Podcast Summary
Revolutionizing Investment Tracking with ShareSite: ShareSite is a comprehensive investment tracking platform with support for over 500,000 stocks, ETFs, and funds, integration with over 200 platforms, and offers analyzed reports, dividend gains, and currency fluctuations. Annual premium plan purchasers receive 4 months free.
The investment tracking platform, ShareSite, is revolutionizing the way investors manage their portfolios. With support for over 500,000 stocks, ETFs, and funds, and integration with over 200 platforms, ShareSite provides a comprehensive view of financial performance, including analyzed reports, dividend gains, and currency fluctuations. For those looking to dive deeper into performance metrics, ShareSite offers a special deal for annual premium plan purchases, providing 4 months free. Maya, a guest on the Girls That Invest podcast, emphasized the importance of receiving positive feedback, even if it means correcting the spelling of her name. For her, it's a reminder of the value she brings to the table and boosts her confidence in new territories. The podcast encourages asking questions, emphasizing that there are no dumb questions, and that everyone starts from a place of learning. The discussion also touched on the importance of investing and managing one's financial portfolio effectively, making ShareSite an invaluable tool for investors.
Starting a business with limited resources: Start small, invest in essentials, and commit time for a successful business launch with minimal funds
Starting a business, especially for women and people of color who may face funding disparities, can seem daunting. However, it's important to remember that not all businesses require significant upfront capital. The speaker shares her experience of starting her own business, GirlsTalk Invest, with minimal initial capital. She bought a domain name for $30, invested in a $200 microphone, and used free recording software. The team committed to running the business for free for a year while still working their 9 to 5 jobs. The team's time commitment was significant, but they were able to make it work. The speaker encourages those who may not have a lot of resources to start their own business to be resourceful and learn from her experience. Despite the challenges, it was possible for her to build a successful business with limited funds.
Starting a podcast or online business with minimal investment: With minimal financial investment, anyone can start a podcast or online business and learn valuable skills along the way, potentially leading to sponsorships, events, and social media growth.
Starting a podcast or an online business requires time and dedication more than financial investment. Sonya and her partner spent only a few hundred dollars on equipment and learned to edit themselves. Their podcast, recorded from home, became a passion project that led to sponsorships, events, and social media growth. They bootstrapped their business and learned various skills along the way. However, as their business grew, costs increased significantly, reaching over half a million dollars last year due to a book tour and other expenses. So, if you're considering starting a podcast or an online business, remember that you don't need much to begin, and the journey can be both rewarding and affordable.
Investing in Community Building: The Power of In-Person Connections: Investing in community building through in-person events can lead to deeper connections and a better understanding of your audience, despite the high costs.
Building a community and connecting with people in person can have a significant impact, even if most of your work is done online. The speaker shares an experience of hosting an event and was surprised by the lengths people went to attend, leading to a deeper connection and understanding of their audience. The event had substantial costs, including travel, venue hire, food, and wages, totaling around $150,000. However, the value gained from meeting the community and forming personal connections outweighed the expenses. Additionally, the team expanded to include full-time staff for editing and operations, adding to the costs but improving overall efficiency. The IT expenses were relatively low at $6,000, and there were some miscellaneous operational expenses. Overall, the investment in the event and team paid off in terms of building a stronger community and growing the business.
Unexpected expenses from book tour and events: Businesses can save on operational costs with remote teams and online companies, but unforeseen expenses from events and tours can add up.
Starting and running a business involves various expenses, including office rent, legal fees, licensing and registration, wages, and travel. Last year, the biggest expense for this particular business was the cost of a year-long world tour. However, with the use of technology like tap to pay on iPhone powered by Stripe, businesses can simplify payment processing, increase revenue, expand reach, and enhance customer experience, all without requiring additional hardware. Despite the significant travel costs, the operational costs for this business were not extravagant due to the nature of having a remote team and an online company. Surprisingly, the expenses that were not anticipated were related to the book tour and events.
Focusing on core mission leads to authentic impact: Staying true to your mission and being resourceful can lead to a more authentic and impactful outcome, even without external sponsorships or large budgets.
Focusing solely on the core mission of a project, without worrying about external sponsorships or unnecessary expenses, can lead to a more authentic and impactful outcome. The speaker shared their experience of touring for their book without a sponsor, allowing them to keep the focus on the book and the community. Additionally, they emphasized the importance of being resourceful and not feeling pressured to follow conventional methods, especially in the beginning when financial resources may be limited. By doing things yourself and learning new skills, you can save costs and gain valuable experience.
Be resourceful and learn new skills to minimize costs and maximize growth: Starting a business doesn't require experts or big budgets. Learn new skills and leverage resources to save time and money, and only hire necessary team members to avoid overhiring.
Starting a business doesn't require relying on experts or having it all figured out with a lot of cash. Instead, being resourceful and learning how to do things yourself can save time and money. This means understanding what you need from potential hires and only bringing on necessary team members. Overhiring can lead to wasted time and resources, and during tough economic times, it may result in letting go of valuable team members. Additionally, learning new skills through free resources like YouTube and Skillshare, and leveraging social media to build a community and brand, can help minimize costs and maximize growth.
Separate personal and business finances: Separating personal and business finances from the start saves time, confusion, and unexpected tax issues, leading to effective money management and clear business organization.
Maintaining separate bank accounts and bank cards for personal and business expenses is crucial for effective money management and business organization. This simple step can save time and frustration for accountants and business owners alike. Separating business finances from personal finances allows for clear visibility into business income and expenses. The speaker learned this lesson the hard way when they failed to do so in their first year of business, leading to confusion and unexpected tax issues. Starting with a separate business account, even if it seems unnecessary at first, can lead to significant financial benefits as the business grows. Additionally, handling various business tasks yourself at the beginning can help keep costs low, but as the business expands, it's essential to bring in experts to help manage more complex areas. This approach allowed the speaker to turn a small initial investment into a successful, million-dollar company.
Engage with Girls That Invest for educational resources: Remember, Girls That Invest provides general advice. Always do your own research and use due diligence before making any investment or financial decisions.
Girls That Invest encourages listeners to engage with them through reviews, messages, and business-related questions. They are dedicated to providing educational content, but it's important to remember that their advice is general in nature and not personalized. Therefore, always do your own research and use your due diligence before making any investment or financial decisions. So, keep learning and stay curious, and don't hesitate to reach out to Girls That Invest for educational resources. And don't forget to leave a review or send a message if you have any questions or feedback!
