Episode Transcript
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Laura (00:02):
hello and welcome to
money and career mastery from
overwhelmed to ownership.
I'm Laura Sexton, your abundanceand legacy coach here to help
you navigate the world of money,debt payoff, and career growth
with confidence and clarity.
In this podcast, we'll tacklethe financial and career
challenges, holding you back,optimize your income and build
(00:22):
the freedom that comes with trueownership.
If you're ready to break freefrom overwhelm, create a budget
that aligns with your values anddesign a legacy that empowers
future generations.
You're in the right place.
Hello accelerators.
Have you ever thought maybe Ishould start a business?
(00:43):
But then you instantly talkyourself out of it.
Well, let's talk about what'sreally holding you back and what
to do about it.
So today I wanna tell you aboutone of my clients, Lonnie.
Lonnie, has created BOLOSCrafting, which is one of the
premier crocheting destinations.
(01:03):
If you think anything nerdy andcrochet, this is where you wanna
go.
Harry Potter, cauldrons andDeath Star pillows and Mario
Star pillows, and she's gotgnomes, she's got dragons.
She has all of the nerdy fandomthings, and it's amazing.
(01:26):
You definitely wanna go checkher out if any of that makes you
excited.
But when Lonnie and I startedworking together, she was
working at McDonald's for herside hustle.
Now, there was nothing wrongwith that, and she was very good
at what she did.
In fact, I wanted her there moreoften than she was willing to be
there.
This was her second job.
She had a full-time job.
She still has a full-time job,and she wanted to pay off her
(01:50):
debt.
McDonald's just wasn't cuttingit.
In fact, it was sucking out hersoul.
And that is the last thing wewant.
What we really want is for herto find something that she
enjoys and that she's reallygood at, and it turns out what
she's really good at is crochet.
She's in fact in the guild as amaster crocheter.
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So she has this side project,and what we are working on right
now is building that up so itbrings in an income.
It's not just a hobby.
What's the difference between ahobby and a business?
A hobby is something you do forfun, whereas a business brings
in income.
If you are working, working,working at a business and you
(02:34):
are making no money, you justhave an expensive hobby that's
taking up a lot of your time,that's not a business.
A business needs to be bringingincome into your home and
helping you reach your goals.
Let's take a quick side here totalk about what entrepreneurship
is not.
Entrepreneurship is not a getrich quick path.
(02:55):
Entrepreneurship is difficult.
Most small businesses closewithin the first two years, and
it takes about five years to getup and running.
Think about that.
You have to be in this for thelong game.
Sometimes there's a requirementto burn the boats, and what that
means is we are just going to goall in.
(03:17):
There are no other options, butsometimes we need to build our
side business up alongside ournine to five until it is making
enough money for us to be ableto step out onto the dock.
We wanna make sure that what wedo is bringing in income is
(03:37):
financially sustainable.
Because if you were stressed outin your business, you are not
going to be bringing in theclientele that you think that
you should be.
You're not going to be bringingin the people that could be
using your services becausethey're gonna feel the
desperation on you, and nobodywants to work with desperate.
Nobody.
Nobody, not a single person.
Nobody wants to work, butdesperate and they can smell it
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on you.
So you have to make sure thatyou are doing this in a smart
way.
Another thing, entrepreneurshipis not, it is not reserved for
extroverts and influencers.
You can look at me and go, well,she's clearly an extrovert, and
I am.
I love being around people.
I'm filled up by havingconversations.
(04:19):
So for me, entrepreneurship andbeing a people-focused business
is ideal, right?
But you can own your ownbusiness and not have to be out
and about and flashy.
Lonnie, my client, she'sfabulous in her own way, but
she's not flamboyant the waythat I am, but she's very good
at what she does.
(04:41):
What she does is amazing, butshe's not out here being flashy
and flamboyant.
She's being herself and she'sfound something that she enjoys
doing, and she's doing it withkindness, with care, with
precision, and people reward herfor it.
So here are three signs that youmight be ready to try.
(05:02):
Entrepreneurship sign.
One.
You keep having ideas, but younever act on them.
This is actually a sign of alatent calling.
You know that you're made forsomething more, but you aren't
sure what step to take.
This can be really hard.
I know for me as a creativeentrepreneur, I have ideas all
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the time and I'm constantlythinking, thinking, thinking.
Some of those ideas are greatand some of them are terrible.
But I have a calling on my heartand I need to get it out there,
and that's why I keep having allthese ideas.
If you are having all of theseideas, the things that you wanna
try, it may be time to pick oneand move forward.
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Sign number two, that you mightbe ready to try
entrepreneurship.
Your current work drains you,but your creative energy comes
alive outside of it.
You feel like you're thriving inyour off hours.
You're helping your friends,you're freelancing, you're
dreaming up solutions forpeople.
This is great.
This is a great sign that youmight be ready to get started.
You might be ready to tryentrepreneurship.
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You crave more control of yourtime, your income, or your
purpose.
You aren't necessarily chasingmore money.
You just want more alignment.
You want your life to reflectwhat matters most, and isn't
that what we're doing here?
Isn't that the whole point ofthe Money and Career Mastery
podcast?
I want you to align your life toyour values, not just your
(06:28):
money, not just your career, notjust your time, all of it.
This is a holistic approach.
This is all encompassing.
I want your life to be areflection of your values, and
that means sometimes that westart up our own small business.
Right?
And I do want you to startsmall.
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I don't want you to jump all inand do something crazy like go
out and finance the smallbusiness.
No, no, my friends, we're doingit scrappy.
Start with a problem that youcan solve.
For me, I started with my ownpersonal journey and people came
to me and they said, help memake a budget.
Yes, I wanna help you make abudget.
(07:12):
And they said, help me pay offdebt.
And I was like, yes, I wannahelp you pay off debt.
And then in the process peoplestarted asking me, well, what
about my career?
You see, this has grown and it'sexpanded.
But I started with one problem.
I started with, I don't know howto manage my money.
Can you help me?
Yes, I can start with a problemthat you can solve.
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Offer it to a real person inexchange for money.
Now, this may sound crazy.
You're like, I haven't provenanything and I haven't been able
to express this, and I don'teven know what my messaging is.
No, no, no.
My friends offer it to oneperson for money and see what
they say.
They may say, that's absolutelyridiculous.
(07:53):
I would never pay for that.
Well, guess what?
That's one person's opinion.
If multiple people say No, Iwould never pay for that, guess
what?
They're never gonna pay for thisand this business that you
wanted to start.
It's not the right one.
We need to try something else.
But go ahead and keep it simple.
At this stage, you don't need awebsite, you don't need business
cards, you don't need any ofthat.
(08:13):
Let's do things for free.
Social media is free.
You can create a Facebook pagefor free, and that can be your
business website for now.
But since this is the Money andCareer Mastery Podcast, let's
talk quickly about how to budgetand track your money as a
business owner.
Because yes, it is differentthan what you're doing
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personally.
For starters, you need aseparate business account.
It needs to be separate fromyour personal money.
The best way to do this is tojust go ahead and open a
separate account, have itcompletely and totally
separated.
Why one, your accountant or yourCPA will thank me.
And two, it's too easy tointermingle things that
(08:57):
shouldn't be intermingled.
I know too many business ownersthat pay for their groceries out
of their business account, andthey're like, oh, I'll put the
money back.
Put the money back, change themoney around, move it around.
There's too many brain calories.
You don't have the energy at theend of the day to deal with all
of this.
So just separate it ahead oftime.
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It keeps things easy.
And you know, I like money to beeasy.
The second thing that you needto do with your business money
is just keep a simple income andexpense tracker.
I do this in Excel.
I say, here's top of line.
This is how much I have comingin.
This is how much I am spending.
And then at the bottom, that'show much I get to take home.
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And that's the third thing.
You have to pay yourselfintentionally.
I don't want you to pay yourselfwhatever's left, I want you to
pay yourself first, even in thebeginning.
If it's only 25,$50 a month, beintentional about this.
Make sure that you are gettingpaid first off the top, because
I want you to be able to do thatwhen you have a much larger
(10:00):
income.
When your business blows up andyou are making thousands of
dollars a month, pay yourselffirst.
Don't pay somebody else.
Don't pay the expenses.
Make sure that you are payingyourself first.
Let's talk about whatentrepreneurship teaches you
about your legacy.
Entrepreneurship's not foreverybody.
(10:22):
Maybe it's for you, maybe it'snot, but you get to decide.
Just like with your legacy, youget to decide what is and isn't
right for you.
Think about what your kids areseeing and they see you go after
your dreams.
I think about my kids.
It's hard for me.
I'm gonna be completely honest.
Some days it's really hard'causemy kids go, no, I don't want you
(10:42):
to do your calls.
No, I don't want you to beworking right now.
Just come play with us.
And I play with my kids veryintentionally on the days that
I'm not working.
But especially right now in theseason that my family's in, it's
very important for me to workand work diligently.
And it's also important in theseason of life that I'm in, that
I play really hard on the daysthat it's time to play.
(11:03):
So I have to ask you what's mostimportant to you.
If you want to start a business,it's gonna take time and it's
gonna take energy, and you needto make sure that you have both
of those things to devote to it.
If you start a business, this isnot a hobby.
This is something that you haveto actively work towards and
participate in.
So let's say that you'rethinking entrepreneurship is
(11:26):
totally right for me and I wannado it.
What are the actionable stepsthat you can take this week to
test the waters, right?
So the first one is tobrainstorm three business ideas
that are tied to your skills andyour passions.
Look at what are my skills, whatare my passions, and what
problem could I solve forsomebody else?
Take a step back.
(11:46):
This could be one of thosethings where for me, budgeting
came really easy and it was funfor me.
And I thought, well, everybodyknows how to budget.
No, no, they don't.
And I found that out.
Not everybody knows how tobudget, and this is a skill that
I can offer to other people.
So think about the things thatcome really easy to you.
That may be your main businessidea.
(12:08):
The second step I want you totake this week is to test one
offer.
I talked about it earlier.
I want you to offer to dosomething for someone for money.
Maybe it's pet sitting, maybeit's, you make the most
delicious bread in the entireworld.
test the market, see if it canhappen.
And then number three, if youdecide that you wanna do this,
(12:31):
set up a business budget.
All you have to do is use asimple Excel spreadsheet or pen
and paper.
It doesn't have to be fancy ifyou were thinking about
entrepreneurship, but you feelstuck.
Let's have a conversation.
Go ahead and book a careeraudit@accelerateyourlegacy.com
(12:53):
slash apply, and let me help youwork through some of these
things so that you can win withyour entrepreneurial business.
That was hard to say, and we canget you going quicker, faster,
because you're not going italone.
We're going it together.
That's it for this week.
Accelerators go out and make adifference.
(13:16):
thank you for spending time withus today on Money and Career
Mastery from Overwhelm toOwnership.
Remember, your legacy isn't justabout financial freedom.
It's about living with purpose,taking action, and building a
foundation that lasts forgenerations.
Don't just listen, implementwhat you've learned and share it
with someone who could use afinancial or career
breakthrough.
(13:36):
If you found value in today'sepisode, help us grow by rating,
reviewing, and sharing thepodcast.
I'll be back next week with morestrategies to help you master
your money and career.
Until then take ownership ofyour future and build your
legacy with intention.