Money Moves
After posing nude, I felt liberated! I was a “new” Chic-a; a fearless Chic-a. Approaching the world from my new liberated lens, I decided to quit my “good”, stable(but stressful) job and start my own law practice. What?! Yes, I was now in the mindset of taking calculated risks. I figured if it failed I would still be a lawyer and could always go back to working for someone else if that was to be my fate.
So I “hung my shingle” and you know what..it didn’t fail! It was actually a success and made me realize that, in addition to art, I LOVE business. After all starting a business, taking an idea from infancy to market, is a form of creating.
Below are a few things I learned while running my own practice that I want to share with you to empower you to optimize your resources and make money moves.
Tip #1: Cash isn’t always king. Sometimes creativity is! Managing or mismanaging capital is a pitfall a lot of new business owners fall into. The inclination for most is to run out and spend a ton of money on websites, advertising, etc. Why not try a barter system? Tap into your network. I am sure you have some talented friends in different industries. Trade services for services(nothing illicit intended 😊). You may be able to get your website and some advertising for your business without pulling capital from it that could be optimized elsewhere.
Tip #2: Beware of the “pie in the sky”. As soon as you register your business, you will be hit with all kind of offers and solicitations. And if you haven’t properly done your research, you can get caught up. Know your metrics: Gross profits- your costs to do business - cost to acquire/retain your customer=your bottom line. If what’s being offered doesn’t add to your bottom line, it may not be necessary.
Tip #3: Everything ain’t for everybody. It’s very important as a small business owner to have a “No Haggle” policy. When you are small and starting out, it can be hard to gain customers. But in order to establish and maintain the integrity of your business, i.e., the goods and services you are selling, it’s very important to properly value those goods and services AND stick to the price you have valued them at(there are some exclusions). If you are willing to knock down your price every time someone challenges it, it says: 1) you don’t value what you are offering; and 2) it diminishes your credibility as a reputable business owner. If you have priced your goods and services competitively with what the market calls for, you will gain the RIGHT kind of customer: those willing to do business with you because they recognize the value in what you are offering. Don’t go chasing after those who won’t because you will miss those who will.
Tip #4: You get what you pay for. Everybody loves free sh!t. However, in certain situations it’s best to pay. When a person is doing you a favor with no bargained for exchange, they hold all the cards. Also, the “free” option isn’t always the best option because the caliber of work performed may not meet industry standards. If a person is performing a job, they have something to lose if not performed; therefore, they may take more pride in their work, which may result in a better quality. Therefore, when it comes to a business endeavor, I would much rather someone perform a job for me vs. a favor. The work ethic will probably be totally different.
Here’s to making money moves!
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Chic-a, the Self-love Advocate
