Enterprising Moms Network Inc

Cash Flow and Your Budget by Joanna Muir, Dear Piggy Bank

Cash flow can be a huge challenge. It is a key part of successfully maintaining your personal finances or operating your business. There is no magic solution but with a little planning and a strong money management system you will have more time to spend other aspects of your life or business. A little time invested up front will save hours over the long run. Not to mention, reduce anxiety levels!

1.    Have a Plan. Quantify your financial goals in terms of amount, timeline and worth. They may include a vacation, a car, home, a retirement plan or debt repayment. Prioritize them.

2.    Know the Numbers & the Dates. How much monthly income do you receive and when do you receive it? If your income is inconsistent then calculate a conservative average monthly income. Estimate any additional income as an annual figure. What expenses are you responsible for and when are they due?

3.    Do the Math. Compare monthly expenses to net monthly income. Do you have a surplus or deficit? If it is a surplus, you have the freedom to allocate funds to your financial goals. If it is a deficit, it is important to understand if it is temporary or not. If it is not, your two options are to earn more money or reduce expenses.

4.    Set Up Systems.

·      An easy way to organize expenses is to divide them into the 1^st and 2^nd halves of the month – so that you know how much money to have in your account for the 1^st and 15^th of each month.

·      Keep your monthly obligations as low as possible to allow for greater maneuverability.

·      Retain a float equivalent to your monthly expenses.

·      Total large, sporadic expenses such as insurance or property tax, and divide by 12 to calculate a monthly amount. Set up an automatic monthly transfer to a separate account so the funds are there when the bills are due.

·      It is important to meet obligations to Canada Revenue Agency. If you are self-employed, take the time to assess a guideline tax rate percentage. Deduct the appropriate amount from any income as soon as you receive it and transfer it to a savings account.

·      Use monthly savings plans and automatic transfers to reach your goals. Increasing your mortgage payment by $50 each month makes a big difference. The sooner the debt is gone, more cash is available for other purposes.

·      Use any income in excess of required monthly expenses to invest in your plan.

5.    Plan B. Expect wrinkles. What is your backup plan? It may be a contingency fund, a line of credit or a credit card. If you need to use it, it’s there – just remember to repay it as soon as possible.

The concepts are similar for personal and business money management. www.DearPiggyBank.com specializes in helping you simplify your finances and setting up a plan and systems to meet your goals – whatever they may be.

With preparations for Christmas well underway, I feel as though this year is the first year I've finally got it right.

I started buying gifts at the beginning of November and had the house decorated both inside and out by the first week of December. 

 Enterprising Moms Network annaul Xmas & Silent Auction was held in White Rock for the Ronald McDonald House and raised more than $850.

My own family has been able to donate to two other families  this year, that my son's school is sponsoring.

Usually, I am struggling with gift ideas, trying to figure out which charity to donate to, and driving myself crazy....

The kids have had their breakfast with Santa and Mrs. Claus, written their wish lists and the Christmas cards are done and mailed out.

So what makes this year so different from other years?  I'm guessing its because I finally allowed myself some time to get fully prepared.  Instead of reacting to Christmas, I am acting.  

I'm even hosting the Christmas Dinner this year at my house for my parents, in-laws and my sister and her family. 

I'm also planning on giving myself a break after the holidays for a quick getaway for myself and my friend at the River Rock. It's the first time I am allowing myself not to feel guilty about taking some time for me and have a night out filled with fun and relaxation. You can CLICK HERE to check it out what I'm doing.  I'm very excited.:)

This Christmas, I have chosen to put everyone I love and care about on my priority list, including myself. ;) And I hope you will too!

To all the mom entrepreneurs out there busy with their business, getting their families prepared for Christmas and really making it work - from my home to yours - Merry Christmas!

- Kelley Scarsbrook, EMN President

Guest post by Nancy Milton - www.lifedots.ca

Should sucks.  Really, it totally does.  I have been “shoulding” my whole life.  “You should call your grandma (daily), you should make a proper dinner (vs. serving myself a great plate of nachos with cheese and salsa), you should clean the garage, you should get up/ showered & dressed before the kids interrupt the process.”  See what I mean?  There’s a whole “here’s how it’s supposed to be done” guilt part of life that, to put it bluntly, I’m tired of.  So, I’m letting go of ‘should’, and have reintroduced  ‘would’. And today, I will make the introductions to you.

I’m a morning person.  Pre-kids, I would set the alarm in the morning (it’s amazing I still remember this, it seems so long ago).  When the alarm would go off (music, no shrilling “GET UP” ringing for me), I’d simply lie there for a couple minutes.  Listen to the news from the radio, open my eyes, do the mental check list on the body parts (and ailments), LOVE the feeling of the comforter cocooning me and the moments of pleasure without a to-do list running through my head like nails on a chalk board.

I gave this up 5+ plus years ago.  This 5 minutes of bliss. This ‘connect with my mind/ body/ spirit regime and all it’s benefits’ to instead thrust myself out of bed – to the point of sometimes dizzy – to begin the marching orders of my routine for that day. 

Then, one morning it all changed.  The kids “slept in” (for clarity, this is anytime after 7:00am) and I woke up independently.  I listened to the birds chirping. I stretched. I thought about the dream I woke from. I enjoyed a couple moments of “ahhh’.  Then it hit me.  I’VE MISSED THIS.  I NEED this back in my life.  Then my inner voice started with the ‘shoulds’.  “You’re now behind schedule. You should get dress FAST, make the bed, put on your make up, wake the kids and do it without seeming frantic because you’re late.”  Let me ask you this, does your inner voice know my inner voice?  This particular morning, I put a stop to it.

 Simply. I didn’t should.

Instead I “would”.

So, the kids come in within minutes of this blissful experience and the 5 year old literally asks me “Mommy what are you doing in bed?!?”.  I laugh out loud. Then asked them to both climb in (bed) with me so I could teach them to “would”.  So they climb in and I prep them for the “experience” (worded more kid friendly then I have for you). “Would it be nice to start every morning with a couple minutes giggling in bed? Would it be joyous to gaze out the bedroom window & enjoy the beauty of the start of the day? Would it be a better day to feel a connection (to self or each other) before throwing back the covers to rush to get to school?” 

It’s no shock to you I am sure, the answers to each would were yes.  So, every morning they climb in to wake me up.  We come up with shapes within the clouds & tree branches out my window, we talk about our dreams, we talk about our day.  We connect.  And the alarm is set for a specific time to allow us to wake each other up and have this “would” time in case anyone ever oversleeps again (ha...have only needed that alarm once).

Everyday my live was full of ‘shoulds’.  I ‘should’ empty the dishwasher. I ‘should’ get this stuff to the drycleaners.  I’ve got lots of ‘shoulds’ in my life that I’ve relabelled with ‘must’.  For the rest of them, I do my ‘would’ test to help me better access if the ‘should’ is a ‘must’.  If it’s not a must I then ask myself, what would be best in the situation? Or what would the benefit be for me to do that in the short and long term?  What would this do to make my (or others ) day better/ brighter/ easier? Then I let my gut answer.  My gut is always right, it’s the interpretation I’ve been screwing up on. What ‘shoulds’ are ‘musts’ in your life? And what ‘should’ needs to experience the ‘would filter’ to give your life connection back?

Nancy Milton is “the First Dot” of Life Dots; a Facilitation and Coaching organization that strives to assist all clients in making the change in their lives to give them the life they want to have. Life Dots is about connecting your Life Dots.  For more information on one or one coaching, corporate coaching or retreats check out www.lifedots.ca or contact nancy@lifedots.ca

Are you someone who loves (or lives) to write?  Do you have expertise or insight into a topic that you would love to share?  We'd love to help you share!

The Enterprising Moms Network is currently looking for guest bloggers to contribute to our blog.  Topics on the blog cover everything from networking and marketing to family vacations and summer fun.  We know that there are alot of women out there who have lots to say and share about life, motherhood and business.  And we'd like to hear from you!

If you are interested in writing for EMN, please check out the EMN Editorial Calendar by clicking here. Every month we have 2 different topics, one "Enterprising" topic and one "Mom" topic, and there is a submission deadline for each month.  If this sounds like something that would interest you, please email us for more info or better yet - send us your post!

Two quick things to remember regarding your submission - please keep your post to about 500 words, and also include any photos/graphics etc to give your post as much "eye-candy" as possible.  Also, be sure to include the link to your website!

Here's to seeing some "enterprising" entries - happy writing everyone!

I first became aware of a film called "The Glow Project" in February of 2009.  As a consultant with a Canadian direct-sales company, there were many consultants who had seen the movie and were sharing their thoughts and feelings about it.  The consensus seemed to be that this was a phenomenal movie that affected women from all walks of life greatly.

I soon saw the trailer for the movie, and eventually saw the movie a few months later.  The Glow Project had a huge impact on me as a person, as a mom, and as a woman in business.  The Glow Project showcases a full-length feature movie that spotlights 14 incredible women—seven of them corporate achievers and seven successful entrepreneurs. The Glow Project is the result of a dynamic grassroots movement fueled by the authenticity, stories and life lessons of the incredibly gifted women selected for The GLOW Project. Without question, The Glow Project has redefined the personal development paradigm for women and represents a breakthrough in helping women achieve like never before.

To find out more about The Glow Project and the impact it's had on women's lives, check out The Glow Project website here.  To see more on how women have reacted to the Glow Project, check out the video below... and spread the Glow....

Have you had that "ONE" bright business idea and let it go because you had no idea what to do with it? Or how about already owning your own business and being scared to take it to the "NEXT LEVEL"?       

Many of us have been there and know what its like. It's scary and exciting all at the same time. The risk of failure, the possibility of it not working - yep, that does exist.

However, what also exits is the possibility of its success and creating the life you always dreamed of.

If entrepreneurship was easy, everyone would be doing it. What separates those who succeed, and those who don't is simple: tenacity.

Have you ever read a bio about someone and thought to yourself "I thought of that!" or "I could have done that".  The only difference between that person and you is that YOU didn't try.

Entrepreneurship has its ups and downs. You will find that every successful business owner will have a story about failure(s) - of when the business really wasn't working very well. But they stuck with it - saw it through, and eventually it succeeded. 

These struggles build character, they define how you will handle business in the future. In essence, they make you a better entrepreneur because you  lived through the hard times - and so did your business.

So if you have always wanted to try your hand at entrepreneurship because you have that ONE great idea - or really want to grow your business and take it to the NEXT LEVEL; make 2010 the year you simply go for it.

Never live your life with regret - you'll never know if it could work, unless you work to make it happen.

Happy 2010!

Yes, this is the Enterprising Moms Network, but we've always empasized that one of the beauties of our network is that you don't have to be a Mom to be part of us. 

 However, I don't think we have an children that are members. 

 That might have to change... 

 As Gabrielle Durning gave us a tour of the VIP Lounge at the 2009 Whistler Film Fest, she showcased each and every one of the products and told us the story about each company. They were all interesting (of course) but by far, the most interesting story was that of Nicole Hein. 

At the age of TWELVE years old, Nicole started her own company - Tu-Bees Foods Inc. Tu-Bees Foods provides consumers with a convenient and unique way to enjoy the great taste of Saskatchewan honey with the use of Tu-Bees squeezable tubes. The soft laminate tubes are compact and portable, providing a clean and easy product to take with them while on the go.

The story is that two years ago, Nicole wanted a horse. And her mom said that somehow, she would need to raise some funds and show responsibility for having a horse. 

 So Nicole went out and started her own company. And two years later, she's very, very successful with it! Since Tu-Bees began, Nicole and Tu-Bees have been featured on CTV News, CBC News and Radio, Local TV stations, as well as in newspapers and magazines. Because of this, Tu-Bees has gone from being sold locally to being available in stores throughout Saskatchewan. Tu-Bees is slowly expanding into neighboring provinces and presently has two distributors that provide worldwide shipping to both consumers and retailers. 

Incredibly inspiring story. Enterprising Kids, it could be the next big thing.... 

Check out more about Nicole and Tu-Bees at their website: www.tu-bees.com

Many first time business owners have a hard time deciding whether or not to go it alone as a sole proprietor, to take on a partner or if they should incorporate.

Below you will find some useful tips to think about when making this important decision.

A Sole Proprietorship is the easiest out of the three to start up. The start up costs are low as a Sole Proprietor, and there are great tax advantages (write offs) to the owner. The only drawback is that there is no name protection as a Sole Proprietor and there is no protection/separation between you and your business (ie if your business is sued or the business loses money, then you are personally liable as well.

A Partnership is when two or more people decide to combine their skills and resources and go in to business together. Both parties involved are responsible for the overall management of a business, and each are personally liable for all debts with the business.

When entering in to a Partnership business, is important to outline the terms and conditions of your partnership in a legal agreement. In the agreement you will need to outline how you want to share the profits.

A Corporation is a legal entity that is separate and distinct from its owner(s). With a corporation, you have limited liability. The owner and the company are separate and distinct. The name of the Company is also protected.

When you are seeking to incorporate a company, it is best to consult with a lawyer to review all the circumstance regarding shareholders, reporting and maintaining proper records. Incorporating a company is the most expensive venture to start out of the three options.

Name: Lisa Williams

Business: Optionelle Fashion Consultant

EMN Chapter: Sunshine Coast

Looking back I can see that turning forty was a bigger deal to me than I realized at the time. It was about that time I started to really pay attention to where I was in life and where I was going. It was also the time I realized that I was not where I wanted to be and if I didn’t make some changes I was never going to get there. I chose motherhood rather than the career route in life and although I did graduate from high school I did not carry on academically. I think there are many women out there just like me and for this reason I am happy to share my story of where I am today and how I got here. In my early 40’s I had entrepreneurial hobbies; I ran a small photographic business, I was a bed and breakfast owner/operator, I worked with my husband as a home inspector and I started a website maintenance service, all of these gave me freedom but not enough pay check so I worked for others in jobs that gave me a pay check but they took away my freedom and the pay checks were never big enough to get me closer to my dreams. It was out of frustration of not having both, money and time that put me on the path I walk today.

After a few years of beating myself up for falling short of my dreams I began my journey of identifying my strengths and clarifying my wants and needs. Our 3 grown children, now 17, 21 and 23 years old, still need me to be a mom but not in the way they did as younger children so I was now free to do what I wanted. What I wanted was to earn a comfortable living doing something I loved! I wanted to be one of those women who say “I love what I do” and mean it. My advice for other mom’s in business is – don’t wait until you are over 40 to do what you love and love what you do, start earlier if you can. Your family will thank you for it.

For me it started with being approached by a woman I knew casually, she invited me to consider a career as a fashion consultant; my first response was no thank you I am not interested. Respectfully she gave me an informational package to read in the off chance my interest changed. I did read the material and realized that a fashion consulting business did fit into my newly formed list of criteria better than I thought and the question “why not?” came to mind. I started my new career as a fashion consultant March 2009 and as I gain experience I gain confidence and the realization “I love what I do!” One challenge I have is treating my business as a business and not a paid hobby, working from home with flexible hours requires discipline and practise. Dropping everything when a girlfriend calls “to meet for coffee” has a direct impact on my bottom line and my ability to earn a comfortable living. The most rewarding part of my business is seeing the sparkle in women’s eyes when they discover how beautiful they look with the right clothes for their body type. Watching their confidence grow and seeing their outer beauty matching their inner beauty; their transformation is intoxicating to me.

As part of my business I offer a Wardrobe Makeover Service specifically for women who hate to shop or just don’t know what to shop for. I help women minimize their wardrobe, organize and coordinate their closets with clothes that work well together taking the stress out of daily dressing; filled with the right outfits; helping them look fabulous on every given day. Typically 80% of the clothes in our closets just hang there taking up space because they don’t fit, don’t appeal or just don’t go with anything else in the closet. Why are we still saying “I have nothing to wear?”

I am an Optionelle fashion consultant, working from my home boutique on the Sunshine Coast through home parties, private consultations and educational workshops. I have the freedom to take my services anywhere in the world and I do! I can be reached at: lisa.optionelle@gmail.com. To learn more about Optionelle go to: www.optionelle.com. Who knows? This could be a career for you too; we are always looking to build the Optionelle team with women who love what they do.