Speaker 1: It's time for the b a q a A b
Speaker 1: a q A what you say the b a q
Speaker 1: tip the day to b a q o no man
Speaker 1: Dad the b a q a A. It's time for
Speaker 1: Branni Vision question to answer. But you have questions myself
Speaker 1: and Mandy when she's here, has answers. Mandy's baby is
Speaker 1: not feeling so well. He was if you want to see,
Speaker 1: he made a little debut on our Wednesday show, but
Speaker 1: he just could not make it for the Friday show.
Speaker 2: So it's just me today.
Speaker 1: But if you have questions about personal finance, about career,
Speaker 1: about money, about business, entrepreneurship, just.
Speaker 2: A life even, go ahead a slide in the d MS.
Speaker 1: On our Ig Brown and Vision podcast, or email us
Speaker 1: at Brandavision Podcasts at gmail dot com. Because Mandy's not here,
Speaker 1: you know, I love Mandy's I don't love Mandy's out here,
Speaker 1: but I love when she is not here to do
Speaker 1: questions about this because y'all don't be asking enough business
Speaker 1: questions and I love to talk about business, and so
Speaker 1: I pulled some questions for my mentees. So y'all know,
Speaker 1: like I teach mentees, well, I have a MENTI program.
Speaker 1: Let me see how many people are my mentees right now?
Speaker 1: I could tell you real quick, I could tell you
Speaker 1: about it, I could show you I think I want
Speaker 1: to say.
Speaker 2: It's about four thousand.
Speaker 1: Yes, yet four thousand, four hundred mentees currently signed up
Speaker 1: under my Patreon, mymntor Tiffany dot com. Most of them
Speaker 1: are women, especially women of color, especially black women, although
Speaker 1: I don't turn anyone away. And every month I teach
Speaker 1: a class, but every week they have meetups, they get them.
Speaker 2: I give them tips and tools and lessons. It's been awesome.
Speaker 1: So, like I said, it's about four thousand mentees currently
Speaker 1: as I'm taping, it's.
Speaker 2: Twenty bucks a month.
Speaker 1: It will not be twenty bucks a month by the
Speaker 1: end of this year, I promise you that. But if
Speaker 1: you lock in, you luck in se Yeah, my mentor Tiffany,
Speaker 1: if you want to be one of my mentees. And
Speaker 1: so questions get up. Get asked me about money all
Speaker 1: the time, so I felt like, you know what.
Speaker 2: Let's talk about it.
Speaker 1: So one question that comes up a lot is how
Speaker 1: do you fund a business, especially when you first start out.
Speaker 1: I actually talked this lesson to my mentee. Last month's
Speaker 1: lesson was literally how do you fund a business, and
Speaker 1: I identified four ways to fund business. So if you
Speaker 1: have a pen and pat pad, this would be great
Speaker 1: for you to start writing down. Okay, so let's talk
Speaker 1: about the four ways to self fund your dream business.
Speaker 2: Okay. So number one is to generate revenue early. So
Speaker 2: what do I mean by that?
Speaker 1: So you're going to focus on building a minimum viable
Speaker 1: product MVP. So one of my friends, daniell Leslie, always
Speaker 1: talks about this or like a basic version of your
Speaker 1: product or service.
Speaker 2: So this is going to allow you to test the
Speaker 2: market with minimal investments. So what do I mean?
Speaker 1: Lots of people will say like, oh my gosh, this
Speaker 1: is dressed. Everyone tells me the dress I'm wearing is
Speaker 1: so cute. I Am going to manufacture this dress. You know,
Speaker 1: you scrounge together some money, maybe you work over time
Speaker 1: and you scrounge. You get for five thousand and ten
Speaker 1: thousand dollars to you know, get the dress made. And
Speaker 1: now you have all these dresses and now you have
Speaker 1: to sell them. You don't want to do that. You
Speaker 1: want to think of a marketer. A marketer will say
Speaker 1: I'm going to make one dress. I'm going to pick
Speaker 1: my pick my cutest friend and say, girl, put this
Speaker 1: dress on so I could post you on the socials,
Speaker 1: and I'm going to take pre orders for this dress
Speaker 1: because it's in the pre ordering. So let's just say,
Speaker 1: you know, I don't know a thousand people pre order
Speaker 1: the dress and the dresses ten, you know, ten dollars.
Speaker 1: So now you've made ten thousand dollars, and now you
Speaker 1: can use that money. That is, this is a way
Speaker 1: to self fund. You print in that dress, use that
Speaker 1: money to go make the dresses, and you don't have
Speaker 1: to make any more any less because you know exactly how.
Speaker 2: Many people want them. So generating early revenue is a
Speaker 2: great way to do pre orders or pre sales in
Speaker 2: your product. I did that for my book Happy Birthday
Speaker 2: Molly Moore.
Speaker 1: So some of y'all know I wrote a children's book,
Speaker 1: and I remember, like I want to say, it costs
Speaker 1: me like four or five dollars to print each book
Speaker 1: and also maybe like another three dollars to mail them.
Speaker 1: And I was like, oh, child, it's gonna be a
Speaker 1: lot of money. And so what I did was a kickstarter,
Speaker 1: you know, to kind of like to do that early.
Speaker 1: And so we made seventy thousand dollars in Kickstarter and
Speaker 1: I was able to print and ship books as a
Speaker 1: result of that. So Number one to self fund your
Speaker 1: own business is to generate revenue early by creating whatever
Speaker 1: the cheapest way to create a product or service and
Speaker 1: to create a pre order, pre sales, wait list, something
Speaker 1: that's going to generate some revenue before fully launching the business. Right,
Speaker 1: this is going to not only provide you with like
Speaker 1: early validation of your business idea, but generate some cash
Speaker 1: flow to fund your.
Speaker 2: Future development and growth. Okay, does that make sense?
Speaker 1: Like I said, some of the things you can use
Speaker 1: like a tool for that as like a kickstarter, or
Speaker 1: there's also these like you know, there's these gofundmeeds or
Speaker 1: like Indiegogo is one, or just take like I said,
Speaker 1: take pre orders of whatever the product or services you know,
Speaker 1: get people excited.
Speaker 2: You have to create a landing page.
Speaker 1: Yeah, So generate revenue early by saying here's something I'm creating.
Speaker 1: And a really great book for that is this book
Speaker 1: called Launch l A n U l A U n
Speaker 1: c H by Jeff Walker, because he is really the
Speaker 1: king of kind of like this, like generating buzz and
Speaker 1: excitement beforehand. Making money and then delivering that service or
Speaker 1: product later. Hey ba fan, we're going to take a
Speaker 1: quick break and we'll be right back.
Speaker 2: Number two of self funding your own business is to.
Speaker 1: Be your own bank via investing, and so investing in
Speaker 1: the stock market in particular you could fund your business
Speaker 1: can honestly be a viable strategy.
Speaker 2: I've seen people do this.
Speaker 1: It's important to approach it with careful consideration though and planning,
Speaker 1: because it's not something that you can just like, you know,
Speaker 1: jump out the window and do. Stock market investing can
Speaker 1: be key to generating business capital you need. So there
Speaker 1: are many ways to invest, but few as passively than
Speaker 1: the small stock market. So for example, one of my friends,
Speaker 1: she first started investing because she wanted to pay for vacations.
Speaker 1: So while she was a vice principal of a school,
Speaker 1: my friend Terry, she would say, okay, I want to
Speaker 1: want on this vacation. It's going to cost me a
Speaker 1: thousand dollars. And she had learned to invest from her
Speaker 1: grandmother when she was in high school. So she would invest,
Speaker 1: buy something, watch it, sell it, and be like, oh
Speaker 1: my gosh, I made one thousand dollars.
Speaker 2: Now I can go on vacation, but.
Speaker 1: She quickly realized through that she could also use that
Speaker 1: to fund her business. And so Terry is currently my
Speaker 1: investing coach. What I love about Terry's at once she
Speaker 1: went to MIT, so she's super smart, but also too
Speaker 1: that she was a vice principal in education for ten
Speaker 1: years and she's been investing for over twenty years. And
Speaker 1: thus far she's taught about thirty five thousand students have
Speaker 1: to invest. Some of them have made one thousand dollars
Speaker 1: in a day, ten thousand dollars in a day, some
Speaker 1: of her students not every day, but in a day.
Speaker 2: And I have seen Terry herself. She did it publicly.
Speaker 1: She did like a live once where she actually made twice,
Speaker 1: two or three times she's done this. That she made
Speaker 1: a trade that made her a million dollars. With that
Speaker 1: one trade she took three hundred thousand. I think that
Speaker 1: was with Disney or Amazon. She took three hundred thousand,
Speaker 1: made a trade which is when you buy a stock
Speaker 1: and then you sell it, and made a million dollars
Speaker 1: from that three hundred thousand.
Speaker 2: I was like sold.
Speaker 1: And so I know that the Budgetista has made me
Speaker 1: a significant amount of money y'all know, I've grown.
Speaker 2: Wealth for myself, but it's been quite the grind.
Speaker 1: And so what happens when I no longer want to
Speaker 1: do the business part of business? I asked my friend
Speaker 1: who was investing in real estate the same, and he
Speaker 1: was like, essentially he would have to sell his properties
Speaker 1: and then put his money to work in the market.
Speaker 1: And so what I want to do is before I
Speaker 1: get overworked and overwhelmed with the budgetistam and I want
Speaker 1: to learn how to navigate the market now so I
Speaker 1: can fund the things I want to fund, the business
Speaker 1: being one of them. Last year was a really, really,
Speaker 1: really hard year. I want from you know, making multiple
Speaker 1: six figures to basically middle was seven figures in one business,
Speaker 1: to barely making like I think I made like eight
Speaker 1: hundred thousand in one of my businesses.
Speaker 2: We're normally made multiple six, multiple seven. I'm sorry. And
Speaker 2: so I.
Speaker 1: Imagine if I was proficient and investing in the marketplace,
Speaker 1: because last year the marketplace generated I think twenty was
Speaker 1: up twenty four to twenty six percent, so business was down,
Speaker 1: market was up. So imagine if I was proficient in that,
Speaker 1: I could have said, even though business is down, we
Speaker 1: gonna be all right because I'm in the market intentionally
Speaker 1: to fund my business. And so that's why I told
Speaker 1: myself this is the year, because last year, quite honestly,
Speaker 1: was scared.
Speaker 2: I didn't know if I was gonna make it. So
Speaker 2: about the whole budget Liisa, I wasn't show if I
Speaker 2: was gonna make it.
Speaker 1: And so we did. But a lot of my friends
Speaker 1: didn't make it. And I thought to myself, Okay, investing
Speaker 1: is a way to be my own bank, you know,
Speaker 1: because I'm not getting external funding, but I could be
Speaker 1: my own bank. And so one of the resources I
Speaker 1: offer up to you is that if you want to
Speaker 1: be your own bank, this is actually like this opportunity
Speaker 1: closes in like just a couple of days, because today's Friday,
Speaker 1: and I think Sunday the door's closed. I partnered with Terry,
Speaker 1: my investment coach. She has this five day live investing
Speaker 1: master class. So I'm excited about it. And these five
Speaker 1: days you're going to learn how to understand the stock market.
Speaker 1: Day one all about indexes. Day two, this is what
Speaker 1: allows you to invest more passively. Day three, how to
Speaker 1: open a brokerage account, the exact exact account that you're
Speaker 1: going to need to invest. Day four to buy your
Speaker 1: first stock. We're going to buy our first stock. We
Speaker 1: don't have any money to buy your first stock.
Speaker 2: That's okay.
Speaker 1: We could do it paper with them, you can do simulation.
Speaker 1: And day five we're going to sell our first stock.
Speaker 1: And so this this five day investing master class. And
Speaker 1: what I decided to do is because I want company
Speaker 1: in doing this five day master class, that I added
Speaker 1: bonuses on top of Terry. So Terry has like, if
Speaker 1: you just want to do the live class April fifteenth
Speaker 1: to the nineteenth, Monday through Friday, two hours every day,
Speaker 1: eight pm to ten pm Eastern Standard time, it's ninety
Speaker 1: seven dollars. If you want the replay and to get
Speaker 1: an extra bonus day with extra interviews as well, then
Speaker 1: it's two ninety four, I believe, and that gives you
Speaker 1: the replay access for six months and all these other bonuses.
Speaker 1: I'm stacking bonuses on top of those bonuses, and because
Speaker 1: I really want people to do it alongside with me,
Speaker 1: and that budget needs to stockbonuses dot com if you
Speaker 1: sign up for the class there, I'm going to give
Speaker 1: you an ebook.
Speaker 2: If you sign up for the ninety seven dollars version.
Speaker 1: So general admission, I'm going to give you two ebooks,
Speaker 1: one on learning to Earn, one on investing. I'm going
Speaker 1: to give you one month free to my online school,
Speaker 1: the Livature Academy. I'm going to give you access to
Speaker 1: a pop up Facebook group that we're all going to
Speaker 1: work together while Terry is teaching, and I'm also going
Speaker 1: to do a live class learn to Earn class that's
Speaker 1: like a thousand dollars worth of value for anybody who
Speaker 1: does VIP that we will do it together because I'm
Speaker 1: trying to bribe you all to do it alongside me.
Speaker 1: And so that's at budget needs to stock bonuses dot com.
Speaker 1: The link will be in the show notes. But yeah,
Speaker 1: that's so one of the ways if you if you
Speaker 1: have been thinking about what are the ways can I
Speaker 1: fund my business? One of them is through investing because
Speaker 1: it allows you to have access to money outside of
Speaker 1: what your business generates.
Speaker 2: So that's two.
Speaker 1: Third way to fund your business yourself is part time entrepreneur. Yes,
Speaker 1: you have to explore creative ways to bootstrap your business,
Speaker 1: like you know, offer your skills or expertise as a
Speaker 1: freelancer or consultant to generate additional income while building your
Speaker 1: business on the side. This is what I did when
Speaker 1: I used to when I started a budgetista, I also
Speaker 1: taught and I tutored, you know, and so that helped
Speaker 1: provide some fundamental base to pour into my business.
Speaker 2: You know.
Speaker 1: Look for flexible job opportunities that allow you to devote
Speaker 1: time and energy to your business off hours, because here's
Speaker 1: the thing that full time entrepreneurship takes typically time to
Speaker 1: get to.
Speaker 2: Sometimes people are.
Speaker 1: Entrepreneurship snobs, and I'm like, no, girl, Like, there's nothing
Speaker 1: wrong with having like uber eating, you know, there's nothing
Speaker 1: wrong with instacarting.
Speaker 2: You know. Also to consider bortering goods and services.
Speaker 1: So in the beginning, I used to barter, like, hey,
Speaker 1: I'll teach you, you know, I'll help you with your
Speaker 1: finding your budget if you help build my website, you know.
Speaker 1: So bartering also too, in exchange for products and services
Speaker 1: to help you launch or grow your business, and so
Speaker 1: some of the part time business resources. So consider, like
Speaker 1: I said, looking for ways to make additional income. Kudos
Speaker 1: if you can actually make additional income on the side
Speaker 1: that helps to enhance your skill set. I'll give you
Speaker 1: an example. A friend of mine wanted to go into
Speaker 1: the retail space. She had like a clothing business, and
Speaker 1: she on the side used to work at T Mobile
Speaker 1: And at first I was like, girl, why are you
Speaker 1: working on a T mobile if you want to have
Speaker 1: this clothing brand.
Speaker 2: She's like, I.
Speaker 1: Wanted to work to understand retail, and so she worked
Speaker 1: on the retail side of T Mobile, like in the
Speaker 1: store selling products.
Speaker 2: She wanted to be on the floor.
Speaker 1: What does it look like to have employees that sell well,
Speaker 1: what does it look like to for merchandise to move?
Speaker 1: What does it look like to stock that? And she
Speaker 1: did that for two years. So she made extra money
Speaker 1: and she learned the retail side of a business, and
Speaker 1: I thought that was genius.
Speaker 2: So that part time like a business model.
Speaker 1: Like to make extra money on the side to fund
Speaker 1: your business while also learning something is like top tier.
Speaker 1: So look for examples and resources like upwork, freelancer five
Speaker 1: or Guru people per hour. These are places to make
Speaker 1: additional money on the side as you and you use
Speaker 1: that money to then fund your business. Okay, hey, ba fan,
Speaker 1: We're going to take a quick break and we'll be
Speaker 1: right back. So Number three ways to fund your Number
Speaker 1: four ways to fund your dream business, seek grants or contests.
Speaker 1: So you're going to want to explore opportunities to win grants,
Speaker 1: Participate in startup contests, apply for small business competitions that
Speaker 1: offer funding. Right, So I'll give an example. My grant
Speaker 1: person on my team just applied for this grant. It
Speaker 1: was a lot of work for like one week, and
Speaker 1: it will generate us about two hundred and fifty thousand
Speaker 1: dollars just in the summertime.
Speaker 2: And then in the fall aditional income. And it's a
Speaker 2: two year grand.
Speaker 1: So you're looking at on the low end, this grant
Speaker 1: will generate about maybe like half a million dollars.
Speaker 2: On a high end, maybe closer to a million.
Speaker 1: And she's working on another grant right now that will
Speaker 1: generate about two point five million if we get it.
Speaker 1: That's tremendous two point five million on top of the
Speaker 1: half a million she's already generated us from grants. Now,
Speaker 1: here's the thing. If you're going to look at grants,
Speaker 1: you have to have underlying business fundamentals.
Speaker 2: What's your P and L. If you don't know what
Speaker 2: that is, don't.
Speaker 1: Apply for a grant. Right your profit and law statement.
Speaker 1: Do you have an accountant? Are your financials well organized,
Speaker 1: because they're going to ask about that.
Speaker 2: What deliverables can you deliver?
Speaker 1: I have my online school Deliveratary Academy, I've got like courses,
Speaker 1: I've got so you know what I mean. So the
Speaker 1: thing about grants and even contests are you have to
Speaker 1: be have the fundamentals of your business solidified. So many
Speaker 1: people couldn't get ppe loans why because they had not
Speaker 1: done their taxes in a number of years. And so
Speaker 1: when it comes time to actually get funded, people are
Speaker 1: not funding businesses without the underlying fundamentals.
Speaker 2: There's fund and fundamentals. Does that make sense?
Speaker 1: So you need to get that together before you seek
Speaker 1: out these grants. Quite honestly, I feel pretty confident about them.
Speaker 1: Multimillion dollar grant because last year only one person applied
Speaker 1: for it because people didn't even know it existed and
Speaker 1: most people were not ready. That is an amazing way
Speaker 1: to fund your business because most people are not going
Speaker 1: to take the time to be ready. They think they
Speaker 1: have a business. They're just making money. It's not the
Speaker 1: same having a business. Is the fundamentals of your finances
Speaker 1: in order, your team structure, in order, do.
Speaker 2: You have an org chart, who does what?
Speaker 1: When you know, like that financial piece cannot be understated.
Speaker 1: Are you clear about your deliverables? What do you deliver
Speaker 1: to whom? Who is your audience? Sometimes it takes a
Speaker 1: couple of years to get together, but so but grants
Speaker 1: can be an excellent way, you know, and contexts can
Speaker 1: be an excellent way to make money for your business.
Speaker 1: And a lot of work to get it together. And
Speaker 1: then it doesn't mean that like the deliverable. So this
Speaker 1: is how tight I've gotten in business. We're like if
Speaker 1: we get so we got the grant for the two fifty, right,
Speaker 1: So what's so great about that is that I have
Speaker 1: to basically teach. But I already put the APB out
Speaker 1: there earlier in the year to say, hey, if I
Speaker 1: have to have someone teach financial education in the state
Speaker 1: of New Jersey, are there teachers that are already teaching
Speaker 1: financial education? Y'all know, I got that law pass making
Speaker 1: a mandatory for middle school students, So there's already financial
Speaker 1: education teachers. Seventy people submitted their resume, so YO were
Speaker 1: ready to go, depending on however many classrooms want to
Speaker 1: hire us. I have seventy teachers ready to go, and
Speaker 1: I know exactly what I'd pay them per classroom, and
Speaker 1: I know I'd be earning and the overhead is minimal
Speaker 1: at best. But do you see what happens when you're
Speaker 1: red D. You know you can apply for things that
Speaker 1: are going to be a fit. We can make a
Speaker 1: tremendous amount of money with relatively low lift if you're
Speaker 1: red D. And so here's some things you have to
Speaker 1: consider if you're going to apply for grant and contests.
Speaker 1: You want to find opportunities to buy, building strong networks,
Speaker 1: cultivate relationships with mentors, advisors, and other entrepreneurs who can
Speaker 1: provide guidance, support and potential opportunities. The opportunity that I
Speaker 1: just got for this is because a friend of a
Speaker 1: friend was like, girl, have you ever heard of such grant?
Speaker 1: I said no, and she said you should apply for
Speaker 1: We looked it up and we did and we got it.
Speaker 1: You know, so that networking is going to be important. Also,
Speaker 1: some resources to consider grants dot gov. This is a
Speaker 1: comprehensive database of grants are offered by various federal agencies
Speaker 1: in the United States. You can search for grants by
Speaker 1: keyword agency eligibility criteria and so it can be competitive,
Speaker 1: but it's worth exploring, right. So also, there are many
Speaker 1: state and local government websites. Many state and local governments
Speaker 1: they're going to offer grant and financial assistance programs too
Speaker 1: small to support small businesses within their jurisdiction, so google
Speaker 1: to look up these websites. So I would google like
Speaker 1: New Jersey's Economic Development Agency, you know, or local Chamber
Speaker 1: of convince converse for of commerce, sorry for like Tennessee,
Speaker 1: you know, and city government websites to learn about available
Speaker 1: grant programs and LA's but not least, you cannot sleep
Speaker 1: on your SVA. That is a Small Business Administration. They
Speaker 1: provide resources and assistanms for small businesses for stuff like
Speaker 1: information about grants funding opportunities. The SBA doesn't usually offer
Speaker 1: grants themselves, but they do provide grants to It does
Speaker 1: provide way while well, it will provide grants to organizations
Speaker 1: that do support small businesses, if that makes sense, Like
Speaker 1: so a small build you want to look up like
Speaker 1: a small Business Development Center and a wiment's Business Development
Speaker 1: Center like though, the SBA will provide grants for those
Speaker 1: organizations if too, will in turn help you.
Speaker 2: But like it's it's work, but I'd rather.
Speaker 1: Do a week or two worth of hard work to
Speaker 1: make two point five million dollars and then hire people
Speaker 1: to do the work that I've been contracted for than
Speaker 1: to grind away for life, you know. And so just
Speaker 1: to quick recap the four ways to self fund your
Speaker 1: own business. Generate revenue early, pre sales, pre orders, okay,
Speaker 1: be your own investment bank by learning to invest yourself,
Speaker 1: you know, if you're interested in learning how to do that.
Speaker 1: Starting next week, budgetisastock bonuses dot com right three part
Speaker 1: time on entrepreneuring, So working part time on the side
Speaker 1: as you grow your business, ideally in something that's going
Speaker 1: to teach you something to enhance your own business.
Speaker 2: So you get paid to learn and for seek grants
Speaker 2: and contest.
Speaker 1: But you have to have solid business fundamentals in place.
Speaker 1: You know, you don't have to be perfect, but you're
Speaker 1: going to ask for this paperwork in a time and manner,
Speaker 1: and so you want to have that stuff ready already.
Speaker 1: So here is another question I get all the time
Speaker 1: when it comes to business. This question is BUTANISA, BUTANISA, how.
Speaker 2: Do I pivot?
Speaker 1: So I was fortunate, So if you listen to the
Speaker 1: Wednesday show, you know that I was fortunate enough to
Speaker 1: go to this really intelligent young man. His name is
Speaker 1: Donald Miller, and he wrote this book called story Brand
Speaker 1: along along with the whole bunch of other books. But
Speaker 1: he is like one of the big thinkers in business.
Speaker 1: And so I won, like my team and I won
Speaker 1: a half day session with him, which is really great.
Speaker 1: And one of the things why we needed to go
Speaker 1: meet with him is that I'm seeing a shift in
Speaker 1: business and I want to make sure that what I'm seeing.
Speaker 1: One I was like, isn't REALM really seeing this shift?
Speaker 1: And how do we pivot? Ideally, you don't even want
Speaker 1: to pivot. You want to pre pivot. Pre pivot means
Speaker 1: that like, typically you have to pivot in business when
Speaker 1: something happens and then.
Speaker 2: You have to adjust.
Speaker 1: Ideally, you don't want to have to adjust to external happenings.
Speaker 1: You want to adjust internally because you see something as coming.
Speaker 2: Does that make sense.
Speaker 1: I'm gonna say that again for those of you in
Speaker 1: the back. So ideally, the prepivot says, huh, I notice
Speaker 1: a slowdown in this In the marketplace that I'm in,
Speaker 1: people don't seem like I can see that everybody used
Speaker 1: to wear heels. But if I look at like my
Speaker 1: cousins in high school, They're wearing heels less and less,
Speaker 1: and I feel like, although like I'm in the you know,
Speaker 1: right now, the girlies are still wearing their heels, but
Speaker 1: I sense that eventually, when these kids get older, they're
Speaker 1: not gonna be the heel game.
Speaker 2: They're not gonna want to wear heels.
Speaker 1: Let me start to do something now to internally shift
Speaker 1: so we are ready for when that shift actually comes externally.
Speaker 1: That's the pre pivot to pivot, at least for me,
Speaker 1: is when all of a sudden those kids grow up
Speaker 1: and they're not wearing heels. They're like, oh my god,
Speaker 1: our heel sales are down. We need to do something
Speaker 1: now now now. Now, that's pivoting and ideally, and some
Speaker 1: people don't even pivot. They see that people are not
Speaker 1: wearing heels and they're like, ah, it'll pass, and then
Speaker 1: they become Blockbuster and Netflix take's over.
Speaker 2: You don't want to do that at all. So what
Speaker 2: you really want to do is pre pivot.
Speaker 1: So I've noticed some things in my industry that there
Speaker 1: is a slowdown, and Donald confirm those things. And then
Speaker 1: so we are currently in pre pivot mode of the
Speaker 1: underlying business that I'm in is certainly still teaching financial education,
Speaker 1: especially the women, especially the women of color. Right, that's
Speaker 1: still the underlying business, but how we do so is
Speaker 1: going to be pivoted tremendously. That will still be of
Speaker 1: service to all the women, but it'll look a little different.
Speaker 1: And I'm excited about that, and I'll share that as
Speaker 1: we start to roll things out.
Speaker 2: So how do you pivot in business?
Speaker 1: Well, one, it is important that you're not always working
Speaker 1: on your business, you know, or you're not always working
Speaker 1: in your business that sometimes you're working external. So it's like,
Speaker 1: I imagine your business as your home, and if you're
Speaker 1: inside the house all the time, fixing all the water
Speaker 1: leak and this bus and and I mean, we do
Speaker 1: need to be inside the business sometimes, but it doesn't
Speaker 1: allow you to step up and.
Speaker 2: Be like, wait, a storm is coming. Is that a
Speaker 2: hole in my roof?
Speaker 1: Oh my gosh, it's the swing on the outside loose,
Speaker 1: Because then you don't get to really see what's happening
Speaker 1: holistically to your house.
Speaker 2: So it is important that.
Speaker 1: You take time to pull yourself out from working in
Speaker 1: your business, to pull yourself out and to look around
Speaker 1: and say the neighborhood in general is looking like this.
Speaker 1: I'm noticing that everyone is switching to this type of lawn.
Speaker 1: I'm noticing that the street, you know, needs to be paved.
Speaker 1: I'm noticing that, like you know, we're flooding a little
Speaker 1: bit more if something happening to the park next door.
Speaker 1: Does that make sense that in order to pivot properly
Speaker 1: in business, that you have to take time to pull
Speaker 1: yourself out from working on in hands on day to
Speaker 1: day to kind of holistically take a look around, you know,
Speaker 1: And when you do that holistically take a look around,
Speaker 1: then it'll allows you to say, I notice a trend
Speaker 1: is coming, like everyone is switching over to this type
Speaker 1: of sighting.
Speaker 2: I wonder why. Let me ask questions, Oh, because what
Speaker 2: is starting to rite in this community? What can I do?
Speaker 1: Or I notice that everyone is taking out their oil
Speaker 1: tank in front? Why because the oil tanks are starting
Speaker 1: to leak? Oh my gosh, what do I need to do?
Speaker 2: Does that make sense?
Speaker 1: So like pulling yourself out, observing the external components of
Speaker 1: your business in the industry at large, and then hypothesizing
Speaker 1: of the direction you think it's going in. If you're
Speaker 1: not sure, that's Okay, because that's why you build network.
Speaker 2: What do you see that's happening?
Speaker 1: You know, you start to ask people in your network
Speaker 1: who are in similar businesses or not even like you know,
Speaker 1: like what do they see happening? Because some people are
Speaker 1: a little further ahead than you and they can see
Speaker 1: the forest for the trees, and so that's why I'm
Speaker 1: constantly asking questions and I'm like, ah, there is a
Speaker 1: shift in this space. Okay, what do I see happening
Speaker 1: with my community? About what they're really asking for? What
Speaker 1: are the people that I network would saying that they're
Speaker 1: seeing happening and adjusting to that. And so the way
Speaker 1: you really pivot is to one understand that the business
Speaker 1: that you're in is not always going to be the
Speaker 1: business that you're in. I think I told the story
Speaker 1: about thiefs. I don't know if it was to y'all.
Speaker 1: I told them the story about Steve Jobs that an executive,
Speaker 1: Jimmy Iveen, I think he was like CEO ORF. He
Speaker 1: might still be of Inner Scope Records rolled up on
Speaker 1: Steve Job was like, Yo, you cannot put a CD
Speaker 1: burner into this new MacBook prop Like the girls are
Speaker 1: already like streaming music, and we're losing money. We if
Speaker 1: you put a CD burner, they're not going to buy CDs,
Speaker 1: and the the the what Steve Jobs told them, He said,
Speaker 1: no business model is meant to last forever. Basically, child like,
Speaker 1: even if I don't do it, the girls is going
Speaker 1: to burn CDs. So you're going to try to fight
Speaker 1: against progress or get ahead of it. Anyone who fights
Speaker 1: against progress like, oh no, I don't want to do that.
Speaker 2: Okay, well girl, if you don't get ahead of it,
Speaker 2: then you gotta be left behind.
Speaker 1: And so understanding one, the business model that you're in
Speaker 1: now is going to eventually shift. Everyone's shift, whether you're Disney,
Speaker 1: Lord and Taylor. If everyone has to pivot and shift
Speaker 1: multiple times in their business career, that's just how it goes.
Speaker 2: You know, doing anything wrong.
Speaker 1: Disney of nineteen sixties does not look Disney of twenty
Speaker 1: twenty four.
Speaker 2: If Disney has to pivot and shift, so do you.
Speaker 2: That's just how it goes.
Speaker 1: So release that like, I must be doing something bad
Speaker 1: now one understanding that everybody has to pivot and shift
Speaker 1: to spend time outside of your business looking around and
Speaker 1: asking questions, what is happening in the industry at large
Speaker 1: and identify some trends, and then look in your industry
Speaker 1: and identify the trend forward. What do I see based
Speaker 1: upon my expertise of working in this space and people
Speaker 1: that I've talked to of where we're moving toward. And
Speaker 1: then that's number three and then number four to start
Speaker 1: to work on the new thing while maintaining and milking
Speaker 1: that part is critical. So if you think I'm going
Speaker 1: to shut down my business in the business model, no, no,
Speaker 1: I'm going to do what it requires for maintenance and milking.
Speaker 1: I'm going to squeeze as much money as I can
Speaker 1: of our current business model until I can anymore while
Speaker 1: building the new model. You know, that's still within the
Speaker 1: framework and financial education. So by the time this is down,
Speaker 1: the new model will have map some money for money
Speaker 1: I have made the most I.
Speaker 2: Could have here this new model.
Speaker 1: Because I've given a year or two to get strong,
Speaker 1: we'll be ready to go and then will be into
Speaker 1: a new business model that maintaining and milking is critical.
Speaker 1: And then the last but not least, is to repeat again.
Speaker 1: Look outside your business understand that the model is going
Speaker 1: to have to change because nothing stays insane. Take a
Speaker 1: look around and say, what you know, where do I
Speaker 1: see the trends going externally and internally? Maintain and milk
Speaker 1: what you're currently doing while simultaneously building the new thing.
Speaker 2: And that's the That is.
Speaker 1: How you pivot for success, or don't you know, get
Speaker 1: stuck in the thing, wait too late and everybody has
Speaker 1: surpassed you. I hope that helps. I love when we
Speaker 1: had business day. Do you like we have business day?
Speaker 2: Y'all? Don't be asking no business questions? Ask them. I
Speaker 2: love answering business questions.
Speaker 1: Yeah, like I said, you know, if you want to
Speaker 1: be my mentee, my mentor Tiffany dot com, yeah until
Speaker 1: next week. Wan't be here next week. I will until
Speaker 1: next week. We will see you on the beta qa A.
Speaker 2: Oh, don't forget. Please leave us some reviews, you know,
Speaker 2: because we love a good review. We read them. You
Speaker 2: don't know, I don't know. I don't lend many knows
Speaker 2: how I look them up. We read them. Leave us
Speaker 2: a review.
Speaker 1: If this was helpful, especially if you have somebody in business,
Speaker 1: forward this episode to them and say, girls, Tivity was
Speaker 1: reading us for filth over here when it came to business,
Speaker 1: and let me lay it down for y'all. You know,
Speaker 1: I've been in business for fifteen years, have made just
Speaker 1: about fifty million dollars in business in that fifteen years,
Speaker 1: and really in the last eight I would say most
Speaker 1: of that money was made.
Speaker 2: You know. I've got podcast business, I had a.
Speaker 1: Marketing business, influencer business, you know, best selling New York Times,
Speaker 1: best selling books, self published books, online community, online school.
Speaker 1: I've had a businesses and a wide range of things
Speaker 1: physical service, product and we've had success in just about
Speaker 1: all of them. And I've learned some things. So you know,
Speaker 1: I'm here, so I ask you a questions. Okay, talk
Speaker 1: to you next week, y'all.
Speaker 2: Bye,