Leaving Corporate America and Managing Your Own Business|Terrie Chantel - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-08-18T07:00:31
Today's episode features Terrie Chantel from TerrieChantel.com.
Terrie is a successful speaker and business coach.She teaches teach business owners how to monetize their skills, uplevel their personal brand, create profitable offers, and convert followers into buyers.
Being an entrepreneur wasn't always comfortable for Terrie.
Check out how that changed for her and how she's helping others do the same.
Listen, learn, and let us know what you think about this awesome episode!Episode Summary
Terrie's Background
Terrie graduated high school at age 16 and college at age 20Both of her parents were “workaholics"This made Terrie believe that"amount of work = financial benefit"At 17, her uncle wanted her to co-sign on a car to build her credit
That gesture changed her lifeAt age 22 she went on to buy a house and really understood money
Passing Down Money LessonsTerrie has three boys, ages 10, 15, 17
Her #1 tool she uses is to “paint a millionaire vision in their mind”This is the act of making wealth achievable in their mind
She also gets them to use her debit card to pay bills onlineJust getting them involved in finances and eliminating the taboo
Now her 17-year-old is already an entrepreneurBondage vs Freedom
Her uncle was like her dad and went towards the plan he set outShe graduates college and goes directly into corporate
Terrie stayed there for 10 years5 years into that career, she started moving into management
The pressure was increasing, work was coming home, and the money didn’t seem worth itThat’s not what she envisioned
It felt more like bondage than freedomSeeing a New Way
She didn’t have other peers she could turn to who felt this wayTerrie was always the girl, the youngest, and often the only black person
Being surrounded by all these 6-figure earners, Terrie saw how high earners spent moneyBut everyone worked themselves to death and just watched their vacation pile up
Simply put, Terrie had no idea there was another optionSo Terrie started her own side-hustle
Through this, she begins to meet other entrepreneursThen she did realize there was another way
Can't Let Go of Stability
Terrie gets laid off around the holidays and gets pregnant with her second childSo she really starts taking her side hustle serious
In her first month, she had 100 clients through a lot of hustleShe would even set quotas for handing out business cards
But even with all that success, she still went back to corporate workIt just felt too secure
Terrie did keep the business going by hiring and training someoneShe admits not everyone is driven to be an entrepreneur
But if you have that passion, you have to follow itTips for Starting that New Business
She says some people jump to marketing too fastTo help others you need to be financially stable yourself
She focused mainly on customer service and building a solid productOnce those frameworks are set, then you can focus on other things like marketing
If you can’t consistently hit the number you need for bills, that’s a bad signThis means it’s time to take a pause and look at your processes
She likes to look at it in three-month chunksTerrie says you should be seeing a consistent profitability to know your frameworks are set
Valuing YourselfThen we talk about valuing yourself
This includes charging a premium for your servicesStop focusing on yourself and think about the client
Think about how you’re going to change their lifeThen you’ll see just how much you're really worth
Key TakeawaysSecurity is addicting: Terrie had trouble walking away from her normal W-2 job. It's a valid feeling!
Don't Jump To Marketing: Solidify your product offering and take care of your clients, let marketing come later.
Call to ActionGet creative with that work ethic.
Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa