Latest / WOC and Allies: Business and Career Realtalk with Elaine Lou Cartas / 51. 6 Years in Business: My Mistakes + Triumphs

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51. 6 Years in Business: My Mistakes + Triumphs · WOC and Allies: Business and Career Realtalk with Elaine Lou Cartas

0:00
SPEAKER_00: Legacy leaders, we are here six years in business.
0:07
SPEAKER_00: So, my business anniversary gift to you is every year I love sharing with you a look under the business hood of not just the triumphs, but the things I messed up on.
0:24
SPEAKER_00: So that you do not have to repeat it.
0:27
SPEAKER_00: You're welcome.
0:29
SPEAKER_00: I share my$30,000 mistake I did when I first started.
0:33
SPEAKER_00: Yep.
0:33
SPEAKER_00: I'm gonna save you 30k.
0:35
SPEAKER_00: You are welcome.
0:37
SPEAKER_00: And also hopefully creating more revenue.
0:40
SPEAKER_00: And more importantly, not just creating more revenue, but creating a life that you want to live and making sure your business matches that life.
0:54
SPEAKER_00: All right, let's drop the beat.
1:00
SPEAKER_00: Legacy leader, welcome to the Color Your Dreams podcast for women of color and allies.
1:07
SPEAKER_00: I'm Elaine Lukardas, your host and a business and career coach that LA Weekly named the number one thought leader, and AppleMuse named one of the top five business coaches.
1:22
SPEAKER_00: I know you've established yourself in a leadership and executive role.
1:28
SPEAKER_00: And this podcast is here to remind you that you can create a holistic life so you can lead without sacrificing your well-being.
1:41
SPEAKER_00: So expect me and my guests to have some conscious conversations with you on creating intentional direction and sustainable strategies so that you can create an aligned team, career, business, and life.
2:00
SPEAKER_00: Don't worry, I'm not gonna give you a one-size fits-all prescription.
2:06
SPEAKER_00: You'll learn how to define your own holistic leadership so you can prioritize a life led by fulfillment and self-trust.
2:18
SPEAKER_00: Now, grab your coffee, tea, or boba and let's call your dreams to lead your legacy.
2:30
SPEAKER_00: Legacy leaders, we are here, six years in the business.
2:38
SPEAKER_00: And I say leave because I just want to say thank you for listening.
2:41
SPEAKER_00: And if you haven't yet, be sure to follow and subscribe to this podcast.
2:44
SPEAKER_00: Thank you for listening, for supporting, for allowing me to serve and support you.
2:50
SPEAKER_00: So here's what's gonna go down in this episode.
2:53
SPEAKER_00: It's basically a two-parter, right?
2:55
SPEAKER_00: I'm gonna start with the triumphs, right?
2:58
SPEAKER_00: The wins, and then we're gonna end the podcast episode of Juicy Mistakes.
3:02
SPEAKER_00: Not only am I showing behind the scenes, like under the hood, I'm also sharing with you tips, real strategies, questions, reflections that you can do in your own business to do less and live more, to create a business that is aligned to the life you want to live.
3:22
SPEAKER_00: And I know what you're thinking, Lane, why are you sharing your juicy mistakes at the end?
3:28
SPEAKER_00: I know I'm a tease, but I want you to wait till the end to hear how I messed up so that you could learn from my mistakes and not have to repeat it.
3:39
SPEAKER_00: You are welcome.
3:40
SPEAKER_00: So before we get started, I just want to reflect how this past year in business was a lot of shedding, shedding and unlearning what I was taught to be quote unquote successful as a business owner, to asking the deeper question of what is success defined by me.
4:03
SPEAKER_00: I feel more confident in my own skin on what business owner I want to become and not at the expense of my personal life.
4:13
SPEAKER_00: I've had, like it is, it is July 5th, the day after July 4th that I'm recording this podcast episode.
4:19
SPEAKER_00: So a little over half a year, actually, half a year, technically.
4:22
SPEAKER_00: I've had six vacations.
4:24
SPEAKER_00: I'm going on my seventh vacation.
4:25
SPEAKER_00: I'm going to Tanzania for two weeks, completely off the grid.
4:28
SPEAKER_00: Like, not bring my computer because your girl's committed.
4:32
SPEAKER_00: Not gonna be on cell service.
4:34
SPEAKER_00: I am gonna be one like with nature in a safari for five days and also hiking Mount Kilimanjaro.
4:41
SPEAKER_00: So I'm absolutely not having any cell service.
4:43
SPEAKER_00: I am excited.
4:45
SPEAKER_00: So, triumphs of the past six years in business.
4:49
SPEAKER_00: The triumph is being a tortoise, being a turtle, slow and steady.
4:57
SPEAKER_00: When I came into being a business owner in 2017, there was a lot of sexiness and like grow really fast, you know, hit seven figures in three months.
5:08
SPEAKER_00: For me, I was really focused on like slow and steady.
5:12
SPEAKER_00: And I'm so glad I've done that because now that it is 2023, I've seen a lot of people who has hit those sexy seven-figure numbers.
5:24
SPEAKER_00: Some, not all, but some people, where they hit it so quickly that they were burnt out and then they're out of business or they're in sabbatical.
5:33
SPEAKER_00: And my mental health is really important to me.
5:38
SPEAKER_00: So I knew it was going to be slow and steady.
5:40
SPEAKER_00: So in the past six years, I have served 600 clients in 24 different countries, about 600, I don't know exact number.
5:49
SPEAKER_00: And as of today, that I'm proud of in terms of how clients are finding me is 60% of my clients are referrals and renewals.
5:58
SPEAKER_00: I've had clients who were former colleagues, clients who were high school friends, college friends, people that knew me in my life prior to being a business owner that I just take as a compliment.
6:14
SPEAKER_00: Like I'm very grateful that they trusted me.
6:17
SPEAKER_00: And as I've been slow and steady, I've been focusing on who am I meant to serve, who are my most ideal clients, and letting go of people who may not be a good fit.
6:28
SPEAKER_00: And I'm not saying that I am better than or clients are not good enough to work with me.
6:34
SPEAKER_00: Just simply that we are human and we are not meant to work with everyone.
6:40
SPEAKER_00: Right before I recorded this podcast episode, there was someone who signed up to do a sales call with me.
6:44
SPEAKER_00: And then I was looking through the form, and we both agreed I'm not a good fit to work with them.
6:48
SPEAKER_00: And that's okay.
6:49
SPEAKER_00: And here are other resources that help.
6:53
SPEAKER_00: Another thing that I've been focused on since I've started that I feel like is a win is consistently asking for feedback from my clients on how I can improve to support this, on things I could do less of or more of.
7:08
SPEAKER_00: So as I'm actually gone to Tanzania for two weeks, oh my God, it is coming up.
7:14
SPEAKER_00: When this podcast episode drops, it's about I'm a week kind of nervous because I'm hiking for six days.
7:22
SPEAKER_00: Yes, that means I am pooping like old school nature.
7:27
SPEAKER_00: Anyways, I'm getting sidetracked.
7:29
SPEAKER_00: Going back to asking for feedback.
7:31
SPEAKER_00: So one of the small changes, for example, in terms of asking for feedback, is I noticed all my clients, including myself, has been getting Zoom fatigue, right?
7:40
SPEAKER_00: Because in 2020, we're all online.
7:42
SPEAKER_00: That's all we could do because of the pandemic.
7:45
SPEAKER_00: And I used to have group coaching calls where people would stay for a full two hours.
7:50
SPEAKER_00: But I realized people didn't want to stay the full two hours.
7:53
SPEAKER_00: And then I asked my clients, hey, what if we just made it office hours?
7:57
SPEAKER_00: Kind of like in college when you would see a professor, they have office hours for a couple of hours, who would drop in and drop off when they needed to.
8:04
SPEAKER_00: And people just like that better because their time was is valuable.
8:07
SPEAKER_00: One.
8:08
SPEAKER_00: And two, do we really want to be on Zoom all the time?
8:11
SPEAKER_00: Like there is a reason why I do not have a YouTube to do these podcast episodes because I just don't know if I want to be on.
8:18
SPEAKER_00: Maybe that will change.
8:19
SPEAKER_00: But as of right now, in the season, and that's what I want you to do, in the season of my business and my life, I am good where I'm at.
8:25
SPEAKER_00: And that's that's what I'm doing.
8:27
SPEAKER_00: I'm honoring.
8:28
SPEAKER_00: And going back to being a tortoise and focusing on client service, it's even during the summer, I'm asking myself, what are small little tweaks I can do to improve my business?
8:38
SPEAKER_00: So I'm planning to have Juliana, my project manager, do an office hour.
8:44
SPEAKER_00: I'm actually also considering if my clients are listening, I haven't even talked to you guys about it.
8:48
SPEAKER_00: So probably going to be asking for feedback on a next coaching call.
8:51
SPEAKER_00: But I'm even considering having my own psychic that I see once a month or twice a month to come in and do office hours because I realize how powerful it is for me.
9:01
SPEAKER_00: Like it might be powerful and helpful for my clients as well.
9:04
SPEAKER_00: So small little tweaks.
9:07
SPEAKER_00: And that's a reflective question I have for you is are you taking time to ask for feedback from your own clients on what you could do less of or more of?
9:16
SPEAKER_00: So that's how you ask for feedback instead of the general, hey, do you have feedback for me?
9:20
SPEAKER_00: Do you have feedback on what I could do less of or more of?
9:22
SPEAKER_00: And this is where you could play around of I'm thinking of doing this.
9:25
SPEAKER_00: What are your thoughts?
9:27
SPEAKER_00: And being open to it.
9:29
SPEAKER_00: And if you want to learn on how I've been able to have a high referral and renewal rate in my own business, listen to episode 23 on how I break down and how I continue to get referrals and renewals.
9:40
SPEAKER_00: So that's a first win.
9:42
SPEAKER_00: Oh, the second win.
9:44
SPEAKER_00: You're gonna love this.
9:45
SPEAKER_00: This is like my favorite.
9:47
SPEAKER_00: Now that I think of it, maybe I should start this off as my first one.
9:51
SPEAKER_00: But you know what?
9:51
SPEAKER_00: I'm gonna we're here.
9:53
SPEAKER_00: And we're not meant to be perfect.
9:55
SPEAKER_00: We are human.
9:56
SPEAKER_00: So my second win is understanding and receiving clarity on the life I want to create first and making sure my business works around that and not the other way around.
10:12
SPEAKER_00: So yesterday I was with my friends for July 4th.
10:17
SPEAKER_00: We had this wonderful conversation about how unfortunately our generation, specifically millennials, were asked, what do you want to be when you grow up?
10:26
SPEAKER_00: What job do you want?
10:28
SPEAKER_00: As opposed to a better question of what is the life you want to create?
10:33
SPEAKER_00: Do you want weekends off?
10:35
SPEAKER_00: Do you want to work in the office?
10:37
SPEAKER_00: Do you want to be in front of a laptop for eight hours a day?
10:40
SPEAKER_00: Or do you thrive meeting people in person?
10:44
SPEAKER_00: Do you want summers off?
10:46
SPEAKER_00: Or maybe you're neurodivergent.
10:48
SPEAKER_00: Like, do you want to make sure you're working in a career or have a business where it honors people that have ADHD or bipolar?
10:56
SPEAKER_00: All of those questions you don't get asked.
10:59
SPEAKER_00: And this past year, I've been asking that question wait, what is the life that I want to live?
11:06
SPEAKER_00: So here's what they want to tell you, legacy leader.
11:08
SPEAKER_00: Question everything.
11:10
SPEAKER_00: Question what people are telling you to do, including me.
11:14
SPEAKER_00: Because what's important is honoring what you want to do and align to what you want to create.
11:20
SPEAKER_00: And like I said earlier in this episode, I really want to create more time on vacations.
11:26
SPEAKER_00: I'm about to have my seventh vacation.
11:28
SPEAKER_00: On top of vacations, having Mondays off or flexible.
11:33
SPEAKER_00: So I could take my parents who are aging, because all of us age, it's just the reality, to take them to their doctor appointments.
11:40
SPEAKER_00: Also, I've been making sure I've been more consistent with my workouts and movements.
11:45
SPEAKER_00: Like I have it in past years, probably like once or twice a week.
11:49
SPEAKER_00: Now it's like three to five times a week.
11:52
SPEAKER_00: And I've created like a three-day work week where I'm doing calls Tuesday through Thursday.
11:56
SPEAKER_00: So if I want a vacation, I have a four-day vacation.
12:00
SPEAKER_00: I started doing that last year, but I've been more consistent this past year.
12:04
SPEAKER_00: At the same time, things shift and change, like how I have a vacation for two weeks I'm off.
12:10
SPEAKER_00: So there are some Mondays or Fridays that I'm working.
12:13
SPEAKER_00: So being flexible to that.
12:14
SPEAKER_00: But it goes back to what is the life I want to create.
12:19
SPEAKER_00: And I want that flexibility and freedom.
12:24
SPEAKER_00: And then how it goes, even in terms of business strategy, I shared earlier that 60% of my clientele comes from referrals and renewals.
12:33
SPEAKER_00: And then the other about 40% is people finding me.
12:37
SPEAKER_00: I was just so tired.
12:38
SPEAKER_00: This goes to the third win for my business.
12:40
SPEAKER_00: I was just so tired having to be on all the time.
12:43
SPEAKER_00: So I've made sure that any cold leaves I have actually are from Google SEO or y'all.
12:48
SPEAKER_00: I'm actually going to be having a podcast episode with my Google SEO strategist in the future.
12:53
SPEAKER_00: But if you go Google me, I am number one when you look up key search words of wood of color business owner, business owner of woman of color, WC business coach.
13:02
SPEAKER_00: You could Google me.
13:03
SPEAKER_00: I'm number one after the ads.
13:05
SPEAKER_00: I just want people to find me or people to talk about me and my team, or people like, I want to work with Elaine and her team to make it so easy.
13:13
SPEAKER_00: So your action item, write this down, is what is the life you want to create?
13:20
SPEAKER_00: And is your business or career aligned with that?
13:24
SPEAKER_00: And if not, what are small tweaks you can do?
13:27
SPEAKER_00: And if you're realizing, Elaine, I have an identity crisis, you could go delve deeper in another episode I have.
13:33
SPEAKER_00: Episode 11, identity crisis on how to quit or realign your business or career.
13:38
SPEAKER_00: So if you haven't noticed, I'm gonna be dropping some other podcast episodes I have created from the past to listen to.
13:44
SPEAKER_00: And if you're like, Elaine, I'm not gonna remember that, I'll put this in the show notes.
13:47
SPEAKER_00: So all you gotta do after this podcast is click, whether it's Apple, Spotify, whatever you're listening to, and the show notes are right there.
13:53
SPEAKER_00: We'll bring you directly to that episode.
13:55
SPEAKER_00: So my third triumph, my third win in my business, which I alluded to just right now, is I don't solely depend on the internet.
14:08
SPEAKER_00: So Brof Johnson, he's an IG expert, and he shared that Instagram has dropped by 91% in views.
14:17
SPEAKER_00: And this makes sense.
14:18
SPEAKER_00: Like I said earlier, how I decided to go from group coaching calls to office hours is we're all zoomed out.
14:26
SPEAKER_00: We all have fatigue in being in front of a computer.
14:30
SPEAKER_00: In fact, right now I am recording this podcast on Zoom and I'm hiding my face to not look at it right now because I'm tired of looking at my own face all day long.
14:42
SPEAKER_00: And I even remind my clients, like, hey, when we do our coaching calls, you need you do not need to turn on your camera.
14:48
SPEAKER_00: You could turn it off.
14:48
SPEAKER_00: In fact, there are days I'm gonna turn it off.
14:50
SPEAKER_00: Like, honor your energy, but I don't solely depend on the internet.
14:56
SPEAKER_00: And I'm focused on building more partnerships and relationships.
15:00
SPEAKER_00: And because of that, this past year, I created three courses with Madecraft and that came from relationships.
15:07
SPEAKER_00: So shout out to my client Amy Fritz, who is an organizational coach and does time and energy management.
15:14
SPEAKER_00: We actually have an episode dropping the next episode on three tips to get your life back.
15:19
SPEAKER_00: But she worked with Maidcraft, got a LinkedIn learning course up.
15:25
SPEAKER_00: So check that out.
15:26
SPEAKER_00: I'll put it in the show notes.
15:27
SPEAKER_00: And she shared with me, hey, I could introduce you to my producer.
15:31
SPEAKER_00: So she did.
15:32
SPEAKER_00: I pitched one course and they wanted me to do three.
15:36
SPEAKER_00: And then just this past month, they contacted me and wanted me to create a fourth course.
15:41
SPEAKER_00: And yes, I'm getting paid for all this.
15:43
SPEAKER_00: I'm like, what?
15:44
SPEAKER_00: And the reach, the reach to people that I get to support is amazing.
15:49
SPEAKER_00: Like it's thousands of people I get to support through these courses.
15:54
SPEAKER_00: And that actually aligns with my values where I continue to do the to do my high-end one-to-one group coaching programs.
16:02
SPEAKER_00: And at the same time, if people want to get support from me, not only do they have this podcast, but the courses.
16:08
SPEAKER_00: They're not out yet.
16:10
SPEAKER_00: But if you want to know when the courses are out, I will let you know.
16:14
SPEAKER_00: And be sure to sign up for my newsletter at elanelu.com slash join because as soon as they're out, don't worry, I will let all of you know.
16:22
SPEAKER_00: And even in my first year in business, my first Fortune 500 company I presented to and spoke to was Universal Music Group.
16:30
SPEAKER_00: How I got that speaking gig came from a friend who spoke there before, and she introduced me to the director that was setting up all these workshops.
16:39
SPEAKER_00: What else happened this past year?
16:40
SPEAKER_00: I also spoke for Alt Summit.
16:42
SPEAKER_00: My mentors, my friends paused on the play.
16:45
SPEAKER_00: My D and I consultants told me, hey, you should speak for Alt Summit.
16:48
SPEAKER_00: And we both decided to pitch something and we did.
16:50
SPEAKER_00: And me and my other friends who I met at Podcast Movements two years ago, I just told them, hey, I think we should just apply for to speak for podcast movements, which is the biggest conference for podcasters in the world.
17:05
SPEAKER_00: So we pitched it about two months ago.
17:07
SPEAKER_00: Guess what?
17:08
SPEAKER_00: We're speaking next month.
17:09
SPEAKER_00: So I just want to say, I do not depend solely on the internet.
17:13
SPEAKER_00: Think of it like investing, right?
17:15
SPEAKER_00: You want to diversify your funds.
17:18
SPEAKER_00: Don't solely put it on one thing.
17:20
SPEAKER_00: So diversify, but not all the things, right?
17:23
SPEAKER_00: Like a little bit, because if you stretch yourself to thin, thin and do all the things, it's gonna be too much.
17:30
SPEAKER_00: I also am mindful of the fact that people always compare themselves to like the big names, right?
17:34
SPEAKER_00: Like Gary V, Oprah, I need to do all these things.
17:38
SPEAKER_00: I want to remind you that they have all this money and funding and team that they had there, but they had to start somewhere.
17:46
SPEAKER_00: So what are the couple things you can focus on?
17:49
SPEAKER_00: And so for me, it's been podcasting, uh, my emails, right?
17:54
SPEAKER_00: That you could join my newsletter at elanelu.com forward slash join.
17:59
SPEAKER_00: And my referrals, my renewals, serving my clients, that's it.
18:04
SPEAKER_00: And back to even in the beginning of the episode where I said how much I love honoring who I am right now.
18:10
SPEAKER_00: It's also realizing, you know what?
18:12
SPEAKER_00: I don't want to get as much clients as possible.
18:15
SPEAKER_00: And at this present moment, I realize, you know, the container in terms of the clients I want to work with, even in my group programs and my one-to-ones, it's it's 25.
18:23
SPEAKER_00: That's it.
18:24
SPEAKER_00: And it's been really beautiful to own that number in terms of what I want to do.
18:30
SPEAKER_00: I'm also very mindful of the fact that things may shift and change, but this is the season I'm at.
18:35
SPEAKER_00: This is what I want to do.
18:36
SPEAKER_00: And you know what?
18:37
SPEAKER_00: I love working with my clients one-to-one.
18:39
SPEAKER_00: So that's why I have my group programs where clients meet with me monthly one-to-one.
18:43
SPEAKER_00: And then they also have experts like Juliana Wise, who's my project manager, and Monica Schock, who's my marketing strategist, because I realize I can't beat all the things.
18:53
SPEAKER_00: Oh, that was another thing.
18:55
SPEAKER_00: Learning that I cannot do all the things.
18:57
SPEAKER_00: Legacy leader.
18:59
SPEAKER_00: Want more tips and advice for your business, career, and life?
19:03
SPEAKER_00: Sign up for my Gifts and Gifts newsletter at ElaineLew.com forward slash join.
19:10
SPEAKER_00: So here's three things you'll get.
19:12
SPEAKER_00: One, you'll get funny gifts, because who doesn't love memes and pop culture references?
19:18
SPEAKER_00: This newsletter is so fetch.
19:20
SPEAKER_00: Two, you'll also receive actionable gifts.
19:24
SPEAKER_00: Tips on your business, career, and life.
19:27
SPEAKER_00: And third, you'll also receive the gift of me.
19:32
SPEAKER_00: So my Gifts and Gifts newsletter is like an up-to-date diary.
19:36
SPEAKER_00: Think Zenga or Live Journal, where I'm gonna share vulnerable stories, relatable mistakes, and important life tips like what to watch on Netflix.
19:47
SPEAKER_00: So if you're ready for those fun gifts and actionable gifts to create a more sustainable life, join my newsletter at elanelew.com forward slash join.
20:01
SPEAKER_00: All right.
20:14
SPEAKER_00: Like I feel like just this knowing of who I am and this confidence of who I am and how I want to create my business with my team.
20:23
SPEAKER_00: So I know you're here for this part.
20:27
SPEAKER_00: The messy mistakes I have made, so you don't have to repeat it.
20:31
SPEAKER_00: So let's go through lessons learned.
20:34
SPEAKER_00: Ooh, here's the first one.
20:35
SPEAKER_00: It might be triggering, but numbers, money.
20:39
SPEAKER_00: Learning to have a relationship with money.
20:43
SPEAKER_00: It is a relationship.
20:45
SPEAKER_00: Numbers do not define you, they tell you where you're at and what you can change.
20:50
SPEAKER_00: When I first started my business, I remember I was like, I don't want to do all these things.
20:54
SPEAKER_00: Let me just throw money.
20:56
SPEAKER_00: I threw$30,000, I used my credit card, on Facebook ads.
21:00
SPEAKER_00: And I didn't get an ROI.
21:03
SPEAKER_00: I didn't hit even.
21:04
SPEAKER_00: In fact, I went under.
21:05
SPEAKER_00: And what I learned from that mistake was I didn't take time to understand my ideal clients asking them for that feedback, like I shared, seeing what patterns.
21:16
SPEAKER_00: So that's an action item I want to give you is what are patterns that you're noticing with the clients that you love working with.
21:25
SPEAKER_00: And also I want to share with numbers, be okay to get financial support.
21:30
SPEAKER_00: So when I first started, I think in my first year, I was 55k in debt and I got a loan because I realized, oh my God, I am spending money on the interest of my credit cards and not even hitting the balance.
21:46
SPEAKER_00: So I was able to get a loan to finish paying that off.
21:51
SPEAKER_00: And even last year, I got a line of credit because I wanted to put my mental health first.
21:56
SPEAKER_00: One, and two, I wanted to make Sure, that I was as I was putting going, making sure I was fine mentally because I had so much anxiety and was realizing I was doing all the things that I still had a team to support me.
22:12
SPEAKER_00: I'm so grateful I got that line of credit because now that I'm here this year 2023, I'm oh, it feels so good to have consistent income knowing how it is coming in.
22:24
SPEAKER_00: And I just want to remind you like Fortune 100 companies borrow all the time.
22:29
SPEAKER_00: One of my clients just shared a win with me where she was able to get a$30,000 loan for a new business idea that she created.
22:37
SPEAKER_00: And one of my biggest regrets starting my business actually was in 2020 when I did not apply for a PPP loan.
22:45
SPEAKER_00: Why?
22:46
SPEAKER_00: That was basically free money.
22:48
SPEAKER_00: It was forgiven.
22:50
SPEAKER_00: So if you want more support on how to get accessible funding for your business, listen to podcast episode 16 on accessible money and advice for your BIPOC business.
23:00
SPEAKER_00: Also, another resource is looking up the SBDC, which is the small business development center.
23:07
SPEAKER_00: Maine cities have this.
23:09
SPEAKER_00: In fact, I'm signed up for their email list and I applied to get their 20K grant.
23:14
SPEAKER_00: So that's another thing.
23:16
SPEAKER_00: And get a financial team, a bookkeeper, and a tax accountant.
23:22
SPEAKER_00: I am very grateful to be working with Evolved Finance.
23:25
SPEAKER_00: They are the top bookkeeping and accountants for coaches, consultants.
23:31
SPEAKER_00: And that's what I also want to share is finding a really good bookkeeper or tax accountant for your industry.
23:36
SPEAKER_00: So, yes, I am recommending them and I will put more information about them on my website with my affiliate link.
23:43
SPEAKER_00: But making sure that whoever you hire in your financial team understands your industry and your business.
23:49
SPEAKER_00: I have gone through many bookkeepers and tax accountants where I have been audited or I overpaid.
23:56
SPEAKER_00: And in terms of personally getting a financial advisor.
24:00
SPEAKER_00: So I work with Urban Wealth Management, which is a woman of color firm helping me with my personal finances.
24:09
SPEAKER_00: So I know that was a lot.
24:11
SPEAKER_00: I know I was talking about tactical, practical sharing how I was 55K in debt.
24:17
SPEAKER_00: But even in a spiritual sense, so my woo-woo folks, right?
24:20
SPEAKER_00: And I am Reiki Atued, Reiki certified.
24:24
SPEAKER_00: Our intuition knows, right?
24:26
SPEAKER_00: We know when what's working, what's not.
24:28
SPEAKER_00: What numbers do is they validate your intuition.
24:32
SPEAKER_00: Like, okay, this is working.
24:35
SPEAKER_00: And they give you the confidence to move forward and take action, which is why it's important to consistently look at your numbers.
24:44
SPEAKER_00: So I look at my numbers once a week.
24:46
SPEAKER_00: So I see what is working, what's not, what are things I need to align with.
24:50
SPEAKER_00: And also even like being able to be okay with like, you know what, just the seasonality of things.
24:56
SPEAKER_00: Like it is summer right now.
24:57
SPEAKER_00: I know my business slows down in the summer.
25:00
SPEAKER_00: Q3, Q4, and Q1, they are fantastic for my business.
25:04
SPEAKER_00: But during the summertime, this is when it's slow.
25:07
SPEAKER_00: And when you understand and look at your numbers and seasonality when you've been in business for a couple of years, you could take a chill pill and relax.
25:15
SPEAKER_00: So for me, I know it is a summer, it's slow.
25:17
SPEAKER_00: So I'm gonna go to take two weeks off, which is what I'm doing.
25:20
SPEAKER_00: Actually, a bigger goal I have, which is in the next couple of years, where I want to just take two or three months off in the summer.
25:27
SPEAKER_00: Or if not off, then like not work as much because why not?
25:31
SPEAKER_00: That's a season of my business, anyways.
25:34
SPEAKER_00: So when looking at your numbers, these are things to look at, right?
25:38
SPEAKER_00: So having that team, having the monthly PL reports, one, two, looking at where your leads are coming from.
25:44
SPEAKER_00: So I even have a tracker, my clients have a tracker where clients are coming from.
25:48
SPEAKER_00: And then three, observing what are things we could tweak.
25:51
SPEAKER_00: So I even have standard operating procedures like Google Docs of like things on my sales process of like, oh, these are things I could tweak.
25:59
SPEAKER_00: These are things I could say, these are emails my team and I could send.
26:03
SPEAKER_00: This is a process of onboarding and making it relaxing.
26:07
SPEAKER_00: I know money numbers could be really scary.
26:11
SPEAKER_00: So maybe when you're looking at it, can you play some music?
26:14
SPEAKER_00: Like I have my Mr.
26:15
SPEAKER_00: Bear's budget bangers where I could listen to it, where it's 1990s and 2000s hip hop.
26:20
SPEAKER_00: I'll put it in the show notes.
26:21
SPEAKER_00: Or maybe that's too much for you and you just want to chill.
26:23
SPEAKER_00: And maybe you want to listen to some lo-fi music, whatever it is.
26:27
SPEAKER_00: But what I have learned in my business and seeing my other friends and colleagues is learning to have a relationship with your numbers.
26:34
SPEAKER_00: And if your numbers are not looking good, then coming from it without emotion of what things can I improve?
26:43
SPEAKER_00: Okay.
26:44
SPEAKER_00: Second lesson learned, which I kind of talked about, is creating that CEO day and a time to look at your business eagle's eye view, as opposed to like working in your business day to day.
26:55
SPEAKER_00: It gets so easy.
26:57
SPEAKER_00: We work on our businesses day to day.
26:59
SPEAKER_00: We're doing the things, right?
27:01
SPEAKER_00: Paying people, serving our clients, serving our customers, unless you have a product that's also creating the product.
27:07
SPEAKER_00: But it's also taking a step back to look at your business.
27:10
SPEAKER_00: So my action item for you is to look at a time, maybe it's once a week, twice a week, once a month.
27:17
SPEAKER_00: You have agency choose.
27:19
SPEAKER_00: I personally like doing it once a week so I could catch things.
27:22
SPEAKER_00: And looking at your numbers, PL report, your leads, and also asking these reflective questions.
27:28
SPEAKER_00: What are wins this past week or month?
27:32
SPEAKER_00: What are lessons learned?
27:34
SPEAKER_00: Because if you're in the hamster wheel, constantly doing the day-to-day in your business, you're probably and you're not taking time to look at what's working, what's not working for you.
27:44
SPEAKER_00: You're probably also using that busyness as a drug to not ask yourself those deeper questions where it finally hits you, we're like, oh my gosh, I am burnt out.
27:55
SPEAKER_00: Oh my gosh, I can't do it.
27:58
SPEAKER_00: Like I remember last year where I was even sharing earlier how I took that line of credit where I was like, I know what I need to do to make money, but I can't do it.
28:08
SPEAKER_00: Why can't I do it?
28:09
SPEAKER_00: And I was burnt out.
28:12
SPEAKER_00: But if I caught myself earlier of pausing to reflect, not even once a week, but maybe once a month, like, I can't do this.
28:21
SPEAKER_00: And that's like, okay, what do I need to do?
28:24
SPEAKER_00: What are shifts I need to change in my business?
28:26
SPEAKER_00: So the third lesson that I've learned, and I've shared this earlier, kind of all there's a phrase in Tagalog, the Filipino language, where it's hollow hollow remix things.
28:38
SPEAKER_00: But the third thing is you can't do it all.
28:42
SPEAKER_00: Hire the right people, but not more of you.
28:45
SPEAKER_00: I think it's so easy to be like, well, I just need another person that's like me.
28:49
SPEAKER_00: Actually, find people who compliment you.
28:53
SPEAKER_00: And I am not in my 20s anymore.
28:55
SPEAKER_00: I am getting older.
28:56
SPEAKER_00: My energy is limited.
28:58
SPEAKER_00: I am tired.
28:59
SPEAKER_00: I am not complaining, by the way.
29:01
SPEAKER_00: It is a gift to get older.
29:03
SPEAKER_00: Actually, appreciate getting older because our bodies will be honest with ourselves, right?
29:09
SPEAKER_00: Like, what are you doing?
29:10
SPEAKER_00: You can't keep doing that.
29:12
SPEAKER_00: You can't keep going.
29:14
SPEAKER_00: And when you realize you can't do it all, then it's okay, who can be here to support me?
29:21
SPEAKER_00: And I know for my strength, and that's another thing.
29:25
SPEAKER_00: I do this project or task called Zones of Genius, where I help my clients identify the things they love doing, what things that they don't.
29:32
SPEAKER_00: And then we start figuring out their team members to hire.
29:35
SPEAKER_00: My zone of genius, what I'm great at, is strategy and sales.
29:39
SPEAKER_00: And where I can do better at is systems and marketing, which is why I have my two team members, Juliana Wise, who's my certified project manager, who comes in to help me and is now also supporting my own clients.
29:52
SPEAKER_00: And I have Monica Schrock, who's my marketing strategist, both of them clients, by the way.
29:57
SPEAKER_00: So they even understand who I am as a coach, seeing the perspective of being coached by me.
30:02
SPEAKER_00: But Monica not only helps me with marketing strategy, also with my clients.
30:06
SPEAKER_00: So then they have this trifecta.
30:09
SPEAKER_00: And what I love is my clients end up loving them more than me, which is completely okay.
30:15
SPEAKER_00: And if you want to learn more on how my team have been able to work together to support our clients, you can listen to episode 48, where we look into a deep dive of helping businesses with their marketing systems and strategy.
30:28
SPEAKER_00: And I think that's it.
30:30
SPEAKER_00: I basically gave you, we're gonna go reflect back.
30:33
SPEAKER_00: I'll give it to you.
30:34
SPEAKER_00: So the three triumphs wins in my business one, be tortoise, focus on client service.
30:40
SPEAKER_00: Two, understand the life you want to create first and make sure your business works around that and not the other way around.
30:49
SPEAKER_00: Three, my one was don't solely depend on the internet.
30:53
SPEAKER_00: And then lessons learned is learning to have a relationship with your numbers.
30:58
SPEAKER_00: Second, create a CEO day and time to look at your business, on your business, not just the day-to-day.
31:05
SPEAKER_00: And then three, let it go.
31:08
SPEAKER_00: You can't do it all.
31:10
SPEAKER_00: Hire the right people, but not more of you, people that compliment you.
31:16
SPEAKER_00: And if you want to even know like how much I have changed as a business owner or my business has changed, and you're like, Elaine, I want to know more of the messiness.
31:26
SPEAKER_00: Go listen to episode 24, my five years in business anniversary, and I'll put it in the show notes for you to listen to.
31:33
SPEAKER_00: It's not even the growth in terms of revenue and money, but I just reflect back on the knowing of who I am and the strong boundaries that I have created for myself, for my business, and for my team.
31:47
SPEAKER_00: So, y'all know how much I love ending episodes with a reflective question and action item.
31:54
SPEAKER_00: So going back to like one of the earlier tips is taking your journal, pen and paper, what is the life you want to live?
32:03
SPEAKER_00: I just want you to imagine that.
32:05
SPEAKER_00: Maybe play some music in the background, maybe journal about this at the park.
32:10
SPEAKER_00: And these are questions you probably want to ask yourself.
32:13
SPEAKER_00: How many days are you working?
32:15
SPEAKER_00: Do you want to walk your kids to school and back every day?
32:19
SPEAKER_00: Or if you don't have kids, how often are you on vacation?
32:22
SPEAKER_00: And then be honest with yourself.
32:23
SPEAKER_00: Look at your business.
32:25
SPEAKER_00: Does your business support the life you want to create?
32:28
SPEAKER_00: And if it doesn't, that's okay.
32:30
SPEAKER_00: We're human.
32:31
SPEAKER_00: This is why you're listening to this podcast episode.
32:33
SPEAKER_00: What are the small changes you can start creating?
32:37
SPEAKER_00: Like maybe you realize you're doing too many calls and you just want to do calls three days out of the week.
32:43
SPEAKER_00: So take this time for yourself.
32:48
SPEAKER_00: And happy anniversary to you.
32:50
SPEAKER_00: Yes, you're like, Elaine, why are you saying happy anniversary to you?
32:53
SPEAKER_00: Because you're here listening.
32:54
SPEAKER_00: You're here supporting.
32:56
SPEAKER_00: And I wouldn't be here if it wasn't for you listening.
32:59
SPEAKER_00: So thank you, Legacy Leader.
33:02
SPEAKER_00: If you enjoyed this podcast episode on my triumphs and lessons learned, here are three things we can do if you feel called to do them.
33:12
SPEAKER_00: One, share this with a friend.
33:15
SPEAKER_00: Send them a personal message on how this six-year anniversary episode can help them with their business in creating the life they want to create and making sure their business matches their life.
33:30
SPEAKER_00: Two, leave a rating and review for the Color Your Dreams podcast.
33:35
SPEAKER_00: This will help fellow women of color and allies to create a more sustainable life.
33:41
SPEAKER_00: Or three, if you want to see how to work with me to create a more sustainable life and business where you can do less and live more, schedule a complimentary legacy business review call at elaneloo.com forward slash call.
33:59
SPEAKER_00: Legacy Leader, did you enjoy today's episode?
34:02
SPEAKER_00: If so, subscribe to the Color Your Dreams podcast and leave a rating and review.
34:09
SPEAKER_00: It goes a long way and it lets other fellow leaders find this incredible free resource.
34:16
SPEAKER_00: And if you want more, you can find all the links and information mentioned in this episode in the show notes on my website at elanelu.com forward slash podcast.
34:29
SPEAKER_00: That's E-L-A-I-N-E-L-O-U.com forward slash podcast.
34:35
SPEAKER_00: All right, legacy leader.
34:37
SPEAKER_00: I'll see you in our newest episode in two weeks.
34:40
SPEAKER_00: And remember to follow your dreams to lead your legacy.