Ladies Who Launch

Event: Make Yourself Mortgageable

In this time of economic uncertainty, it is necessary to arm women with the knowledge and tools to make themselves "mortgageable".

If you live in the New York City area, Please join us fellow Ladies Who Launcher Nichelle Stephens and her friend MaryBeth O'Hara, real estate broker with Maison Intl and property owner on July 15.  This is for a fun, FREE and informative event that will start you on your journey to financial prowess. Meet other women with similar goals and enjoy sangria, margaritas and light appetizers courtesy of La Palapa.

Make Yourself Mortgageable  is a project founded by MaryBeth O’Hara and Nichelle Stephens.  Olga Savelov is a mortgage broker and she will be a featured speaker.

Business Plan Competition From ATG

During the holidays, you make want to spend some time on creating a business plan. What's the incentive? You could win $50,000!

ATG, an ecommerce software provider, recently announced the kick-off of their 1^st e-Commerce Ingenuity Business Plan Competition. This competition is open to entrepreneurs, start-ups and early-stage companies alike, it invites tomorrow’s leaders to share their well-developed, ingenious, and ground-breaking business plans.

The deadline for entry is January 30, 2008. Three finalists will be invited to present their business plans at ATG's annual customer conference, ATG Insight Live 2008, connecting them with leaders in the industry and an unparalleled opportunity for visibility and recognition. Entries can be submitted at http://www.atg.com/ingenuity.

You can check out to how to create a business plan from reviewing AllBusiness which has tips on business plan basics including formatting.

Jennifer Lynne of Porcelynne Design Collective

San Francisco Incubator Jennifer Lynne was featured in an article in the San Francisco Chronicle about how she converted her lingerie boutique into a designer co-op. Her cooperative is Porcelynne Design Collective. A co-op is a great way to share space and expenses. Here's an excerpt from the article explaining what a co-op is.

What is a co-op?

There are several different kinds of cooperative businesses:

--  Worker cooperatives, where employees own and govern the business.

--  Producer cooperatives, where people who make a certain kind of product band together to market their goods.

--  Consumer cooperatives, which are owned by people who buy the goods or use the services of the company.

--  Purchasing cooperatives, where small businesses or government entities band together to improve their purchasing power.

RI, NJ and NY Ranked Worst for Small Businesses

From the New York Post:

New York's punishing taxes give it the third worst business climate of any state, a new report says...

"What I see is that New York has an overly complicated tax system," report co-author Curtis Dubay told The Post...

The only states that fared worse, according to the report, are Rhode Island, which ranked dead last, and New Jersey, which came in at 49th of the 50 states.

For the complete story, click here.

New Retirement Plan Available for Solo Practitioners

From OSI Business Services:

If your business is essentially a one-person operation, there's a relatively new option to help you save more money for retirement: The Solo 401(k) plan.

Ordinarily, traditional defined contribution retirement plans allow annual contributions of either 25 percent of salary if you're employed by your own S or C corporation or 20 percent

of self-employment income if you operate as a sole proprietor or single member LLC. But traditional profit sharing plans, Keoghs or SEP plans are subject to a $45,000 cap for 2007 (up from $44,000 in 2006).

Not bad, but with a Solo 401(k) plan, you can probably make substantially larger contributions that lower your tax bill and generate more tax-deferred earnings for retirement.

A Solo 401(k) is made up of two separate parts. Together, the two parts make the plan advantageous:

1. Elective deferral contribution - In 2007, as much as 100 percent of the first $15,500 of your salary or self-employment income can be put into an account (up from $15,000 in 2006). That amount increases to $20,000 if you are 50-years-old or older at year end. 

2. Additional employer contribution - Your employer (your company or you personally) can contribute an additional 25 percent of your salary or 20 percent of your self-employment income.

The sum of the two parts is capped at 100 percent of your annual employee compensation or self-employment income, or $45,000 in 2007 ($44,000 in 2006) whichever is smaller. (However, the cap is higher for people age 50 or older). A Solo 401(k) doesn't force you to contribute more than you can comfortably afford:

Contribution Cap Here is the annual dollar limit on combined elective deferral and employer contributions:   For 2007, the cap is $45,000 or $50,000 if you are age 50 or older (up from $44,000 and $49,000 for 2006, respectively).

The plan lets you rack up major tax savings in good years, by making maximum contributions, but gives you the option of contributing less - or even nothing - in lean years when you need to conserve cash.

Plus, you generally get the benefits of traditional 401(k) plans, such as the ability to borrow from your account.

Establishing and operating any 401(k) plan means some up-front paperwork and ongoing administrative effort. With a solo 401(k), however, the administrative work is simplified since you are the only participant.

There are a couple of caveats:

If you earn a very high income and are younger than 50, the Solo 401(k) may not permit larger contributions than a traditional plan because of the annual $45,000 cap in 2007 ($44,000 in 2006). In general, you should only set one up if it allows significantly larger contributions because a Solo 401(k) costs more to operate.

If you have employees (other than your spouse), you may also have to contribute to their accounts. In this case, you have a regular 401(k) plan that is subject to a bunch of complex rules.

Ask your tax adviser to sort out the complexities of various retirement plans and determine whether a solo 401(k) is right for you.

Keeping Nickels: Get Flood Insurance to Project Home Business

People in New York City experienced torrential downpour and tornado that caused major delays and damage. If you are a freelance or home-based business, you may not have had to deal with a commute, but maybe other damages and financial loss occurred. If you own your home, and don't have flood insurance, then get it now. FEMA sets the rates for flood insurance and premiums are low. Check out FloodSmart.gov to estimate your premium and find an agent. Whether or not you own but experience business loss, then make a estimate of the loss and record it now as an expense in your bookkeeping. Do this by adding an account "Flood Expense" Any receipts relating to the expense (i.e., Home Depot) should be recorded. Then talk to your CPA or tax professional about how to submit and deduct expenses for tax purposes.

How to Unleash your Inner Sexpot

Would you like to unleash your inner Sexpot?
Pole dancing is the latest trend in workouts it is true. It is Audacious. It is bold.

And fun.

It makes me feel juicy, bodacious and empowered. It trims my waistline and causes me to think differently about who I am being in the world. All that from 2 hours in a very intense and pleasurable workout?

Yes.

So consider this.
If all matter is energy and the Law of Attraction says that like
energy attracts like energy, then imagine the kind of gorgeous
energy you can create by giving the pole a whirl?

There is much to be said for my pole dancing classes and I have
noticed a change in how I approach everything in my life.

As Sheila Kelly, the founder of SFactor has said, "Soak in the
pure, unadulterated flow of your life. Breathe it in and exhale
everything in your mind until your entire being is just bliss. Let
your body float with soft, languid moves that are simply organic to
your being. When you step outside into your day you will notice
something has shifted."

I think I am (finally!) becoming the exquisite creature I was meant to be.
When you uncover your inner sexpot you also uncover your creative
center, which helps you to think of great new ideas for your
business and gives you the lift-off to actually complete what you
start!

Imagine that?

One of my coaches, Andrea J. Lee of Vancouver, British Columbia often speaks about doing activities that open you to your most sensual and creative self. For me it comes from movement and there is nothing like gathering the courage to dance with a pole...and do it gracefully. And also not be afraid to flop on the floor and try again.

If you are looking for a way to shape up your body, mind and spirit
then the Sfactor may just be the thing for you. They have intro
classes and studios are opening all over the place.

Even Oprah loves it.
You will too.
It's Pure Audacious power.

Go on check it out. You know you want to.

http://www.sfactor.com

Nancy Mindes, Chief Audaciousness Officer
Audacious Ladies Coaching Company
http://www.NancyMindes.com

In a Service Business? Ten thing to do NOW

Recently I received a note from a new coach wanting to know how to get off to a good start...when I looked at what I shared I realized this would be good information for any person in a service business where the emphasis in on YOU! IF you are the business YOU are in trouble....here's why

In a service business, you cannot make money unless you are available. I have been coaching since end of 1999  and I quit due to burnout...it's all about you and you cannot make money with out you. YIKES.... You MUST change this to generating other streams of passive income or you will be exhausted, frustrated and will give up eventually. I can teach you about this and I highly recommend you do this.  Read the Secrets of the millionaire Mind and attend  a Millionaire Mind Intensive.  This has literally changed my LIFE.

2. Get yourself help as soon as possible whether you think you can afford/deserve it or not. I did NOT and started to DROWN. Now I know better. Hire yourself a Virtual assistant and or live- in-person assistant so that you can work on only that which you love and focus energies on marketing not paper pushing.  As you grow get a bookkeeper, a lawyer and a business manager.

For peace of mind resign NOW as the general manager of the universe. Some places to shop for a VA check out AssistU.com for Virtual Assistants also the IVVA Get creative, hire college students, interns, your neighbors' kid or a friend who needs a job right now while she looks for a new one.

Rule: Hire slowly. Interview carefully. Make sure it's a good fit. check out: www.collegehelpers.com, elance.com or guru.com

3. Network, network, network. Make yourself well-known. Join Ladies Who Launch and other organizations where your ideal clients are. Get out and meet people. Ask questions find out what they need and want. Build relationships. See how you can contribute to others. Get a simple website if you are not online, do that NOW. As you grow update and change. A website never stays static anyway (or shouldn't) so just get one up there for starters if you haven't. If you like to write a shortcut would be to get a blog. Oh and start building your email database.

4. Rule about what to be doing: If it's a Hell YES do it, if it's not it's  a Hell NO...so pass it, delegate it or dump it.

5. Rule about cash flow: Do not give up your day job until you have your cash flow in place or get another day job that is less demanding but gives you fuel to pay for all the pieces of parts of ensuring your success as a business. A service business such as coaching or massage is not just a calling it is also a Business with a capital B.  I kept my job as special event director at the Fashion Group during my 4 years of training at Coach U and beyond.

6. Make sure you have a coach to keep you in action and accountable. My coach Margit, is TOUGH and I love her for it.

7. Never-ever undersell yourself. Do not be afraid to name your price and get it. If you put yourself "on sale" or bargain with people you will attract people who you may not want to work with and kick yourself later for agreeing to accept less. Watch for this.  People who serve others have a tendency to undervalue themselves.  Avoid it. You have much to offer the world.

And another thing: I learned this from Kendall Summerhawk...Raise your prices from time to time, especially if it makes you uncomfortable. If you have spent years training, as I did,  for what you do and you have life or business experience that is of value, monetize it. Believe it or not your clients do expect to pay you. If you want, have a scholarship for a few clients who are deserving and cannot afford to pay you at the  moment when they get successful guess what happens?, I do this and it's great.

7. Ask for referrals and refer to others. This is an important revenue stream and way of creating your business community.

8. Ask for the business when someone calls you. Service people often leave this step out and wonder why they have no clients. ASK, "so when would you like to get started?"

9. Enjoy yourself and if you are not, STOP and regroup. I left coaching for 18 months to go work on the 2004 Democratic presidential camapign which really gave me a new perspective on life along the way I used my coaching skills for enrolling people.  After a stunning defeat, I joined the Ladies Who Launch Incubator in 2005 and began my coaching business again.
LWL gave me the uplifting and the  liftoff I needed in a very big way.

10. Here's my business plan: Simplify my life. Connect with others. Have more fun.
Have an audaciously fabulous day!

The Secrets of the Millionaire Mind and the Millionaire Mind Intensive changed my life. It will change yours especially if you are in a service business or a solo practitioner of any kind...

Secrets of the Millionaire Mind Book>>>get this!
http://www.secretsofthemillionairemind.com/a/joyful_deliciousness

The single most important step you take no matter WHAT service you offer is to keep learning about the business of business along with deeply understanding who you are from the inside out and who do you get to be when you are doing the work you love.
Come and see who I am at my website
http://www.NancyMindes.com/

The home for Audacious Ladies and the men they love

Financial Tips For Women

Recently I heard about this great list of tips for women and personal finance.  I posted a few below, and you can read the rest at Ask The Advisor.

17 Important Financial Tips for Women

Unfair as it may be, the reality is that women are often at a disadvantage  when it comes to finances. Though the gap has closed considerably in the past   fifty years, women still only make about 77   cents on the dollar compared to men. Also factor in that women are often out of the workforce for an average of seven years due to maternity leave and time spent raising and caring for children. This latter activity reduces contributions to pensions and social security. But the situation isn't hopeless. There are many things women can do to help secure their financial future. Here are a few tips to help you gain control and confidence when dealing with your finances.

1. Set a financial goal — Setting a goal for yourself can be one of the most important steps in financial success. Without financial goals and plans for meeting them there is a tendency to simply go with the flow and leave the future to chance. Knowing where you want to end up is the first step in getting there. So, sit down and figure out what your big financial goals are and how you plan to reach them. Often it helps to create smaller short-term goals to help you feel more successful along the way. Make sure to evaluate your progress over time to see if you are on track to meeting your goals, and before you know it you'll be on your way to feeling more financially     secure.
2. Don't go it alone — If you're having trouble getting a handle on your finances you don't have to  go it alone. If you're deep in debt and you feel helpless, it can often be helpful to join a support group like Debtors Anonymous. Sharing your financial burdens with others and learning from their experiences can be a great help. If you're just unsure how to get started, a class on financial management can be a great place to begin. Many places offer classes that are free or at a low cost. Women are often intimidated by investments, and being unsure about options causes much of this intimidation.     When you learn more about your finances, you'll feel more confident.
3. Get professional help — Aside from classes, if you're in need of financial guidance sometimes it's best to just find a professional who can help you along. A financial planner or a CPA can help you to allocate     your assets into good investments and to create a plan for retirement. Though     they do charge a fee, the benefit of their experience and knowledge can be worth the money. Make sure you find someone you can trust, as sad as it is, not everyone has your best interests in mind. Get a recommendation from a friend or relative when  possible.
4. Take control of your finances — While most women participate in the day-to-day finances, there are still some women who leave these decisions  to a boyfriend or spouse. Do not let someone else have complete control over your financial future. Relationships should be equal partnerships and finances should be no exception. Know where your money is located and make sure that it's being invested in a way that you see fit. It may not be a nice thought, but relationships do often end,     so you should ensure that you will be equipped to handle your own separate financial future if the circumstance should arise.

Unfair as it may be, the reality is that women are often at a disadvantage  when it comes to finances. Though the gap has closed considerably in the past   fifty years, women still only make about 77   cents on the dollar compared to men. Also factor in that women are often out of the workforce for an average of seven years due to maternity leave and time spent raising and caring for children. This latter activity reduces contributions to pensions and social security. But the situation isn't hopeless. There are many things women can do to help secure their financial future. Here are a few tips to help you gain control and confidence when dealing with your finances.

Taxes: What To Do If You Cannot Pay

The Income Tax deadline is coming up in about a month and even you have until April 17th to file, you need to start preparing your taxes if you have not already. For most of you LWLers, you will be filing a 1040 with schedule C.

I just ran across an excellent article by Joyce Rosenberg advising small business owners on what to do about paying income taxes if you don't have the funds.

1) If you have to file an extension, then you still have to estimate your tax liability and report it to the government. So it may be better to bite the bullet to file since you still have to have a good idea of how much taxes you owe.

2) You can set up an installment payment plan with the IRS. If you are going to go that route, you will need to file Form 9465 and there is an administration fee of $105.

3) To prevent this from happening next year, work on better cash management and set aside for tax payments throughout the year.