At this point in my life, my perspective has changed and I want to leave work at work.  I want to be able to attend Bible study on certain days, work out in the mornings and have the flexibility to attend to life issues as they come up without having to worry about how many sick or vacation days I have left or having someone dock my pay if I come in 6 minutes late due to beltway traffic.

Overall, I just needed to take my time back and own it while utilizing it on my terms.  So I did.  I made the jump which involves working for myself.  I am a full time blogger, freelancer and psychotherapist in private practice.  And I love it.  I own my time and control when I come and go.  That’s important to me.

Welcome to the 1099 life.

Luckily, having multiple streams of income means having options and it felt good not being tied to a job because of money.  That’s called financial slavery and having a stash saved me a few times so I’m thankful for my money hoarding tendencies.  But not having a regular paycheck means having to budget in ways that I hadn’t previously thought of.  And I’d be lying if I didn’t admit to the fact that having to change how I budget and pay bills can be unnerving at times.

There’s no set time for a paycheck (1st and the 15th anyone?) as payments for various invoices come in at different times of the month.  Still, I am thankful that I don’t have to chase down invoices for payment so that works in my favor.  So here’s how I pay my bills on time while adjusting to the new 1099 life.  Some I’ve utilized, some I have not so let me know what works for you if you don’t see it on this list:

Create A Cushion

Let’s say your monthly expenses and obligations are $2000 for the month.  Find a way to save that amount ahead of time to create a cushion for yourself.  As your invoices and payments come in then you rebuild the cushion in preparation for the next month’s obligations.  Make sense?  You can also pull this amount from savings and then replace it as the payments come in.  Everyone’s situation is different so there is no one size fits all.

Change Due Dates

If you know that your largest invoice payments comes in on the 18th of the month but your cell phone bill is due on the 7th then you should call the cell phone company to ask about shifting your due date.  Do this for any and all accounts that you can so that you give yourself space to receive  and send out payments.  This may involve you paying the next month ahead of time but it’s well worth it to avoid late charges because you haven’t received payment yet.

Budget And Pay As You Go

Let’s be realistic.  If you are receiving payments sporadically throughout the month then you’ll need to adopt a strategy that allows you to pay your bills on time.  You should know specifically how much money you’ll need for the month and pay your obligations from your cushion or pay them as you receive payments.  As you pay each bill then you check it off as you move throughout the month.  As a W2 employee with a steady paycheck, literally every bill was pay between the 1st and the 4th of the month.

If all of your invoice payments aren’t in by that time then paying as you go may work.  This will require you to pay more attention to your bank account for deposits and checking your calendar to make sure that you’re on top of things in this regard.

Float Payments

If you’re in a bind and your invoices are late, sit down and decide which obligations can be floated until the end of the month or next month.  Call and talk to your creditors so that they know when to expect payment while noting your account.  This is typically OK for utility bills such as light, gas or cable since they usually combine the bills.  DO NOT abuse this option.  Do this as a last resort because this can get you in trouble if you float the bill a few too many times, especially consecutively.

Every 1099er does things differently so how I do this may be different from others so I’m interested to hear how others handle the 1099 life.  Yes, it can be unnerving but if freedom is important to you then JUST DO IT.  With proper planning of course!  My only regret is not making the jump sooner because I’d be farther along than I am now.  In the end, I value having control over my time and work and it’s an awesome feeling to be able to control this aspect of my life.

Since I never want anyone to pass out at a career fair like I almost did, below are three fun tips for making the most of your fair!  If you work it right, you can find a great job instead of needing a payday loan in 1 hour.  Here are some back-to-the basics tips.  Happy job hunting!

Tip One:  Prepare Appropriately
Beyond dressing for the position you hope to obtain, come prepared with a legal paper or notebook, a couple of pens, dozens of resumes, a binder/case, and most importantly: a cheat sheet!

Before attending the career fair, call the organizers and get a list of companies that will be attending.  Research those companies and make a note about each one on your cheat sheet.  At the career fair, refer to this list and quickly refresh yourself about each firm just before you approach their representatives.

Put the cheat sheet in your binder, have a resume on top of your binder, and wait in line to speak with the firm’s rep.  When your turn comes, you will be able to cite fun facts about the company that will impress the representative!  Being prepared will set you apart from the hundreds of other candidates pushing paper (you know, resumes).

Tip Two:  Have a Smart Introduction
When you speaking with representatives of firms, just make eye contact, shake that person’s hand firmly, and say confidently “My name is (name), and a I am a (current position) seeking a (ideal position) at (firm’s name).”  Yup, that simple introduction is effective.

In return, they will introduce themselves and will ask a simple question.  At this point, you should answer, referring to your resume in some way – gets it into their hands!  From here, just talk as you normally would with a potential co-worker.  Go with your gut, and gauge your answers off their reactions.

Tip Three:  Talk to Multiple Representatives of the Same Firm if Possible
At each company’s booth, there are typically at least two employees.  At more technical career fairs (an Engineering expo), a human resources rep and one or more technical persons will be present.  The HR rep can address selling points of the firm, while the technical person can screen applicants for ability.

Understand this, and speak with all of the representatives that you can.  My rule of thumb is usually to talk with at least one rep at every firm I really want to meet, and then making a second pass, meeting with a second representative.  A great introduction is, “Earlier I spoke with your co-worker about your firm, and was so interested, I wanted to clarify your…” and pick something that was mentioned.

And remember to bring twice as many resumes as you expect to need.  Each rep will want their own, since they make notes on your resume when you leave if they are seriously interested in you.

Overall, a little research before the event and some basic interview skills can land you a dream job if you handle a career fair correctly.  Good luck!

This guest post was written by Ambi.  She is the younger sister of Crystal over at Budgeting in the Fun Stuff and just started her first career out of college.

What’s that I hear?  If I build it they will come?  That’s the first fatal mistake many business owners make.   Let’s check out 3 ways you can promote your new business.

Social Media

Twitter

Facebook

Pinterest

What do they all have in common?  They are the largest and most popular social media sites where customers, friends and family connect with each other around common interests.  There’s money to be made when social media marketing is done right for your business.  Start by opening an account and then asking your friends and family to follow your accounts.  Then have them share the content so that their friends and family will see it and do the same.  Start a blog and share that content because this gives your customer more insight into who you are and what you’re about.

Business Cards

Instant Print Flyers are a great way to bring your advertising live and in living color.  These are produced on demand with lots of creativity only limited by your imagination.  Use these to get the word out locally in your community for events, workshops or to give out more information about your product.

Networking events

This is an opportunity for you to connect with your customers and people who will create word of mouth advertising for you.  In the world of business referrals this is GOLD.  Check out sites like Meetup.com and chat with organizers about sponsoring a Meetup based on a related topic.  You’ll have a captive audience willing to watch you put your business on display and perhaps even give you feedback.

Utilize all 3 tips and be persistent and consistent in the pursuit of your business’ promotion.  This is key.  Don’t give up because you aren’t seeing traction when you want to at that moment.  Continue to engage your customers and solicit feedback while giving them what they want.

The phone rings and it’s a job offer on the line!  You’re so excited that someone is interested in hiring you that all you think of is yes, yes, yes – YES!  Then you get off the phone and review your mental notes.  Suddenly you realize that you’ve been low balled on the salary offered. Crap!  How do you wiggle your way out of a low ball offer?

Nothing sucks more than being deliberately paid less than what you know that you’re worth.  However, you don’t get what you work for — you get what you negotiate for.  Remember that.  It isn’t your employer’s job to see your worth, that job my dear is yours.

Over the weekend a reader sent us this question:

I just received a job offer a few days ago. I verbally agreed to what they offered not personally taking into consideration I have a degree and experience in the field. I don’t start until the 29th. Would it be too late to negotiate as of now?

Have You Signed An Offer Letter?

If not, then I would write an email inviting them to discuss the salary since you’ve had some time to consider the offer. This makes it clear that you have not settled on the offer and need to discuss the salary. You already have them reeled in so this is actually a good time to do this because they are very interested in having you start and perhaps declined the other candidates already. Given the competitiveness of the job market, the high unemployment rate, and the number of qualified candidates for open positions, be careful about over-negotiating.

Research Industry and Real Life Salaries For Your Position

For example, someone who aspires to be a lawyer might think all of them make at least 6 figures.  The reality is that some lawyers are paid as little as $30k and the range can go up to compensation in the $millions depending on the industry.  Do your research about the specific areas within your industry.  If you’re an attorney working for a nonprofit, make sure you’re researching salaries in the nonprofit sector and not corporate transactions.

Get with a few people in your groups on Linkedin.  Ideally, these should be people who are where you want to be.  Ask about going salaries for your position based on your level of experience and education.  This should give you an idea around where you should start.

Make Contact

State that you have had some time to consider the offer and would like to discuss the terms.  Personally, I’d do this via email to make sure that you have everything in writing and avoid the emotions that come with the desire to acquiesce over the phone due to balls required for this confrontation.   Tell them that you would like to make a counter with the salary of $XX,000 based on your degree, industry standard and experience. Make sure to cite references from salary sites like salary.com and highlight your experience and education that directly relate to the position.

Negotiate:  Ask For What You Want

Here’s a sample adapted from cvtips.com

Dear….. (write directly to the signatory of the employer’s letter)

Thank you for your letter offering me the position of (insert position here).   There are a few matters regarding this offer I would like to discuss in more detail.  Specifically, the salary offered for my position.

The salary quoted is $150,000 per year. I regret to inform you that this offer is below my salary requirements which is based on my experience and education within the field.

Based upon my experience and education, I’ve listed a detailed summary of how what I bring to the table fits neatly with what you’re seeking in an ideal candidate contrasted with the salary offered.  (This should be a comparison of your salary, market salary, what they require (job listing and description and your experience and education)

[THIS IS IMPORTANT:  List how your experience and education specifically meet this requirement.  Make sure that you show how your experience directly correlates with their requirements in the job posting and job description.  Each part of your counter offer must be a direct response to the employer’s offer, point by point. The employer must have a clearly quantified statement of your counter offer.]

As you can see, I do bring a wealth of experience that speaks to what you seek in a candidate such as myself.  It is my hope that you will value my time and contribution to your organization by increasing the salary offer to 200,000. 

If they are unable to meet your requirements in a salary then negotiate based on time off or other specifics in the benefits package.  You may be tempted to think that accepting $5k less than what you deserve is no big deal but it is a huge deal!  If you stay there just 5 years with no raise that’s $25k you’re missing out on and even more over 10-15-20 years.  So negotiating a higher salary is a big deal and don’t you miss out on it!

Even with the women power chatter about the feminist movement in the quest to be equal, women are still making less than men!  You’ve heard it before, we still make about .77 cents for every $1.00 that a ma makes.

“Women still earn just 70 cents for every dollar a man earns.  It’s worse for African American women and Latinas.”

— President Obama, Remarks on Equal Pay for Equal Work, June 4, 2011  (The White House later corrected the president’s statement to 77 cents.)

 “Women earn only 77 cents for every dollar men earn, with women of color at an even greater disadvantage with 64 cents on the dollar for African American women and 56 cents for Hispanic women.”

— White House Statement of Administration Policy on Paycheck Fairness Act, June 4

Why is that?  We don’t ask and we do so because we fear not being liked.

Women outnumber men in college and graduate school and continue to chip away at the glass ceiling yet we lag behind in salary negotiations.  I won’t spend this article talking about negotiating tips for women so much as I want to examine why we do this to ourselves.  I think once we understand why we tend to do something then we can go about devising a plan to correct it.

The Number 1 Reason Women Don’t Negotiate:  We want to be liked. 

We want to be seen as a team player.  Someone who is willing to understand the boss’ checkbook, keeping that in mind as you cower during salary negotiations.  Well, listen up sister.  You need to consider your wallet as well.  While we don’t talk much about frugality here, we do emphasize earing more money because saving money won’t build your wealth and keep you afloat during retirement.

Negotiating a higher salary now will.

Your boss almost counts on you to feel this way as it gives them an advantage.  This doesn’t make them evil but a skilled player in the game of negotiating since they already know your weakness: you’re willing to back down because you want to be liked.  Stop it.  You are liked.  You were hired.  Know that.

We Devalue Our Worth

Ever year you should be conducting a salary search in your field to see what others are being paid in your field and specific position.  Your salary shouldn’t just be about what your employer is willing to pay you.  It should be about what they can afford to pay you and the two are often very different.  Let’s go a bit further than that.

Let’s say you know what you’re worth and that you’re being underpaid.  Show of hands:  How likely are you to enter a salary negotiation ready to go to bat for what you deserve to be paid?  If you resisted at the thought then you have some work to do.  Research what you’re worth but also spend some time investigating the reasons why you wouldn’t want to ask for more based on the results.

Too Wrapped Up In Our Feelings

“I feel that I deserve a raise”

“It isn’t fair that I haven’t received an increase in 4 years”

Get out of your feelings.  We’re talking numbers and they don’t have feelings.  Your feelings are insignificant.  Your worth is what’s on the table.  Once you start dipping into your feelings, the other person at the table is likely to lose respect for you in the process because they are now spending time babysitting your feelings.  This process isn’t about your feelings.

Negotiating Tips

• Don’t take no for an answer:
• Ask clarifying questions about the reasons for not wanting to agree to an increase right now and what you can do to assure yourself of one at your next review.  If that isn’t an option, then start looking for another job.
• Be persistent
• Show your higher ups that while you want  a raise you’re willing to keep proving that you are deserving of the increase in salary.  Keep at it and don’t back down.  When you show that you understand your worth, trust me, the respect will follow, even if they are unable to do it at this time.
• Be creative
• If the answer is no.  Discuss alternate means of compensation.  Be flexible, but whatever terms you work out, make sure that you are able to secure terms that work in your favor.
• Know how to play the game…AND WIN!

I’ve spent the last 6 weeks on “vacation” since I’ve had some time off in between leaving my last job and my new job which will get started in a few days.  Besides giving me some major time off to relax, travel and work on personal projects, I’ve been spending time at neighborhood mixers talking to my neighbor’s kids about the job search.  Most are recent graduates in need of advice so I gave them the following unconventional advice.  Why unconventional?  Because sending out 2-3 resumes a day just doesn’t work anymore.  Nor does having a degree guarantee you a job anymore.  Most people have college and graduate degrees nowadays.  If you want results then you’ve gotta set yourself apart from the crowd.  I tell you how below:

Network, Network, Network!

This is an oldie but severely neglected goodie.  You’d be surprised how many job offers are made based on knowing someone who can vouch for you or give you a lead on inside positions not published to job seekers.  Just the other day, I told a few new graduates and colleagues on LinkedIn in my field about positions within my company that were not published.  I also gave them information on positions I knew of in other companies since colleagues there made them available to me via email and listservs.  Why are they not published?  Who knows.  But you need to network in order to find them.  Maintain ties with old coworkers and supervisors as they tend to be great resources for positions in your field and may be able to vouch for you when your resume hits the recruiter’s desk.

No Positions Available?  Send HR Your Resume Anyway!

I can personally attest to this strategy working for me with a few of my positions.    After reviewing current company’s website, I was thoroughly impressed with their mission and dedication to my field.  My current position was created for me after emailing the HR department asking them to review my resume and let me know if they might have a position open up in the future.  I received a follow up email within the same week and met with the Director, then the Director and CEO the following week.  A few weeks later I received a job offer which I then accepted.  I am still pinching myself at how serendipitously things came together but when you really want something you go for it and let the chips fall where they may.

Create Your Ideal Resume Then Curate It Till You Get To the Top

This is something I’ve done every year since graduating college.  I have quite a few “ideal” resumes that list positions I’d like to have based on my interests.  I often scour LinkedIn to find out how people in my ideal position got to where they are today.  We call this the career trajectory. What does yours look like?  Focused and intentional or riddled with happenstance?

My ideal resume has changed over time due to changing interests and goals.  However, what remains constant is the focus it gives me on my job search.  I’ve declined positions that were not in line with my career goals and while some may say that is crazy in this economy, I’ve not regretted those decisions.  By curating my resume as described below and focusing on my ideal job, I have been able to gain more focus on what I really want in my job search over the years.  As a result, I really love where my career has taken me so far and don’t regret declining certain positions to get there.

Don’t List Unrelated Jobs On Your Resume

During graduate school before my internship, I worked a few minor/unrelated jobs to make money on the side.  These included dog walking and mystery shopping which have nothing to do with my day job goals.  However, these positions never see the light of day on my resume because they aren’t related to my “real job” and simply detract from my goal: to land a job in my field.  These positions distract the person reviewing your resume since they tend to ask questions as to why you took that position and then begin to wonder as to why you were forced to take such a position.  Scratch that.  Give them meat and potatoes and stick to that.  If asked about any other jobs, then I full disclose, however, they are never added to my resume.

Volunteer.  Intern.  Yes, Work For Free!

Trust me.  Do this even if you need to get a job at McDonalds on the side at night to make ends meet.  This way you get a foot in the door with valuable experience.  In the year between graduating college and beginning my graduate program I volunteered with 2 nonprofits in addition to my day job at the time.  I knew that the job at the time was nothing more than a stepping stone so I was very intentional as to how I spent my off time.  That volunteer work gave me the experience needed to get my first clinical position prior to graduate school.  This also gave me awesome experience which helped me relate to the field when applying to and during graduate school.

If you’re thinking, oh heck no, then you don’t want a job.  The job you want?  I guarantee that your resume is 1 of several including those who are more qualified and some who are willing to take less than you are for the position.  Get an edge by gaining more experience and showing potential employers your commitment.  I assure you this is better than working an unrelated dead end job which doesn’t speak to your strengths and commitment to your field.

What are some unconventional ways that you’ve used to get a job?

[note_box]  A supervisor has complete control over your most basic human needs.  Your ability to put food on the table and a roof over your head. These are powerful motivating factors that allow a difficult supervisor to control people out of fear of losing these basic needs. We may not be able to always correct their behavior, but we should never have to live in fear and let our difficult boss control our lives. Tristan Loo [/note_box]

If you’re reading this then I know you understand what it’s like to have a toxic boss and work in an equally uninspiring work environment!  It usually starts with the Monday morning groans on Sunday night when you begin to think about what awaits you at the start of the week.  Ugghh, not another daaaayyy you say!

If this is you, then read on.  It’s important to know how to manage a toxic boss but also knowing when and how to exit a situation that has become untenable for both your sanity and professional reputation.

Identifying And Understanding A Toxic Boss

In the beginning we start by giving them several passes but as the pattern of incompetence and bad behavior rears its head, only then do you realize the beast your dealing with is actually your boss who has the ability to make your life hell because you need to put food on the  table.  Slowly you begin to question their competence, lose respect and perhaps even feel unmotivated.  Even if you like your job, the emotional BS that you have to put up with is just too much. 

Most of the time this has to do with a need for control and respect while masking a deep level of incompetence they are deathly afraid of being discovered by their employees.  Once discovered, then the passive-aggressive and vindictive games begin because they’ve been exposed.  This voracious need for control also has to do with their inability to maintain any semblance of the control in their personal lives.  Thus the only place they can maintain control is in the workplace.  But as with their personal lives, things fall apart, eventually.

They lie and deceive their employees because their fragile egos are rarely able to handle the truth.  Because of this refusal to hear the truth, this is almost always coupled with the fact that they aren’t great communicators which results in confusion for their employees.  The information highway in the organization is typically a one way street where employees aren’t encouraged to speak up about the white elephants in the room because the only traffic that matters is the manager barking from the top down.

Managing The Beast

These issues are easy to identify if we’re working with a full deck ourselves. Trust me, you’re not crazy, but let’s discuss how to maintain your sanity while you manage the beast.

Do yourself a favor, never up the ante by trying to match their level of crazy.  Fall back.  Remain professional and never allow your emotions to get the best of you.  Allowing yourself to get emotional about their behavior will never get you anywhere productive and only give them reason to try and ruin your career.  It is up to you to manage the situation appropriately in such a way that you leave with your dignity and professional reputation in place.  Yes, woosah trips to the bathroom are necessary but crying in the bathroom is not acceptable.  Your sanity is not for sale.

Craft your plan B.  This may involve opening up the search for another job while networking within your professional contacts.  Hopefully you’ve kept in contact with coworkers and managers from previous positions because they tend to be a wealth of information and access to open positions.

Putting together a plan B also eases the feeling of being caught between a rock and a hard place.  At the end of the day, while a toxic boss has the ability to cause you great mental stress, knowing that you have the power to change the situation by crafting your exit, increases your sense of control in the situation.

Don’t take it personally.  Easier said than done!  I know I know! And while you may be thinking, this is all personal because your feelings are caught up – this is never about you.  Even if you are a horrible employee, as a manager they need to have the psychological restraint and professional aptitude to meet you where you are and figure out how to rectify the situation without being antagonizing.  As I mentioned earlier, these managers tend to have control issues in their own personal lives. Using their employees like puppets to serve their pathological incompetence is really about filling a need that only psychotherapy can fix.  Talk to friends that allow you to vent and get it all out!  Sometimes talking to people who feel your pain helps to remind you that you’re not crazy for feeling this way.

Learn how to manage your boss by soothing their ego. Now, before you tell me that you’ll never cosign the abuse, this isn’t what I am asking you to do.  Remember, this is someone that you cannot and should not be tasked to change.  Comply with their demands but always be sure when beginning a project, ascertain what it is exactly they need from you.  Make it all about them.  Give them great compliments, even if unwarranted.  This feeds their fragile ego while giving you breathing room.  There are times when you may feel like a mindless sycophant, but this is all for the maintenance of your sanity.

When Do I Know It’s Time To Leave?

Monday morning blues usually signal it’s time to do some soul searching to figure out whether this is about you or the job itself.  Do you feel challenged?  Are you motivated?  Do you have your own personal issues that contend with the demands of the job?  An honest self assessment should help you figure out whether this is more about you, the position or your boss.

When the preoccupation with these issues litter your personal life during your off time it’s time to move on.  If you’re finding it hard to cut the strings because the offenses you’ve suffered during the week never exit your mind then it’s time to move on.  Find ways to de-stress and decompress once you exit the building.  Stop answering email during off hours and create boundaries that you adhere to when you are off the clock.

If you’re mental health is a concern, there is no question, you should leave.  Everyone’s situation is different in that we all don’t have the luxury of just picking up and leaving.  But if you find yourself depressed and anxious to the point that you’re unable to function on all cylinders then you’ve got some hard decisions to make.  Nothing is worth your peace of mind and we have one life.  This isn’t a dress rehearsal.  So where there is a will, make a way for your exit.

This is also where having multiple streams of income comes into play.  I remember Tyra Banks talking about having “screw you” money and I will never forget it.  There’s the emergency fund and then there’s “screw you” money.  That’s the money you have set aside so that if you’re in a serious bind, then you can afford to leave the job and take some time off for 1-3 months while you get your head together.  Hopefully, during that time, you can make it happen in such a way that you don’t have to go back and eventually work for yourself.

How To Leave A Bad Situation

Always try to give at least 2 weeks notice unless your job situation is so unmanageable that you must leave immediately.  If your mental health is in jeopardy then you can request leave using FMLA time and get yourself together, then give your official notice if that isn’t sufficient.

If you’re unable to give 2 weeks, then try to give 1 week or even a few days.  Unless you’re in a situation where your physical well being is at risk, then it’s always best to give proper notice.  A crappy boss is never worth your reputation.  Remember, people leave bosses, not jobs.  Bow out gracefully knowing that it’s OK to get off this batty amusement park ride.

Are You A Crappy Manager?

Now if you’re a crappy manager there’s help for you.  Brazen Careerist has a great article which discusses how to know if you’re a crappy manager.  This applies to managers, supervisors, CEOs, directors and anyone else who managers a team of employees.  It’s important to realize that the people who work for you are there to help you reach your goals.  Without them, you are nothing.  There is no business and there is no money to be made.  Treat them badly and you end up depending on someone who hates your guts and only lives to make you miserable.  If you’re a CEO behaving badly, then you’re business will forever be at the mercy of employees who hate you and eventually find ways to sabotage your efforts.

Deal with your issues now.  More than likely, if you feel any of this applies to you then it’s time to really assess whether the tug of war with the people who report to you is really necessary.  They want the same things you do :  a productive environment where respect for one another is valued while being financially successful.  Your outerworld (work) is a reflection of your inner world (how you think) and there’s a good chance that the things you think about your subordinates are really the things you feel about yourself.  There’s a way to get what you want but creating conflict only begets more conflict which frustrates you further in the workplace.  You may even blame them, but perhaps it’s time to look within.   Let go and make the adult decision to change.  As a leader, it starts with you.  And, you’ll never get what you want from your employees what you aren’t willing to do yourself.

It’s an exciting feeling when you and your partner finally decide that it’s time to start a family!  Or perhaps you fall into the “surprise!” category and it’s, “ready or not, here we go!”  As exciting as it is, it can be scary as well.  Tons of different emotions and thoughts go through your head, just like anytime you step into The Great Unknown.  The notion of pregnancy itself is daunting enough, but what about your career?  Will you be able to afford a baby?  Take a deep breath; the bottom line is you will make it work one way or another, but a little planning is always helpful.  Here are some important things to consider:

Financial

• Baby expenses – In addition to monthly expenses, there is the upfront cost of all of the gear to prepare for baby’s arrival.  Babycenter.com estimates the total upfront cost of all of the gear you’ll need at $2k.  If you’re fortunate enough to have your family or friends throw you a baby shower, that is a huge help.  Monthly expenses can vary between $150-$500 or more, depending on several factors such whether you’ll use formula, diapering choice, childcare, etc. 
• Life insurance – You will need to purchase life insurance policies as a safety net for your family; for some guidelines on how much you need, see my previous article, “Life Insurance:  How Much Does Your Family Need?”
• Health Insurance – Your health insurance policy will need to be expanded to the “family” option.  Policies can be changed mid-year for life events such as the birth or adoption of a child.
• Will – If you don’t already have one, you absolutely need one once you start your family.  As part of the process, you and your partner will need to decide who you would want to be the guardian(s) of your children if something were to happen to both of you.
• Taxes – Your new little one will bring a change in tax status.  Be aware of the various deductions available related to children; you also will have the option to change paycheck withholdings.
• Saving for college – It’s never too early to start saving for your children’s higher education; in fact, the earlier the better!  Look into the various 529 plans available. 

Career

The million dollar question is whether you will go back to work after your maternity leave or become a stay at home mom.  This is a huge decision with many things to consider on either side of the fence. 

• Going Back to Work
  • Check your maternity leave policy with your HR department
  • Explore different childcare options to determine the right fit for your family
  • Consider the other costs associated with going back to work (fuel, eating meals out, wardrobe maintenance, etc.)
  • Prepare for the emotional adjustment of going back; it is helpful to have a support group of working moms at work
  • Be sure your child’s caretaker is aware of your child-raising values and methods so they are consistent (mealtime or naptime rituals, discipline, etc.)

• Becoming a Stay at Home Mom
  • Your spouse will need to be able to provide health insurance for the whole family
  • Evaluate what changes you need to make to your retirement savings to still meet your goals as a one-income household
  • Other perks from your job will you be forgoing, such as corporate discounts
  • Brainstorm ways to get involved in activities for mental and social stimulation
  • What are the options in your field for possible future career re-entry?

To help you sort through the chaos of emotions and questions when planning for parenthood, you may want to consider a baby planning service like [MOD] Momma, Inc.:  http://www.modmomma.com/  This kind of service assists you with issues like: what to expect during pregnancy, childbirth options, feeding issues, baby product choices, baby registries, child safety, childcare, transitioning back to work, and much more. 

Remember, planning is important since you won’t have the time or inclination to think about such things once you’re headfirst in the sleep-deprived, lovesick fog of new motherhood.  However, don’t overstress – you can always make necessary adjustments if something isn’t working out the way you planned.  Try to go with the flow; it is good practice for motherhood!

How to Develop a Winning Business Plan Presentation

The American Dream:  the idea that if you work hard enough, you can achieve your own personal success and prosperity in this country.  While some would argue that the American Dream isn’t what it used to be, people are still creating successful businesses every day.  It certainly isn’t easy though, and hard work is only a part of it.  Being a business owner also requires patience, persistence, commitment, creativity, flexibility and organization.  However, with any great risk comes the potential for great reward, both internally and financially.  Here is a basic guideline to get you pointed in the right direction for starting your business.

Market Research

You’ve come up with your big idea, so the next step is to do your homework to learn about your customers, competition, and general economic conditions for your line of business.  This will set the framework for your business plan and help you hone in on your customer’s needs, be better than your competitors, and mitigate marketplace risks.  You can conduct “primary” research by holding focus groups or surveys within your target market; or by visiting and observing your competitors.  “Secondary” research is market data that you can obtain online, from trade journals, or through an industry association.

Business Structure

The entity structure you choose determines how your business income will be taxed.  Here is a brief summary on the different structures:

• Sole Proprietorship – Under a sole prop, the business does not file a separate tax return as it is not a legal entity separate from the owner.  The business owner is liable for any debts incurred by the business.
• Partnership – Under a partnership, the business is owned by two or more individuals.  Although the business is not a separate entity from the owners, a tax return must be prepared for the partnership to show how profits and losses are distributed to the owners.  Any partnership owner can be held liable for all of the business’ debts.
• Limited Partnership – In a limited partnership, there are one or more general partners with control over the business and full liability as described above.  There are also limited partners, who do not have management control and whose liability is limited to their investment in the business.
• Corporation – A corporation is a legal entity separate from its owners, who are known as shareholders.  The corporation pays taxes on profits earned and if dividends are paid to the owners, these are taxed too.
• S-Corporation – An S-corp is considered a corporation, but does not pay federal income taxes.  Profits and losses are divided among shareholders who report it on their personal tax returns.  As such, the owners of the company enjoy the benefit of limited personal liability while also avoiding double taxation on profits.  The legal requirements for the formation and structure of S-corps, however, are relatively restrictive.
• Limited Liability Corporation (LLC) – An LLC also has the advantage of limited liability along with pass-through income reporting (reported only by the owner at the individual level).  The requirements for setting up LLCs are less restrictive than with S-corps, often making them attractive to single-owner businesses.

Business Plan

A business plan is crucial in the formation stage of your business.  Initially it will help you solidify the mission and goals of your business.  Later, it will be a crucial part of a loan package you’ll need if you intend to apply for financing.  Check out this presentation on how to create a deck, business plan and give a winning elevator pitch.  Additionally, there is a multitude of resources online for help in preparing a business plan.  The U.S. Small Business Administration (SBA) has a free self-paced course available here.

Filing the Paperwork

• Pick a name for your business and register it with your state government
• Get a Tax Identification Number from the IRS
• Find out about your state & local tax requirements:
• Acquire the necessary permits and licenses for your business

Business Plan –>  Slide Deck –> Elevator Pitch

Keep in mind that with the advent of technology startups, some of you may need a “deck” instead of the standard business plan.   If yours is a technology based startup, then you need a deck.   A deck simplifies your presentation in (generally) 10 slides or less and cuts to the chase when time is short for investors. This is because a business plan may seem outdated and too wordy for some investors since they review countless plans all the time.    Take a look a the business plan below and note the differences between the traditional business plan and the deck:

Once you’ve nailed down the creation of your deck, then you’re ready to move on to pitching to a venture capitalist.   This is known as an elevator pitch.  You want this to be good because he/she could love your idea enough to fund it based on your presentation and how your business aligns with their values. Those values being the potential to make them lots of money!

Are you ready?

Tell us if you’ve started your own business and if so, what tips do you have for other women putting their first deck or business plan together!

We’ve all been there, right?  The first day jitters about starting a new job hearkens back to those feelings you had about the first day of school.  In theory, they are no different.  New people to meet and a boss (professor/teacher) you’re dying to please.  If you can connect with those feelings, hopefully the following tips get you through the first day and beyond.

• Find a mentor, someone who has been where you are and able to “pull you up” when you’re feeling down.  My boss is this for me as she put me in the position to deal with the day to day that she doesn’t want to deal with but she supports me in the decisions I’ve made thus far.

• Learn the business/organization inside out.  Talk to those around you about what worked in the past and what didn’t work and then work to implement based on that feedback a good balance of what works for employees and the organization

• What keeps your boss up at night?  This is so important that I must underscore the importance of understanding and aligning yourself with this fact.  Discuss with your boss the things that concern them the most and make sure that you’re working to alleviate within your power whatever it is that remains top of mind for him/her.

• Understand and work to make your boss’ bottom line yours.  This is similar to what keeps your boss up at night, do what you need to do to make it yours as well.

• Put your stamp on everything that you do.  Do such an excellent job so that others around you know that only you could have done this since you went above and beyond what was expected.

• Seek out constructive feedback prior to your first performance review.  This way you know early what is to be expected and how to correct it before it goes down on paper in the official review

• Befriend the office assistants or anyone lowest on the totem pole.  You’d be surprised how much power they wield with the higher ups.  The worst thing you can do is walk in and get on a power trip.  Respect their job just as much as you want them to respect yours.

• Take initiative.  Do this and do it often.  Nothing is worse than having to babysit a new employee into doing the obvious because they’re still walking around like a dear in headlights during the first few days or weeks.  Now isn’t the time to flounder around in wonderment at your new space.  Jump in, hit the ground running and get to work!

• First in.  Last out.  There’s a purpose here.  Building equity with your higher ups and coworkers as a hard worker.  Show them that you have what it takes to be a hard worker that gets the job done.

• Avoid office politics.  Every office has drama right?  Some more than others and often you’ll be forced to form an opinion of someone before you’ve had a chance to experience working with them.  Do yourself a favor and avoid it.  I had to teach an employee, Employee 101:  Don’t align yourself with negative office drama.  At the end of the day, when you start being lumped in with the black sheeps by your boss, your friends won’t pay your rent should you be let go.  Be supportive, listen but shut up and mind your business.

Follow these tips and your first performance review is surely to go well.  Not only that but you’ll thank yourself for staying above the fray while winning the praise of your boss.