Intuition versus Logic in Business?

Intuition versus Logic in Business?

If you want to be wildly successful, in the business of your dreams, you do actually need both.

 

Intuition is motivation, inspiration, passion and it all sounds very exciting.

 

Logic is work-ability, day to day practicality but it also ensures you make money.

 

Not so exciting for many people!

 

In fact, we tend to go one way of the other.

 

If you do want to be wildly successful,

then focus your time and money on both intuition and logic.

 

For support, contact me, Jenny@jennybracelin.co.uk

 

Thank you for watching.

 


Are You Missing the Obvious?

Are you missing the obvious?

 

It can be hard to see ourselves.

Sometimes we struggle on, doing what we think we ‘should’ do, rather than actually what we want to do.

This is often obvious to everyone else but ourselves.

 

I had a client,

let’s call him Dave, he was a massage therapist.

He was kind caring and compassionate, wonderful strengths in a massage therapist.

 

He also had a lot of tattoos on his head, face, neck and forearms, not necessarily a problem, except for they were very, very scary and dark.

He felt that was a weakness, when he had gone round the local beauty salons trying to get work.

There was nothing he could do about it because he had so many and also because he felt they were part of him and part of his journey through life.

 

So I said to him

“Why did you start your business?”

He said

“Because I had a massage in prison, which really helped me overcome my addictions.  What I really want to do is work in prisons.”

 

I thought, yes actually, that is obvious, you would work very well in prisons.

Your scary tattoos would actually be a strength, as opposed to a weakness.

Yet he hadn’t done so because he just felt he needed some experience in beauty salons first!

 

Once I said no, just go for the prisons.

He did and got work in the local prisons and I am sure he made a huge difference to the inmates there.

 

So what are you missing that is obvious, perhaps to everyone else, but not yet to yourself?

 

Thank you for watching.

 

 


Is There Anything I Need to Do With My Business Before the End of the Tax Year on 5th April 2017, in the UK?

 

Is there anything I need to do with my business before the end of the tax year on 5th April 2017?  (UK)

 

Now this is the time of year accountants and financial advisers get very excited, they are also quite often busy.

 

It is all to do with Tax Allowances, which I know sounds really boring but it is essentially the government’s way of encouraging us to do things , like savings and pensions and other things like that.

So before you glaze over and switch off.  I have made it as simple as possible.  So you can start your journey of understanding these things, because they are important and will provide for your financial future.

 

Let’s face it, most of us don’t get up in the morning going yeah! Let’s sort out our savings and pensions and tax allowances, how exciting!

 

So simple, so clear, let’s go.

 

If you bring home to you, less than £11,000, from all your jobs and businesses. That’s £11,000.

 

Here are my suggestions to consider.

 

Firstly

Putting some money in an emergency savings account – you know it is important, well now is the time to create or add to your emergency savings.

 

Secondly

To check your eligibility for the state pension, before you go ‘nooo, not relevant’ and dismiss it.

 

You only need 30 years of national insurance now to be eligible and if you are self-employed, it is actually a really good investment.

 

One they are probably going to change in a few years, so worth looking at this year.

 

This is the one thing I recommend you do – get a statement from the government on where you are with your state pension. click here to apply

 

So check out your state pension as it is a very good investment particularly when you are self-employed.

 

Lastly

Married Couples Allowance

I know it sounds archaic but was brought in by David Cameron and not of lot of people know about it.

It will give you £220 a year, so worth considering.  You can just apply online.

You are eligible if one partner is earning less than £11,000 and one partner is earning over £11,000.

Click here to apply.

 

I know, but you want to know these things, don’t you!

So that’s clear, if you are earning £11,000 or less. You can find out more on www.gov.co.uk

 

Let’s look at if you bring home over £11,000?

 

I have a few more tips to include.

 

The more you earn, the more important these things are to look at.

 

Firstly

Back to savings again – it is even more important now, that you have emergency savings.

When you earn over £11,000 you might want to put the money into an Individual Savings Account (ISA).

You will probably see lots of TV advertising and print advertising saying ‘Use your ISA Allowance’.

 

It is a place to put savings where we don’t get taxed, so well worth it if you pay tax, that’s an ISA.

 

In fact, the government has started a new Lifetime ISA if you are under 40 to encourage young people to save.  It is even better than a standard ISA.

http://www.moneysavingexpert.com/savings/lifetime-ISAs

 

Secondly

The second thing is a personal pension.

It is incredibly tax efficient to put money in a pension.

The government actively wants us to do it.

So once you start earning over £11,000 and definitely when you get to £43,000, you want to be putting money in a pension and providing for your future in some way or other.

 

Would recommend a financial adviser here or starting off with one of the simple ones, again check out https://www.gov.uk/personal-pensions-your-rights

 

Lastly

This is a business one

If you are about to make an expensive purchase anyway?  It can be worth consciously deciding which tax year to buy it in, either before or after the 5th of April.

Accountants get quite excited about this.

 

In conclusion

So that is it, not perhaps as complicated as you thought?

 

As I said, we never wake thinking, ‘let’s do the really complicated stuff today’ but it is worth it.

 

On this blog, as well as including the exciting things, I wanted to cover some of the more difficult things, people avoid, put off and generally blank!

 

The action for the end of the year,

well there is nothing you have to do but providing for your financial future is highly recommended.

 

Take one action today towards your future.  Put some money in savings and/or order your state pension statement.

 

Thank you very much for watching this, I have much respect for you watching these videos, particularly when they are about more difficult subjects. 

Thank you.  Jenny

 

 


The UK Budget March 2017. What I need to know as a Self-Employed Woman

The UK Budget March 2017.

What do we need to know as Self-Employed Women?

That is what I am going to answer today.

 

 

So the first thing is, because the budget fell on International Women’s Day.

They chucked £10 million in our direction.

Which is a small amount in terms of budget but it is to celebrate the voting rights of women, it is a 100 years.  Also to help people get back into the workforce.  Good to start with a positive.

 

The second thing is the most urgent.

If you have premises and you pay business rates or going to being paying business rates, they have done all kinds of reliefs and transitional things and it is a bit complicated.

 

What I suggest you do is give it 2-3 days and let the journalists and the accountants work through the details.

 

Perhaps at the weekend or next week, have a look, as the chances are you won’t have to pay business rates, which is really good news.

 

The other side of that is they have decided that lots of businesses now don’t have premises and we run our businesses digitally, which I must admit I do.

They are going to find a way to tax us to make up the shortfall – so pros and cons there.

The one they are all talking about is the self-employed increase.

The National Insurance increase.  National Insurance is used to pay, in theory, the National Health, Pensions and Benefits.

When you are self-employed, you do get to use the National Health and in the last couple of years, you now get pensions but we still don’t get quite a lot of benefits and that is why we pay less National Insurance.

As that evens out, their view is, they want to even out the amount we pay.

 

Whether you are employed, self-employed or running a Limited Company, you will pay similar amounts of tax and National Insurance, that’s their plan.

 

From next April 2018, they are increasing the national insurance rate by 1%.

 

What that means is when you do your tax return, you pay 20% tax and 9% national insurance. 

Next year it will 10%, the year after it will be 11%.

 

If you are wanting to put up your prices, which is a question I have been asked a lot today.

By how much? Probably 1% is enough, so that is not too bad.

 

The other thing they have done is increase the amount we can earn before we pay tax.

We still have to do a tax return, if we earn under this amount but it was £11,000 and it has gone up from this April to £11,500.

You won’t start paying 40% tax until you reach £45,000 profit, up from £43,000 too.

Actually they have done it so it will feel like you have got more money but they will still be taking that extra 1% in national insurance.

 

That’s the thing everyone has been talking about so it is quite simple and there is nothing you need to do urgently.

 

If you are in the middle of putting your prices up you can add 1% to cover that over the next couple of years.

 

Anything else?  Yes, if you do run a Limited Company they have made that much less attractive so when you do your tax return, I would review that.

They have taken off tax relief on dividends if you know what that is.  If you don’t know what that is, talk to your accountant or you will see when you come to do your tax return.

There is nothing you need to do anything about this minute.

 

The only other thing for women is they have changed Child Tax Credits.  David Cameron did this a couple of years ago but it has only just come into effect this April.

From this April, if you have more than 2 children, they will only give you tax credits for the first 2 children.

So if you want to have 7 or 8 children, they are not going to give you tax credits for those, just the first 2.  That has come into force this April.

That’s it, it isn’t that complicated and there are some great resources on the internet if you want to find out anymore information.

I just wanted to give you the basics that are relevant to us, as self-employed women.

Thank you for watching.

 

 


How Much Money is Enough?

How much is enough money?

There is no right answer, only the right answer for you!

What makes you feel happy, contented and feel good about yourself?

Now I am talking personal money here, just for you.

Not charitable contributions or community donations, or for anyone else.  Just for you.

 

 

I have asked 100’s of people this question

(I know, but that is what I am interested in), mostly in the early stages of business.

Generally, the answer is a blank look.

It is very rare for someone to actually have an answer,

ever rarer for someone to have  a money goal,

(which is obviously something I get excited about).

 

Yet happiness surveys tell us “having enough money increases our happiness” but once we have enough, then it is all about our health and our relationships.

 

So it could be interesting to work it out?

You don’t have to do it formally,

just on the back of an envelope, but I wonder what the answer would be?

 

Alternatively, decide you have enough money and enjoy it.

 

Thank you for watching.

 


Can’t Face your Figures? Write a Letter to Money Instead.

Can’t face your figures? Write a letter to money instead.

Yes, we are all human and there are times where we all think ‘ugh’ I can’t face doing my figures or my bookkeeping, or money just got on top of you.

So today what I wanted to do, was provide you with a short, quick tool to use, when you get into that place.

Yes, it is only being human and by doing writing instead of figures, hopefully, it accesses a different part of your brain.

Now many of you might have written a letter to money before but what I am suggesting today, is to just pick one topic to keep it short and sweet.

Why can’t I get on with my books?
Why do I always spend more than I earn?
Why do I … whatever it is that is your thing?

Just pick one topic and write a letter.

Now what you want to do is write it like you are writing to a dear friend.

A dear friend that is never going to read it so you can be as honest as you like!

It is a great place to have a good rant or get anything off your chest that you feel will help.

You can just take a sheet of paper and write it out, do it on your computer. Or if you want some headings to help you along, I have prepared some.

If you go to my website www.jennybracelin.co.uk/dearmoney you will find the headings and the explanations.

The headings for your Dear Money letter are:

I am doing…, so it is Dear Money and then say what you are doing.
I am feeling…and say what you are feeling.
Ask what can you do…what can you do?
Dealing with buts, and’s and I want more’s… they will come up so have that as a topic.
What can I do now? You don’t have to do it but ask the question.
End with a Thank You, that is always a good way to end.

So that is my ‘get yourself unstuck’ little tool so thank you very much for watching.

Next week we are back to practical stuff and it is a Live Q & A on Facebook at 12 noon GMT on Friday 3rd February 2017.

We are talking about now you have done your books, or now you have done your accounts, what now? You can just stick them in a drawer but we are going to provide you with some other useful suggestions.
Thank you for watching.


Bookkeeping Motivation

Bookkeeping Motivation

The best method I have found over the years of motivating both myself and my clients is the method of rewards and consequences.

Little rewards when you complete your books, little consequences when you don’t. This has the effect of associating rewards with bookkeeping, which is a good thing, and also positive emotions.

So I think of bookkeeping as the business equivalent of laundry.

Yes I am talking washing your clothes here, which might seem a bit random! When you wash your clothes regularly, it means you can wear all your favourite things. If you leave your washing for too long, you end up wearing the things you like least, that are left at the bottom of the wardrobe.

Even buying new is only a short term solution.

Can you imagine doing a whole year’s worth of laundry in one go?

Should you have that many clothes. Yet that is what people do with their bookkeeping. Then they wonder why they avoid it, that sounds quite daunting to me.

So my recommendation, like your laundry, do it regularly, it lessens the chore and you might even start enjoying it. You will definitely get better at it.

If you are not sure how to do your books, I have created a course called The Most Simple Bookkeeping Course Ever, which will show you how to set up your books and how to do them regularly.

It is available on Facebook and my website. Thank you for watching.


The Most Simple Book Keeping Course Ever

Welcome to The Most Simple Book Keeping Course Ever

So, why do your books?

I can almost hear you say “because we have to” and yes tax offices around the world do love to know how much us businesses make, so they can tax us, that is true.

However, the main reason to do the books is for you.

You need to know how much, you can take out and go party on.

Or more seriously, making business decisions without know your figures, is a bit like wandering around in the dark.

So I have created this very simple way of doing your books and starting your book keeping journey.

It is aimed at home based businesses, one person businesses, who are just starting out. Or perhaps have started their business but got a bit behind with their book keeping!

It is 5 very short videos, we do Book keeping Explained, we deal with your Money In, your Money Out, Bringing it All Together and the top Frequently Asked Questions (FAQ).

In fact you can actually do your books whilst you watch the video.

All you need is a piece of paper and a pen.
So do you want to start your book keeping journey now?

Click PayPal link below and pay, and I will take you to the videos.

Or go to my website Jenny Bracelin

Either way, I wish you every success with your business, thank you for watching.

Here’s how to pay and have your book keeping up and running in under 15 minutes for just £25.


Disclaimer: Only take advice that is useful!


Pricing: How Much Per Hour?

Today we are talking about pricing, particularly how much to charge per hour.

So the good news and possibly the bad news is there is no right answer.  It depends on a number of factors really.

Essentially you want to charge enough so you are earning the same or more than you would in the same job and covering your business costs but also possibly even making a contribution to your pension!

Chloe, from Pink Flamingo Marketing very kindly sent me this link called

YourRate.co and in about 10 seconds you can work out what you should be charging per hour.

Obviously there are a number of factors, the most important one is clients can afford to pay your fees.  There is no point having this fantastic service if you are trying to sell it to people with no money.

So there are a number of factors to take into consideration, obviously how much your clients can afford and you can change your clients or your service if the ones you want to serve can’t afford you.

But also your skills, your level of professionalism and your service in general and what you offer.  So you are trying to get a match between you and your customers.

I have a couple of examples, 2 graphic designers.  One was doing a minimum wage job and really loved doing logos and wanted to start a business.  With no money at all, no investment, she logged on to Fiverr.com and started offering that service.

She had no experience, no specialist equipment and no qualifications.  After a while she worked out she was earning £10 per hour doing it in the evenings and weekends and that was more than she was earning during the day so she was very happy and I am sure her customers were too as they were getting cheap logos and that was what they were looking for.

As the other end of the extreme I had a client who was an incredibly experienced graphic designer, with 20 years experience.

Highly qualified, highly technical, had all the right kit and her customers loved her.  She worked mainly for technical companies who where making money and wanted to create an image that both explained and made look appealing their technical parts.  That takes a bit of skill and they were happy to per her upwards of a £100 per hour to do that.

So as you can see it does depend on lots of factors.

What I would recommend is it is a bit of trial and error, but if you listen to your customers, both to what they do say and what they never say about you, then that would be a good place to start looking at whether you are charging the right price and if there are things you can do with in your business to make yourself more professional and be a better match for your customers.

You will know when you have got it right as customers will love what you do.

Thank you very much for watching and I look forward to seeing you next week, my name is Jenny Bracelin and I am a Business and Money Coach, thank you.