Making More MONEY & Increasing PROFIT (with Amber Dugger): Episode 096

Making More MONEY & Increasing PROFIT (with Amber Dugger): Episode 096

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

Episode 096:

Amber Dugger is the founder of Profit For Keeps, a system developed for online entrepreneurs to end the stress and anxiety around numbers.  It is a holistic system combining personal finance and business cash flow strategies using Profit First and YNAB (You Need a Budget). 

 She has helped hundreds of coaches implement this system and has helped thousands more calculate revenue goals that actually make sense!  She is a certified health coach from IIN, worked in corporate finance for 15 years before venturing out on her own in 2015, and thrives on being location independent. 

‘Takeaways:

  • Amber says she started her business by filling a gap of what she saw people needed.
  • Let’s talk money mindset. Amber shares that there are so many ways to start a business without getting into debt. She shares that she worked a regular job, being able to save enough to put away so that once she quit, she had that savings buffer to get her business started. She also shares that even if you don’t have a corporate job, there are ways you can still save money. Her advice was to sit down as a family and look into how much you can budget for your business. Let family in on your end goal so you can create that vision and make it a reality. Decide how much you can invest each month.
  • Growth is so important. However, Amber says one of the biggest problems she sees entrepreneurs facing is over investing. If your business can’t support extra expenses, you shouldn’t be spending money on it. 
  • Amber talks about a “pay check stash”. This is a set amount of money you put aside for yourself. She says to take all your personal expenses and multiply it by 2. This is your first goal for an amount of money to put away, to have set aside for something that might come up in your life. Your next goal, Amber says, is to have 6 months of expenses put away.
  • Ambers advice is to invest in Gross Stock Mutual funds that mimic the market. On average it will double every 7 years.
  • Once you are in a place where you’re hitting your revenue goals, and able to put away that pay check stash, then you can make a stash for your Bucket List. Amber calls this “Profit for Joy”. Visualize the things you desire.
  • Intentional spending. Amber shares that when she sees someone in debt, the first thing to do is to go through every bill you pay and make sure you are using it. Challenge yourself to really cut out what you’re not using, because even $10 a month can do so much for your business.
  • When it comes to taxes, Amber’s biggest piece of advice is that you need to budget. Taxes for you as an entrepreneur and LLC are not taken out. Get in the habit of taking out a certain percentage of every check (20-25%) so when it comes time to pay, you’re not in a tricky situation. Think of it as ‘not your money anymore’.
  • Amber says that it’s so important to do things for yourself that bring you joy. Whether that be spending money on a business class ticket, or spending money on clothes that make you feel like a girl boss. Do those things for yourself, and let yourself have those little victories and joys.

‘Highlights:

  • (2:11) A little more about Amber, and how she got started as an entrepreneur.
  • (4:40) The biggest mistake Amber sees other entrepreneurs making.
  • (5:35) Amber’s tips for starting a business without getting into debt when you have a corporate job.
  • (6:00) Tips for stay at home moms who want to start their business.
  • (10:45) Why “course hopping” won’t help you. 
  • (11:13) Problems entrepreneurs have when they want to grow.
  • (12:40) Should you do a retreat?? Is it right for your business?
  • (13:42) Why you should have a budget, and track expenses?
  • (15:30) “Pay Check Stash” – What is it, and why should you should have one.
  • (18:50) Where to put away this extra money, and how to accumulate wealth.
  • (20:48) What to do with “extra” profit- Profit for Joy.
  • (22:59) What to do if you’re stuck in debt.
  • (25:17) Dealing with anxiety about money.
  • (27:14) Tools Amber uses to track.
  • (29:50) Bank accounts…how many Amber thinks you should have, and what software you should use.
  • (31:03) Taxes. All of Amber’s tips and tricks.
  • (34:58) Total money vs. profit.
  • (38:20) How much does your business need to make for you to make $10,000 a month as your owner’s pay?
  • (41:20) The best books Amber has read?
  • (43:15) What does it mean for Amber to make an impact?
  • (43:55) What’s next for Amber?
  • (44:40) Where can you connect with her?

Quotes:

“Visualize the things that you desire, and put it on a list, declare it out loud.”

“The power of intention is so strong.”

“Get clear on what it is that brings you fulfillment, and that’s going to be different for everyone.”

“It just takes one step at a time”

Watch Full Interview:

Ready to take your biz to the next level? Get free instant access to my online vault of videos, worksheets, and more for female entrepreneurs!

 

Rachel Ngom

Entrepreneur, Author, Pinterest Strategist

 

 

 

 

 

 

 

 

 

 

Hang with me on Insta Stories

Email: clientcare@rachelngom.com

 

“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins

 

PS. Be sure to join my free online community for female entrepreneurs! Join here.

 
How to Start Creating Multiple Income Streamshttps://www.rachelngom.com/?p=212587&preview=true

How to Start Creating Multiple Income Streamshttps://www.rachelngom.com/?p=212587&preview=true

Today we’re talking all about multiple income streams and why you need to create a new income stream stat,

I’ll share all of our income streams and how you can get started creating multiple streams of income and all the good stuff that comes up with it.

To start, I want to share kind of why I’m obsessed with having multiple streams of income. 

First, let’s go back to 2015.

I was in network marketing and created a pretty successful business. We were making a six-figure income and life was good… until the company restructured. 

My income was cut in half and it went from a cushy 6 figures to $4,000/month.

We only had that one revenue stream coming in and then boom. 

It felt like it was overnight. It was cut in half and we were left scrambling. 

Ever since then I’ve always been really passionate and really intentional about creating multiple revenue streams. 

I was actually talking to one of our students that’s going to be in our next round of Activate. She’s a freaking rock star, but she only had one revenue stream. Something happened within her company where competition came and took half her customers.

Her income was cut in half. 

And so one of the things I’m going to be working with her in Activate is making sure we’re creating more than one revenue stream. 

I’ll share with you the different income streams we have in our business to hopefully give you a few ideas of what you can do.

 

Here are our multiple income streams from this past month:

Network Marketing

Interest income

Pinterest management

 

Affiliates: 

Amazon

Kajabi

Clickfunnels

Bluehost

Christina (was an affiliate for her launch)

Elegant Themes

Virtuous Ventures (for my fitness blog)

Social Warfare (plugin)

 

Private coaching clients

Pinterest deep dive sessions

Activate

 

Courses

Pin with Purpose

Pin with Purpose upsell

Impact Blogging Academy

Creating Killer Content

Repurposing Content Master Class

Keto(ish) (ebook for my fitness biz)

Food Freedom Project

 

Let me break it down for you, because we sure as heck didn’t start out with all of these all at once. 

Creating our first income stream

Network marketing is actually still a revenue stream for us. I’m insanely grateful for my experience in network marketing…it was like an intro to entrepreneurship =)

I haven’t touched that business in like a year and a half. In May we still did like $2,500. #passiveincome

I started with Beachbody and then decided to do my own thing. I created an eBook and then launched my very first online course.

Don’t expect to get rich from a $9 ebook 😉 but it was great validation for me that my people wanted MORE from me and I COULD branch out and do my own thing.

Multiple Income Streams: Course Creation

I knew I wanted to get out of the fitness space and switch niches, so in August 2017, I started She’s Making an Impact and in September we launched Pin with Purpose,  which is our bread and butter online course that is still our highest generating income for us every single month.

Right now, close to 50% of percent of our income comes from that one course. 

Since then, we’ve added more courses to help serve our audience. 

Creating Killer Content is our mini-course and we serve a lot of students with that small price point.

We also have an option for students to add our content creation master class when they purchase.

I’m a huuuuge fan of online courses because it’s the most passive thing that can generate big profits. You can be on vaca and still making course sales (if you have a funnel in place).

“If you don’t find a way to make money while you sleep, you will work until you die.”

Warren Buffet

Multiple Income Streams: Coaching

Next thing that is private and group coaching. 

I’ve had a lot of people asking, what are you doing? Can you help me? I’ve added in coaching as one of the ways that I get to serve people. And that’s honestly one of my favorite things to do because I’m really involved in their businesses and get to help them succeed. And that brings me so much joy =)

Then I started getting maxed out on private clients, so I added in a group program, Activate. It still allows me to be involved in my student’s businesses, but it doesn’t require as much of my personal time. 

If you’re not doing some form of coaching in your business, maybe that’s something that you could think about adding.

Multiple Income Streams: Done for You Services

By listening to our audience, we were able to know that they needed help managing their Pinterest accounts. So we added in Pinterest management. 

Done for you services is something that you can add to your business as another revenue stream.

Multiple Income Streams: Affiliates

Next category of income streams is affiliate income. 

I want you to think about what are you using on a daily basis. What are you already recommending and could you become an affiliate for that? 

Some of our affiliates are products that I’m using or software. 

We’re an affiliate for Amazon, Bluehost, Elegant Themes, Kajabi, Social Warfare. 

There are so many ways to increase affiliate sales. 

I’ve written blog posts about products I’m an affiliate for, and when people come from Pinterest or from Google and read the blog posts, we have our affiliate links in there.

Some of it’s on the back end of people going through our online courses and we have products that we recommend in there as well. 

We are also affiliated with some of our students or friends who are in my industry. 

Think about who is someone that you could work with that would be a complement to what it is that you’re already doing.

I was recently a part of my friend’s Christina Jandali’s launch. She launched her Facebook group program and I decided to be an affiliate for that because what she teaches in Facebook groups goes so well with what I teach with Pinterest.

I hope this gets your wheels turning on how you can start adding multiple income streams into your business.

Just remember, you shouldn’t add 10 overnight. Get 1 working really well before you add the next thing.

Comment below: tell me how many income streams do you have right now and what will be the next one you add =)

Ready to take your biz to the next level? Get free instant access to my online vault of videos, worksheets, and more for female entrepreneurs!

 

Rachel Ngom

Entrepreneur, Author, Pinterest Strategist

 

 

 

 

 

 

 

 

 

 

Hang with me on Insta Stories

Email: clientcare@rachelngom.com

 

“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins

 

PS. Be sure to join my free online community for female entrepreneurs! Join here.

 

Scaling to 6 Figures as an Online Service Provider (with Brandi Mowles): Episode 095

Scaling to 6 Figures as an Online Service Provider (with Brandi Mowles): Episode 095

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

Episode 095:

As a social media VA turned Facebook ads and sales funnel strategist, Brandi Mowles has grown her income from $0 to 6-figures in just 11 months. In addition to running the service-based portion of her business, Brandi also helps other service-based businesses scale to 5-figure months so they can enjoy the same financial and life freedom that she has. When she isn’t creating a killer Facebook ad or teaching other service-based businesses how to scale, you can find Brandi hanging out with her husband and 14-month old daughter.

Takeaways:

  • Brandi said that she was able to productize her business, and she realized early on who she wants to help. This has helped her scale her business quickly! She also is intentional with her time- using all her free time for marketing and working with clients.
  • Brandi says that she was able to get clients through people’s Facebook groups by looking when people posted and then sending them customized messages and emails catered to that specific person in order to attract them as a client. She added value to them and made herself stand out.
  • Cost per leads, Brandi says, completely differs depending on your niche. She says you can’t really know until after the first month what your leads will cost. Don’t stress out, whatever that cost is. 
  • Brandi talks about how the most time consuming thing is getting your campaign up. She says that you have to be intentional with your time, and when you sit down, try to knock out the thing that will take the longest first. Don’t sit and stress about graphics or your website, do the thing that you NEED to get done that is going to take the most time FIRST!
  • Ask your Facebook ads person if they have Case Studies before you hire them. That is Brandi’s biggest piece of advice. She says that you can’t judge someone based on how long they’ve been doing it, base it solely on results. Someone who has been doing it for 1 year could have way better results than someone who has done it for years. She also says they have to be a good fit to work with you. Trust your gut, and those Case Studies!

Highlights:

  • (1:27) A little more about Brandi, what she does, and how she got started.
  • (2:24) How she has scaled her business so quickly…just ONE YEAR!
  • (4:22) POWER POCKETS: how to get a lot done in a little amount of time.
  • (5:01) How many clients does Brandi have at one time? 
  • (6:15) How does Brandi systematize her business?
  • (7:44) How did Brandi start, and how did she get her first couple clients?
  • (10:30) Making the switch from VA to Facebook Ads.
  • (12:22) Brandi’s cost per lead.
  • (15:16) What is the MAIN THING Brandi does to get her work done?
  • (16:50) What are some tips before hiring someone to do facebook ads? 
  • (20:02) What should you be paying for your Facebook Ads manager?
  • (21:50) What does it mean to Brandi to make an impact?
  • (22:36) The best book Brandi’s ever read
  • (22:55) What is next for Brandi?
  • (23:22) Brandi’s program, Serve Sail Soar
  • (24:.17) Connect with Brandi!

Quotes:

“You don’t have to reinvent the wheel every time”

“Just show up and help people”

“We’re told so often that we have to choose family or business, and I don’t think that’s true”

“I’m a firm believer that I can have it all”

Resources:

Connect with Brandi

Website: brandimowles.com/

Serve Scale Soar

Links In The Episode

Clickup

Dubsado

The Virtual Savvy

Books In The Episode:

Ask by Ryan Levesque

 

Watch Full Interview:

Thanks so much for Listening! Comment below with your #1 takeaway!

 

To help out our show I would love it if you subscribed and leave an honest review on iTunes. Your ratings and reviews really help the show and I read every single one!

 

Ready to take your biz to the next level? Get free instant access to my online vault of videos, worksheets, and more for female entrepreneurs!

 

Rachel Ngom

Entrepreneur, Author, Pinterest Strategist

 

 

 

 

 

 

 

 

 

 

Hang with me on Insta Stories

Email: clientcare@rachelngom.com

 

“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins

 

PS. Be sure to join my free online community for female entrepreneurs! Join here.