Episode 101 - Saving for your retirement

business/career financial Aug 20, 2017

There are a lot of retirement plan options for small business owners. How do you determine which one is right for you? In this episode, we discuss all the options to help you find the right plan for your biz. 

All the numbers in this post are valid for 2017. Each year, these numbers are updated by the IRS. 

Individual Retirement Plans (IRAs)

If you are just starting to save, an IRA might be an easy way to get started. An IRA will allow you to save up to $5,500 in 2017. If you are over the age of 50, you can make an additional catch-up contribution of $1,000. 

There are two types of IRAs: a traditional IRA and a Roth IRA. 

Traditional vs. Roth

It's important to understand the difference between these two plans to ensure you are achieving your goals. 

Traditional

With a traditional plan, you put the money in pre-tax, which means you get a tax deduction now. However, when you take the money out at retirement, you must pay taxes based on your normal tax...

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Episode 100 - What a long strange trip it's been

We can't believe it's been 100 episodes and almost two years since we started Small Biz Life. In this episode, Jeff and Kristin reflect on where they were on episode 1 and where they are today. 

A lot has changed since we launched the show on September 15, 2015. Join us as we discuss what we've learned and how our lives have changed. 

Listen to the show on iTunes, Stitcher, YouTube, Google Play Music, iHeart Radio, or with the player below.

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Episode 99 - Money and Budget Tips with Melissa Thomas

Money and Budgets affect every aspect of out a small business owners and our lives.

Personal Finances matter as much as business finances for small biz owners

Kristin and I have a discussion with Melissa about controlling budgets, working towards our dreams, and her new book, "Building My Yellow Brick Road: Life Lessons from Pursuing a Dream".

Listen to a great interview and get out and Building My Yellow Brick Road: Life Lessons from Pursuing a Dream and learn more about her business Melissa the Coach and how to deal more about your personal finances. 

 

Listen to the show on iTunes, Stitcher, YouTube, Google Play Music, iHeart Radio, or with the player below.

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Episode 98 - What to do when your plan fails

We all experience failure at one time or another. Successful business owners learn from their failures and keep going. In this episode, we discuss how to learn from failure to increase your success next time.

What to do when your plan fails

Jeff and Kristin discuss the following items this week:

  • First thing is to accept that your plans can (and sometimes will) fail
    • Understand there is risk
    • Go in with eyes wide open
    • Try not to risk it all for an opportunity
  • Own it!
  • Understand the damage
  • List out what when wrong
  • Determine what can be salvaged
  • Determine if there are other wins
  • Make a new plan to move forward
  • Breathe and smile
  • Keep moving
  • Learn from it

Listen to the show on iTunes, Stitcher, YouTube, Google Play Music, iHeart Radio, or with the player below.

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Episode 97 - How to deal with unhappy customers

None of us want to deal with unhappy customers but it is inevitable as a small business owner. In this episode, we discuss how to save your sanity and your reputation next time you must deal with one. 

Before you respond

Many of us get a negative email, message, or review and want to instantly respond while we are seething mad. Probably not the best way to respond. Before you reply:

  • Breathe
  • Empathize
  • Do not take it as a personal attack
  • Think of solutions

How to respond

  • Listen objectively and get to the root of the problem
  • Come up with a quick resolution
  • Implement the resolution quickly
  • Don't be a pushover
  • Sometimes you cannot make them happy, no matter what you do

Sometimes you must fire customers

If a customer is too demanding or gets out of line, you can fire customers. Make sure you have disengagement language in client contracts where applicable. 

Listen to the show on iTunes, Stitcher, YouTube, Google Play Music, iHeart Radio, or with the player below.

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Episode 96 - Pricing your products

Small business owners typically struggle with pricing their products, especially digital products. In this episode, we discuss the factors that must be considered when setting your prices.

For more information about pricing your services, check out episode 90.

The components of pricing

There are four components of pricing:

  1. Direct materials - These are the materials that go into each unit of your product. This might be the cost of a product that you have someone else manufacture for you or bonus items you give away with the cost of a digital course (maybe you mail a welcome packet or t-shirt). Direct materials can also be the cost of software that is incurred on each sale (if you are selling software as a service or other products with incremental software costs).
  2. Direct labor - This is the direct cost of labor to make or provide the product. An example of this would be the cost associated with your labor to record videos for a monthly membership site like Small Biz HQ. This would...
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Episode 95 – Get the most out of your vanity metrics

Why do we always look at numbers that mean very little?

Vanity metrics are the numbers that push most online businesses. However, they are just that vanity. They can make us feel great when they look good or grow.  However, if they are low then we feel horrible. It makes us what to stop.   

However, we need to remember that good or bad they mean nothing on their own.  Views, downloads, likes, views, and hearts all mean nothing on their own. 

VS what we need to know

What we need to look at is revenue, customers,  conversion, cost or ultimately profit. 

However, when we start a business those numbers are bad.  They are the numbers of "old" business.  They are not as sleek and sexy as these more modern metrics that make us feel like we are at least helping others even if we are not yet making money.

We understand 

We are looking for validation as well.  We want profits.  However, we do this to help people....

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Episode 94 - Health and Wellness Tips with Emily Olson

As small business owners, we often forget to take care of ourselves in the midst of our busy schedules. Join us for some wisdom from integrative health and wellness coach, Emily Olson. 

Health and Wellness for the Small Business Owner

During this discussion, we cover food, movement, and energy so you can more effectively run your business. We had a lot of fun doing this interview and Emily provided some great tips. 

If you are interested in finding out more about Emily and working with her, check out her website and sign up for a free 30-minute Breakthrough call. You can also sign up for her free 7-Day Whole Food Challenge.

Other Mentions

Smoothie and Protein Powders

Vega protein powders

Ancient Nutrition Bone Broth Protein (this is what Kristin uses)

Organifi protein powder and green juice (use code WLW15 to save 15%)

Shakology

7-Minute Workout App for Apple or Android

(Some of the links above are affiliate links)

 

Listen to the show on iTunes, ...

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Episode 93 - How to automate your appointment scheduling

Scheduling client meetings, interviews, and other appointments can be time-consuming. In this episode, we discuss appointment scheduling apps that can help you save time and get paid faster.

Why should you consider an appointment scheduling app?

There are many reasons to use one of these apps. Here are some of the most important ones:

  1. Allows clients to schedule appointments with you without the back and forth of email scheduling.
  2. Allows clients to pay for appointments before the meeting.
  3. Automatically sends appointment reminders.
  4. Allows clients to reschedule if needed.
  5. Allows you to set up classes or workshops with multiple attendees.

You can also use these systems to book other types of appointments like discovery calls and podcast interviews. Really any situation where you need to meet with someone else, you can use one of these systems. 

Key features

There are a lot of apps out there. In this episode, we only discuss a few of them. When looking at different systems, you...

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Episode 92 - Simplifying your life

We spend a lot of time trying to simplify our businesses, but how often do you think about simplifying your life? In this episode, we discuss tips for simplifying your life. 

Simplify your home

  • Minimize your stuff
  • Automate your home maintenance
  • Have a cleaning kit
  • Pick up 15 minutes each day
  • Choose quality first

Simplify your money

  • Automate your bills
  • Pay off your debt
  • Have an emergency fund
  • Wait 24-48 hours for major purchases
  • Live simply
  • Be grateful
  • Find the root reason for overspending

Simplify your routine

  • Having a morning and evening routine
  • Create a monthly meal plan
  • Recreate leftovers
  • Have a few Plan B meals in the freezer or pantry
  • Don't get the mail until you are ready to deal with it

Other mentions

Episode 86: Finding your daily focus

Episode 33: Quick dinner tips

The Life-Changing Magic of Tidying Up by Marie Kondo

72 ways to simplify your life by Zen Habits

Dyson cordless vacuums

The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your...

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