Sharon Miller’s Post

My rules for being a founder. ↓ ↓ ↓ 1. You don’t need to be an expert to start, rent one instead. 2. Never have a “bagel day.” Every day try to sell 1 thing to 1 person. 3. You don’t need a cofounder. You need to be committed. 4. Start without a ton of money, your future company will thank you for it. 5. Keep a P&L day 1, I swear it will save you one day. 6. Having an “enemy” to fight is a powerful motivator. 7. Be a walking billboard, hats w/ logos and biz cards highly underrated. 8. Never, ever play short term games with your reputation in trade for $$. 9. Bootstrap for as long as you can unless you are building tech (and maybe even then) 10. Find people who will work for low or free to start. Mission buy-in wins. 11. Your job as CEO is spelled SALES. 12. Your first ideas are fragile, don’t throw them around thoughtlessly. 13. Never take advice from someone who hasn’t actually done the thing they’re advising about. 14. Interview as many smart people as possible, ask them how they’d fix your problems. Free consulting. 15. Business is just pipes and products. What is your distribution (pipes), what is it you are distributing (products). 16. Give 10x more than you take when you start out, to the point it feels uncomfortable. 17. You are one hire away from a better, happier, more stress-free life. 18. The only real business advice you need... don’t run out of cash. 19. You are not losing your mind. Running a business is way harder than anyone tells you. It’s also completely worth it. 20. You want to raise money, ask for advice. You want to get advice, ask for money. 21. Get a line of credit from your bank before you think you’ll need it. 22. Raise your prices. Like now… then set a reminder to do it later, too. 23. If it feels really hard & you aren’t growing, then you aren’t focused on the right things. 24. Money is a cruel mistress if you don’t pay attention to her she’ll leave you. Track yours. 25. Get a good accountant, attorney, & banker.. all the former nerds now are cool. 26. Email is a thief. Get off it as much as possible. 27. Your customer will love you right up until they find someone who does it cheaper and faster. Plan accordingly. 28. Biographies of billionaires teach more than self help business books. 29. You are a talent scout as a founder, your people are the only reason you’ll win. Not you. 30. Put the right incentives in place and you make it hard to not hit your goals. 31. No one will work as hard as you do, or care as much as you do about your business. That’s ok. Hope you take some of these with you. ↓ ↓ ↓ Sign up for my newsletter to get weekly lessons from founders and owners → https://lnkd.in/eYXDrkzT

As I mentioned earlier: I am a big fan of Codie A. Sanchez BUT every business advice should always be taken with a grain of salt. "Bootstrap for as long as you can unless you are building tech (and maybe even then)" 💰  (#10). ❌ DISAGREE  Why? In a two-sided marketplace like Colonia, funding is needed to achieve network effects. "Your job as CEO is spelled SALES" 💰  (#12). ✅ AGREE Why? We focus on one area each. I manage the "pipes" (distribution) and Jakob handles the products. Fun fact: We have gone switched responsibilities back and forth twice in the company's lifetime. "Business is just pipes and products. What is your distribution (pipes), what is it you are distributing (products)" 💰 (#16). ✅  AGREE Why? A startup does no track record, no reputation, no brand. Founders need to build that. Over and over again. The only way through is SALES 🤝 to applicants, suppliers, customers, and investors. Which pieces of business advice have you implemented? Which one did you reject?

Thinking of doing a startup? See below advice from an expert!

Some interesting rules for being a founder. ↓ ↓ ↓ 1. You don’t need to be an expert to start, rent one instead. 2. Never have a “bagel day.” Every day try to sell 1 thing to 1 person. 3. You don’t need a cofounder. You need to be committed. 4. Start without a ton of money, your future company will thank you for it. 5. Keep a P&L day 1, it will save you one day. 6. Having an “enemy” to fight is a powerful motivator. 7. Be a walking billboard, hats w/ logos and biz cards highly underrated. 8. Never, ever play short term games with your reputation in trade for $$. 9. Bootstrap for as long as you can unless you are building tech (and maybe even then) 10. Find people who will work for low or free to start. Mission buy-in wins. 11. Your job as CEO is spelled SALES. 12. Your first ideas are fragile, don’t throw them around thoughtlessly. 13. Never take advice from someone who hasn’t actually done the thing they’re advising about. 14. Interview as many smart people as possible, ask them how they’d fix your problems. Free consulting. 15. Business is just pipes and products. What is your distribution (pipes), what is it you are distributing (products). 16. Give 10x more than you take when you start out, to the point it feels uncomfortable. 17. You are one hire away from a better, happier, more stress-free life. 18. The only real business advice you need... don’t run out of cash. 19. You are not losing your mind. Running a business is way harder than anyone tells you. It’s also completely worth it. 20. You want to raise money, ask for advice. You want to get advice, ask for money. 21. Get a line of credit from your bank before you think you’ll need it. 22. Raise your prices. Like now… then set a reminder to do it later, too. 23. If it feels really hard & you aren’t growing, then you aren’t focused on the right things. 24. Money is a cruel mistress if you don’t pay attention to her she’ll leave you. Track yours. 25. Get a good accountant, attorney, & banker.. all the former nerds now are cool. 26. Email is a thief. Get off it as much as possible. 27. Your customer will love you right up until they find someone who does it cheaper and faster. Plan accordingly. 28. Biographies of billionaires teach more than self help business books. 29. You are a talent scout as a founder, your people are the only reason you’ll win. Not you. 30. Put the right incentives in place and you make it hard to not hit your goals. 31. No one will work as hard as you do, or care as much as you do about your business. That’s ok. Hope you take some of these with you. ↓ ↓ ↓

Do you have a budget that you struggle to stick to?   Have you ever been told by a trusted friend or advisor that you're charging too little for your services or that your job doesn't pay you enough?   Has anyone ever talked to you about passive income?   Do you have a bookkeeper or an accountant or are you effectively managing your business expenses?   Does talking about Money make you want to go take a shower?   On Monday Hub Members can join our first Money Date Monday where each month we'll dive in and talk about this and a lot more - all around $$.    I'd love to get some ideas on what you experience when it comes to money.   In this article, there are a few mistakes that Jen Glantz mentions about what she felt like she'd done wrong that cost her thousands of dollars. https://lnkd.in/gbCwQfqY   Each of these mistakes I know other entrepreneurs on our hub have experienced as well.    I want to know what mistakes my solo entrepreneurs have made in their businesses.   I have made my fair share, and I personally know it can be tough when you're on your own - This is why I launched the Perspective Shifter's Hub.   Money Date Mondays is FREE to Members of our hub and we welcome you to join us.  If you're not a member of our hub you can sign up for free today - no credit card is necessary to sign up for the 14 day trial! 

What's Next After Selling Your Small to Medium-Sized Business? As a small business owner, you've poured your heart, soul, and countless hours into building your company. But now, the time has come to sell. The sale is both exhilarating and bittersweet – a mix of relief and nostalgia. But what's next? Here are some considerations as you embark on this new chapter:  1. Reflect on Your Journey Take a moment to reflect on your entrepreneurial journey. Celebrate your wins, acknowledge your challenges, and honor the lessons learned. Your business was more than just a venture; it was a part of your identity. Allow yourself to feel the emotions – the pride, the nostalgia, and even the uncertainty. 2. Define Your Purpose Ask yourself: What truly matters to you? What ignites your passion? Now that you're no longer tied to the day-to-day operations, consider your purpose. Is it mentoring others, pursuing a new venture, or dedicating time to a cause? Define what gives your life meaning beyond the business.  3. Explore New Horizons The world is your oyster. Travel, learn a new skill, or immerse yourself in a hobby you've always wanted to pursue. Use this time to explore – intellectually, creatively, and geographically. Rediscover the joy of curiosity and the thrill of discovery. 4. Stay Connected Your business relationships are valuable. Stay connected with employees, clients, and industry peers. Attend networking events, share your expertise, and offer guidance. Your legacy extends beyond the sale; it's in the lives you've touched and the connections you've made. 5. Financial Planning Selling your business likely brought financial freedom. But with great freedom comes great responsibility. Consult a financial advisor to create a post-sale financial plan. Consider investments, retirement, and estate planning. Ensure your newfound wealth aligns with your life goals.  6. Embrace Change Change can be unsettling, but it's also an opportunity for growth. Embrace the blank canvas before you. Write a new chapter – one that aligns with your passions, values, and aspirations. Whether it's starting a new venture, volunteering, or spending quality time with loved ones, embrace the possibilities. Conclusion Life after selling your business is a blank canvas waiting for your brushstrokes. It's a chance to redefine success, purpose, and fulfillment. So, take a deep breath, step into the unknown, and create a post-business life that reflects the essence of who you are. #Entrepreneurship #BusinessOwner #LifeAfterBusiness #bostonbusinessbroker

Nobody's born knowing how business works. When I was a kid my family didn’t have a lot of money. I was highly aware of the financial pressure and stress that we were under and the tension in our home was thick. I started making friendship bracelets in first grade at the ripe age of 6 for my friends at school and some of the kids asked if they could custom order one for them to give their friends. I started taking orders for custom bracelets and my very first business was born. Having this extra cash that was all mine was the first taste I had of financial freedom and when there were weeks we didn’t really have alot of food in the house, I had my stash of cash that I knew could help out. Business then seemed easy and straight forward. You make something, people buy, you make money..repeat. Fast forward 20 years and I decided to take the leap into the land of Brick and Mortar business opening a clothing boutique just months before the financial crisis of 2008. We all know how that went and that created my realization that digital businesses are so much more resilient. A few years later in January 2012 my husband and I launched our first digital coaching business and we listened to all the bad advice out there - 👉🏻 "You have to do X amount for free before you can charge" 👉🏻 "Go for volume and keep your prices low" 👉🏻 "You can’t charge more than $29.99 for an online coaching program", "Give your clients all access to you at all times" 👉🏻 "Offer constant discounts and sales", "Do whatever it takes to keep clients – even the bad ones" And while doing all of these things maintained a roster of clients who were ecstatic to receive such service at the cost of a cup of coffee every day, we were burned out, bummed out and not even making enough money to pay the bills. Being in business for yourself shouldn’t mean absolute self sacrifice, prioritizing your clients well-being over your own, undercharging and resenting the business you built. 🧐 But how do you do that? How do you shift your relationship to entrepreneurship to feel confident and in control of your path? I spent years testing new ideas, learning from mentors and teachers, iterating until I aligned with the results I was seeking. I developed, tested and refined my own philosophy on business. It’s simple - and it works. This is one of the many things I teach in my Priestess Path program, a comprehensive program that focuses on three primary areas: Energetics, Strategy, and Mindset. Curious for more? Let's connect here on LinkedIn! #spiritualbusiness #consciousleaders #entrepreneur

Business owners and entrepreneurs-> Don't fall victim to FOMO!! In my experience working with business owners, I have noticed that most of them are go-getters and high achievers. And when they see success in one area, they want more. More revenue, more income streams, more employees, more businesses. And this attention to always be seeking for more is one of the reasons I see a lot of them fall victim to FOMO or Fear of Missing Out. Imagine working on your business for 30 years only to realize that you lost out on a big tax break that could have saved you a lot of money. Or that your ideal client or business referral partner officed in the same building as you. I would imagine this would be like nails on a chalk board. I saw this first hand with a client of mine who asked me if I could help him or introduce him to someone who could help him with pricing his services. He said he had asked his last 3 CPA's and none of them helped. Could you imagine him seeing numbers that showed he was drastically undercharging for his services? That could be big $$ flowing out the door. The solution to this? A group of support professionals that have expertise in all areas of life and business. These professionals communicate with each other and proactively look for opportunities and blind spots in your life and business. The result is Chaos->Ease. Allowing you to spend your time, energy and money in the areas of life and business where you enjoy the most and leave the rest to the subject matter experts. This "Virtual Family Office" has been a service for the ultra wealthy for a long time. But I am in the process of building the systems, relationships and processes to do this same service for growing business owners...and you dont need a $100mm business to start. If you are interested in hearing updates, DM me!