investment strategies due diligence

Investment Strategies and Money Rules – Due Diligence – Part 3

Now is the time to roll up your sleeves and really get your hands dirty. Due diligence is the single most important step in investing and yet it’s the step a lot of people ignore and then complain when all their money is gone. At this point you have completed Step 1 – explored your relationship with your money and determined how much you have to invest. You have completed Step 2 and understand your risk tolerance or management style. You have identified what asset classes you want to invest in and know how much money you have to invest …

investment strategies diversification and Risk Tolerance

Investment Strategies and Money Rules – Diversification and Risk Tolerance – Part 2

The next step to successful investing is to understand your approach to risk and diversification. There are 3 basic ways to approach risk: Risk avoidance are investment strategies that do not place your principal at risk and often will offer some kind of guaranteed return. Risk avoidance strategies include CD’s, savings accounts or traditional fixed annuities. These strategies all come at a cost. The return on your investment is exceedingly small and some have fees if you want your money back before the agreed upon term. You also run the risk of your money not keeping up with inflation. Accept …

investment strategies

Investment Strategies and Money Rules – Part 1

Once you begin to accumulate wealth, many people begin to look for investment strategies to grow their wealth. In this 3-part series we’ll explore your relationship to your money and ways to invest it for profits that fit your specific situation. The ultimate goal is for you to understand your relationship to money and develop a system for analyzing deals and investing in assets that allows you to sleep soundly at night knowing you’ve done everything you can to invest wisely for maximum return on investment. Your feelings about money Most people don’t think of it this way; but you …

overwhelm

How to Tackle Overwhelm

Entrepreneurs are not lazy, they work hard. There is always so much to do, which for most of us leads to a sense of overwhelm. It happens to all of us. Things will always take longer than you think or want them to. I’ve never, in all my 13 years of coaching had a client say, “things are moving much faster than I thought they would.” Overwhelm will happen, sooner or later, expect it to happen and have a plan for when it does. Have a written down plan This is the most important thing you can do to combat …

advice for starting a business

Advice for Starting a Business

Recently I was on a panel of entrepreneurs and was asked what advice I would give to someone wanting to start a business.  At least a dozen thoughts went through my head, from the tactical to the strategic. After the event I jotted down some notes, here some advice for starting a business. You don’t know everything. And that is okay. There are plenty of people out there willing to support you and give you advice.  However…. Not all advice is good advice so check in with your intuition or your gut before blindly following the leadership of others. It’s …

Entrepreneur Mindset

Teach the Entrepreneur Mindset to Your Kids

As entrepreneurs, I think one of the best things we can do for our kids is to expose them to the entrepreneur mindset. Not all children of entrepreneurs should start their own business, however, I believe encouraging your kids to explore the power of entrepreneurship will serve them well throughout their lives regardless of what career they choose. I’m not talking about your kids setting up a lemonade stand in your front yard. I’m talking about embracing the entrepreneurial state of mind, teaching your kids valuable lessons that they will keep with them throughout their lives. Unfortunately, we don’t teach …

business bank account

Why You Need a Business Bank Account

No matter what legal structure your business has, you will find conflicting opinions on whether you need a business bank account. If you are a sole proprietor, you may be able to get away with a single bank account. Some online accounting systems have the ability to track business and personal expenses in one account. You will need to set the account up to track both business and personal expenses and pay close attention to make sure everything is coded correctly. So, while it’s possible to only have one account, I don’t recommend it, here’s why… Sole proprietorship A sole proprietorship is …

day off

Take a Day Off

As entrepreneurs in charge of our own companies, taking time off can be a tricky topic. One of the main reasons we work for ourselves is to have the freedom to control our time and our work schedule. However, for many of us, if we’re not there doing or at least leading the work, things either don’t get done or don’t get done the way we want them done. What I’m talking about here is not a scheduled vacation, I’m very much in favor of taking some extended time off. I take a week off in August and the week …

build it and they will come

Build It and They Will Come is Bull

The phrase “Build it and they will come” was made famous by Kevin Costner in the movie Field of Dreams. The quote was actually “If you build it, he will come. He built the baseball field and low and behold he did come. That’s how it works in the movies. Some say it was originally a quote in the Bible where God told Noah that if he built the ark, the animals would come. Either way, today it seems to create an unrealistic expectation that all you have to do is build something and people will just show up begging …

joint venture partners vs affiliates

Joint Venture Partners vs Affiliates

If you’re in business for any length of time, chances are you will want to include joint venture partners and affiliates. Joint venture partners vs affiliates, while the two terms often are used interchangeably, they really are different types of partnerships. Affiliates An affiliate relationship often times takes the form of one person selling the products of another for a commission. An affiliate relationship tends to have a lesser connection than a JV. When starting a business, it’s common to only have limited products to sell or none at all. Using products from another source and selling them as your …