Money Mini-Series Part 2 of 4
On part 2 of our 4-part Money Mindset Mini-series, Business Coach Geraldine Carter, founder of Focused Business Coaching, asks you to reflect to uncover your “money story”. Your money story comprises of messages you were given about money growing up, the emotions that arise when working through your finances, your comfort level around setting rates and much more.
Your story can manifest itself as money hang-ups such as avoiding financial matters, being paralyzed by anxiety when making business decisions, or believing that you’re unworthy of being paid for your services.
Geraldine Carter thrives on supporting entrepreneurs who are driven to make a positive change in the world while making a living. Geraldine has had first-hand experience as the co-founder of Climate Ride a 501(c)(3) nonprofit organization that organizes life-changing charitable events to raise awareness and support sustainability, active transportation, and environmental causes.
After travelling extensively and noticing the effect climate change has had on so many beautiful places around the world, Geraldine and her friend decided to create cycling events that bring awareness to climate change while raising money for charitable organizations. Climate Ride has grown to support 15 events around the world and is set to donate $750,000 to environmental and sustainable non-profits.
Geraldine breaks down the most important steps and tools needed to create a viable business. She emphasizes that it can be done simply so you are spending less time doing the books and more time doing what you love.
[6:10] Geraldine’s relationship to yoga
[8:30] Where do we begin addressing our money mindset hangups?
[9:00] Notice your behaviours (often avoidance techniques) around money to find your “money story”
[11:10] When it’s a good idea to hire someone to take care of your business finances
[12:05] What should we be tracking when it comes to our bookkeeping? E.g. income, expenses, rates as they go up, how much it costs to put together workshops, etc.
[12:55] Keep track of your time and energy- track how much energy you expend on various activities per hour- like creating workshops, teaching classes (including planning and travel time) to discover which activities have the highest value
[15:45] Anxiety bubble around money is very common, it’s temporary and will decrease as you learn and use money management tools
[16:20] How can you make your business more profitable? -start keeping track, being in service and being profitable- not either or. “You can be in service AND profitable. In fact, the more profitable you are the more you can be of service.”
[18:00] How often should we be tracking our transactions?
[19:20] Shannon shares her money mindset hangup and how she’s working on it
[21:25] Almost everyone Geraldine has helped move through their anxiety around money has found that avoidance was much more painful than tackling the issue.
[22:10] What keeps people from working dealing with their finances and how it interferes with your business growth
[24:00] Setting your rates as a yoga teacher
[25:50] Being conscious of giving free classes or lesser rates- is it a good idea?
[28:20] Healthier ways to help those in need such as fundraising for karma passes, one-off scholarships, payment plans
[30:15] Geraldine’s favourite tracking programs depending on volume: Excel (good for businesses starting out), Freshbooks, Quickbooks
[32:15] Geraldine uses Apple Pages in PDF for invoicing “The simpler the better” Other options: Wave, Harvest, Quickbooks and many tracking programs also have an invoicing feature
[33:00] MVP (Minimum Viable Product)- keep the bookkeeping and administration as simple as possible, you want to spend the least amount of time on this aspect, your service is what’s most important
[35:00] Best way to help people with money mindset- programs (group or one-on-one) to help you stick with the process and breakthrough
[36:00] Geraldine’s online and in-person course- next session in February 2018
[36:25] How Geraldine got into this line of work
[41:30] Shannon’s closing thoughts
YouTube Video: Ted Talk: The Tribes We Lead- Seth Godin
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