1: provide guidance, support and potential opportunities. The opportunity that I 373 00:17:05,760 --> 00:17:07,520 Speaker 1: just got for this is because a friend of a 374 00:17:07,520 --> 00:17:09,760 Speaker 1: friend was like, girl, have you ever heard of such grant? 375 00:17:09,800 --> 00:17:11,720 Speaker 1: I said no, and she said you should apply for 376 00:17:11,840 --> 00:17:13,560 Speaker 1: We looked it up and we did and we got it. 377 00:17:14,520 --> 00:17:18,000 Speaker 1: You know, so that networking is going to be important. Also, 378 00:17:18,119 --> 00:17:21,320 Speaker 1: some resources to consider grants dot gov. This is a 379 00:17:21,359 --> 00:17:26,000 Speaker 1: comprehensive database of grants are offered by various federal agencies 380 00:17:26,040 --> 00:17:28,280 Speaker 1: in the United States. You can search for grants by 381 00:17:28,359 --> 00:17:33,840 Speaker 1: keyword agency eligibility criteria and so it can be competitive, 382 00:17:33,880 --> 00:17:37,119 Speaker 1: but it's worth exploring, right. So also, there are many 383 00:17:37,200 --> 00:17:40,439 Speaker 1: state and local government websites. Many state and local governments 384 00:17:40,440 --> 00:17:43,000 Speaker 1: they're going to offer grant and financial assistance programs too 385 00:17:43,040 --> 00:17:47,199 Speaker 1: small to support small businesses within their jurisdiction, so google 386 00:17:47,240 --> 00:17:50,399 Speaker 1: to look up these websites. So I would google like 387 00:17:50,440 --> 00:17:54,240 Speaker 1: New Jersey's Economic Development Agency, you know, or local Chamber 388 00:17:54,280 --> 00:17:59,280 Speaker 1: of convince converse for of commerce, sorry for like Tennessee, 389 00:17:59,600 --> 00:18:02,120 Speaker 1: you know, and city government websites to learn about available 390 00:18:02,160 --> 00:18:04,720 Speaker 1: grant programs and LA's but not least, you cannot sleep 391 00:18:04,720 --> 00:18:08,160 Speaker 1: on your SVA. That is a Small Business Administration. They 392 00:18:08,200 --> 00:18:11,879 Speaker 1: provide resources and assistanms for small businesses for stuff like 393 00:18:11,880 --> 00:18:15,880 Speaker 1: information about grants funding opportunities. The SBA doesn't usually offer 394 00:18:15,920 --> 00:18:21,000 Speaker 1: grants themselves, but they do provide grants to It does 395 00:18:21,040 --> 00:18:25,240 Speaker 1: provide way while well, it will provide grants to organizations 396 00:18:25,320 --> 00:18:28,040 Speaker 1: that do support small businesses, if that makes sense, Like 397 00:18:28,080 --> 00:18:30,040 Speaker 1: so a small build you want to look up like 398 00:18:30,080 --> 00:18:33,560 Speaker 1: a small Business Development Center and a wiment's Business Development 399 00:18:33,600 --> 00:18:36,720 Speaker 1: Center like though, the SBA will provide grants for those 400 00:18:36,880 --> 00:18:38,639 Speaker 1: organizations if too, will in turn help you. 401 00:18:39,359 --> 00:18:42,320 Speaker 2: But like it's it's work, but I'd rather. 402 00:18:42,160 --> 00:18:43,960 Speaker 1: Do a week or two worth of hard work to 403 00:18:43,960 --> 00:18:47,000 Speaker 1: make two point five million dollars and then hire people 404 00:18:47,040 --> 00:18:49,280 Speaker 1: to do the work that I've been contracted for than 405 00:18:49,320 --> 00:18:52,560 Speaker 1: to grind away for life, you know. And so just 406 00:18:52,600 --> 00:18:54,959 Speaker 1: to quick recap the four ways to self fund your 407 00:18:55,000 --> 00:18:59,359 Speaker 1: own business. Generate revenue early, pre sales, pre orders, okay, 408 00:19:00,480 --> 00:19:04,560 Speaker 1: be your own investment bank by learning to invest yourself, 409 00:19:04,760 --> 00:19:07,080 Speaker 1: you know, if you're interested in learning how to do that. 410 00:19:07,480 --> 00:19:12,520 Speaker 1: Starting next week, budgetisastock bonuses dot com right three part 411 00:19:12,520 --> 00:19:15,960 Speaker 1: time on entrepreneuring, So working part time on the side 412 00:19:16,000 --> 00:19:18,560 Speaker 1: as you grow your business, ideally in something that's going 413 00:19:18,600 --> 00:19:21,080 Speaker 1: to teach you something to enhance your own business. 414 00:19:21,160 --> 00:19:25,240 Speaker 2: So you get paid to learn and for seek grants 415 00:19:25,240 --> 00:19:25,720 Speaker 2: and contest. 416 00:19:25,760 --> 00:19:29,000 Speaker 1: But you have to have solid business fundamentals in place. 417 00:19:29,359 --> 00:19:31,080 Speaker 1: You know, you don't have to be perfect, but you're 418 00:19:31,119 --> 00:19:33,679 Speaker 1: going to ask for this paperwork in a time and manner, 419 00:19:33,840 --> 00:19:35,760 Speaker 1: and so you want to have that stuff ready already. 420 00:19:35,840 --> 00:19:38,200 Speaker 1: So here is another question I get all the time 421 00:19:38,200 --> 00:19:42,840 Speaker 1: when it comes to business. This question is BUTANISA, BUTANISA, how. 422 00:19:42,600 --> 00:19:43,800 Speaker 2: Do I pivot? 423 00:19:44,760 --> 00:19:46,920 Speaker 1: So I was fortunate, So if you listen to the 424 00:19:46,920 --> 00:19:54,000 Speaker 1: Wednesday show, you know that I was fortunate enough to 425 00:19:54,040 --> 00:19:58,199 Speaker 1: go to this really intelligent young man. His name is 426 00:19:58,240 --> 00:20:02,200 Speaker 1: Donald Miller, and he wrote this book called story Brand 427 00:20:02,240 --> 00:20:03,800 Speaker 1: along along with the whole bunch of other books. But 428 00:20:03,840 --> 00:20:07,920 Speaker 1: he is like one of the big thinkers in business. 429 00:20:07,960 --> 00:20:09,760 Speaker 1: And so I won, like my team and I won 430 00:20:10,080 --> 00:20:14,080 Speaker 1: a half day session with him, which is really great. 431 00:20:15,440 --> 00:20:17,679 Speaker 1: And one of the things why we needed to go 432 00:20:17,720 --> 00:20:19,679 Speaker 1: meet with him is that I'm seeing a shift in 433 00:20:19,720 --> 00:20:22,680 Speaker 1: business and I want to make sure that what I'm seeing. 434 00:20:22,680 --> 00:20:24,800 Speaker 1: One I was like, isn't REALM really seeing this shift? 435 00:20:24,880 --> 00:20:27,199 Speaker 1: And how do we pivot? Ideally, you don't even want 436 00:20:27,240 --> 00:20:29,800 Speaker 1: to pivot. You want to pre pivot. Pre pivot means 437 00:20:29,840 --> 00:20:32,800 Speaker 1: that like, typically you have to pivot in business when 438 00:20:33,720 --> 00:20:35,359 Speaker 1: something happens and then. 439 00:20:35,280 --> 00:20:36,160 Speaker 2: You have to adjust. 440 00:20:37,160 --> 00:20:41,600 Speaker 1: Ideally, you don't want to have to adjust to external happenings. 441 00:20:42,160 --> 00:20:46,720 Speaker 1: You want to adjust internally because you see something as coming. 442 00:20:46,760 --> 00:20:47,280 Speaker 2: Does that make sense. 443 00:20:47,280 --> 00:20:48,679 Speaker 1: I'm gonna say that again for those of you in 444 00:20:48,680 --> 00:20:53,719 Speaker 1: the back. So ideally, the prepivot says, huh, I notice 445 00:20:53,800 --> 00:20:56,880 Speaker 1: a slowdown in this In the marketplace that I'm in, 446 00:20:57,560 --> 00:21:01,680 Speaker 1: people don't seem like I can see that everybody used 447 00:21:01,680 --> 00:21:04,639 Speaker 1: to wear heels. But if I look at like my 448 00:21:04,760 --> 00:21:07,840 Speaker 1: cousins in high school, They're wearing heels less and less, 449 00:21:08,200 --> 00:21:10,399 Speaker 1: and I feel like, although like I'm in the you know, 450 00:21:10,480 --> 00:21:12,479 Speaker 1: right now, the girlies are still wearing their heels, but 451 00:21:12,560 --> 00:21:15,800 Speaker 1: I sense that eventually, when these kids get older, they're 452 00:21:15,800 --> 00:21:16,600 Speaker 1: not gonna be the heel game. 453 00:21:16,640 --> 00:21:17,800 Speaker 2: They're not gonna want to wear heels. 454 00:21:18,000 --> 00:21:21,719 Speaker 1: Let me start to do something now to internally shift 455 00:21:22,080 --> 00:21:25,000 Speaker 1: so we are ready for when that shift actually comes externally. 456 00:21:25,200 --> 00:21:28,159 Speaker 1: That's the pre pivot to pivot, at least for me, 457 00:21:28,760 --> 00:21:31,000 Speaker 1: is when all of a sudden those kids grow up 458 00:21:31,000 --> 00:21:32,679 Speaker 1: and they're not wearing heels. They're like, oh my god, 459 00:21:32,840 --> 00:21:34,840 Speaker 1: our heel sales are down. We need to do something 460 00:21:34,840 --> 00:21:38,840 Speaker 1: now now now. Now, that's pivoting and ideally, and some 461 00:21:38,880 --> 00:21:41,159 Speaker 1: people don't even pivot. They see that people are not 462 00:21:41,200 --> 00:21:43,719 Speaker 1: wearing heels and they're like, ah, it'll pass, and then 463 00:21:43,760 --> 00:21:45,800 Speaker 1: they become Blockbuster and Netflix take's over. 464 00:21:46,440 --> 00:21:48,080 Speaker 2: You don't want to do that at all. So what 465 00:21:48,119 --> 00:21:49,480 Speaker 2: you really want to do is pre pivot. 466 00:21:49,560 --> 00:21:52,240 Speaker 1: So I've noticed some things in my industry that there 467 00:21:52,320 --> 00:21:55,920 Speaker 1: is a slowdown, and Donald confirm those things. And then 468 00:21:56,040 --> 00:22:00,119 Speaker 1: so we are currently in pre pivot mode of the 469 00:22:00,280 --> 00:22:04,920 Speaker 1: underlying business that I'm in is certainly still teaching financial education, 470 00:22:05,080 --> 00:22:07,680 Speaker 1: especially the women, especially the women of color. Right, that's 471 00:22:07,680 --> 00:22:10,879 Speaker 1: still the underlying business, but how we do so is 472 00:22:10,960 --> 00:22:15,840 Speaker 1: going to be pivoted tremendously. That will still be of 473 00:22:15,920 --> 00:22:18,479 Speaker 1: service to all the women, but it'll look a little different. 474 00:22:19,000 --> 00:22:20,680 Speaker 1: And I'm excited about that, and I'll share that as 475 00:22:20,680 --> 00:22:21,720 Speaker 1: we start to roll things out. 476 00:22:22,880 --> 00:22:25,040 Speaker 2: So how do you pivot in business? 477 00:22:25,119 --> 00:22:28,639 Speaker 1: Well, one, it is important that you're not always working 478 00:22:28,760 --> 00:22:31,480 Speaker 1: on your business, you know, or you're not always working 479 00:22:31,560 --> 00:22:34,560 Speaker 1: in your business that sometimes you're working external. So it's like, 480 00:22:34,600 --> 00:22:37,560 Speaker 1: I imagine your business as your home, and if you're 481 00:22:37,600 --> 00:22:41,160 Speaker 1: inside the house all the time, fixing all the water 482 00:22:41,240 --> 00:22:43,080 Speaker 1: leak and this bus and and I mean, we do 483 00:22:43,119 --> 00:22:45,400 Speaker 1: need to be inside the business sometimes, but it doesn't 484 00:22:45,440 --> 00:22:46,440 Speaker 1: allow you to step up and. 485 00:22:46,400 --> 00:22:48,760 Speaker 2: Be like, wait, a storm is coming. Is that a 486 00:22:48,800 --> 00:22:49,520 Speaker 2: hole in my roof? 487 00:22:49,600 --> 00:22:52,399 Speaker 1: Oh my gosh, it's the swing on the outside loose, 488 00:22:52,680 --> 00:22:55,000 Speaker 1: Because then you don't get to really see what's happening 489 00:22:55,040 --> 00:22:56,320 Speaker 1: holistically to your house. 490 00:22:56,520 --> 00:22:57,640 Speaker 2: So it is important that. 491 00:22:57,640 --> 00:23:01,359 Speaker 1: You take time to pull yourself out from working in 492 00:23:01,400 --> 00:23:04,640 Speaker 1: your business, to pull yourself out and to look around 493 00:23:04,720 --> 00:23:07,840 Speaker 1: and say the neighborhood in general is looking like this. 494 00:23:08,640 --> 00:23:11,240 Speaker 1: I'm noticing that everyone is switching to this type of lawn. 495 00:23:11,840 --> 00:23:16,200 Speaker 1: I'm noticing that the street, you know, needs to be paved. 496 00:23:16,640 --> 00:23:19,640 Speaker 1: I'm noticing that, like you know, we're flooding a little 497 00:23:19,680 --> 00:23:21,840 Speaker 1: bit more if something happening to the park next door. 498 00:23:22,040 --> 00:23:24,920 Speaker 1: Does that make sense that in order to pivot properly 499 00:23:24,960 --> 00:23:27,480 Speaker 1: in business, that you have to take time to pull 500 00:23:27,520 --> 00:23:30,000 Speaker 1: yourself out from working on in hands on day to 501 00:23:30,080 --> 00:23:33,520 Speaker 1: day to kind of holistically take a look around, you know, 502 00:23:33,640 --> 00:23:36,040 Speaker 1: And when you do that holistically take a look around, 503 00:23:37,080 --> 00:23:39,879 Speaker 1: then it'll allows you to say, I notice a trend 504 00:23:39,960 --> 00:23:44,400 Speaker 1: is coming, like everyone is switching over to this type 505 00:23:44,440 --> 00:23:44,919 Speaker 1: of sighting. 506 00:23:45,000 --> 00:23:47,760 Speaker 2: I wonder why. Let me ask questions, Oh, because what 507 00:23:48,040 --> 00:23:51,240 Speaker 2: is starting to rite in this community? What can I do? 508 00:23:51,840 --> 00:23:54,840 Speaker 1: Or I notice that everyone is taking out their oil 509 00:23:54,920 --> 00:23:57,960 Speaker 1: tank in front? Why because the oil tanks are starting 510 00:23:58,000 --> 00:24:00,080 Speaker 1: to leak? Oh my gosh, what do I need to do? 511 00:24:00,080 --> 00:24:00,960 Speaker 2: Does that make sense? 512 00:24:01,240 --> 00:24:05,439 Speaker 1: So like pulling yourself out, observing the external components of 513 00:24:05,440 --> 00:24:08,920 Speaker 1: your business in the industry at large, and then hypothesizing 514 00:24:09,000 --> 00:24:11,120 Speaker 1: of the direction you think it's going in. If you're 515 00:24:11,119 --> 00:24:14,080 Speaker 1: not sure, that's Okay, because that's why you build network. 516 00:24:14,320 --> 00:24:15,640 Speaker 2: What do you see that's happening? 517 00:24:16,160 --> 00:24:19,160 Speaker 1: You know, you start to ask people in your network 518 00:24:19,240 --> 00:24:21,959 Speaker 1: who are in similar businesses or not even like you know, 519 00:24:22,400 --> 00:24:26,440 Speaker 1: like what do they see happening? Because some people are 520 00:24:26,480 --> 00:24:28,560 Speaker 1: a little further ahead than you and they can see 521 00:24:28,560 --> 00:24:30,840 Speaker 1: the forest for the trees, and so that's why I'm 522 00:24:30,920 --> 00:24:34,000 Speaker 1: constantly asking questions and I'm like, ah, there is a 523 00:24:34,160 --> 00:24:38,320 Speaker 1: shift in this space. Okay, what do I see happening 524 00:24:38,320 --> 00:24:41,560 Speaker 1: with my community? About what they're really asking for? What 525 00:24:41,640 --> 00:24:43,440 Speaker 1: are the people that I network would saying that they're 526 00:24:43,440 --> 00:24:47,040 Speaker 1: seeing happening and adjusting to that. And so the way 527 00:24:47,200 --> 00:24:52,680 Speaker 1: you really pivot is to one understand that the business 528 00:24:52,680 --> 00:24:54,240 Speaker 1: that you're in is not always going to be the 529 00:24:54,280 --> 00:24:56,520 Speaker 1: business that you're in. I think I told the story 530 00:24:56,520 --> 00:24:58,200 Speaker 1: about thiefs. I don't know if it was to y'all. 531 00:24:58,200 --> 00:25:03,320 Speaker 1: I told them the story about Steve Jobs that an executive, 532 00:25:03,760 --> 00:25:06,199 Speaker 1: Jimmy Iveen, I think he was like CEO ORF. He 533 00:25:06,240 --> 00:25:08,800 Speaker 1: might still be of Inner Scope Records rolled up on 534 00:25:08,840 --> 00:25:10,760 Speaker 1: Steve Job was like, Yo, you cannot put a CD 535 00:25:10,840 --> 00:25:14,000 Speaker 1: burner into this new MacBook prop Like the girls are 536 00:25:14,040 --> 00:25:17,920 Speaker 1: already like streaming music, and we're losing money. We if 537 00:25:17,960 --> 00:25:20,480 Speaker 1: you put a CD burner, they're not going to buy CDs, 538 00:25:21,119 --> 00:25:26,000 Speaker 1: and the the the what Steve Jobs told them, He said, 539 00:25:26,040 --> 00:25:30,840 Speaker 1: no business model is meant to last forever. Basically, child like, 540 00:25:30,880 --> 00:25:32,199 Speaker 1: even if I don't do it, the girls is going 541 00:25:32,240 --> 00:25:34,280 Speaker 1: to burn CDs. So you're going to try to fight 542 00:25:34,280 --> 00:25:37,200 Speaker 1: against progress or get ahead of it. Anyone who fights 543 00:25:37,200 --> 00:25:39,320 Speaker 1: against progress like, oh no, I don't want to do that. 544 00:25:39,359 --> 00:25:42,240 Speaker 2: Okay, well girl, if you don't get ahead of it, 545 00:25:42,280 --> 00:25:43,439 Speaker 2: then you gotta be left behind. 546 00:25:43,920 --> 00:25:47,439 Speaker 1: And so understanding one, the business model that you're in 547 00:25:47,480 --> 00:25:51,240 Speaker 1: now is going to eventually shift. Everyone's shift, whether you're Disney, 548 00:25:51,359 --> 00:25:54,560 Speaker 1: Lord and Taylor. If everyone has to pivot and shift 549 00:25:55,000 --> 00:25:58,720 Speaker 1: multiple times in their business career, that's just how it goes. 550 00:25:59,560 --> 00:26:01,040 Speaker 2: You know, doing anything wrong. 551 00:26:01,359 --> 00:26:05,000 Speaker 1: Disney of nineteen sixties does not look Disney of twenty 552 00:26:05,080 --> 00:26:05,560 Speaker 1: twenty four. 553 00:26:06,000 --> 00:26:08,159 Speaker 2: If Disney has to pivot and shift, so do you. 554 00:26:08,600 --> 00:26:09,600 Speaker 2: That's just how it goes. 555 00:26:09,800 --> 00:26:12,280 Speaker 1: So release that like, I must be doing something bad 556 00:26:12,440 --> 00:26:15,240 Speaker 1: now one understanding that everybody has to pivot and shift 557 00:26:15,440 --> 00:26:19,480 Speaker 1: to spend time outside of your business looking around and 558 00:26:19,560 --> 00:26:22,720 Speaker 1: asking questions, what is happening in the industry at large 559 00:26:23,800 --> 00:26:27,760 Speaker 1: and identify some trends, and then look in your industry 560 00:26:27,840 --> 00:26:31,080 Speaker 1: and identify the trend forward. What do I see based 561 00:26:31,160 --> 00:26:33,400 Speaker 1: upon my expertise of working in this space and people 562 00:26:33,480 --> 00:26:36,199 Speaker 1: that I've talked to of where we're moving toward. And 563 00:26:36,240 --> 00:26:39,960 Speaker 1: then that's number three and then number four to start 564 00:26:40,040 --> 00:26:43,880 Speaker 1: to work on the new thing while maintaining and milking 565 00:26:44,160 --> 00:26:46,280 Speaker 1: that part is critical. So if you think I'm going 566 00:26:46,359 --> 00:26:48,359 Speaker 1: to shut down my business in the business model, no, no, 567 00:26:48,680 --> 00:26:51,720 Speaker 1: I'm going to do what it requires for maintenance and milking. 568 00:26:52,040 --> 00:26:54,560 Speaker 1: I'm going to squeeze as much money as I can 569 00:26:54,800 --> 00:26:57,560 Speaker 1: of our current business model until I can anymore while 570 00:26:58,080 --> 00:27:01,480 Speaker 1: building the new model. You know, that's still within the 571 00:27:01,480 --> 00:27:04,200 Speaker 1: framework and financial education. So by the time this is down, 572 00:27:04,280 --> 00:27:06,119 Speaker 1: the new model will have map some money for money 573 00:27:06,200 --> 00:27:07,119 Speaker 1: I have made the most I. 574 00:27:07,119 --> 00:27:08,600 Speaker 2: Could have here this new model. 575 00:27:08,680 --> 00:27:10,520 Speaker 1: Because I've given a year or two to get strong, 576 00:27:10,680 --> 00:27:12,120 Speaker 1: we'll be ready to go and then will be into 577 00:27:12,160 --> 00:27:15,040 Speaker 1: a new business model that maintaining and milking is critical. 578 00:27:15,480 --> 00:27:19,320 Speaker 1: And then the last but not least, is to repeat again. 579 00:27:19,880 --> 00:27:22,720 Speaker 1: Look outside your business understand that the model is going 580 00:27:22,800 --> 00:27:25,119 Speaker 1: to have to change because nothing stays insane. Take a 581 00:27:25,160 --> 00:27:27,720 Speaker 1: look around and say, what you know, where do I 582 00:27:27,760 --> 00:27:31,760 Speaker 1: see the trends going externally and internally? Maintain and milk 583 00:27:31,960 --> 00:27:35,120 Speaker 1: what you're currently doing while simultaneously building the new thing. 584 00:27:35,320 --> 00:27:36,520 Speaker 2: And that's the That is. 585 00:27:36,480 --> 00:27:39,440 Speaker 1: How you pivot for success, or don't you know, get 586 00:27:39,480 --> 00:27:41,840 Speaker 1: stuck in the thing, wait too late and everybody has 587 00:27:41,840 --> 00:27:45,359 Speaker 1: surpassed you. I hope that helps. I love when we 588 00:27:45,400 --> 00:27:47,680 Speaker 1: had business day. Do you like we have business day? 589 00:27:47,760 --> 00:27:50,600 Speaker 2: Y'all? Don't be asking no business questions? Ask them. I 590 00:27:50,640 --> 00:27:51,879 Speaker 2: love answering business questions. 591 00:27:53,080 --> 00:27:54,600 Speaker 1: Yeah, like I said, you know, if you want to 592 00:27:54,600 --> 00:27:59,560 Speaker 1: be my mentee, my mentor Tiffany dot com, yeah until 593 00:27:59,680 --> 00:28:03,840 Speaker 1: next week. Wan't be here next week. I will until 594 00:28:03,880 --> 00:28:07,080 Speaker 1: next week. We will see you on the beta qa A. 595 00:28:07,280 --> 00:28:09,600 Speaker 2: Oh, don't forget. Please leave us some reviews, you know, 596 00:28:09,720 --> 00:28:12,159 Speaker 2: because we love a good review. We read them. You 597 00:28:12,240 --> 00:28:13,760 Speaker 2: don't know, I don't know. I don't lend many knows 598 00:28:13,760 --> 00:28:15,960 Speaker 2: how I look them up. We read them. Leave us 599 00:28:15,960 --> 00:28:16,359 Speaker 2: a review. 600 00:28:16,400 --> 00:28:18,600 Speaker 1: If this was helpful, especially if you have somebody in business, 601 00:28:19,320 --> 00:28:21,760 Speaker 1: forward this episode to them and say, girls, Tivity was 602 00:28:21,760 --> 00:28:23,800 Speaker 1: reading us for filth over here when it came to business, 603 00:28:24,680 --> 00:28:25,879 Speaker 1: and let me lay it down for y'all. You know, 604 00:28:25,920 --> 00:28:28,399 Speaker 1: I've been in business for fifteen years, have made just 605 00:28:28,400 --> 00:28:30,840 Speaker 1: about fifty million dollars in business in that fifteen years, 606 00:28:30,840 --> 00:28:32,400 Speaker 1: and really in the last eight I would say most 607 00:28:32,400 --> 00:28:33,359 Speaker 1: of that money was made. 608 00:28:34,200 --> 00:28:36,000 Speaker 2: You know. I've got podcast business, I had a. 609 00:28:35,920 --> 00:28:40,160 Speaker 1: Marketing business, influencer business, you know, best selling New York Times, 610 00:28:40,200 --> 00:28:45,680 Speaker 1: best selling books, self published books, online community, online school. 611 00:28:45,880 --> 00:28:48,240 Speaker 1: I've had a businesses and a wide range of things 612 00:28:48,400 --> 00:28:52,800 Speaker 1: physical service, product and we've had success in just about 613 00:28:52,840 --> 00:28:55,560 Speaker 1: all of them. And I've learned some things. So you know, 614 00:28:55,680 --> 00:28:59,040 Speaker 1: I'm here, so I ask you a questions. Okay, talk 615 00:28:59,040 --> 00:28:59,840 Speaker 1: to you next week, y'all. 616 00:29:00,040 --> 00:29:04,080 Speaker 2: Bye,