small business

Here's the thing: when you're done with playing small

playing smallSome time last year, something switched for me. I decided to play bigger – with Copper Boom Studio, with my life, with my dreams.

I worked hard and I made big choices to rent a commercial space, to employ staff, to take on debt. Somewhere in there, I got overwhelmed. Understandable, right? After a huge expansion often comes a contraction. We stick our heads above the parapet, and then we want to duck back to safety again.

So December and January were very much about safety – keeping it quiet and small and manageable.

And then at the end of January, after I’d finished my second retreat weekend of the year, I was sat in a small tea shop with my dear friend Kelly, and it hit me: I’m done with playing small.

You see, after the expansion and contraction, you wait a bit. And the next wave comes.

I’m at the beginning of the next wave of playing big.

And this year, with pace as my guiding word and plenty of personal projects going on as well (a wedding, a home), playing big feels even more powerful. It feels more permanent, more manageable because it’s contained in this idea of finding a sustainable pace.

The feeling when I sat in that tea shop was one of quiet determination, and of clear boundaries.

I’m done with fighting the battles that aren’t mine.

I’m done with saying yes when I mean no. (More on that soon.)

I’m done with worrying all the time. I’ll still worry, but how about it isn’t the default?

I’m done with people pleasing so that I don’t even know what’s right for me anymore.

I’m done with hiding.

I’m done with fearing that it won’t work – I’m determined to make it happen.

So here’s the thing:

I know that being done with worry and fear and bullshit doesn’t mean that all magically goes away. So I’m not here to tell you that it will!

But what I do know is that making small changes, taking small steps towards upholding boundaries and getting more organised (something I’ve been neglecting in the huge growth periods) is doable and will help me to move past fear, worry and struggle.

For me, there’s a specific feeling in my body. It feels like focus, like I did when I stepped on stage with a saxophone in my hand to play in front of hundreds of people at school. (True story.) It feels like energy, but in a calm way, rather than chaotic freaking out energy.

Kelly said she could see it in my eyes, and I can feel it now, too.

So, what’s true for you? Are you in expansion or contraction right now?

Have you had a phase in your life when you felt like you were just done?

What are you done with now? What are you ready to release?

What are you ready to embrace instead?

What practical steps will you take to move forward towards your dreams (and away from fear)?

I’d love to hear!

Jx

PS Achievable Dreams, my monthly in-person workshops to help you play bigger in a manageable way, are now open for earlybird tickets – just Β£45 and payable in two installments.

Here's the thing: tax returns

tax returnsWhen it comes to the HMRC, there are some things I find painful. Their user experience on their website. Communication. Trying to register as an employer (which took me approx 50 billion years. Twice.).

But I actually love their current radio ads which focus on the inner peace you get once you’ve submitted your tax return. They’re not wrong!

In my experience, submitting is half the thing. There’s also the emotional process and the financial practices that go with it.

What’s done is done

Working on your tax return is like stepping back in time. You have to look at business decisions from 18 months ago and remember what happened – good and bad. You get to celebrate successes, for sure, but it can also be challenging to remember the things you thought would work and didn’t.

So remember, what’s done is done. You did your best (and PLEASE make sure you celebrate an awesome year and all the things that went well), and you’ve learnt so much since 30 March 2016. I know you have.

You’re not the only one

Whether you’re looking at no tax bill because you made no profit, or you’re looking at a huge tax bill that you can’t pay because you haven’t put the tax to one side, please know that you’re not alone. Hundreds, probably thousands, of businesses have been in the same place as you.

If you can’t pay your tax bill, get in touch with the HMRC to sort out a payment plan. It’s possible. They just want to know when you’ll be able to pay it. No judgement. No shame. You’re not alone, and you’re not “bad”.

If you didn’t make profit, you probably laid some good foundations for the future. Again, no judgement, no shame. You’ve got this.

Love your business afresh

Tax season is a great time to review your current financial practices. I know I am! Here are some ideas:

  • Set a weekly money date to keep up with your bookkeeping. When this is part of my routine, I easily make better business decisions and worry less. Find a morning or an afternoon and put an hour or so aside – whatever feels good to you. Track incoming and outgoing. File the papers.
  • Calculate and put aside your tax. 25% of your income is a great number to put aside for tax. Disclaimer: I’ve done this for one year, and struggled to do it this year. I’m resolving to use my savings account to do just this. I’ll need a spreadsheet to tell me how much should be in there, so I’ve set this up, too. I’ll check it when I do my weekly money dates.
  • Re-focus your priorities. If making a profit is important to you this year, let it influence your decisions. Not at the expense of happiness or creativity, but there’s something very clear and intentional when you know what you need. (Note: most clients I start working with can put their prices up by 20%. Consider and start there.) If profit has been good, but creativity has been stagnant, re-focus towards creative time and freedom. If you’re somewhere in the middle, do a bit of one and then a bit of the other.

Get support

I can’t imagine not hiring an accountant to do my tax return. First, it means I have very little direct contact with HMRC, which helps my sanity. It also means it’s not on my shoulders and I don’t worry about getting it wrong.

My accountant and recommendation for creative businesses is Amy Taylor. She specialises in NOTHS and Etsy sellers – she knows those systems and how they work. She helps with my sole trader business AND my now big, limited company with VAT. Her team includes specialists, so I know I can email all my little questions when I need to.

She also invoices monthly, so I spread the cost of tax returns, VAT returns, payroll etc, rather than getting caught out.

If you need help, I recommend getting in touch. Tell Amy I sent you. (I’ll get a little gift if you sign up, but I’d recommend her anyway.)

And if you need support creating business plans, re-focusing, working on your marketing strategy, I’m here. One on one mentoring options open up again in February. Let’s crack this thing.

Jenny x

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Here's the thing: measuring success

Financial successI’m not a massive one for new year’s resolutions Β (though I do love my word of the year habit). This year, having had quite a busy and shake-me-up year in 2016, I’m ready to come back to myself, to blogging and writing and mentoring now that copper boom has some security.

So let’s get really honest, shall we? I’m ready to spill the beans, as I love to do.

One of the things I love about Copper Boom is that it gives me so much more practical experience in running a bigger, more complex business. It is expanding my knowledge, courage and insight in really amazing ways.

Of course, especially in the first six months of business, that has not felt comfortable. Much of the time, I’ve thought I’m failing, or worried that I will.

And the biggest source of worry? Money.

Until 2016, I had a fairly good relationship with money. I’d never been in debt, save a student loan that I paid back through working and some money from my parents. (Yes, I check my privilege here.) I was earned just enough and then a good amount before I left my job. I had a small pot when I started mentoring. And this simple, low-overhead, #onegirlband, sole tradership created a fairly regular income quite quickly.

Now, I have a loan, a staff, a two year lease, and a business not yet earning it’s keep. Every member of staff involved is making more money from Copper Boom than I am right now.

And let me say right now: this is normal.

There’s so much pressure in the entrepreneurship community about hitting six figures, about immediately getting to a huge profit margin, and gaining #lifegoals and lifestyle aspiration immediately.

You guys, it takes a while, especially with overheads and ideas and developing a brand.

I’m fairly risk-friendly these days. I acknowledge that you have to be at least a little bit vulnerable to try something. And you will make the best decisions you can, but there will still be decisions that don’t work out. Or need refining.

I want to talk about this because I think it’s important to recognise we’re all human and working in an imperfect environment. That doesn’t mean we don’t try to do good or look good. It just means we know that we all fail and stall and slow down from time to time.

And for me? The truth of it is I have close to zero pounds in the bank. And a bucketload of ideas and valuable services to offer. Yes, I will continue.

If everyone judged their success on the financial results of the first six months of trading, very few businesses would exist now.

So. I’m going to be here, telling the truth, working hard and being perfectly imperfect.

Join me?

Jx

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Enter The Forge

Life's too damn short to chase someone else's definition of success. I'm here to give you the courage and tools to forge your own path.