Is it your financial scaries lurking in the closet. Is it the fear about those bills you know in your mailbox right now that you haven't opened. Whatever is scaring you financially, We're going to talk about it this Halloween. For the first time ever, we are doing a live Brown Ambition YouTube extravaganza where we're going to be talking about the spooky and scary financial topics that are keeping you awake at night. So come face your fears with us.
I will be here your girl Mandy Money, along with two incredible guests, Delian Barros from Ask the Money Coach and Mark Russell. If y'all have not met Mark, you are in for a treat Mark Russell from Betterwallet. They are both joining me live in the Brown Ambition studio for a special Halloween episode. So if you want to tune in, join us Monday, October thirty, first Halloween Day, at one pm Eastern that's twelve pm Central live on YouTube.
To follow along, go to YouTube dot com search Brown Ambition. That's where we will be showing up live. I will see y'all on Halloween.
Time for the b a q a A. The b a q A which you say the b a q a with Mandai, the b a q a with Tiffin A, the b a q a with the guest. It is a question and answer. You have questions, we have answers. Ish because we're not your mama. We're not your financialdvisor. We're not your attorney, we're not your accountant. We are just two smart brown girls who know a little thing or two about personal finance, business, entrepreneurship, and some other things too.
We have hot Seed.
You guys have liked it so much, we said, let's in write some more Brada Vision guests.
So we have Leah in studio.
He.
Alco b A.
Thank you for having me.
Where are you from? Tell us a little bit about you.
So I'm from Dallas, Texas. Well, I'm from San Antonio. I live in Dallas for the last eight years. I am a registered nurse. I have a two year old little baby, so he was born right around the time that Rio was born. I do have two small businesses, baby businesses, very baby businesses. And I'm just out here living. So that's a little about me.
Go ahead, ask you what's your question about yees?
So I have so I guess a little bit extra background.
I'm also in the Army Reserve and so I kind of have like a part time job. So I have my main registered nurse job organization I love. They provide great benefits, material leave, all that good stuff, and they actually are just rolling out like a new program to improve a lot of that stuff.
So great benefits from my full time job that I do love.
Monday through Friday, I'm a reservist that provides my benefits as far as medical health, all of that kind of stuff. So those two things are taking care of from there. And then I have my businesses. So I have a boys clothing line that's just like my hobby business. When I had a little boy, there's no clothes, I wanted to provide that for people. So that's just kind of
like my fun business. But I do have another business solutions agency that I'm just starting, and that is the one that I would like to eventually make my full time career as far as entrepreneurship, and so I'm thinking out. It's not something that I'm obviously ready to just quit my job and leave right now, but I am kind of thinking about that transition period. I do take care of my son by myself, so It's very important to me that I have like the stability and everything, and
I don't just up and leave. I know that with the Army Reserve that takes care of the medical benefits and stuff, which gives me that peace of mind. But I guess my question is just twofold kind of how do I come up with a good work plan as far as the entrepreneurship side of slowly being able to grow my business but effectively running it?
Kind of do you.
Organize yourself, organize your thoughts things like that. And then on the other hand, what things do I think about because I know in the future that I am going to want to transition. What other things am I missing while I'm thinking about benefits things like that?
Okay, tell me what the business solutions business is?
What is that? So we kind of provide just the goal of it is to provide different resources for small
business owners, so kind of virtual assistance meets consulting. But I am not a business I don't have a business background, So my goal is just to really provide education and resources to people that are wanting to start their own businesses, specifically black and brown people because where I work, a lot of people a lot of our patients and things like that, they don't have access to these different resources
in the communities. They may not be able to go to college, they may not know the entrepreneurship is an option, and they may not be able to go to business school to find out that information. But maybe some sort of resources that we can provide that. It's like, hey, here is what I'm working on now, is like a business startup checklist, Like these are things you don't need to learn in school. These are things that you can find resources for free to low cost resources and here
you go, and then in starting that business. Hey, we also provide support for administrative services to small businesses that are just starting up. We provide social media management. I know, in this day and age, everybody wants like high ticket clients and they want to do these big, high ticket packages and things like that, and that's not really my goal.
My goal is to provide as many cost effective resources to small business owners with the hopes that we can build businesses within our communities that offer jobs for other people that look like us.
So you're like the support the support staff that you're the woman behind the woman.
Yeah, basically, yes.
I love that idea.
Because you know, virtual assistance are I feel like one of the easiest not I mean, obviously it's not an easy job, but I mean in terms of the demand for it is so high because look at all these online entrepreneurs that have sprung up since the pandemic, and I mean I have had a couple of I already have two virtual assistants, and you know, it is one of the first lines of defense for new business owners to hire some administrative support, and I think one of
the smartest first hires you can make. So I think that there's like tons of potential there, you know. And for anyone listening who's thinking about like I want to start like my own business, I'm like, hey, virtual assistance, like get some come on, like where we need y'all come find us.
And honestly, it's probably the number one thing my entrepreneur friends high low in the middle just started been in business for a while. It's one of the first things asked me, girl, do you know I can find a virtual assistant? So when I got excited, Leah when you said that, because you are not going to have a lack of client. So a few things to consider, like,
you know, because you have this job. So you're like, you know, one foot in, you know, one foot kind of like out considering one how much one you know, you got to get down to brass tax about like your budget, right, how much money do you need to.
Make to support your current lifestyle?
And so you know, we you know, hopefully we all understand net versus growth, net versus gross, meaning you might say, you know, although I make I'm just making up numbers for you seventy thousand as a nurse, I really take home fifty, So I would need to make at least fifty, And so that's not fifty gross business because after taxes, after paying expenses and operational things, maybe fifty really is twenty five.
You know, so you would have to get clear on your numbers.
How much do I need to actually take home in order to maintain my lifestyle for me and my son, And so you know, you set that as a goal for being able to say, Okay, when I get within range of this, this is when I can just consider taking a leap. That's one thing. It's like how much do I need to make? You know, too, are there things you can do to cut back on expenses? So normally I'm not a big old cut back person.
I don't know. People think I'm the budgetista. I am no.
But when you are starting a business, you know, it's really in your best interest to lean out a little bit because you want what you know, some runway, meaning that like you know, your business might take a little time to get up and running, and so you don't want to squander any money unnecessaries while you're figuring out your business. So let's just say your life is you live off of fifty, but you could live off of forty.
So it's like, okay, you know, let's live off for forty for the next few months to see, like you know, you know, as I make this transition into having my own business full time, it gives me more runway.
So if I don't have.
A really great month or whatever, you know, there's some space there I would be joining like different like online communities. So the one that I like, I always talk about it is Yes, it's good. I was gonna say, that's a really great space because one you're gonna buyd people. There's gonna be so many entrepreneurs in there who need executive admins.
But and also to just getting your feet wet about like what's normal, what's not normal? Whatever?
You know.
I have my mentor Tiffany dot com where I mentor black women and business for ten bucks a month. Matter of fact, I'm gonna I mean, by the time it's areas, it'll be too late. But just for your sake, I'm coming to Dallas actually on Wednesday. Okay, we're doing so I'll you at the meetup.
No, I actually have a flight that day.
Oh I know.
Okay, so yeah, so like, because you want to normalize what business kind of like looks like by like, you know, getting in the mix with other women and business. The good thing is that after our meetup, our mentorship meetup, I'm going to create like a doc that you guys can put all your information so you can connect with each other.
Because that's part it's going to be really important.
We deserve a little breaky break, all right, let's take a break.
But anything like Mandy, because you just made this transition, Like, what are some things you were like?
Oh wish I would have known, you.
Know, well, I think the first thing that you said was the first thing that I did, which was talk with my financial planner and she gave me my monthly income number. It was ten thousand, and I was like, okay, bet Now I started off with a big cash fund like I had been saving for so long throughout my career that I had about twelve months worth of income set aside, and I felt so I had some comfort in that. And I'm wondering, and now I'm not saying
every entrepreneur needs that. It just happened to have had it, And believe me, it ain't there anymore because it's been two years and life is expensive. But anyway, so is there Like Tiffany said, as you're cutting back. If you're cutting back, you know, can you start stockpiling and beefing up your savings because you know you are going to be your own your own boss in that way, your
own employer. And then for me, my concern or my question is, as you're scaling the business and starting the business, it sounds like you're going to be more than just yourself because I as you know, great the virtual assistant spaces and how much we need it. It's like high touch. You know you're going to be in the weeds with entrepreneurs. So I'm wondering, how can you structure it so that you have the support that you need. You can take
on more clients, but not you. I can't imagine what it would be like for you to be trying to juggle as many clients that you would need to juggle to get to that. You know that over that big number that you would need. You know your monthly income number, so maybe you create that monthly income number and then you back into it. Okay, so how much could I charge an hour or how many packages could I create? If I I'm not going to say if I would go back, I would do it this way because I
think I like that. I started out my business offering free coaching and then paid coaching. It was a focus group for me. It was learning the market. It was understanding what my clients needed, what women needed, what they were asking for. So then I could build the mandy money makers into the thing that they all wanted to solve all their pain points. But now I spent that like a year and a half doing that, and now I'm creating prepackaged things on demand, things like products and
services that don't require me to be there live. So as you're thinking of moving forward, what are some what are some solutions that you can provide business owners that don't require your time. You can do it once and then package and sell it, you know, so that that can be one of your income streams other than having like one on one client work, because that of course can become really demanding.
Yeah, right now, my biggest I guess my biggest project is really out like some sort of a book, booklet, ebook, kind of the thing resource guide.
Whereas when I make it little lead magnet, yes, but something.
Well, right now I have the checklist that's kind of the lead magnet, and then the book is going to be kind of more in depth from the checklist, and so that will be for a low cost like maybe like twenty books or something, but kind of get that income going and then also be able to still help for a good not super expensive costs. But once I write it once, I don't need to continue to write it.
And some people just want to guide, and so those people can just have a guide and they don't need me to do that.
As you like, you know, don't be afraid to really lean in a niche into what your.
Specific expertise is.
You know, I think that the the temptation for many new entrepreneurs, so like so many of us, is that we do all the things right, I don't do this or do this, I do this, or even if you're good at a lot of things, because me and Mandy right man, we had this chat the other day and when you're like, I'm really good at this, this, this and this, and I was just like, Okay, well these
are all things. I'm not saying you won't get to those things, but what's the core thing you can focus on right right right now that's really going to connect
with your audience. And so making sure to you know, don't be afraid to niche down and say, you know what I'm although I have this bigger, broader idea, I'm going to lean into getting people admins and executive assistance, you know, because that's something that, like I told you, like, if you type an admin or executive assistant into the arcist group, you're going to see that over and over
and over and over. And so there's nothing wrong with saying, what's the fastest way to get my business up and running by leaning into this core thing and then expanding later because oftentimes people.
Are like, no, but I'm good at so many things.
There are still some things that you know, I know that I'm good at that haven't even gotten to yet, you know, you know, through my business, and I'm just like, you know, maybe in two years I'll roll that other thing out. And you know, so don't be afraid to like, you know, to get really granular and be like, Okay, this is this is my opening, because you don't want
to be what I call buffet business. You know, you really want to be focused on a specific thing that you're going to deliver and to build trust with that thing. First and foremost. The best way to get better at business is just to do it. To acknowledge you're going to make a bunch of mistakes, to ask questions, to get back up and do it again, and so like, you know, the fact that you're asking these questions, that's great.
Put one foot out there and you know, and just you know, get to the business of doing and then learn the lessons and then do it again, and then learn the lessons and do it again.
Anything else? Many one? Any last parting words for Leah?
Yes, my last parting word is even if, like let's say, the worst I think your worst case scenario is that you launch your own business, you end up walking away from your stable job, and healthcare and all of that. And let's say the business goes belly up and you're bankrupt. You still have all the skills. You can't take away your nursing knowledge. You can go back and find nine
to five work. I think that's the fear. And I just want to say, like Tiffany reminds me, She's like, you're going to be okay, you what do you What's.
The thing you always tell me to like you talk?
Is smart, You work with integrity, work with Yes, you work hard, You're going to make money.
You're gonna make money.
That you are that will like that might take a look time, but you will. I promise You're smart, you work hard, you're consistent, you work with integrity.
You will make money. You know, maybe not right away, but you will.
You know.
So we wish you luckilyah luck. We would congratulate to in advance. If you want to be in the hot seat and ask Mandy and I questions about business, entrepreneurship, personal finance, and otherwise, we invite you into our Instagram dms, leave us a voice note with your question and maybe we'll have you virtually in the studio in the stew.
Hey Ba Fam We could not do this show without your support or the support of our team behind the scenes. The Brown Emission Podcast is produced by Cumulus Podcast Network. It's edited by the wonderful Emani Crosby and produced by Tanya Bustos. Dennis Stimplinsky is our in house tech guru, and I am Bandy Woodard Santos, your co host, and I will see y'all next week.