The Bottom Line by Evolved Finance

TBL Episode 29: How a painter gave me a master class on marketing

April 24, 2018 06:00 - 17 minutes - 32.3 MB

I wouldn’t have thought that I’d get a lesson in business while looking for a painting to hang up in my home office, but in this episode, I share the story of how an artist from Uganda unknowingly gave me a master class in sales and marketing at a small art fair.

TBL Episode 28: How much money do you want to make from your online business?

April 17, 2018 06:00 - 16 minutes - 31.4 MB

There is a ton of pressure in the online entrepreneur community to make your business as successful as possible, but have you ever stopped to think what level of success is really right for you? Not everyone wants to make the sacrifices necessary to grow a huge life style business and that’s totally fine. That’s why in this episode, we explore that delicate balance between your personal life and your business’s financial success that every entrepreneur has to figure out for themselves.

TBL Episode 27: How to overcome the financial downsides of owning a business

April 10, 2018 06:00 - 13 minutes - 12.3 MB

Running an online business can be a thrilling and fulfilling experience, but there are some financial downsides to entrepreneurship that can blindside you. In this episode, we address how being an entrepreneur can affect buying a home, filing your taxes, and complicate your personal finances.

TBL Episode 26: Preparing your business for a recession

April 03, 2018 06:00 - 13 minutes - 26 MB

The US economy has been on a wild ride up-word for the past 5-7 years, but analysts are expecting a recession in the next year or two. That’s why in this episode, we address some of the things you need to be thinking about as an online business owner so you can be better prepared for when a recession hits.

TBL Episode 25: The power of a focused revenue stream

March 27, 2018 06:00 - 16 minutes - 30.6 MB

It’s easy to get caught up pursuing every opportunity that’s in front of you instead of focusing on the one or two things that are already creating revenue for your business. It’s amazing how quickly your business can grow when you start to weed out the opportunities that just spread you thin instead of keeping you focused on what you do best. In this episode, we share how we learned this lesson the hard way and what you can gain from our experience.

TBL Episode 24: The trends from 2017 that online businesses need to know about

December 19, 2017 07:00 - 24 minutes - 22.8 MB

2017 has absolutely flown by, so for our last episode of the year, we wanted to review the business trends we’ve seen in the online entrepreneur community and what they might mean for your business in 2018.

TBL Episode 23: Why a profit and loss statement is so important

December 12, 2017 07:00 - 12 minutes - 11.7 MB

Big corporations have finance departments that can generate all kinds of crazy financial reports to help leadership understand the state of the company, but small online businesses only need one report, and that’s the profit & loss statement. If you aren’t creating a profit and loss statement each month to track your business’s health, then this is the episode for you. If you’re interested in the program I mentioned in the episode (The Shift:Small Business Edition), sign up for our free mast...

TBL Episode 22: How to know when to charge and when to give away for free

December 05, 2017 07:00 - 12 minutes - 11.7 MB

Running an online business usually means having to create free content or opt-ins in order to build your email list and create an engaged audience ready to buy your products or services. But it’s not always easy to know when you should charge for something and when to give it away for free. That’s why in this episode we explain they key component you need to be clear on so you can give away content and opt-ins for free without resenting your audience.

TBL Episode 21: How to make money without feeling like a sellout

November 28, 2017 07:00 - 16 minutes - 15.2 MB

Entrepreneurship is synonymous with making money, but not all entrepreneurs feel good about financial success. That’s why in this episode, we discuss the ways you can make more money without feeling like a sellout.

TBL Episode 20: The Biggest Mistakes Online Entrepreneurs Make With Their Finances

November 14, 2017 06:00 - 13 minutes - 13 MB

At Evolved Finance, we work with many amazing and talented entrepreneurs and small business owners to help them successfully manage the financial aspects of their business. Over time, we’ve identified five frequent financial mistakes that online entrepreneurs can easily avoid. Learn from these mistakes and you’ll be miles ahead of the game.

TBL Episode 19: What’s the Difference Between a Bookkeeper and an Accountant?

November 07, 2017 06:00 - 13 minutes - 12.9 MB

We’re so entrenched in the financial sides of our clients’ businesses that we forget not all online entrepreneurs are familiar with this stuff. That’s why in this episode, we make sure there is no confusion about the roles bookkeepers and accountants play in your online business.

TBL Episode 18: The pros and cons of your business model

October 31, 2017 06:00 - 26 minutes - 24.8 MB

Every online business model has advantages and disadvantages. They become more obvious the larger the business becomes. What’s unfortunate, is that when most entrepreneurs start a lifestyle business like the ones we work with at Evolved Finance, they don’t always realize what they’re getting themselves into until they start making real money. That’s why in the latest episode, we share the pros and cons we see in the three most common online business models.

TBL – Entrepreneur Spotlight #6: Phil MacNevin

October 24, 2017 06:00 - 44 minutes - 40.8 MB

There is a misconception that only extroverts make good sales people. Phil MacNevin is a perfect example of why that’s not the case. Not only has he built a successful marketing agency that works with some of the most well-known online entrepreneurs in the industry, but he is also a networking machine — all while being a self-proclaimed introvert. This interview will definitely be eye-opening to anyone wanting to see how to start and grow a service based business through grit and cultivating...

TBL Episode 17: How to prioritize where to invest in your business

October 17, 2017 06:00 - 23 minutes - 42.8 MB

Savvy online entrepreneurs know that as soon as their businesses start generating revenue, they’re going to have to invest money back into their marketing and operations to help the business scale and grow. That’s why in this episode we discuss the areas of your online business you’ll likely need to invest in first, and what to expect as your revenue grows.

TBL Episode 16: Why more products and services can mean less revenue

October 10, 2017 06:00 - 15 minutes - 14.3 MB

If you have one product or service making money, then offering a second one will bring in even more money, right? You’d be surprised how often that is NOT the case. That’s why in this episode, we explain how less can be more when it comes to your product strategy.

TBL – Entrepreneur Spotlight #5: Julie Santiago

October 03, 2017 06:00 - 57 minutes - 53.1 MB

If you made almost a million dollars last year from your job, would you leave it behind to start your own business? That’s exactly what women’s coach, Julie Santiago, decided to do after years of building a career on Wall Street. In the latest episode of our Entrepreneur Spotlight series, Julie shares why she made the jump into entrepreneurship and what her recipe for success has been growing a serviced based coaching business.

TBL – Entrepreneur Spotlight #4: Todd Uterstaedt

September 26, 2017 06:00 - 47 minutes - 44 MB

Many of the online businesses we work with at Evolved Finance were created in the past five years. That is why Todd Uterstaedt’s business is so interesting. In our interview with Todd, we discuss how he started his executive coaching business in the 90’s and brought it into the internet age. We also talk about how his popular podcast (From Founder to CEO) has helped him find and serve his niche and why his military background has helped him as an entrepreneur and coach. You can listen to T...

TBL Episode 15: How we’re investing in our marketing strategy

September 19, 2017 06:00 - 29 minutes - 54.2 MB

Online entrepreneurs have a lot of options when it comes to how they can grow their businesses. So much so, it can be overwhelming trying to decide on the best option. At Evolved Finance, we’ve struggled with this exact thing. That’s why in this episode, we share the major realization we’ve had about our own marketing plans and how it’s inspired us to invest five figures into a focused marketing strategy that makes sense for our business model.

TBL – Entrepreneur Spotlight #3: Megan Minns

August 29, 2017 06:00 - 50 minutes - 46.7 MB

Making the jump into working on your online business full time is a scary transition, but that doesn’t mean it needs to be overly risky. Megan Minns’ entrepreneurial journey is a perfect example of how you can build an online business without feeling like you’re risking it all. Megan also shares how she pivoted from her original business (website designer) to developing an expertise as a technical virtual assistant, co-creating a successful online course (squareyoursite.com) and co-hosting T...

TBL – Entrepreneur Spotlight #2: Think Creative Collective

August 22, 2017 06:00 - 58 minutes - 111 MB

Abagail Pumphrey and Emylee Williams are the business partners behind Think Creative Collective, a business education company that helps other entrepreneurs build online businesses out of their passions. The ladies share their experience building a business together, the struggles they’ve had with a launch based strategy, what they’ve learned in 2017 to help them explode their revenue well into the six-figure realm, and why they think it’s so important to be transparent with their audience. ...

TBL – Entrepreneur Spotlight #1: Caitlin Bacher

August 15, 2017 06:00 - 56 minutes - 108 MB

In our first ever Entrepreneur Spotlight interview, we’re joined by Caitlin Bacher. Caitlin is the expert when it comes to creating profitable Facebook groups and has built a thriving six figure business (soon to be seven figures) teaching other entrepreneurs how to get the most out of their Facebook groups. She shares the critical phases her business has gone through to get to where she is today, how she balances being a mom/wife while running an online business, how her mindset around mon...

TBL Episode 14: How your personal finances are holding back your business

August 08, 2017 06:00 - 20 minutes - 36.7 MB

To run a successful online business, you need to keep your monthly expenses under control and invest in the parts of your business that will provide the best return. But what most entrepreneurs don’t realize is that they also need to make smart decisions with their personal finances too. Unless you have a business loan or startup capital, which very few online/lifestyle business do, you’re going to need to strike a balance between what you pay yourself and what to invest back into the busine...

TBL Episode 13: Why online service businesses are underrated

August 01, 2017 06:00 - 14 minutes - 13 MB

Because so many business coaches and gurus are teaching aspiring entrepreneurs how to create product based businesses, we feel less attention gets put on the benefits of starting and growing a service based business. Especially for people who have little or no business experience, creating a service instead of a product can be a great way to generate initial cash flow while learning the ropes of running a business. That’s why in this episode, we discuss the upside of a service based business...

TBL Episode 12: Reducing the financial risk of a launch based business

July 25, 2017 06:00 - 23 minutes - 21.9 MB

With online businesses, launches are where it’s at. It doesn’t matter if you’re selling an online course, a group coaching package or a piece of software, you’re going to have to plan a “launch” one way or another. As lucrative as a launch based strategy can be, it can be a roller coaster ride when it comes to your cash flow. The ups and downs in revenue can make this type of business extremely stressful to manage. That’s why in this episode, we cover everything you need to know about how la...

TBL Episode 11: The Cost Of Scaling Your Business And Why It Can Be Terrifying

July 18, 2017 06:00 - 20 minutes - 18.7 MB

Scaling is a big-time buzzword in the entrepreneur world. It essentially means a business is trying to figure out how they can setup their operations to serve a larger quantity of customers and clients. For small online businesses, that almost always entails hiring people, which can seem like a scary endeavor. It not only means learning how to delegate work and manage others, but it also means taking on more labor expenses. That’s why in our latest podcast episode, we discuss the cost of lab...

TBL Episode 10: Why we love big tax bills and you should too

July 11, 2017 06:00 - 13 minutes - 11.2 MB

When entrepreneurs think about getting a big tax bill, it usually evokes a feeling of terror and dread. The reality is, all entrepreneurs should be crossing their fingers that every quarter (or year) they are shelling out big time bucks to the IRS. That’s why in episode 10 of The Bottom Line, we share some tough love about why no entrepreneur should be caught off guard by the size of their tax bill, why entrepreneurs have it far better than employees when it comes to taxes, and why a giant t...

TBL Episode 9: A different perspective on turning your passion into a business

June 27, 2017 06:00 - 12 minutes - 10.2 MB

The internet has made starting a business more accessible than ever. That’s why many coaches and gurus urge aspiring entrepreneurs looking for a business idea to start with their passion. Pursuing your passion isn’t bad advice, but that doesn’t mean it’s good advice for everyone. Building a business around an opportunity can be more financially lucrative while still being fulfilling and fun. That’s why in this episode, we discuss the difference between a “passion” based business and an “oppo...

TBL Episode 8: What’s the most popular email marketing software?

June 20, 2017 06:00 - 12 minutes - 10.2 MB

One of the first monthly software subscriptions that online entrepreneurs invest in is their email marketing software. For a large portion of online businesses, growing an email list is their best option for connecting with a targeted audience and generating sales. This can make deciding on the right email marketing software for your own business seem very daunting, no matter your experience level with email marketing. So for this episode, we wanted to share the most popular email marketing ...

TBL Episode 7: The truth about the cost of Facebook ads

June 13, 2017 06:00 - 13 minutes - 10.5 MB

Facebook ads have been a hot topic for online entrepreneurs for quite a while now. Marketing gurus all over the web tout Facebook ads as the best way to scale any type of online business. We’re not saying Facebook advertising isn’t a valuable marketing tool, but if it’s such a fantastic way to skyrocket your revenue to new heights, then why don’t we see all of our clients spending thousands of dollars on Facebook ads every day? That’s why in this episode, we take a closer look at the cost of...

TBL Episode 6: The unavoidable expense for all online businesses

June 06, 2017 06:00 - 10 minutes - 8.44 MB

Online businesses are typically pretty inexpensive to get started. While brick and mortar businesses take tens (and sometimes hundreds) of thousands of dollars in capital to get started, an online business can get going for a couple hundred bucks. But the one expense online entrepreneurs cannot escape are merchant fees. That’s why in this episode, we examine what most online businesses should expect to pay in regards to merchant fees, who the most popular merchant providers are, and how to t...

TBL Episode 5: Is launching with affiliate partners worth it?

May 29, 2017 23:00 - 11 minutes - 8.86 MB

Affiliate partnerships are a powerful way to generate revenue with relatively little financial risk. They can also be a ton of work to manage and support. That’s why in this episode, we examine how common it is for online businesses to work with affiliates, how affiliate payouts can affect the profitability of an online business, why certain business models gravitate towards affiliate partnerships and others don’t, and why we (Evolved Finance) relied heavily on affiliate partners for our fir...

TBL Episode 4: How much do software subscriptions really cost an online business?

May 22, 2017 23:00 - 13 minutes - 10.4 MB

You can’t run an online business without software. Period. It’s typically the first monthly reoccurring expense a new online business will take on. It’s also an expense category that can get out of control really quickly. That’s why in this episode, we look at the software almost every online business needs to invest in, how much you should expect to be spending on software each month, why smaller businesses tend to spend a larger portion of their revenue on software, why it’s ok to wait to ...

TBL Episode 3: Does your online business issue too many refunds?

May 15, 2017 23:00 - 12 minutes - 10.5 MB

Refunds happen. It’s inevitable. One of your current or future customers is going to want their money back, and you’re going to hear a thousand different reasons as to why. That’s why in this episode, we look at the rarely talked about topic of refunds. We share why it’s important to keep track of refunds, what a healthy refund rate might look like for an online business, and what you should expect in regards to refunds as your revenue grows. Video:

TBL Episode 2: How profitable should your online business be?

May 08, 2017 23:00 - 17 minutes - 14.1 MB

Online entrepreneurs love to focus on how much revenue their businesses generate, but in the end, what truly matters is profit. That’s why in this episode, we talk about what profit looks like for an online business, how to calculate the profit margin in your own business, why some online businesses have so much potential for huge profit margin, what the ideal profit margin is for the clients we work with, and why owner benefits should be taken into consideration when analyzing the profitabi...

TBL Episode 1: What does a successful online business really look like?

May 01, 2017 21:00 - 17 minutes - 13.7 MB

Ever wonder how much earning potential your online business has? Every business owner does, but in the online space, it’s hard to know what’s really possible, especially if you’re selling to a niche market. Not every online business needs to be a multi-million dollar enterprise, which is why in this episode, we examine what an average “successful” online business looks like in terms of revenue, expenses and profit. You might be surprised to learn that you don’t need your business to be a sev...