75: 7 questions to ask when ditching your day job | Dr. Cortney Baker, CEO of KidsCare Home Health

Women in Business: Inspirational Stories of Women Entrepreneurs

Are you thinking of leaving the corporate life behind to start your own business? With recent statistics from organizations like Lean In that showing that we’re at least 100 years away from true gender equality at C-level management, becoming an entrepreneur can be a more viable path to leadership. Today, I’m sharing what you need to know and ask yourself before you make the change.

I have the best job in the world. I mentor and guide millennial women to become the entrepreneurs they’ve always wanted to be. It’s so much more than figuring out what kind of business they want to start - it’s also about asking yourself the right questions.

In today’s episode of Women in Business, I’m sharing with you the five key concepts and seven questions you need to ask yourself when you’re getting ready to leave the 9-5. I’ve also put this together in a PDF for you to download and work through.

The five key concepts you need to know are all about knowing the lingo. Learning these financial and technical terms will help you understand how your business runs - from revenue to cash flow.

The seven questions to ask yourself cover everything from your current client base and who you’re serving already to how you can control your marketing costs. And finally, what the best way to manage your finances is… including when YOU can start getting paid.

Are you thinking of starting your own business? Do you know what the difference between profit and revenue is? How long can you, the business owner, go without getting paid from your business?

In This Episode:

• Why I mentor and guide women to become entrepreneurs
• What are the five key concepts and seven questions to ask when leaving the 9-5
• What financial and technical terms you should know when starting your own business
• Why you should start your business with a current client base
• How to figure out if your recurring expenses are absolutely essential
• How you can control marketing costs
• Why business owners are the very last part of the business to get paid
• How you can incentivize clients to pay you early
• What the best system for paying your business’s bills is

Quotes:

“Determining which expenses were absolutely necessary would help determine my bottom line or the minimum amount I needed the business to bring in monthly in revenue to even survive.” (10:15)

“We had to figure out how long we could support this business, which was our first priority before we could determine if we could get paid.” (12:18)

“There are two ways to handle invoices. When you’re starting out, put your net terms on your contracts and on your invoices as 10 business days, that’s two weeks. Or, you can have your net terms be 30 days and build in your cushion to the ability to offer a small discount for payment in full within 5-10 days.” (15:10)

Links:

>>>>Grab The 5 Key Concepts & 7 Questions to Ask Yourself PDF