Today's guest is sought after for her ability to easily explain complex business principles and processes in a simple, straightforward way. She began her career in financial software design before starting her first company in 2000. With a varied background in working in small, medium and large businesses, she has a great grasp on the scalability factors that are essential to growing a business. As a certified Profit First professional, she also strives to help creative business owners focus on the financial health and profitability of their companies. She believes that each choice is a step towards or away from profitability. In this episode, we'll explore her proven strategies to overcome obstacles related to pricing and profits, and processes for FamilyPreneur balance. Today we're joined by the founder of Scarlet Thread Consulting, Michele Williams!
Michele shares how she became an entrepreneur.
- In the beginning, she worked in corporate America developing financial software.
- Neighbors came to her to see if they could pay her to create window treatments.
- She did this all while the kids were asleep and only expanded the business as the kids grew and were in school more.
- She included her kids in her business at a young age, giving them age-appropriate tasks which she paid them for.
- As the kids got older, she shifted the schedule so she took one day a week off and worked in the early mornings to have the rest of the day free to spend with her kids.
- They even explained to the kids how much money mom would have been making and how they traded that for time together and why that was so valuable.
- She taught her kids to work as a family so they can play as a family.
- They regularly talked through their family decisions in “strategy sessions” so that the kids would be aware of how and why they were making these decisions.
- The hardest part is when you do everything “right” and something still went wrong, but this was a valuable lesson to teach the kids.
Michele explains how she made the transition from curtains to consulting.
- The first 10 years of her business, she built financial accounting software.
- Then she wanted to be home with her kids, so she did interior design because she liked it and was good at it, but she wasn’t making any money.
- She finally changed her pricing structure and began teaching other interior designers her strategy.
- Soon after, she went in with an investment firm and was doing things like putting out a magazine, and hosting educational calls.
- When she was faced with some health issues, she was forced to sell the company, but still had inquiries about her availability to consult.
- She found that many people were running successful businesses but had no idea what the financial reports meant for them.
- She now basically goes into a business and teaches people what the numbers mean.
- In 2015, she also became Profit First certified, which is an accounting method that ensures that you are taking a legitimate profit, paying your employees and taxes and that all your expense are allocated for before any money leaves the account.
- It’s overwhelming to know how many businesses end up owing six figures to the IRS because they overlooked one of these areas.
- Knowing and understanding your expenses brings so much peace and freedom, and you feel so much more empowered!
Michele explains how someone can become more in control of their business finances.
- Start by making an honest self-assessment of your needs and believe that you have the ability to get help.
- You have to be able to pay yourself and the business in order to provide jobs for other people.
- Ask the accountant to go over documents and if your accountant won’t, find someone who will!
- You can check out Michele’s course: Understanding Your Financials.
- Pick up the book, Profit First and use her course to supplement the reading and apply the principles.
Meet Michele Williams
Michele Williams is sought after for her ability to easily explain complex business principles and processes in a simple, straightforward way. She began her career in financial software design before starting her first company in 2000, providing soft furnishings for the home industry.
With a varied background in working in small, medium and large businesses, Michele has a great grasp on the scalability factors that are essential to growing a business.
As a certified Profit First professional, Michele strives to help creative business owners focus on the financial health and profitability of their companies. She believes that each choice is a step towards or away from profitability. Those who work with her understand the correlation between each decision and their
Pricing, profits, process and procedures are important – but can be difficult for the creative entrepreneur to implement. Michele has proven strategies and mindsets to overcome these obstacles, and she can give every business owner a healthy dose of confidence along the way.
Find Michele Williams
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If you know you need to improve your marketing, but don't know exactly where to start… or you just love buzzfeed-like quizzes… then you need to check out THIS QUIZ! It'll reveal exactly what you need to take your marketing to the next level PLUS start an epic dance party!
About The Host
Meg Brunson has been marketing to moms for nearly a decade. After leaving her corporate job at Facebook in 2017 to be a more present mom to her 4 daughters, she founded EIEIO Marketing; a digital marketing agency focused on Facebook Marketing for family-first businesses.
Through highly targeted, results-driven, Facebook Ads she's delivered results for her clients that include: doubling their lead volume, generating 62% more sales than the in-house team, attaining a 16x return on ad spend, and reducing the cost per lead by 99%!
After helping her daughter launch her first business, Storytime With Kiki, at the age of 10, Meg began hosting the FamilyPreneur Podcast: an interview-style podcast for parent entrepreneurs, raising entrepreneurial children.