- Rachel Ngom
- June 13, 2022
- Blogging, Blogging, Podcasts
On this episode we have special guest Jessica Blasingame! Jessica is a CPA, who specializes in financial services for creative entrepreneurs. She leads an all-woman team at Beam Financial Group, which takes a holistic approach in supporting small business owners, helping them to become more competent, connected, and aligned with their business finances.
On this episode we have special guest Jessica Blasingame! Jessica is a CPA, who specializes in financial services for creative entrepreneurs. She leads an all-woman team at Beam Financial Group, which takes a holistic approach in supporting small business owners, helping them to become more competent, connected, and aligned with their business finances.
Takeaways
- Jessica talks about financial roadmaps or forecasts–putting numbers behind your plans for the future. Start to think through your plans and put those numbers down. Ex. Offering a new service, this is how much I will charge, this is how many people to enroll, or you need new software or insurance, so you put those numbers down. This is an important exercise to show if what you’re offering will be profitable. Jot down your numbers before you launch!
- If you have a business with launches, Jessica says you can adjust your roadmap. When you first start out, it’s assumption based. But as you go through your business and you see the highs and lows of profit, you can begin to plug in numbers you can expect to see every launch.
- Jessica says to figure out what your offer should be/profit margin. She says often people look or a 50% margin, but the best place to start is plugging in your income and expenses you foresee–then tweak. If you’re profit is not what you want it to be, then adjust the prices! Play with different scenarios.
- Jessica recommends at the start of each year, do a financial forecast. Then every month, go in and estimate at the beginning and tweak at the end based on your data–did you hit the forecast you thought? Or can you adjust it?
- Your profit and loss statements are not a judgement of your performance. It’s informing your future actions!
- Income minus expenses is your profits.
- Then 25% of the profits are going into a savings account to pay taxes. This is where you can set aside for expenses that might be coming up outside the regular expenses.
- Jessica says to makes sure you have 3+ months of business expenses in your savings at all times. This way if something happens, you have that safety net of 3+ months to cover you if necessary.
- The fear mentality with money. Fear keeps us from trying things. Don’t let the fear of making or having enough money keep you from launching that next thing, or investing into your business.
- Jessica talks about how the biggest financial mistake she sees people making is that they are disconnected from their finances. She says any step is helpful. Keep your finances as a tool–get over the fear and get connected with your finances and you will be a more effective business owner no matter what.
- Find someone to help you with your taxes that you can learn from. Ask for guidance through the tax year instead of waiting until you owe, so you can set the correct amount aside!
Highlights
- (1:31) A little more about Jessica.
- (2:30) Why it’s so important to talk finances.
- (2:45) How to create a financial roadmap.
- (4:27) Creating a financial roadmap with a fluctuating business.
- (5:40) How to figure out what your offer should be/profit margin.
- (7:28) How often should you be doing financial forecasting?
- (8:39) What should you be looking at in your P&L’s.
- (9:32) You are not your results.
- (10:20) How to stop yourself from working for free.
- (12:19) How much should you be paying yourself?
- (15:32) What’s a good amount to have in a savings account?
- (19:00) The fear mentality with money.
- (20:46) How to know when you can hire the next hire and what to pay them?
- (23:43) The biggest mistake Jessica sees people making with their finances.
- (25:39) My scary tax story…
- (26:05) How to prep for tax season early on.
- (27:51) What it means to Jessica to make an impact.
- (29:49) Companies are making money off of your debt.
- (30:27) Where to connect with Jessica.
Quotes
“Looking at the outcome, then tweak the profit from there.”
“Your profit and loss statements are not a judgement of your performance.”
“You are not your results.”
“What can you be reinvesting back into your business?”
Resources
Connect with Jessica:
Website: beamfinancialgroup.com
Tiktok: @jessblasingame.cpa
Watch Full Episode:
41 Shares
Thanks so much for listening! Comment below with your #1 takeaway!
To help out our show I would love it if you would subscribe and leave an honest review oniTunes. Your ratings and reviews really help the show, and I read every single one!
*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!
PrevPreviousHow to Multiply Your Money with Trading (with Jason Sweeting): Episode 343
NextHybrid Marketing Method (with Gemma Bonham-Carter): Episode 348Next
Back to Podcast Home
Rachel Ngom is the host of the She’s Making an Impact Podcast. She is a business and lead-generation expert, helping purpose-driven entrepreneurs create more freedom in their businesses so they can spend time on what matters most.
Rachel went from being on food stamps with negative $400 in her checking account to a millionaire by 34 while working 20 hours/week. She now helps others do the same with her signature courses and programs.
Rachel has lived in Kenya and Senegal, got married in Morocco, and spent 2 years in France.
SUBSCRIBE TO THE SHOW
Please hit subscribe on your fave podcast app below – it’s a big help for our show and our mission to make an impact ❤️
And we’d love it if you left a review too! Not only do they help promote the show, but they also give other potential listeners an idea of what the show is all about.
Take a screenshot of your review and send it to us at [emailprotected] and we will send you a gift as a way to say thank you. 🤩
Popular Posts
Female Entrepreneur Quotes Top 50 Inspiring Quotes for the Girl Boss47K Total Shares
The Secret to Using Keywords on Pinterest14K Total Shares
Pinterest Marketing Strategy: Tailwind Communities (formerly Tribes)12K Total Shares
How to Get More Followers on Pinterest: The Ultimate Guide to Pinterest11K Total Shares
17 Female Entrepreneur Podcasts: Top Podcasts Every Girl Boss Needs To Listen To8K Total Shares
The Ultimate Guide to Repurposing Content on Pinterest8K Total Shares
How to Become a Successful Course Creator6K Total Shares
7 Crucial Steps to Writing Killer Blog Posts That Convert your Audience into Raving Fans5K Total Shares
How to Create Pinterest Images that Convert: 4 Tips to Create Great Graphics for Pinterest (with Before/After Examples!)5K Total Shares
How to Create an eBook5K Total Shares
Recent Posts
Finding Faith in the Waiting: Lessons from Lazarus (Part 1) [Friday Devotionals with Terra] – Episode 450
March 8, 2024
Growing a Top Ranked Podcast, Faith in Business, and Prioritizing Family (With Tamra Andress) – Episode 449
March 4, 2024
Essential Conversations on the Bible and Beyond: Debunking Myths, Uncovering Truths (With Abdu Murray) – Episode 448
February 26, 2024
Facing Fears, Finding Faith: The Path to Being Seen (On Air Coaching With Jennifer Schulz) – Episode 447
February 19, 2024
How to Simplify Your Business for Greater Happiness: Debunking the Myth That More Is Better – Episode 446
February 12, 2024
Categories
Categories
- Blogging
- Blogging
- Business Tools
- Devotionals with Terra
- Email Marketing
- Gift Guides
- Impact
- Interviews
- Mastermind
- Mindset
- Online Courses
- Passive Income
- Podcasts
- Quotes
- Social Media
- Uncategorized
Want to learn how to drastically cut your work week down to 20 hours or less per week?
Get FREE instant access to my secrets to the 20-hour work week
Be sure to join my free online community for female entrepreneurs!
“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.”
Tony Robbins