EPISODE 153: FINANCIAL ADVICE FROM THE INSIDE OF MY BUSINESS, WITH STACY TUSCHL
Stacy Tuschl is a speaker, business coach, and the owner of The Academy of Performing Arts in Wisconsin. She is the author of the book “Is Your Business Worth Saving?” where she reveals proven strategies for pulling entrepreneurs out of a rut and launching them toward business success.
Today, Stacy talks about how the outside view of a business can look so different from what's going on on the inside. She uses a story about a building that she had renovated for her Performing Arts Academy, to point out that you always need to have some savings as a safety net, to help you when you need it. She also encourages you to ensure that you have a line of credit available for unforeseen situations. She explains that credit is something that is usually available when you don't really need it, so it helps to keep it in reserve for when you do.
Stacy also talks about budgeting today- and the importance of having a budget that allows for you to have money available to do something fun with, even if you're feeling a little tight. Listen in today as Stacy encourages you to “work while you're waiting” and to “do things bigger and better, whatever that is for your business”.
Some highlights include:
“All of a sudden you're looking to uplevel your website or uplevel something else in your business.” At minute 7.12, Stacy talks about how expenses creep into a business, way down the line.
“A lot of successful businesses do this because they're the ones that are taking the risk and investing back in the business.” At minute 7.26, Stacy talks about investing back into your business.
“For me, I'm getting so good at waiting for that second marshmallow, because I know, by waiting I will have something even bigger and better with my business.” At minute 8.10, Stacy encourages you to hold on and know that there will be more, down the road.
“If you keep thinking I will not go eat out, I will not go to the movies...” At minute 8.50, Stacy encourages you to do something to feel that you are being rewarded, to motivate yourself.
“You've got to figure out what do we need to change for next time?” At minute 10.43, Stacy encourages you to keep working out how you're going to keep moving forward with your business.
“You need to have a passive income coming in.” At minute 11.03, Stacy talks about the value in setting up a passive income stream.
“There's a lot of work to be done in the beginning...” At minute 11.35, Stacy talks about the preparation involved in setting up a passive income stream.
“Setting it up as a system, so after it's over, you can turn it into what we call evergreen, right, where it's always running.” At minute 12.58, Stacy talks about creating evergreen aspects to your business.
“Yes, there is a lot of sacrifice that comes with being a business owner, or being an entrepreneur, but at the same time, I need you to be rewarding yourself.” At minute 13.23, Stacy talks about the importance of rewarding yourself for your wins.
“As soon as that happened, life got so much easier for us.” At minute 14.23, Stacy encourages you to get on the same page financially, as your spouse.
To contact Stacy:
Stacy' Website: She's Building Her Empire
For Stacy's Live Event: She's Building Her Empire Live
Stacy recommends: Dave Ramsay's Financial Peace University as a great way for you and your spouse to get onto the same page, financially.
Webinar coming up next week- 5 Secrets To Turn Connections Into Currency and Build a Profitable Personal Brand: Connections into Currency
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