30 Years in Business with Nothing to Show for It

Big day today.

We turned over the keys to the warehouse that served as our furniture studio for over 16 years, to the landlord.   My husband spent the past 30 years as full-time professional furniture maker. When we married, we became business partners, as well as, spouses.

Shane made beautiful custom furniture for the homes of movie stars, country music superstars, Fortune 500 executives across the United States plus a few exotic locations like the Bahamas and Panama.  Our clients will enjoy their handcrafted furniture for years to come, as it was built to last for generations.

We, however, have nothing to show for the decades of hard work we put in to building our brand and our product line.  Once we finish liquidating our assets, we will never receive another penny from all that work.

We also own a network marketing company and today we hit a milestone in that business.  I told you it was a big day.

For the past several weeks we have packed and purged and moved out of the furniture studio.  We haven’t had a lot of time for other things.  I have helped my network marketing team in small pockets of time, mostly via text message. However, I have not been working that business all that much.  And yet, we hit this financial milestone today.

With our custom furniture business, if I wasn’t hustling sales and Shane wasn’t crafting furniture, we weren’t making money.

Our network marketing business keeps sending us checks, every month (or week) because we did the work 5 years ago, or 5 weeks ago.  We did the work once, we keep getting paid.  That’s called residual income.

Now that we are (almost) done closing the furniture studio, I can spend more time teaching folks how to earn residual income, because it is rewarding.

Today I also realized just how much our furniture business owned our lives.  Our networking marketing business makes our lives fun.

Today was a big day.

3 Tips to Stay Off Facebook So You Can Work on Your Business

If your social media posts are lacking engagement, you could be posting too much, according to nutrition business blogger Ruthann Giordano.  Staying at about 1 to 2  posts per day, 5 days a week is ideal as post engagement dropped dramatically after 2 posts per day.  So, if you really want to improve engagement on your business posts on Facebook, get off Facebook and get to work on your business.  Here are some tips that might help:

  1.  Use scheduling software life Buffer, Hootsuite, or my favorite, TinyTorch.  I like TinyTorch best because it allows me to post to Facebook events and groups.  For you direct sellers out there, imagine being able to throw a Hostess Party without doing any work.  Yeah, TinyTorch is the app for that.  Your first $10 is on me when you use this link.
  2. Uninstall the Facebook App from your phone.  Bahahaha.  Right.  But hey, use the right app for your business.  You should use the Facebook Pages app to post to your business page.
  3. Feeling lonely?  Leave your house and go to a networking event so you can meet and talk to real people.  GASP!

To recap, schedule your posts so you aren’t tempted to get sucked into the Facebook vortex, use the Pages app to post on the fly and interact with your audience, go meet people in person rather than cyber-stalking.

 

How Long to Keep Business Records

We are in the middle of a great purge as we close our custom furniture business.  We sold off most of our major tools on Saturday and today we packed seven years worth of business records into my CR-V to take to the shredder.

Of course, since it had been a while since I purged business records, I had to call my accountant and ask how to keep business records so I didn’t purge too many of them.

The answer is 7.

Seven.

Keep the previous 7 years worth of business records.

Seven seems to be the magic number today.  Apparently, it has been 7 years since I purged my files because I had boxes labeled 2003, so that last time I did this was in 2010.  Don’t be like me.  Purge every year!!