Funding Dreams: Navigating Finances from Bootstrap to Big Time

 In this episode of Business Power Hour with Faith Mariah, my guests and I discussed:

• Cierra Lueck's game-changing strategy of reviewing expenses quarterly and assessing service charges to ensure the best results for clients.

• The importance of making buyer decisions and navigating business expenses effectively, as emphasized by Katie El Shaarany based on her coaching expertise.

• Katie used to buy cheap items in Egypt or China and sell them back home to make money. Talk about creativity!

• Our conversation also dives into the risks and rewards of making investment decisions and how to bounce back from unsuccessful investments.

• The significance of establishing systems, handling business growth, and dealing with unexpected circumstances, as highlighted by yours truly.

 In this episode of Business Power Hour with Faith Mariah and with special guests Katie El Shaarany and Cierra Lueck, they share intricacies of business finances, strategic growth, and sustainable entrepreneurial practices. From boosting monthly income to making sound investment decisions, this conversation offers a treasure trove of insights for aspiring and established business owners alike. Here, we expand on the essential themes discussed by these adept businesswomen.

Quarterly Expense Reviews: A Key to Financial Health

Cierra Lueck highlights the importance of regularly reviewing business expenses. “I go through my expenses quarterly,” she says, emphasizing that this practice allows her to keep a vigilant eye on where the money is going and adjust accordingly. Reviewing expenses ensures that service charges are optimized for the best results for clients, making Cierra's approach an effective strategy for maintaining financial health.

Katie El Shaarany adds to this by encouraging small business owners to remain aware of their numbers and be prepared to make necessary trade-offs. Her emphasis on humility and the willingness to "eat humble pie" underscores the importance of adapting to financial realities without compromising the business's sustainability.

Delivering Value to Customers: The Cornerstone of Success

Faith Mariah stresses the significance of delivering exceptional value to customers as a foundational element of business success. By focusing on customer satisfaction, entrepreneurs can not only retain their clientele but also encourage word-of-mouth referrals and repeat business. This approach not only bolsters revenue but also strengthens the brand's reputation in the market.

Mentorship and Investment Decisions

The discussion naturally veers towards investment in personal and professional development. Cierra Lueck recounts her bold investments in mentorship and courses, which included a $10,000 mastermind program. While some investments yielded substantial returns, others, like hiring an ad specialist which led to a $10,000 learning lesson, did not.

Faith Mariah underscores the necessity of making investment decisions that align with one's nervous system and being prepared for the worst-case scenario. Katie reiterates this by noting that successful investments often feel slightly uncomfortable, highlighting the need for careful consideration and alignment with financial stability.

Evolving Business Strategies: From Small Wins to Big Gains

All three women agree on the importance of incremental growth. Cierra Lueck shares her experience of escalating her monthly earnings from a modest $1,900 to an impressive $20,000 within just four months. Her strategy? Starting with small, manageable sales and progressively moving up to higher-priced offers. This method not only boosts confidence but also enables a gradual yet sustainable increase in revenue.

Katie El Shaarany’s move to Egypt for lower living costs exemplifies the lengths entrepreneurs sometimes go to manage expenses while growing their businesses. Her humorous suggestion to find a husband there adds a light-hearted touch but serves to underline the importance of thoughtful financial planning.

The Power of Simplification and Delegation

In managing a business, simplicity and delegation are key. Cierra simplifies her operations using minimal tech, relying on tools like Google Drive and a system costing less than $30 per month. This lean approach prevents tech bloat and keeps overheads low. Faith echoes this sentiment, emphasizing the value of straightforward tools like Google Drive for maintaining efficiency.

Delegation is another crucial aspect. By training a team and sharing the workload, business owners can focus on strategic growth rather than getting bogged down by daily operations. Cierra’s family members, including her husband and teenagers, are integral to her business, showcasing the importance of a supportive team.

Practical Money-Saving Hacks and Financial Tools

The conversation also covers smart money-saving hacks. Katie recommends investing in annual subscriptions for tools like Google Suite and Canva, which can save at least 20% compared to monthly payments. Faith points out that switching from monthly to yearly subscriptions saved her $1,500—a significant reduction in operational costs.

The practical advice extends to personal financial sacrifices to fund business growth. Faith suggests cutting personal expenses and finding alternative sources of income, such as selling furniture or using delivery services like Uber Eats. This frugality can be essential, especially during lean months.

Navigating the complex world of business finances requires a blend of strategic planning, prudent investments, and an unwavering focus on customer value. By sharing their experiences and insights, Faith Mariah, Katie El Shaarany, and Cierra Lueck provide a blueprint for budding entrepreneurs and seasoned business owners alike. They provide valuable information about the importance of financial savvy, the power of mentorship, and the constant drive for growth and improvement. By embracing these lessons, entrepreneurs can build resilient businesses capable of weathering financial storms and seizing opportunities for growth.

Meet this Week's Contributors:

Katie El Shaarany,  Business Coach

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• Get Katie's Free Gift, Get Your Shit Together Summer
  A 31 day challenge for new or growing entrepreneurs to make daily steps towards growing their business, even if you're short on time and cash. Journaling, social media and other activities to get your shit together.

Cierra Lueck, Founder

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• Get Cierra's Free Gift, 80 Viral Questions
  Discover how to go viral, get visibility and start sales conversations with viral questions. (Then go post your VQs immediately using the templates here!)