From Burn Out to Bite Back

From Burn Out to Bite Back

I just got burnt – and I got burnt real bad! But just call me Phoenix because I am arising from my ashes.

If you’re a loyal reader over on my blog, or even just on my social media posts, you will know I’ve had a tough year!

Most entrepreneurs struggle in the early days of their business, usually in the start up stage when they are trying to fully equip for their needs or obtain new clients.

But in true Ivy Wood style (Ivy Wood being my alter ego here) I of course have to be different.

Years 1 – 5, yep perfect! No qualms! Aced it and I loved being a business owner. Year 6, fall flat on my face!

But I am getting myself ready to bite back and take my business to exactly where I want it to be!

Here’s what I have planned for the next few months ahead:

Magic my Mindset

I’ve been working on my mindset now for a few months. This year I’ve taken a new approach and have been undergoing hypnotherapy with the lovely Dee Go who has a treatment room in my building. We’ve been working together and improving both my spiritual awakening and also my confidence and self belief. If you haven’t tried meditation or hypnotherapy before I would highly recommend both treatments. I still need to put more efforts into journaling and gratitude but overall I am beginning to feel a shift in my mindset. And I can definitely vouch for the law of attraction too…

Build up my Team!

To have 100 active accountancy clients all by myself was an incredible achievement! But bloody difficult! I was so relieved when my lovely apprentice came on board in October! The difference it has made is HUGE and in fact come January she was ploughing through the data entry and I just couldn’t keep up with her. February is usually my quietest month, but not in 2018. I therefore made the hefty decision to employ another 2 staff members. We have a payroll Pixie who will be joining us on a weekly basis looking after our client payroll procedures and also an in house admin assistant who will be keeping the work order all in check. Exciting!!

Charge my Worth

This is one of the biggest changes I plan on making. I set my rates 6 years ago when I had zero overheads – I worked from the back bedroom with very basic, no frills and completely free bookkeeping and accountancy software. Would you believe me if I told you I’ve never increased my prices? Despite now having a plush new office, all singing and dancing software, staff members, pricey investments in my personal development amongst everything else. Crazy I know! And by the time I add in my full time childcare fees for 2 children I work at break even. Unfortunately I’ve had to learn the hard way and what I’ve come to realise is when you undervalue yourself, people will undervalue you even more! This is my time and I am now going to value myself. From now on if people are not appreciative they are no longer worthy of my time. Time is precious and I need to use it wisely.

Passive Income Streams

For those few that think my business is run purely for monetary rewards please feel free to come check out my bank balance – you’ll soon see other wise! But at the end of the day this is my business, not my hobby and I need to start earning a living. I’ve already mentioned a price increase but as I’m a nurturer and I want to help others more it won’t have a huge impact to my bottom line. That’s why I’ve created several passive income streams to boost up my bank balance. Over the next few months expect to see some exciting online course including ‘How to file your tax return in 6 weeks‘, ‘Bite Size Business School‘ and also a community for small business owners who enjoy preparing their own bookkeeping but just need that little help along the way.

Visibility

I am on a mission to inspire others! This has been my purpose for the last 6/7 months and I’m really passionate about it. I’ve been through the highs and the lows, I’ve over come hurdles, negativity but still pushed on to reached my achievements. I want to share my experiences with others and help them on a day to day basis. I’ve already co authored Mumpreneur on Fire 2 – which is a no 1 Amazon top seller. The book consists of 20 inspirational stories for mums in business. But I don’t want to stop there! I want to reach out of my comfort zone and feature in many more articles and publications and even possible public speaking gigs! Eek!

Family Time

And last but not least I am incorporating family time into every day life. Obviously I spend time with my family on a daily basis but what I mean is quality family time. Declan and Isla are both out of the house from 8:30 until 18:00 and I miss them. We’ve had a family shake up these last few weeks so I finally introduced an hour each day at the kitchen table either playing games, reading, colouring and have a chit chat over a cup of tea and some biscuits! It’s been lush and so far so good. My aim is to only work school hours by the end of 2018 and now I have a budding team, I don’t see why this wouldn’t be achievable!!

I’ve had some amazing support from the network around me! For every negative set back I’ve had 10 positives pushing me forward! If you’re suffering the burn out too just remember you are not alone and there will be people around you to pick you back up, you just need to look in the right places!

You’ve got this ladies – just bite back! And bite hard!

(But don’t tell my toddler I said that (oops!))

Do not submit your tax return until you have ALL this important information!

Do not submit your tax return until you have ALL this important information!

 

I would say maybe 85% of my clients very often shout at me for offering my services at such low prices. I am a very affordable accountant – so much so, it has actually bit me in the bum over the last 12 months to the extent where I just had too much work on my desk! Personally, business isn’t just about a financial gain, it is about helping others.

Let’s take my lovely friend Pixie as an example. I met Pixie maybe a year or so ago. Pixie came to me as a trained bookkeeper and payroll clerk, she had decided to change directions with her career and was looking for bookkeeping and accountancy services for her new business venture. I could have very easily taken business from her that day, but I didn’t. Instead I gave her a gentle shake and told her to get on with it herself. Considering her bookkeeping requirements as well as payroll for numerous staff members I could have been £45.00 a month richer, but on moral grounds it would have been a wrong move and that really doesn’t sit well with me. We didn’t enter into any business arrangements that day but instead what we did come away with was a new friendship.

Now you might be thinking at this point ‘Mmmm what has this got to do with submitting a tax return?’ Just bear with me…

There are a lot of small business owners out there, especially mums who juggle the struggle. These businesses have fairly straight forward financials. And guess what? Submitting a tax return to HMRC is fairly straight forward too. It’s just daunting! And I completely get that.

There is absolutely no need to seek out an accountant and pay affordable prices (if you’re lucky enough to come across someone like me) or out of this world extortionate prices.

You just need a helping hand to guide you through the process, the do’s and the don’ts, the yes and the no and the final submission.

This is why I have created the ‘6 weeks to complete your tax return’. Our 6 weeks, do it yourself, complete your own tax return online course has been designed to breakdown the what can be very daunting process of preparing and submitting your tax return to HMRC into manageable, easy to action, bite size chunks.

Over the 6 weeks we will cover tax return basics, must have paperwork, sales income, business expenditure, annual adjustments and final submission.

At a cost of just £99.00 it is not to be missed. For full course content and details on how to enrol just click here!

In the meantime, I am giving you for FREE – A summary of the must have information you will need to complete your tax return in a checklist format. Yay!! Just complete the sign up form below.

Remember – Tax does not have to be taxing!!