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Starting a business almost always requires a mindset change. You are now in charge of the outcome. Many of us initially "fall" into our careers. Some work hard to get a college degree and then discover the field of choice does not bring them joy. I talk with many start-ups every week. They are filling up the entrepreneurial classes I teach. I hear this common thread: "I want to have more control of my life and purpose." Some have a hobby they would like to monetize. Others have a passion they want to turn into a business. Others have a skill set that other companies need.

Startups have a high failure rate for many reasons. Lack of planning is one of the big ones. Running out of cash before they make a profit is another. Owners get paid out of profit. I ask the following question to almost all of my clients and students. In three years, this business model needs to generate $$$ of profit (after everything else is paid) for you, the owner, to say it has been worth all of the "blood, sweat, and tears" in the process. For example, if your target is $150,000, you must figure out all your costs to run the business, save for growth and marketing, pay any taxes due, etc. Let's say that number is $150,000. That means your business has to generate a minimum of $350,000 in sales to make that number. If it cannot, you need to revise that plan. Passion is a requirement for most owners, but it does not pay the bills. You'll need to prove that the business model is financially viable. That initial financial goal determines financial viability.

Remember in this new adventure, "You hold the paintbrush."

As business owners and entrepreneurs, we often concentrate on marketing strategies, client engagement, profit margins, and employee management, to name a few. Rightfully so. However, we often ignore the "language" in our head. Is it serving us well, or is it our worst enemy and barrier to success? Is the voice in your head moving you forward or holding you back? At eL3, we believe the business model you create MUST match the lifestyle you want to live. Certainly, sufficient profit is essential for any successful business. However, that needs to be balanced with true happiness and joy in our lives.

Good things don’t always come easy. When you’re in a rut, turn to eL3 for all your small business needs. An easy place to start is by scheduling a consultation with Nancy Barnett, today! Happy 🫶🏻🫶🏻

Book a consultation: https://calendly.com/nbarnett-el3/nbarnett-consulting

As a small business owner, failure is inevitable. When things don’t go as planned, use it as an opportunity to learn! Luckily for you, eL3 has PLENTY of resources so you don’t have to figure everything out alone. Schedule a consultation today with Nancy Barnett!

Consultation appointments: https://calendly.com/nbarnett-el3/nbarnett-consulting

Courses: https://el3.learnworlds.com/

Website: https://El3hub.com/

Happy 💪!! eL3 hopes you had a relaxing weekend and started your week off strong. Here’s to a new week full of potential

When it comes to entrepreneurial success, there's a lot that goes to play. Do you know where to start? If not, don't worry...you're not alone! Lucky for you, however, eL3 has the best resources when it comes to navigating the best place to start and where to go next. Check out https://el3hub.com for anything from blogs, classes, to one on one consultations.

Want a consultation? Head to https://calendly.com/nbarnett-el3/nbarnett-consulting to talk to eL3 expert, Nancy Barnett.

Getting a small business off the ground can be overwhelming, so start off small. Something as simple as organizing your money will go a long way when it comes to consulting, receiving loans, and bookkeeping. For more start up tips and guidance, book a consultation with Nancy Barnett today! Happy almost Friday, everyone!
Consultation Booking:
https://calendly.com/nbarnett-el3/nbarnett-consulting
eL3 website:
https://el3hub.com/
Courses:
https://el3.learnworlds.com/

Are you considering a journey as a small business owner; or perhaps have already begun? Either way, becoming an entrepreneur is an extraordinary adventure...but it sure isn't easy. Don't let that stop you! Instead, head over to the eL3 website and check out this blog - and countless others- to gain the information you need for success. Book a personal consultation with Nancy Barnett to receive even more guidance!

"If Starting Your Own Business Was Easy, Everybody Would Do It" - https://el3hub.com/2020-12-31-if-starting-your-own-business-was-easy-everyone-would-do-it/

Book a Consultation -
https://calendly.com/nbarnett-el3/nbarnett-consulting

🍁Happy November🍁 Are you having a hard time deciding your tax structure? Don’t worry! eL3 offers consultations with experienced AND successful business owners. Set up an appointment with Nancy Barnett to learn more about which tax structure is best suited for you and your business. https://calendly.com/nbarnett-el3/nbarnett-consulting

The EL3 community hopes everyone has a safe & H👻PPY HALL🎃WEEN!

This was the subject of an Entrepreneurship class I was teaching last night. It was the 3rd week of a 9-week course on Business Planning. The Zoom classroom was filled with individuals who want to start a business or grow the one they have. Making good decisions for your business requires

Financial Literacy Is A Vital Part Of Running Your Business Understanding your business numbers is essential as they provide feedback on how your business is performing and if it is profitable. When you understand business financial literacy, it can change the trajectory of your business and increase profits, and profit creates wealth for your business.