January 12, 2026 • 31 mins
Get straight to the essentials of bookkeeping and financial clarity for small business owners in this episode of Demystifying Money. Host Misty Lynch is joined by Jocelyn Martinez to break down the strategies that build a solid financial foundation.
Where to find Joselyn Martinez
Website: www.balancefinancial.solutions
Instagram: @balance_financial
Facebook: @balancefinancialconsulting
LinkedIn: @balance-financial-solutions-usa/
Where to find Misty
Websites:
- Why clean books are critical for building confidence and making informed decisions
- The most common money mistakes business owners make (and how to avoid them)
- Steps to separate personal and business finances for long-term success
- How to create strategic growth plans and manage cash flow during slow periods
- The mindset shifts and habits that drive financial empowerment and resilience
Where to find Joselyn Martinez
Website: www.balancefinancial.solutions
Instagram: @balance_financial
Facebook: @balancefinancialconsulting
LinkedIn: @balance-financial-solutions-usa/
Where to find Misty
Websites:
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to the Demistifying Money podcast, where each week you
will hear unforgettable conversations with expert guests about success, money, business,
and small steps you can take to elevate your life
and wealth. Now here's your host, Misty Lynch.
Speaker 2 (00:18):
Hi, everyone, thank you so much for joining me for
this episode of demas Defying Money. Today we're going to
talk about numbers and bookkeeping, and I'm here with my
friend Jocelyn Martinez. She is the founder of Balance Financial
Solutions in Mathuin, mass and she works with entrepreneurs and
small business owners offering bookkeeping services, accounting clarity, and tailored
(00:38):
financial insight which helps them build that stable foundation that
they need so their business and their finances can grow
with confidence. I am excited to talk with you. I
feel like bookkeeping is such a I think it's kind
of misunderstood by some from some business owners wondering what
they can do themselves, what they might need help with,
And there's so much more to it than I think
(00:59):
people might realize. And so Jocelyn has twenty over twenty
five years of accounting experience with public and private accounting
roles and even managing complex solutions like company acquisitions. And things.
So I think it's so important to know that that
level of expertise, the tax planning, all of this is
so valuable to your business. It can be one of
the biggest expenses that you have, and a lot of
(01:21):
people really go into it, you know, knowing what they're
able to do and what they you know, their products,
their services, and not thinking about that that strategic side
when it comes to the business and bookkeeping. So Joscelyn,
thank you so much for joining me today.
Speaker 3 (01:36):
Hi, Missie, thank you so much for having me. I'm
very excited. I know it's not fun to think about numbers,
but it's exciting for me.
Speaker 4 (01:44):
This episode of Demystifying Money with Miss day Lynch is
proudly sponsored by Soundview Financial Advisors. Visit www dot Soundview
Financial Advisors dot com to learn more.
Speaker 2 (01:58):
Well, I disagree. I think it's credibly fun, but it
is something that makes a lot of people nervous, and
I think we're kind of in this point, you know,
and this happens all the time with business owners. I
feel like there's a lot of there's a lot of fear,
there's a lot of focus on the economy at any time,
and it's really something that if you're a business owner,
(02:19):
you're going to experience at one point or another. And
the economy is not the same for everyone. Some businesses
can struggle in certain conditions where others are thriving. So
how did you know when it comes to you know,
working beforehand, you know in public and private accounting. What
made you want to take the leap to start working
for yourself and starting this business where you know you're
(02:41):
working with kind of a more I would say it
has its own challenges, So what made you want to
be self employed?
Speaker 3 (02:49):
It definitely has. I agree with you, like like it
has its own challenges that we face every day. You
and I both know that working in public and private
accounting that security that you could you're gonna get up
and you're gonna have a job for the most part
considering the world today. But what made me want to
(03:10):
leave was when I delved into public accounting, was when
I said, this isn't really where I want to go.
I love making a difference, I love helping to make
that difference. And also, I'm not sure if you could
agree mysty there aren't very many of us at the top,
So I said, I want to go out and help
female business owners reach that top and make better decisions
(03:33):
and be more confident in their numbers. And the only
way I could do that was on my own, rather
than being in public accounting, which was the last one
where I was.
Speaker 2 (03:41):
Yeah, I think that's it's so true, and I think
that there is I have a lot of you know,
I'm very thankful for my time working in corporate and
what I learned there and what I experienced. But you know,
when you're working in, you know, a large firm or
at a larger company, there's all sorts of different departments
that handle certain things. And so when you're working for
(04:02):
yourself and a lot of career changers who are going
from having a lot of experience in whatever field they're in,
there's no marketing department, there's no accounting department, there's no
finance department. There's no other places where it all starts
to kind of fall on you where I think this
is where the work that you do can be really helpful,
because managing finances can feel really overwhelming for a lot
of small business owners. And I'm just curious, what kind
(04:25):
of experiences did you see that made you realize there
was a clear need for this type of guidance in
the small business space.
Speaker 3 (04:33):
I agree with you on the fact that finance, it's
a lot of fear associated with that. It's psychological. It's
how we were raised, how we believe in money, and
that translates into when we become business owners and how
we run our business. As far as finance is a concern,
I found that there was a lot of fear, especially
(04:54):
among women, that they didn't it's for black of better worries.
It was so nice about it, and they just didn't
want to see it. So if it was green in
the bank, we were good to go. And so I
feel that for me, I saw the need where especially
female business owners, which is like I want to make
better decisions. I want to handle my books, I want
(05:16):
to handle my finances. So when I'm standing in front
of whomever and I want someone to invest in my company,
I know what I'm talking about and I can make
those decisions. So that's where I definitely found that need
and helping my own is it gives me that great pride.
Speaker 2 (05:32):
Yeah, now, I think that's I think that's a great
point that you make that the fear and the anxiety,
it's not necessarily you know exclusive to women, But I
do feel like a lot of times we are you know,
basically socialized, you know, conditioned to look to somebody else
for help. And this happens from when we're very little,
and so a lot of times there is that that
(05:55):
fear of okay, who is the you know, who's the
person I need to talk to? And a lot of times,
you know, maybe that was your dad or your uncle
or somebody in your house. But I mean, basically a
lot of women didn't have a ton of financial power
in the sixties seventies, So it's not necessarily like our
mother's fault or anything like that. There really just isn't
a lot of people to turn to to say that's
(06:16):
exactly how I want to model my business and act
around money. So we're really kind of figuring this out
in some ways for some of us for the first time,
you know, with not a lot of you know, role
models out there. But I do think you're right. If
you go into you know, you might be amazing at
what you do, but if you seem needy or graspy
(06:38):
or scared, people are going to be reluctant to hand
over their money and work with you. So you talk
about having clean books, and I'm curious, why is that?
Why is that a necessity when it comes to being
able to build that confidence and step into these meetings
in the in the way that you want to present yourself.
Speaker 3 (06:58):
It's power in knowing the story behind those numbers. I
know that it's you know, it's a cliche, it's a saying,
but it's a the absolute truth. If you know the
story behind you know your numbers, if you know what's happening,
if you know what's causing things to happen, you are
a better able to make the decisions that you want
to make, and then you can make the bigger decisions
(07:19):
to make the bigger dreams come true. So it starts
at the very beginning. It starts at the very bottom
to continue to make your way to the top. Basically,
the foundation is the most important thing. So if you're
understanding from the very beginning what makes revenue tick or
what the expenses are so high, then you are better
able to, especially as you mentioned at the beginning, deal
(07:42):
with an economy that might not be so favorable to
your business. But if you don't know your numbers, how
are you going to try and combat the economy the
way that it is.
Speaker 2 (07:51):
Yeah, there's so much truth to that. And I've talked
to lots of different business owners on the podcast I've talked,
and all of them mentioned the foundation and like that
piece of it from people who are you know, professional
stylists are like, okay, but if you don't have like
the basic like the first layer of clothes you put out.
(08:11):
I talked to all of you know, coaches, and it's
those basic skills. It is so important, and I think
this is something that we get kind of drawn away
from when we see these you know, maybe influencers online
talking about certain advanced strategies or certain moves you can
make where everyone thinks, oh, should I be doing that?
Should I be doing this? And I get those questions
a lot, But I do think there's a lot to
(08:34):
the basics, knowing the foundation, knowing what's coming in, what's
going out, and like that that piece of it before
you want to go to level three, oh one, five
A one strategies to try to stay on taxes. But
it is kind of eye catching and it's something that
I feel like I see all the time. Are there
any like money mistakes or myths that you see small
business owners make when they're managing their cash flow or
(08:57):
tracking their finances.
Speaker 3 (09:00):
Some of the money mistakes that are a parent is
mingling personal and business finances together. That doesn't give you
a true picture of how your business is jewing. You
have to understand it from a business perspective and take
Taking those true apart can be difficult, especially at the
beginning when you're setting that foundation. You need to kind
(09:23):
of take them apart. Making decisions without knowing exactly what
your numbers are. That's another one to sort of like
how you're speaking. A lot of my clients come to
me and says, well, I want to invest, okay, but
do you know your numbers? Just make sure that we're
covering everything before you say, okay, I want to invest
in something. And I you know, I love the idea
(09:44):
of creating a sort of like passive income and investing
in property you're investing and things of that nature. That's
all awesome and great, but you have to know your
numbers to be able to take those big steps, to
take those next steps for yourself right now.
Speaker 2 (09:57):
That could be a lot. Yeah, And I think that's
something that I hear too is people want that, but
there's risks involved, and also like you have to make
sure that you know the basics are covered. And also
like once you do make those decisions like to invest
or to acquire a business or a property, knowing that
you can afford it will help you because yes, there
(10:19):
is that fear of missing out on a great opportunity,
but then there's also the fact that these you know,
it's not as easy as it might sound creating passive
income streams that usually there's a lot of money and
work involved. So that's that's definitely important for people when
somebody has maybe never organized their finances properly, say their
(10:40):
stuff is commingle, they've just got one account and everything
is there. Where do you usually tell them to start
when it comes to unwinding that piece.
Speaker 3 (10:48):
I definitely start very basic. Let's start at the at
the very beginning. Let's start at a business account. Let's
tear everything apart. Let's make sure that we understand what
is what are the costs the business, what is the
business making, where is it coming from. Let's start there
and make sure that it's going the paths are going
to the correct places. And it's usually it takes a
(11:11):
little bit of time, like It's not something you can
do overnight, because if you've been doing it for a while,
then you're short of used to that way of running
your business and running your personal finances. So it takes
a little bit. But if we're going to start at
the bay, beginning at this is what I tell all
new business owners. The minute you decide to have a
new business, go over to business account, start there, just
so that you know that that's separate, and then start
(11:34):
going from there.
Speaker 2 (11:35):
Yeah. I think that some people think that that's going
to keep money away from them, But I feel like
most of the time, when the accounts are co mingled,
what was for the business and what was personal is
usually overlooked, and there's a lot of deductions and a
lot of things that you could potentially be using for
your business that you just might say, I don't know.
I just went like, even if I go to Target
(11:56):
and get things for the office, I will do a
separate transactional the separate card, because that to me, is
not gonna just be thrown into my personal if it
doesn't have to be. So, I think it is important
to not see it as like a punishment or they're
taking money away from me. Now now it belongs to
the business. It's still it's just a matter of like
keeping those records nice and clean and knowing exactly what
(12:20):
how much it costs to run your business every day,
which I think a lot of people don't know, and
they feel like sometimes they're just getting by or they're
making money and they're so you know, money's coming in,
it's going out, But how do you help business owners
go from just managing expenses to having like a strategic
plan for where their money's going to go and growth
(12:40):
plans for that business.
Speaker 3 (12:42):
We definitely, I am a big on education. Definitely, It's
something that I'm not just let's just do the transactional peace.
Let's educate, Let's help you understand. As soon as we
are able to set up very solid books, now we're
going to help you understand what the numbers mean. So
now you want to understand what a P and L means,
(13:02):
what a balance sheet means, things are these natures. Then
we're able to strategically plan. So if this is costing
this much to this revenue, where can we lower that
or do we really have to increase revenue? Have we
are we operating on a lean expensive and now we
have to look at revenue. So that's having solid books
(13:25):
will give you solid financial reports and then you can
plan strategic.
Speaker 2 (13:29):
Get from there. When you have a business that say
is growing, but their revenue fluctuates, and I know this
is something that I was very familiar with glowing up
where it was money would come in and then there
would be these these you know, dry spells where we
wouldn't have jobs or have anything coming in for a while.
How do you help business owners build that resilience to
avoid cash flow pitfalls, especially if they're in a seasonal
(13:53):
type of business or something that might have you know,
like extended slower periods of time.
Speaker 3 (14:01):
Definitely, we I have a few clients that have seasonal businesses.
It's just it, that's what they have a passion for.
And what we talk about is how can we increase
revenue in the times that it's slow. How can we
create passive income so that we can fill those gaps.
And we also want to make sure that remember, revenue
(14:22):
doesn't equal cash flow. Just because you sell something in
one month doesn't mean the cash is coming in. So
we also talk about creating payment plans for their clients
so that they're always getting paid even though the revenue
is only within one month, we're not going to get
the money in that month. We're going to try and
space it out so that we're always having cash flow
come in. We also talk about what do we need
(14:45):
to run the business at the bare minimum when revenue
is low, so that we then don't have such a
big hit.
Speaker 2 (14:52):
Yeah, that's definitely smart, and I think there's a lot
of businesses that just happen. I know, I work with
some you know, wedding makeup artists and photographers, and their
business might be done in a few months. So I
love that idea of creating passive income or some other things.
So what are some of the what are some types
of like passive income that somebody who's in like a
service based business or you know, maybe something seesil. What
(15:13):
are some things that you've thought of or that they've
started to do to bring in income during those slow
periods of time.
Speaker 3 (15:18):
They can always do a suspicion, they can do courses,
they can do weaponars sort of like teaching out that
taking the what you are an export in and teaching
someone else that, or creating like I said, courses for them.
Those are some of the ways to kind of bridge
(15:39):
that gap in between even myself. So I run my business,
but I'm also an instructor at my at Newham's University,
so I still have that and I've had three years
and I've always wanted to be a teacher when I
was a little girl. So it's you know, it's it's
it's making that dreamcome true. But that's also income for me.
(15:59):
I do home, it's online, I don't you know what
I mean. So there are multiple ways to be able
to create that income, that passive income, so you're not
it's not taking away from you completely, but it's filling
the gap.
Speaker 2 (16:11):
Yeah, I think it's important, you know, like you said
that side income or other income, you know, it's not
maybe it's work, maybe it's not necessarily just like you know,
I have people that are like, I want to create
passive income streams, and I say, hek, I invest in
the stock market because you're literally handing your money over
and you're doing nothing, and they're like no, like I
want to like do So I'm like, all right, this
is just another income stream and I love it. But
it's funny because I feel like passive income has gotten
(16:32):
this like reputation for being like, you know, low touch,
and I'm like, well, that that's you know, even a
rental property is going to involve some work and some maintenance.
But I love the idea of having multiple income streams
after you get real good at income stream number one.
I think that's super important too, because sometimes I'll see
(16:53):
business owners that want to do everything. Maybe they want
to teach and coach and work, but they haven't really
dialed into that main income stream. Do you see that sometimes?
And like, how important is it for people to you know,
really focus on that core business before adding on so
they you know, so that they are actually able to
(17:15):
be profitable.
Speaker 3 (17:16):
Yeah, I definitely see that. I definitely see I think,
you know, they some of some clients just get so
excited about being able to do so many things. And
I definitely have seen that. And this is where again
good books who show you, I mean, you're not really
making a whole lot of money in income stream number one.
And this is supposed to be the forever business. This
is supposed to be the business, Like, well, we need
(17:38):
to focus on this and make sure that this is
functioning before we go into all of the other income ideas.
That's very, very important. I've also seen that people will
take from the business to support all the other income ideas.
I also don't think that that's the greatest thing unless
you can make sure that you get in a fabulous
rate of return on what you're you know, you're best, right,
(18:01):
that's also very very risk as well. I also have
clients that have I want to have like ten lines
of products with ten lines of services. You need to
narrow it down to what you're really really good at
and what really can sell before you like deplete everything
and go everywhere with it.
Speaker 4 (18:22):
Yeah.
Speaker 2 (18:22):
I think another coach I spoke to you once was
saying that it's like, you know, a lot of people
come in and they want to they're like building a
strip mall instead of like a skyscraper, where it's like
building out where it is. It's like spreading out everything
and trying to do this and that, and so it's interesting,
and I mean I have done the same thing, you know,
but it's it's interesting to see like, Okay, well, how
does it make sense? And I think that's what's important
(18:44):
to talk with somebody like you, to say, Okay, these
are my ideas, and then to have a sounding board
to be like, Okay, yeah, if you do this, it
might bring in clients to business A and then how
it can all work together because sometimes it is it's exciting.
And then you take a cour and I I am
I am guilty of taking a lot of courses. I
(19:04):
love they allar I love them education like that. So
I'll get this and be like, yeah, I can do this,
I should do this, or I should go get certified
in this because this was helpful and like it can
be very very exciting but a little bit distracting. But
I think I think those are a really good points.
I'm curious though, because we mentioned we touched on a
(19:25):
little bit of the fear and the scariness, and I
think it's scary. It's normal for all business owners to
have these moments where we think like should I just stop,
Should I just you know, give it up, go back to,
you know, finding a job. And I mean I've worked
with so many people that I feel like there really
is no safe safety anymore. You are in charge of
(19:46):
your own financial future. You're you. You know, you can
get laid off, you could get say, all of these
things can happen. So it's really important whether you're self
employed or working for somewhere else to like be in
control of your money and your numbers. How do you help,
you know, clients, kind of shift that mindset from fear
and avoidance over to empowerment, because that can be if
(20:08):
you don't believe that it's going to be successful or
take off. There's lots of ways that you can prevent
that from happening. And so I think it is it
is that that mindset is one of the most important
pieces that you can handle. So what are some things
that you see or that you talk through with clients
to help them get past that? Because it's not just
closing your eyes and thinking about abundance.
Speaker 3 (20:31):
Yeah, I wish it was, but I wish it was
simply stated building confidence. So what's going to you know,
increase that fear is not knowing and being confused and
not looking and having a blind eye and thinking because
(20:51):
I you know what I mean this week it's green
in the bank. I'm good, We're good to go. So
in order to make my clients, help my clients feel
empowered is to build their confidence in their numbers. It
may not look pretty, and half the time it doesn't,
you know, to mean, because it all depends on what's
happening in the economy. Having a business is not easy.
(21:15):
It's tough. You many times will feel all alone. You're
running many hats other than what you desire to do
to help build this business and dream that you have.
So to build your build in. Their confidence helps them
make better decisions and if the numbers don't look pretty,
then we can strategize and make them look better so
(21:37):
that you can continue this business, continue it going, or
if you need to add things, then we know that.
But if you're just ignoring it, it's just gonna fester
that fear that you have.
Speaker 2 (21:48):
And also there can be this urge, especially when somebody
brings you on to be like, Okay, now you do it.
It's your job. And I think that you mentioned the
education piece and kind of that working together being really
important to you because there are some things that you
can't really fully outsource away. But a lot of times
that is, you know, the first thought is I'll bring
on people to do this, this and this, and sometimes
(22:10):
people bring on too much before they're ready to try
to buy the solution and get their way there. I
do think bookkeeping is one of the first parts that
you know if you are looking to move budget somewhere.
Usually I think that that's one of the smartest places
to look first to then decide, Okay, can I afford
this marketing tool? Can I afford this and that? But
(22:32):
how do you you know, how do you kind of
wrap in that education piece, especially if someone's reluctant to
it and really just wants you to do it.
Speaker 3 (22:42):
You know, accounting isn't fun, as I said, and you know,
it can be quite scary to look at because a
lot of people just don't understand it. Yeah, I mean
talking about debits and credits. It's like, what's that In
the banking world, it means totally different than in the
accounting world. So people get very confused. It's a love
hate relationship sitting with them explaining it to them. Some
(23:04):
people just need a little bit more explaining. I have
that patience and that empathy for them to be like,
this is important. I know that it's important, and I'm
going to make sure that you understand because it's important
to you. So that educational piece is very like I
can gauge how my client feels about it. Some clients
absolutely love it, like they can't they want more of it.
(23:28):
And then there are others that you kind of have
to ease slow because they get confused and then they
just get turned off and then they won't learn anything
and they're not able to feel that confidence to make
those decisions. So that's where the educational piece comes in
for me.
Speaker 2 (23:42):
Yeah, it's so important. And even if it's yeah, they
don't have to learn how to do it themselves. But
I feel like even with some of my clients, like
I want them to know why we're invested in what
we're in and what we're doing, and you know, sometimes
it's just sending a monthly video about this is what's
happening today, and like, I think that it kind of
sinks in because it is important because a lot of
(24:04):
times people can get burned if they're really hands off
and they're not sure what's going on, and then they're like, oh,
like there's a problem, and you know, that can be
really unfortunate for some business owners who maybe are very
trusting or maybe want to try to just outsource everything
that they can. So I love that you make that
an important piece of the of the process. Yes, if
(24:25):
someone's balancing multiple financial priorities, maybe they've been in business
a while and they're trying to grow, they're trying to
pay themselves, they're trying to pay taxes. How do you
help them kind of build out that plan that feels manageable.
I get a lot of questions about should I change
my tax status? Should I do this? And they really
and a lot of times business owners just don't really
know what's the best step for them. So what do
you take a look at there?
Speaker 3 (24:46):
We actually have discussions about prioritizing. Let's prioritize what's important,
what's absolute. So when we come to taxes, that's an absolute,
so we need to make sure that that and I
definitely have resources for them to where if I can't help,
there are others that I have that can help them,
sort of like in the tax realm and making sure
(25:07):
that that's all set to go first. So we strategize
and we prioritize. We also sit down and we dream
and we have goals.
Speaker 2 (25:15):
What is your goal?
Speaker 3 (25:16):
I want to pay myself? Okay, so how much do
you want to pay yourself? What's the bare minimum that
you need to pay yourself to be able to live
off your business, to have a life off of it.
And then we go from there, where do you want
to be in a year. Where do we want to
be in five years? So then we strategize on how
to get there.
Speaker 2 (25:33):
Yeah, what are some things if you, I know, we're
entering a new year, if there's like a few things
that you believe every small business owner could do within
the next ninety days or quarter to get their financial
house in order, even if they feel overwhelmed. Now, what
are some things that they can do to help them
feel a little bit differently this year?
Speaker 3 (25:52):
Okay, I would definitely, as we alluded to earlier, if
we're mixing separate, let's treat the business as a business.
It will help you actually feel much better about your business.
It'll help you feel like you're a business owner. That's
one of the first things I would say. A lot
of new business owners can't afford to hire someone like me. Okay,
(26:12):
that's fine. Then take a course that will help you
understand at the very basic what is happening, so that
you can understand what's happening in your books. I would definitely,
And if you don't have a system, get one, even
if it's Excel, if it's Google Sheet, get a system
so that that way there you can see it because
running a business and you don't see it, you don't
(26:33):
see the numbers, it's not really running a business.
Speaker 2 (26:36):
No, I agree, And I think a lot of times
it's very normal to think of the business as like
an extension of yourself, and I've seen this quite a bit.
But I do think that at some point there is
there will be a time maybe where you can't or
you don't want to work anymore. So having a business
that is separate from you, from the books, from the
everything is so important because yes, maybe you love the
(26:58):
business and it's your baby, you'll never ever want to
leave it. But I think that that's I think that
a lot of business owners then eventually get to the
point where they can't sell it. They're not sure how
to value it, their numbers don't look good. So I
think I think it's important, you know, to always kind
of have a bit of an exit strategy in mind
when it comes to the business. Are there any things
(27:19):
that you think business owners should watch out for, even
in the way that they think about the business, you know,
to to kind of get them to separate it from
their personality and they're like their whole you know, the
way that they see themselves in case they ever do
want to sell the business and retire.
Speaker 3 (27:38):
We discussed this quite a bit, especially when we're like
go planning and looking at what we want for the future.
I tell my clients a lot of the times, what's
your endgame? Where do you want to end up with
your business? We discuss this is a business pcocerty forever
and you don't want to do it forever? Right? I
know that people they do, but the reality is that
(27:58):
eventually you do want either some want to hand it
off to their children and how is that going to happen?
And others they just want to sell it and so
but how are we going to sell it? And what
we what is the value in your industry to be
able to sell it? So having that conversation helps them
thinking about it as Okay, this is my business. This
(28:20):
is not my life, right. That's that's hard when you're
wearing the hats that kind of merge together. I would
say to sort of like you never leave your business,
especially when you're working from home. You have to be
able to separate those two hats and having that conversation
and be like, Okay, this isn't going to be a
part of me forever. Right, I think in that way.
Speaker 2 (28:42):
Yeah, I think it is important. You know that it
isn't your identity that there is this you know, I
keep you know, my businesses are separate. But I do
understand that that feeling that But I think I think
the first step you mentioned even getting a separate business
account like puts it outside it like there's like it
removes it slightly. And so I think that's really important
(29:03):
even for business owners that do plan to work for
a long time to yeah, to make sure that they
try to do that and keep things, you know, a
little bit separate. So very important there for listeners who
want to learn more about Balance Financial Solutions, get help,
or maybe schedule a financial clarity audit. What is one
of the best ways to connect with you?
Speaker 3 (29:23):
Definitely one of the best ways to connect with me
is right on my website. It's www dot Balance Financial
Dots Solutions. Right on there, I have all my services.
You can connect with me directly through there. You can
also follow me on my Instagram page for all the
latest and the greatest which is Balanced Underscore Financial, and
then my email at info at Balance Financial dot Solutions.
Speaker 2 (29:47):
Thank you so much so looking ahead as a small
business owner of freelancers as they navigate in the economy
and uncertainty that's bound to happen. What is a financial
habit or mindset that you believe is going to matter
them host for long term success?
Speaker 3 (30:01):
Don't ignore, don't ignore your books. That's the long term success.
Even if it doesn't look the way that you want
it to look, as long as you're looking at it,
you can make the decisions you need to make to
make it better.
Speaker 2 (30:14):
Awesome. Well, thank you so much Jocelyn for joining me,
and I will put all of those links to our
website and to her social media in the show notes.
And if you're thinking about making some changes as far
as you know, what can you know? What can you
do for your business? Or if you're looking at your
own personal financial plan and you want to see how
all of this comes together and all of the moving parts,
(30:35):
head over to mister Lynch dot com. I would love
to share you know, to speak with you about this,
or you can find other episodes of the podcast or
my book if you're looking to work on your own
financial health. Thank you so much for joining and we'll
talk again next week. Thank you, thank you for joining
us on another insightful episode of demonst Buying Money. If
you enjoyed this episode, please subscribe, rate, and leave a review.
(30:56):
Stay tuned for more engaging conversations on our next episode,
and remember knowledge is the key to financial empowerment.
Welcome to the Demistifying Money podcast, where each week you
will hear unforgettable conversations with expert guests about success, money, business,
and small steps you can take to elevate your life
and wealth. Now here's your host, Misty Lynch.
Speaker 2 (00:18):
Hi, everyone, thank you so much for joining me for
this episode of demas Defying Money. Today we're going to
talk about numbers and bookkeeping, and I'm here with my
friend Jocelyn Martinez. She is the founder of Balance Financial
Solutions in Mathuin, mass and she works with entrepreneurs and
small business owners offering bookkeeping services, accounting clarity, and tailored
(00:38):
financial insight which helps them build that stable foundation that
they need so their business and their finances can grow
with confidence. I am excited to talk with you. I
feel like bookkeeping is such a I think it's kind
of misunderstood by some from some business owners wondering what
they can do themselves, what they might need help with,
And there's so much more to it than I think
(00:59):
people might realize. And so Jocelyn has twenty over twenty
five years of accounting experience with public and private accounting
roles and even managing complex solutions like company acquisitions. And things.
So I think it's so important to know that that
level of expertise, the tax planning, all of this is
so valuable to your business. It can be one of
the biggest expenses that you have, and a lot of
(01:21):
people really go into it, you know, knowing what they're
able to do and what they you know, their products,
their services, and not thinking about that that strategic side
when it comes to the business and bookkeeping. So Joscelyn,
thank you so much for joining me today.
Speaker 3 (01:36):
Hi, Missie, thank you so much for having me. I'm
very excited. I know it's not fun to think about numbers,
but it's exciting for me.
Speaker 4 (01:44):
This episode of Demystifying Money with Miss day Lynch is
proudly sponsored by Soundview Financial Advisors. Visit www dot Soundview
Financial Advisors dot com to learn more.
Speaker 2 (01:58):
Well, I disagree. I think it's credibly fun, but it
is something that makes a lot of people nervous, and
I think we're kind of in this point, you know,
and this happens all the time with business owners. I
feel like there's a lot of there's a lot of fear,
there's a lot of focus on the economy at any time,
and it's really something that if you're a business owner,
(02:19):
you're going to experience at one point or another. And
the economy is not the same for everyone. Some businesses
can struggle in certain conditions where others are thriving. So
how did you know when it comes to you know,
working beforehand, you know in public and private accounting. What
made you want to take the leap to start working
for yourself and starting this business where you know you're
(02:41):
working with kind of a more I would say it
has its own challenges, So what made you want to
be self employed?
Speaker 3 (02:49):
It definitely has. I agree with you, like like it
has its own challenges that we face every day. You
and I both know that working in public and private
accounting that security that you could you're gonna get up
and you're gonna have a job for the most part
considering the world today. But what made me want to
(03:10):
leave was when I delved into public accounting, was when
I said, this isn't really where I want to go.
I love making a difference, I love helping to make
that difference. And also, I'm not sure if you could
agree mysty there aren't very many of us at the top,
So I said, I want to go out and help
female business owners reach that top and make better decisions
(03:33):
and be more confident in their numbers. And the only
way I could do that was on my own, rather
than being in public accounting, which was the last one
where I was.
Speaker 2 (03:41):
Yeah, I think that's it's so true, and I think
that there is I have a lot of you know,
I'm very thankful for my time working in corporate and
what I learned there and what I experienced. But you know,
when you're working in, you know, a large firm or
at a larger company, there's all sorts of different departments
that handle certain things. And so when you're working for
(04:02):
yourself and a lot of career changers who are going
from having a lot of experience in whatever field they're in,
there's no marketing department, there's no accounting department, there's no
finance department. There's no other places where it all starts
to kind of fall on you where I think this
is where the work that you do can be really helpful,
because managing finances can feel really overwhelming for a lot
of small business owners. And I'm just curious, what kind
(04:25):
of experiences did you see that made you realize there
was a clear need for this type of guidance in
the small business space.
Speaker 3 (04:33):
I agree with you on the fact that finance, it's
a lot of fear associated with that. It's psychological. It's
how we were raised, how we believe in money, and
that translates into when we become business owners and how
we run our business. As far as finance is a concern,
I found that there was a lot of fear, especially
(04:54):
among women, that they didn't it's for black of better worries.
It was so nice about it, and they just didn't
want to see it. So if it was green in
the bank, we were good to go. And so I
feel that for me, I saw the need where especially
female business owners, which is like I want to make
better decisions. I want to handle my books, I want
(05:16):
to handle my finances. So when I'm standing in front
of whomever and I want someone to invest in my company,
I know what I'm talking about and I can make
those decisions. So that's where I definitely found that need
and helping my own is it gives me that great pride.
Speaker 2 (05:32):
Yeah, now, I think that's I think that's a great
point that you make that the fear and the anxiety,
it's not necessarily you know exclusive to women, But I
do feel like a lot of times we are you know,
basically socialized, you know, conditioned to look to somebody else
for help. And this happens from when we're very little,
and so a lot of times there is that that
(05:55):
fear of okay, who is the you know, who's the
person I need to talk to? And a lot of times,
you know, maybe that was your dad or your uncle
or somebody in your house. But I mean, basically a
lot of women didn't have a ton of financial power
in the sixties seventies, So it's not necessarily like our
mother's fault or anything like that. There really just isn't
a lot of people to turn to to say that's
(06:16):
exactly how I want to model my business and act
around money. So we're really kind of figuring this out
in some ways for some of us for the first time,
you know, with not a lot of you know, role
models out there. But I do think you're right. If
you go into you know, you might be amazing at
what you do, but if you seem needy or graspy
(06:38):
or scared, people are going to be reluctant to hand
over their money and work with you. So you talk
about having clean books, and I'm curious, why is that?
Why is that a necessity when it comes to being
able to build that confidence and step into these meetings
in the in the way that you want to present yourself.
Speaker 3 (06:58):
It's power in knowing the story behind those numbers. I
know that it's you know, it's a cliche, it's a saying,
but it's a the absolute truth. If you know the
story behind you know your numbers, if you know what's happening,
if you know what's causing things to happen, you are
a better able to make the decisions that you want
to make, and then you can make the bigger decisions
(07:19):
to make the bigger dreams come true. So it starts
at the very beginning. It starts at the very bottom
to continue to make your way to the top. Basically,
the foundation is the most important thing. So if you're
understanding from the very beginning what makes revenue tick or
what the expenses are so high, then you are better
able to, especially as you mentioned at the beginning, deal
(07:42):
with an economy that might not be so favorable to
your business. But if you don't know your numbers, how
are you going to try and combat the economy the
way that it is.
Speaker 2 (07:51):
Yeah, there's so much truth to that. And I've talked
to lots of different business owners on the podcast I've talked,
and all of them mentioned the foundation and like that
piece of it from people who are you know, professional
stylists are like, okay, but if you don't have like
the basic like the first layer of clothes you put out.
(08:11):
I talked to all of you know, coaches, and it's
those basic skills. It is so important, and I think
this is something that we get kind of drawn away
from when we see these you know, maybe influencers online
talking about certain advanced strategies or certain moves you can
make where everyone thinks, oh, should I be doing that?
Should I be doing this? And I get those questions
a lot, But I do think there's a lot to
(08:34):
the basics, knowing the foundation, knowing what's coming in, what's
going out, and like that that piece of it before
you want to go to level three, oh one, five
A one strategies to try to stay on taxes. But
it is kind of eye catching and it's something that
I feel like I see all the time. Are there
any like money mistakes or myths that you see small
business owners make when they're managing their cash flow or
(08:57):
tracking their finances.
Speaker 3 (09:00):
Some of the money mistakes that are a parent is
mingling personal and business finances together. That doesn't give you
a true picture of how your business is jewing. You
have to understand it from a business perspective and take
Taking those true apart can be difficult, especially at the
beginning when you're setting that foundation. You need to kind
(09:23):
of take them apart. Making decisions without knowing exactly what
your numbers are. That's another one to sort of like
how you're speaking. A lot of my clients come to
me and says, well, I want to invest, okay, but
do you know your numbers? Just make sure that we're
covering everything before you say, okay, I want to invest
in something. And I you know, I love the idea
(09:44):
of creating a sort of like passive income and investing
in property you're investing and things of that nature. That's
all awesome and great, but you have to know your
numbers to be able to take those big steps, to
take those next steps for yourself right now.
Speaker 2 (09:57):
That could be a lot. Yeah, And I think that's
something that I hear too is people want that, but
there's risks involved, and also like you have to make
sure that you know the basics are covered. And also
like once you do make those decisions like to invest
or to acquire a business or a property, knowing that
you can afford it will help you because yes, there
(10:19):
is that fear of missing out on a great opportunity,
but then there's also the fact that these you know,
it's not as easy as it might sound creating passive
income streams that usually there's a lot of money and
work involved. So that's that's definitely important for people when
somebody has maybe never organized their finances properly, say their
(10:40):
stuff is commingle, they've just got one account and everything
is there. Where do you usually tell them to start
when it comes to unwinding that piece.
Speaker 3 (10:48):
I definitely start very basic. Let's start at the at
the very beginning. Let's start at a business account. Let's
tear everything apart. Let's make sure that we understand what
is what are the costs the business, what is the
business making, where is it coming from. Let's start there
and make sure that it's going the paths are going
to the correct places. And it's usually it takes a
(11:11):
little bit of time, like It's not something you can
do overnight, because if you've been doing it for a while,
then you're short of used to that way of running
your business and running your personal finances. So it takes
a little bit. But if we're going to start at
the bay, beginning at this is what I tell all
new business owners. The minute you decide to have a
new business, go over to business account, start there, just
so that you know that that's separate, and then start
(11:34):
going from there.
Speaker 2 (11:35):
Yeah. I think that some people think that that's going
to keep money away from them, But I feel like
most of the time, when the accounts are co mingled,
what was for the business and what was personal is
usually overlooked, and there's a lot of deductions and a
lot of things that you could potentially be using for
your business that you just might say, I don't know.
I just went like, even if I go to Target
(11:56):
and get things for the office, I will do a
separate transactional the separate card, because that to me, is
not gonna just be thrown into my personal if it
doesn't have to be. So, I think it is important
to not see it as like a punishment or they're
taking money away from me. Now now it belongs to
the business. It's still it's just a matter of like
keeping those records nice and clean and knowing exactly what
(12:20):
how much it costs to run your business every day,
which I think a lot of people don't know, and
they feel like sometimes they're just getting by or they're
making money and they're so you know, money's coming in,
it's going out, But how do you help business owners
go from just managing expenses to having like a strategic
plan for where their money's going to go and growth
(12:40):
plans for that business.
Speaker 3 (12:42):
We definitely, I am a big on education. Definitely, It's
something that I'm not just let's just do the transactional peace.
Let's educate, Let's help you understand. As soon as we
are able to set up very solid books, now we're
going to help you understand what the numbers mean. So
now you want to understand what a P and L means,
(13:02):
what a balance sheet means, things are these natures. Then
we're able to strategically plan. So if this is costing
this much to this revenue, where can we lower that
or do we really have to increase revenue? Have we
are we operating on a lean expensive and now we
have to look at revenue. So that's having solid books
(13:25):
will give you solid financial reports and then you can
plan strategic.
Speaker 2 (13:29):
Get from there. When you have a business that say
is growing, but their revenue fluctuates, and I know this
is something that I was very familiar with glowing up
where it was money would come in and then there
would be these these you know, dry spells where we
wouldn't have jobs or have anything coming in for a while.
How do you help business owners build that resilience to
avoid cash flow pitfalls, especially if they're in a seasonal
(13:53):
type of business or something that might have you know,
like extended slower periods of time.
Speaker 3 (14:01):
Definitely, we I have a few clients that have seasonal businesses.
It's just it, that's what they have a passion for.
And what we talk about is how can we increase
revenue in the times that it's slow. How can we
create passive income so that we can fill those gaps.
And we also want to make sure that remember, revenue
(14:22):
doesn't equal cash flow. Just because you sell something in
one month doesn't mean the cash is coming in. So
we also talk about creating payment plans for their clients
so that they're always getting paid even though the revenue
is only within one month, we're not going to get
the money in that month. We're going to try and
space it out so that we're always having cash flow
come in. We also talk about what do we need
(14:45):
to run the business at the bare minimum when revenue
is low, so that we then don't have such a
big hit.
Speaker 2 (14:52):
Yeah, that's definitely smart, and I think there's a lot
of businesses that just happen. I know, I work with
some you know, wedding makeup artists and photographers, and their
business might be done in a few months. So I
love that idea of creating passive income or some other things.
So what are some of the what are some types
of like passive income that somebody who's in like a
service based business or you know, maybe something seesil. What
(15:13):
are some things that you've thought of or that they've
started to do to bring in income during those slow
periods of time.
Speaker 3 (15:18):
They can always do a suspicion, they can do courses,
they can do weaponars sort of like teaching out that
taking the what you are an export in and teaching
someone else that, or creating like I said, courses for them.
Those are some of the ways to kind of bridge
(15:39):
that gap in between even myself. So I run my business,
but I'm also an instructor at my at Newham's University,
so I still have that and I've had three years
and I've always wanted to be a teacher when I
was a little girl. So it's you know, it's it's
it's making that dreamcome true. But that's also income for me.
(15:59):
I do home, it's online, I don't you know what
I mean. So there are multiple ways to be able
to create that income, that passive income, so you're not
it's not taking away from you completely, but it's filling
the gap.
Speaker 2 (16:11):
Yeah, I think it's important, you know, like you said
that side income or other income, you know, it's not
maybe it's work, maybe it's not necessarily just like you know,
I have people that are like, I want to create
passive income streams, and I say, hek, I invest in
the stock market because you're literally handing your money over
and you're doing nothing, and they're like no, like I
want to like do So I'm like, all right, this
is just another income stream and I love it. But
it's funny because I feel like passive income has gotten
(16:32):
this like reputation for being like, you know, low touch,
and I'm like, well, that that's you know, even a
rental property is going to involve some work and some maintenance.
But I love the idea of having multiple income streams
after you get real good at income stream number one.
I think that's super important too, because sometimes I'll see
(16:53):
business owners that want to do everything. Maybe they want
to teach and coach and work, but they haven't really
dialed into that main income stream. Do you see that sometimes?
And like, how important is it for people to you know,
really focus on that core business before adding on so
they you know, so that they are actually able to
(17:15):
be profitable.
Speaker 3 (17:16):
Yeah, I definitely see that. I definitely see I think,
you know, they some of some clients just get so
excited about being able to do so many things. And
I definitely have seen that. And this is where again
good books who show you, I mean, you're not really
making a whole lot of money in income stream number one.
And this is supposed to be the forever business. This
is supposed to be the business, Like, well, we need
(17:38):
to focus on this and make sure that this is
functioning before we go into all of the other income ideas.
That's very, very important. I've also seen that people will
take from the business to support all the other income ideas.
I also don't think that that's the greatest thing unless
you can make sure that you get in a fabulous
rate of return on what you're you know, you're best, right,
(18:01):
that's also very very risk as well. I also have
clients that have I want to have like ten lines
of products with ten lines of services. You need to
narrow it down to what you're really really good at
and what really can sell before you like deplete everything
and go everywhere with it.
Speaker 4 (18:22):
Yeah.
Speaker 2 (18:22):
I think another coach I spoke to you once was
saying that it's like, you know, a lot of people
come in and they want to they're like building a
strip mall instead of like a skyscraper, where it's like
building out where it is. It's like spreading out everything
and trying to do this and that, and so it's interesting,
and I mean I have done the same thing, you know,
but it's it's interesting to see like, Okay, well, how
does it make sense? And I think that's what's important
(18:44):
to talk with somebody like you, to say, Okay, these
are my ideas, and then to have a sounding board
to be like, Okay, yeah, if you do this, it
might bring in clients to business A and then how
it can all work together because sometimes it is it's exciting.
And then you take a cour and I I am
I am guilty of taking a lot of courses. I
(19:04):
love they allar I love them education like that. So
I'll get this and be like, yeah, I can do this,
I should do this, or I should go get certified
in this because this was helpful and like it can
be very very exciting but a little bit distracting. But
I think I think those are a really good points.
I'm curious though, because we mentioned we touched on a
(19:25):
little bit of the fear and the scariness, and I
think it's scary. It's normal for all business owners to
have these moments where we think like should I just stop,
Should I just you know, give it up, go back to,
you know, finding a job. And I mean I've worked
with so many people that I feel like there really
is no safe safety anymore. You are in charge of
(19:46):
your own financial future. You're you. You know, you can
get laid off, you could get say, all of these
things can happen. So it's really important whether you're self
employed or working for somewhere else to like be in
control of your money and your numbers. How do you help,
you know, clients, kind of shift that mindset from fear
and avoidance over to empowerment, because that can be if
(20:08):
you don't believe that it's going to be successful or
take off. There's lots of ways that you can prevent
that from happening. And so I think it is it
is that that mindset is one of the most important
pieces that you can handle. So what are some things
that you see or that you talk through with clients
to help them get past that? Because it's not just
closing your eyes and thinking about abundance.
Speaker 3 (20:31):
Yeah, I wish it was, but I wish it was
simply stated building confidence. So what's going to you know,
increase that fear is not knowing and being confused and
not looking and having a blind eye and thinking because
(20:51):
I you know what I mean this week it's green
in the bank. I'm good, We're good to go. So
in order to make my clients, help my clients feel
empowered is to build their confidence in their numbers. It
may not look pretty, and half the time it doesn't,
you know, to mean, because it all depends on what's
happening in the economy. Having a business is not easy.
(21:15):
It's tough. You many times will feel all alone. You're
running many hats other than what you desire to do
to help build this business and dream that you have.
So to build your build in. Their confidence helps them
make better decisions and if the numbers don't look pretty,
then we can strategize and make them look better so
(21:37):
that you can continue this business, continue it going, or
if you need to add things, then we know that.
But if you're just ignoring it, it's just gonna fester
that fear that you have.
Speaker 2 (21:48):
And also there can be this urge, especially when somebody
brings you on to be like, Okay, now you do it.
It's your job. And I think that you mentioned the
education piece and kind of that working together being really
important to you because there are some things that you
can't really fully outsource away. But a lot of times
that is, you know, the first thought is I'll bring
on people to do this, this and this, and sometimes
(22:10):
people bring on too much before they're ready to try
to buy the solution and get their way there. I
do think bookkeeping is one of the first parts that
you know if you are looking to move budget somewhere.
Usually I think that that's one of the smartest places
to look first to then decide, Okay, can I afford
this marketing tool? Can I afford this and that? But
(22:32):
how do you you know, how do you kind of
wrap in that education piece, especially if someone's reluctant to
it and really just wants you to do it.
Speaker 3 (22:42):
You know, accounting isn't fun, as I said, and you know,
it can be quite scary to look at because a
lot of people just don't understand it. Yeah, I mean
talking about debits and credits. It's like, what's that In
the banking world, it means totally different than in the
accounting world. So people get very confused. It's a love
hate relationship sitting with them explaining it to them. Some
(23:04):
people just need a little bit more explaining. I have
that patience and that empathy for them to be like,
this is important. I know that it's important, and I'm
going to make sure that you understand because it's important
to you. So that educational piece is very like I
can gauge how my client feels about it. Some clients
absolutely love it, like they can't they want more of it.
(23:28):
And then there are others that you kind of have
to ease slow because they get confused and then they
just get turned off and then they won't learn anything
and they're not able to feel that confidence to make
those decisions. So that's where the educational piece comes in
for me.
Speaker 2 (23:42):
Yeah, it's so important. And even if it's yeah, they
don't have to learn how to do it themselves. But
I feel like even with some of my clients, like
I want them to know why we're invested in what
we're in and what we're doing, and you know, sometimes
it's just sending a monthly video about this is what's
happening today, and like, I think that it kind of
sinks in because it is important because a lot of
(24:04):
times people can get burned if they're really hands off
and they're not sure what's going on, and then they're like, oh,
like there's a problem, and you know, that can be
really unfortunate for some business owners who maybe are very
trusting or maybe want to try to just outsource everything
that they can. So I love that you make that
an important piece of the of the process. Yes, if
(24:25):
someone's balancing multiple financial priorities, maybe they've been in business
a while and they're trying to grow, they're trying to
pay themselves, they're trying to pay taxes. How do you
help them kind of build out that plan that feels manageable.
I get a lot of questions about should I change
my tax status? Should I do this? And they really
and a lot of times business owners just don't really
know what's the best step for them. So what do
you take a look at there?
Speaker 3 (24:46):
We actually have discussions about prioritizing. Let's prioritize what's important,
what's absolute. So when we come to taxes, that's an absolute,
so we need to make sure that that and I
definitely have resources for them to where if I can't help,
there are others that I have that can help them,
sort of like in the tax realm and making sure
(25:07):
that that's all set to go first. So we strategize
and we prioritize. We also sit down and we dream
and we have goals.
Speaker 2 (25:15):
What is your goal?
Speaker 3 (25:16):
I want to pay myself? Okay, so how much do
you want to pay yourself? What's the bare minimum that
you need to pay yourself to be able to live
off your business, to have a life off of it.
And then we go from there, where do you want
to be in a year. Where do we want to
be in five years? So then we strategize on how
to get there.
Speaker 2 (25:33):
Yeah, what are some things if you, I know, we're
entering a new year, if there's like a few things
that you believe every small business owner could do within
the next ninety days or quarter to get their financial
house in order, even if they feel overwhelmed. Now, what
are some things that they can do to help them
feel a little bit differently this year?
Speaker 3 (25:52):
Okay, I would definitely, as we alluded to earlier, if
we're mixing separate, let's treat the business as a business.
It will help you actually feel much better about your business.
It'll help you feel like you're a business owner. That's
one of the first things I would say. A lot
of new business owners can't afford to hire someone like me. Okay,
(26:12):
that's fine. Then take a course that will help you
understand at the very basic what is happening, so that
you can understand what's happening in your books. I would definitely,
And if you don't have a system, get one, even
if it's Excel, if it's Google Sheet, get a system
so that that way there you can see it because
running a business and you don't see it, you don't
(26:33):
see the numbers, it's not really running a business.
Speaker 2 (26:36):
No, I agree, And I think a lot of times
it's very normal to think of the business as like
an extension of yourself, and I've seen this quite a bit.
But I do think that at some point there is
there will be a time maybe where you can't or
you don't want to work anymore. So having a business
that is separate from you, from the books, from the
everything is so important because yes, maybe you love the
(26:58):
business and it's your baby, you'll never ever want to
leave it. But I think that that's I think that
a lot of business owners then eventually get to the
point where they can't sell it. They're not sure how
to value it, their numbers don't look good. So I
think I think it's important, you know, to always kind
of have a bit of an exit strategy in mind
when it comes to the business. Are there any things
(27:19):
that you think business owners should watch out for, even
in the way that they think about the business, you know,
to to kind of get them to separate it from
their personality and they're like their whole you know, the
way that they see themselves in case they ever do
want to sell the business and retire.
Speaker 3 (27:38):
We discussed this quite a bit, especially when we're like
go planning and looking at what we want for the future.
I tell my clients a lot of the times, what's
your endgame? Where do you want to end up with
your business? We discuss this is a business pcocerty forever
and you don't want to do it forever? Right? I
know that people they do, but the reality is that
(27:58):
eventually you do want either some want to hand it
off to their children and how is that going to happen?
And others they just want to sell it and so
but how are we going to sell it? And what
we what is the value in your industry to be
able to sell it? So having that conversation helps them
thinking about it as Okay, this is my business. This
(28:20):
is not my life, right. That's that's hard when you're
wearing the hats that kind of merge together. I would
say to sort of like you never leave your business,
especially when you're working from home. You have to be
able to separate those two hats and having that conversation
and be like, Okay, this isn't going to be a
part of me forever. Right, I think in that way.
Speaker 2 (28:42):
Yeah, I think it is important. You know that it
isn't your identity that there is this you know, I
keep you know, my businesses are separate. But I do
understand that that feeling that But I think I think
the first step you mentioned even getting a separate business
account like puts it outside it like there's like it
removes it slightly. And so I think that's really important
(29:03):
even for business owners that do plan to work for
a long time to yeah, to make sure that they
try to do that and keep things, you know, a
little bit separate. So very important there for listeners who
want to learn more about Balance Financial Solutions, get help,
or maybe schedule a financial clarity audit. What is one
of the best ways to connect with you?
Speaker 3 (29:23):
Definitely one of the best ways to connect with me
is right on my website. It's www dot Balance Financial
Dots Solutions. Right on there, I have all my services.
You can connect with me directly through there. You can
also follow me on my Instagram page for all the
latest and the greatest which is Balanced Underscore Financial, and
then my email at info at Balance Financial dot Solutions.
Speaker 2 (29:47):
Thank you so much so looking ahead as a small
business owner of freelancers as they navigate in the economy
and uncertainty that's bound to happen. What is a financial
habit or mindset that you believe is going to matter
them host for long term success?
Speaker 3 (30:01):
Don't ignore, don't ignore your books. That's the long term success.
Even if it doesn't look the way that you want
it to look, as long as you're looking at it,
you can make the decisions you need to make to
make it better.
Speaker 2 (30:14):
Awesome. Well, thank you so much Jocelyn for joining me,
and I will put all of those links to our
website and to her social media in the show notes.
And if you're thinking about making some changes as far
as you know, what can you know? What can you
do for your business? Or if you're looking at your
own personal financial plan and you want to see how
all of this comes together and all of the moving parts,
(30:35):
head over to mister Lynch dot com. I would love
to share you know, to speak with you about this,
or you can find other episodes of the podcast or
my book if you're looking to work on your own
financial health. Thank you so much for joining and we'll
talk again next week. Thank you, thank you for joining
us on another insightful episode of demonst Buying Money. If
you enjoyed this episode, please subscribe, rate, and leave a review.
(30:56):
Stay tuned for more engaging conversations on our next episode,
and remember knowledge is the key to financial empowerment.
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