Why is everyone so afraid of people who make a lot of money?
Recently, I was driving down the road, listening XM Satellite radio and they were talking about the “rich” and taxes. Like it was a bad thing?
Now, despite you might stand in the political arena, isn’t having “wealthy” people a good thing in America? Shouldn’t our businesses MAKE money? Businesses that make money provide jobs in our community. It helps deflate the unemployment rate.
Shouldn’t we see what we can do to help businesses grow and be profitable?
I feel like this is a basic economic principal but I feel like there is such a gap. I often ponder why I got college credit for taking “The history of Elvis” and “The history of Rock and Roll” at ASU. Wouldn’t it have been better for America if every high school or college graduate had to take mandatory classes on topics like bank accounts, savings accounts, stocks, and retirement savings?
At the very least, knowing the economics that it takes to have a viable, sustainable, valuable on paper business should be the goal of each and every business owner. They should be engrossed in the numbers of their business. Tracking things like income, expenses, new client retention costs, profit, loss, return on investments in advertising, and a lot more. Why did you do better quarter 1 and not so good quarter 2? What about last year compared to this year? These numbers all lead to trends and can very easily tell us what we can predict for our future.
As business owners, I feel like being obsessed with our numbers is vital to knowing exactly what is going on. It is what separates those from living paycheck to paycheck from those from paying themselves first in their business. It is what allows the business owners to take vacations, work four hour work weeks, or alternatively… be buried by their business!
As a pet sitting business coach, I see the gauntlet of situations. The ones who know their numbers are ALWAYS the ones who are more successful.
They are successful because they know what the numbers in their business are doing. They can make an educated decision. They can invest in their business and personal future. If a drought comes, their stock pile is strong because their house was built on stone. It won’t be easily washed away.
Money hungry
But yet – making money – has such a negative connotation in so many arenas.
But that is confusing to me. We all have a for profit pet sitting company? Right?
I am in business to make money because the roof over my head isn’t free. When I am working, although I LOVE what I am doing, it is taking me away from my frist loves: My husband and daughter.
Are you? Are we in the same boat?
What drives the hunger?
The factor that drives me is clear to anyone who has ever really worked with me. I have a passion and love for helping others and excitement to see them succeed.
I hungry because I sell my advice that has proven thousands of dollars over and over again to work in small and large pet sitting companies all over the world?
I hungry because I have a knack for seeing deficiencies and telling these business owners the hard truth in order to help turn their business around so they can line up and achieve their personal goals?
I hungry to help people and post helpful articles (free, by the way) that I have often provided detailed answers and interviews with experts on?
All you have to do is read some of the testimonies on my praise page
Your Pet Sitting Business
If you survey many pet sitting business owners they will say they started for their love (passion) for pets. {Pretty similar to my coaching passion}
Further, if you want to have a pet sitting business that provides you with so much fulfillment living out your passion, wouldn’t you agree that you needed to make enough money to support yourself, pay the business so the business has money to spend on expenses, and possibly even pay staff? Wouldn’t a business owner want the luxury of not having to live paycheck to paycheck?
Or, take vacations? pick the kids up from school? be home for breakfast and dinners?
If this is a want of a business owner, the solution is very simple. They must make money in order to be able to afford these luxuries (or options as I like to call them) in life.
We Must Make Money Or We Will Fail.
…And doing it passively isn’t going to cut it.
It is one of the absolute principals of business. According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months
There are many reasons… but I believe the most important is that it all comes down to money.
Be money hungry…..with a conscience.
Back To The Government…
It worries me, for the state of our industry. In places like Seattle, we are already getting $15/hr minimum wage. What will that do to the small mom and pop businesses up there? Higher wages, higher taxes, less ability to provide jobs?
Regardless if you agree or disagree with me, have you thought about how this would affect your pet sitting business if all of a sudden you had to follow this new wage?
Do you have the room in your pricing to pay $15 an hour? Some of you do. Which is great! Although, it might cut into the profits or even your own paycheck.
Would this new wage make you have to work back in the business? Would your current lifestyle even support that? {Maybe you are a mom who is needed by kids and hubby?}
Do you have the desire to be financially free and have the options of working in or on your business?
.
Snowball effect….
I can literally HEAR you thinking, “But Bella, I can’t charge any more than I already am.”
And the answer might just be “ok then change what you are spending and paying yourself.”
But is that really sustainable if you DON’T raise your rates? The answer is different for every single business owner. I challenge you to be able to answer that question right now with a YES or NO and know the exact numbers to support your answer. This is the single most important thing that you can do for your business.
It comes down to a very personal decision for every single business owner. It comes down to knowing your numbers.
I’m Not Afraid To Talk About It.
While a lot of the world is running away from this subject, I am going to run right into it. It is the backbone of all business and I encourage you to BECOME MONEY HUNGRY! You can’t afford not to be. You need to know what it takes to operate your business and grow your business. Be hungry. FEED YOURSELF because no one else will!
If you want to talk about it to, I am here for you. There are a million ways to reach me all over this website. I welcome your contact and hope that I can help inspire you to create the best business that you want.
I even recently published a podcast on whether you should discount daily dog walks and my answer might surprise you!
Back to you…
Sound off below! This blog was a bit more bold than the “norm” but I felt pretty passionate about this topic. Do you agree? Disagree? Have something more to say? I would love to hear from you below and will respond!
Well said, Bella! I have learned from a few mentors and from you so much about the importance of valueing what you do and not to be afraid of charging for that value. This has helped me immensely!
Thanks Kelly! It is an important relationship (money) to understand in every aspect of our lives. It can make or break us at times!
Yes! Yes, yes, yes, a thousand times yes! I can’t tell you how many times I’ve had another pet sitter climb atop that high horse and make a snide comment about “not being in it for the money. I just love working with the animals”. [[Shakes my fists at the sky]]
Those very same folks, a ways down the road, will be the very ones leaving the business because they can’t support themselves, much less grow and provide employment opportunities for their communities.
I daresay that I love the animals I care for every bit as much as they do the ones they care for. I just recognize and celebrate that I can make a long term living doing exactly what I love. At the same time, in our 27 years of business, I’ve been able to employ quite a number of folks who then had that additional income in their budgets to do some pretty awesome things. One of my sitters paid for private school tuition with her paychecks. Another was financially able to leave an abusive relationship with the added income, and the flexibility of her schedule, in conjunction with her full time job. Just a little over a month ago, an employee took her honeymoon vacation to Hawaii, financed in part by pet sitting $$.
While, as you know, I continue to work “in the field” at this point, I can and will, at some point, have the option of stepping out of the field while maintaining an income – truth be told, probably at a higher level than currently because I’ll have more time for marketing, hiring and training. (Not my goal right now, I’m happy where we are currently, but having that option is an important component of my long term plan.)
There should be no shame whatsoever in finding a way to do what we love AND get paid generously for it! Too many folks in the world who hate their jobs that leave them too exhausted to follow their passions. My business IS my passion – and I’m smiling all the way to the bank!
Brava, Bella. Excellent article!
You say:
I’ve been able to employ quite a number of folks who then had that additional income in their budgets to do some pretty awesome things. One of my sitters paid for private school tuition with her paychecks. Another was financially able to leave an abusive relationship with the added income, and the flexibility of her schedule, in conjunction with her full time job. Just a little over a month ago, an employee took her honeymoon vacation to Hawaii, financed in part by pet sitting $$.
That is SO COOL to know that you have been a catalyst in helping that all happen 🙂
Your comment was superb.
-Bella
I notice the divide in pet sitting groups and have evolved in my thinking. When I first started it was just for therapy and money wasn’t too much of an issue as long as I could pay a few bills. Then as time progressed I’ve come to feel that if I’m not growing I’m dying, same with my business. For some reason there are those that think it’s shameful to make money off a service you love. It goes way back to our roots, and a sad brain washing of sorts. It takes time to understand that your service is worth what you ask. I’m proud of my business, I’m proud I’m able to “afford” my family and afford to give. There’s nothing wrong with building your empire, there’s nothing wrong with wealth. But there is something wrong when you hold yourself back because you “think” money is bad.
Great blog!!! Love your insight as always!!!
Thanks for taking the time to share Jennifer! Unfortunately there does seem to be a divide…it’s the whole “birds of a feather flock together’ that I always say… know what type of bird you are, and you can easily find your flock.
I’m glad to be flying together with you! 🙂
– Bella
Yes!!!!! Professional pet sitting business …the keyword here is business and a business needs to make money. I’m not in the business of getting rich at the expense of other people. I’m in the business of providing a professional service for people who have a need for pet care and jobs to people or are passionate about animals and need to make money! Getting paid for doing something you love is the American dream !! I have a competitor in my market who is also on the board of one of the main associations knocking my company for making money. I guess that is their marketing strategy LOL.
Oh Joette, I am sorry to hear that but happy to know that I wasn’t the only one who got that slack! I mean, come on! It is a very simple principal. If we are donating time, go volunteer somewhere. As business owners we have an enormous responsibility to provide a stable working environment that keeps people employed, don’t we? I am in awe of what you have built! 😉 thanks for taking the time to comment!
I am not afraid to make money. What I AM afraid of is charging too much, being unable to build enough business to sustain, and failing. But we’re working on that! 😉
Yes we are working on that and I can’t wait to see you GROW!! 🙂
The whole $15 minimum wage thing does worry me :/
There are so many faults in this that i don’t even know where to start. I think it’ll hurt those with small businesses but we’ll see.
Right now in my area I’m the highest priced and it’s ridiculous to think a competitor would use that against a fellow pet sitter! If we run a business then yes, we are here to make money. I love what I do but at the same time i know I provide an outstanding service and therefore I charge a premium fee.
Eddie, You are my kind of business owner! How do I not know you yet? Please email me. I want to get you into one of my groups! bella@jumpconsulting.net 🙂
I have my own little rant for the veterinary world about this (http://www.robynkesnow.com/doing-good-versus-doing-well-for-yourself/) If we’re self employed, we are determining our own value.
Just starting my own business though I’ve been doing this and working with animal’s my entire life. I have alot to offer. Right now I’m getting business, not a lot, thru word of mouth. Am i in the right place to get growing?
Just started a page on fb, but don’t know what I’m doing and was just curious. I need to get moving cause living pay check to paycheck isn’t cutting it.
If I’m in the wrong place, can you guide me?
Bella, your page just jumped out at me today. I’m thinking there’s a reason for that.
Hope to hear from you soon.
P.S. loved the ducky with sunglasses on.
Great chatting with you the other day Doreen! 🙂 Looking forward to learning more about you and how I can help! 🙂
My sitters almost make $12-14 average an hour now plus the mileage we pay them. I just raised my rates by $3 per visit in october. Not sure if that will be enough to cover $15 /hr plus mileage. I am going to go over my budget. My sitters might not be working much in January and February anyway with the slow months. January and February of 2016 were in the negative with expenses of a full running business and not enough work. I horde all the savings I can to sustain but I couldn’t pay myself last January. I am sole income in our household right now.