The Empire Mentality

What does this mean?

It pretty much means that you act like the owner of a major empire well before you even have any clients or a bank account to prove it!

in other words

The steps to getting there are the qualities of being there

Here are the 5 steps I have picked up along the way from others who have shared them in one way or another and I would like to do the same, because...its a good place to start and it works for me!

1. Get a Business Checking Account

Do you have a separate account for your business…or…do you allow your money to flow in and out of the same account? Or… as I did, do you have a few different accounts and just transfer money from one account to the other ‘as and when' ?

Do you pay for personal items, household items and business items from the same account? at the end of the tax year, are you frantically trying to determine which expense is business and which is personal?

If it’s a YES then, well…. this must change now! Make it a priority today!!! You need to get a either a separate checking account for your business, or, an account of some sort to start you off!

Do you pay for personal items, household items and business items from the same account? At the end of the tax year, are you frantically trying to determine which expense is business and which is personal?

2. Pay Yourself a Salary

If you don’t pay yourself a salary this is what is commonly referred to as ‘Lack Mindset’. You just take what you can at the end of each month or whenever you get a payment and hope for the best.

When coming across people like this, they always try to convince me that they’ll change… ''once I have more money coming in''. No they won’t. Why? Because I was like that!! It works in reverse. Value yourself and treat yourself like a real business first – THEN the money comes in.

Assuming that you have either set up a business checking account or similar, here’s what you do next.

Choose an amount to pay yourself each month or each week. Then set up a system and do it! ( NO it doesn’t matter if its £25.00 or £2500.00)…What matters is you DO IT!

Money ( much like your brain) does what you tell it to do. It needs to know where to flow. Once you have decided on an exact amount for your salary/wage, you’ll be amazed to find that this amount always seems to be there each and every month.

3. Set up a Business Entity

If you are still a sole proprietor/trader, you’re probably paying way too much in taxes. Self - Employment taxes are among the highest taxes you can pay. I am not the best in this area so if you are similar I will suggest you get help and do your research.

Choose a name for your company, and research the options available to you. Find someone local, an attorney or citizens advice who can point you in the right direction and make this happen.

4. Get an Accountant

Many, not all, suck at accounting. I am one of them.

As a result, every single year, when tax time rolled around, I felt like throwing up. I try to avoid it. Why?. this is what it does to those who battle every year.

1. Dread - eats away at your energy.

2. All the time and energy you put into ‘Quickbooks’ or something similar, or as in my case use pen and paper - is time that you are not doing what you enjoy doing. (That which makes you money)

3. If you don’t have an accountant, the chances of you facing an audit increase by about 7000%..(Yes I said 7000%.) Especially as you begin to make more money and become more successful.

Entrepreneurs, seriously consider getting a great accountant, and, happily pay them the hundreds (or thousands as you get more successful) because this will ensure to that your taxes are done professionally. If you are just starting then do the research and look up people in your area for when you are ready.

That feeling of dread? Gone!

5. Set Boundaries with Friends and Family

Perhaps you feel that your friends and family do not take you or your business seriously. If this is the case it is all about of communication or lack thereof on your part.

People won’t understand what you do, especially those who don’t have their own business. A lot of the time they won’t take your space or time seriously. Perhaps they just ‘pop’ round during the day or complain that they ‘never’ see you anymore or because you don’t just pick up the phone decide that you aren’t a good friend.

All of this may be prevented with some communication, communication from you!!

How do you do this? Well firstly you need to be clear about your boundaries.

Like, the hours that you are choosing to work. The kind of people you work with. Do you do pro-bono work for friends? (I strongly suggest you don’t)

Family discounts?

If you employ others who do you employ? Are they friends or family?

What will you and what won’t you tolerate?

Take some time to work through this and become clear about what it is you would like to communicate to your friends and family.

And then, tell them!!! By doing this you are showing that you and your business are important and, they are important enough for you to want to share these boundaries with them, clearly and pro-actively.

Once you have communicated this then it is up to you to enforce your boundaries.

I suggest that while this is still fresh in your mind ask yourself,

Which one of these steps am I able to take now?

Feel free to contact us and share what steps you are going to take!

If you are unclear on other areas or need extra help the please, contact us and/or look through our website to see the other options available to you.

Thanks for taking the time!

Nichola