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MWH 036 : Know your worth and get your finances in check with Stacey Price (Healthy Business Finances)

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by Tracy Harris in Blog, Podcasts
June 6, 2016 0 comments
Know your worth
know your worth

Know your worth!

Woah!!!

So this week I felt way out of my comfort zone but I know that it’s something all of us biz mums need to get comfortable with ASAP, and that’s numbers!

Now I know that it can sound like a dry, boring, even nerdy topic BUT don’t get it twisted girl, this is Mums With Hustle, so our guest is anything but those things!

Stacey Price, from Healthy Business Finances, is not your suit wearing, briefcase carrying, typically boring, accountant. She’s a hustling’ biz mum accountant, whose superpower, in my opinion, is to make numbers less daunting and more normal for the everyday mama like you and I.

I can promise you that you’re not going to get left behind on this one. Stacey puts everything in a way that can be understood by the absolute beginner and numbers novice. She’s super knowledgable, experienced and easy to talk to. I love it.

So yeah, we chat numbers in this podcast (obviously) but we also chat about other aspects of biz mum life and what it’s like to market your service-based biz.

know your worth

I asked Stacey to list three of the most common mistakes biz mums make. Want to know what she had to say?

Here we go!

1

They don't test their idea from a financial viewpoint. So they know people might love their idea, but they don't work out what people (other than friends and family) are willing to pay, and how many services or products they need to sell to break even.

    2

    They don't understand the basic setup - so things like ABN, business name, tax invoices, GST - these are vital and if done incorrectly can lead to customers not paying and potential legal action and fines for trading incorrectly.

      3

      Not paying themselves a wage from the start. Paying a wage (even a teeny tiny one) is mostly about mindset when you start. Put small amounts away for yourself to prove your business is financially sustainable, and grow it bit by bit.


        In a nutshell, one the biggest learnings that I took away from my chat with Stacey is that with numbers, it’s about being PROACTIVE rather than reactive. So if you want to get your numbers head into gear, sooner rather than later, you need to listen to this episode.

        Here’s the lowdown of what we chat about:

        • Stacey's start up journey - from idea to launch
        • How to validate you biz
        • Learn how to swap services - get your hustle on
        • Where to focus your time and energy to ensure ROI
        • Common mistakes biz mums make when it comes to managing money in their biz
        • How to start understanding your numbers
        • How to plan for tax as a solopreneur
        • Choosing and using the correct accounting system for you
        • Why you need to start paying yourself a wage
        • What to do when your bank account doesn't reflect your efforts
        • When to know if you're ready to start hiring staff
        • When and how to start outsourcing
        • How to market your service-based biz online

        Ready to dive in?

        Let’s get into it!

        Live Q&A in our Private Facebook Group

        Join us this Wednesday 8th June at 8.30pm AEST for a LIVE Q&A with Stacey Price. As you listen to the podcast, write your questions down then come along and ask the boss lady yourself! If you’re not already in our Biz Club, click here to join the best group of Mumpreneurs on FB. See you there!

        Bonuses:

        know your worth

        Healthy Business Finances is offering a Xero data file review (for the current financial year data only) for any new hustlers for $120 - just in time to check if your numbers are accurate before end of financial year. You will get a thorough review, plus a written report of our findings, which you can then implement yourself to get in tip top biz finance shape. You can take advantage of this deal by emailing Stacey at [email protected] All you have to do is mention Mums With Hustle!

        Connect up with Stacey:

        Facebook - Instagram - Website

        Resources mentioned:

        Australian Taxation Office - Employee vs Contractor Tool
        Quickbooks
        Xero
        MYOB

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