Female Entrepreneurs and Finance
It’s 50 years ago that women in Switzerland were granted the right to vote and while this might seem like a reason to celebrate it is also scary. Unlike in other countries in Europe women in Switzerland had to fight for a long time to be granted this right. You would think gender equality is self-evident here but it is not. Reality is still that many women earn less than their male counterparts, that having a career as a woman is rather unusual and being a female breadwinner is still an exception. And while I always worked or had my own money since I left high school, money and I have never been great friends. Money is a source of stress for me that I either avoid completely or obsess over. In an attempt at healing my relationship with money many years ago I first had to learn a few basics and make some key mistakes. I want to encourage you to learn more about finance and money and become financially independent.
I repeatedly asked myself three questions when I started my own business in Switzerland:
- Will I ever get my head around the financial side of the business?
- Will I ever get better at managing the cash flow?
- Will I ever make enough income to not feel stressed and under pressure?
Cash flow did not make sense to me.
I am really good at computing cost projections and balance sheets for expats. I can explain the difference between purchasing power parity and cost-of-living index. I can tell you how COLA relates to foreign exchange rates. I was excellent in Math as a student. So it’s NOT that I don’t like numbers or that I am not a “numbers” person (which unfortunately a lot of women attribute themselves with). I like math and numbers but I missed something else.
My issue was more that I lacked the practical understanding of a “good housewife”. I didn’t know how much a liter of milk would normally cost in the supermarket. I didn’t know those little secrets of saving money in Switzerland such as the fact that Migros and Denner are essentially under the same corporate umbrella but you can buy twice as much food at Denner.
When I was working as a Global Mobility Leader, I had a good paycheck. In Germany, I would even go grocery shopping in the “bio” shop Alnatura. My mother would say that I might as well go shopping in a pharmacy. For me, this meant “quality of life”. It meant that I would not be stressed at the cashier on Saturday because five other people were in line behind me like in the other supermarket. And I had the idea that I was eating healthy and helping the environment by buying “bio”.
There was another issue why I stopped learning more about finance, investments, saving money when I was employed: I had a bad relationship with money. Money stinks. Money doesn’t make you happy. When you have money, you don’t talk about it. I had all sorts of relationship issues with money. Money reminded me of scams or bad deals my mother and I had gotten into because we were naive and believed a banker would know what they were doing.
This article is for you if you started out as a business owner or if you feel that you need to heal your relationship to money. And if you are not a female but you feel you need to get better with money, you may read this article as well. Let’s try to understand a few basics of finance and financial independence.
Maintain a Cash Flow Plan
If you want to run a sustainable business, work with a cash flow plan. It can be a simple one, but you need to have your finances in order. In the early days of my business, I asked my BFF (who is a Finance guru) to review my business plan. She explained that I would just need to ensure that there is a cash flow in and that this is bigger than cash flow out. Easier said than done, but I still use that same plan a decade later.
Move from Fixed Income to Fluctuating Income
When you are used to a certain lifestyle with a fixed monthly income you rely on that paycheck a lot because you tend to tailor your lifestyle around your consistent monthly income. If you are unemployed or if you start out as a freelancer you have to get used to a fluctuating income.
A starting capital and cash reserve are important. If you are responsible for rent, health insurance, phone bills, transportation, food and other necessities you need to ensure that you can cover your basic needs for several slow months. In the first five years you might make a lot less than you are used to. You will need to change your lifestyle significantly.
Ideally, you have a reserve for a year in your bank account or someone who would help you out such as a parent or friend. Don’t bring your partner or spouse into your business. This can weigh heavily on your relationship and you also have to consider what it means in case of them facing unemployment, serious disease or death. Before you start a business in Switzerland, you should understand what this would mean for a (married) spouse. The legislation is not always logical, hence you need professional advice before you stir yourself and your partner into a dead end.
Read Finance Information with Different Angles
It is challenge to read finance information when it is written in a bad way and often directed at bankers or industry professionals rather than the “simple user”. I have addressed communication with bankers several times already. Most financial information is written in a way that no one wants to read it. Some of it does not even make a lot of sense. I received a weird letter the other day and sent it back with edits and side comments. The main message was: We could not deduct money from your account but there was a lot of fluff around it. It took me a while to understand why this company wrote to me.
Also, I was very happy when a few years ago for the first time the bank gave me two female relationship managers: One for my personal account and one for my business account and we immediately noticed that we had a lot in common.
I have started to read the Cash Guru and I also find the LGT Navigator helpful. If you like “Gossip Girl” you probably enjoy “Inside Paradeplatz”. Another good resource is Finews.ch.
Learn Vocabulary and Budgeting
If you want to appear financially competent when talking to your bank manager, financial advisors, insurance brokers, mortgage providers, or lawyers, you need to know a few basics and speak their language. For example, you need to understand interest and how it works. Also negative interest, debt, and how you get into debt. What is an advantage of a mortgage versus paying rent? How do open and closed investment funds actually work?
In the early years and even before I launched GPT, I used to spend more than I earned. I applied “Reaganomics”. What works in politics, does not really work for a small business. At the time, I did not really understand that this investment could hinder my potential for getting out of the red figures in the long term.
I made bad financial decisions. For example, I started to pay myself a salary too early. I listened to an advisor and should have listened to my gut feeling. Remember that other people’s experiences in the business world could be biased. They have opened their business many years before. Switzerland has also suffered from the global economic crisis. Often the Swiss have access to networks that foreigners will not really get into. Depending on your type of business, you should have a current account, which balances your company and your personal investments. I would advise that you separate your private and company accounts.
Split Larger Invoices
My business is cyclical and once I understood the cost and earning cycle, I could prepare myself better for the downtimes. For example, I have a lot of annual invoices in January but January is often a slow month. You can ask to split invoices into smaller payment plans. Often, when you ask the insurance provider they are willing to support you on a payment plan. If you want to be ahead of your costs, you should ask for larger invoices and pay them as soon as you possibly can. You can ask for an extension of a payment deadline and mainly you have to know that you need to be in contact with the company who raised the invoice to you. They don’t like it if you ghost on them.
Pay Vendors and Freelancers in Advance
When I can I pay all my freelancers in advance so that they would always get their money. It means that I have to budget their quarterly invoices too and it happened once or twice that I had to put a service on hold because of lack of funding.
Another principle I have developed is to check my account twice or thrice a week, sometimes even daily. I issue an invoice as soon as the service has been delivered or as soon as the booking has been confirmed.
Many large relocation companies and training agencies have very long payment periods. I suffered greatly from these in the early years of my business. I had delivered a service but sometimes was only paid 60 to 90 days later. In some instances, invoices got lost in cost center discussions and bad processes. Once I got paid two years later only. Now, I am more careful about the agreements in the contracts and I follow up on outstanding invoices faster. This doesn’t always guarantee that all invoices are paid on time but companies sometimes agree to advance payments and you can always decide to stop working with a client if their payments take too long. However, with private clients you should always agree to a full payment in advance or a payment plan.
At the moment you might still try to find a job in your new country and you hesitate about working as a freelancer or starting a side gig. The good news is that the steps for both are pretty similar. We will be happy to give you further guidance and inspiration through our HireMeExpress program starting again in April. Sign up here to find out everything you need to know in order to earn an income in a new market.
Angie Weinberger
HireMeExpress
HireMeExpress is the online course that will get you from desperate to carving out an income and feeling at home in your new country. Sign up here to find out everything you need to know in order to land a job in Switzerland or another market you are not familiar with. We will shortly give you access to videos, live workshops and add you to our waiting list for when HireMeExpress opens again in April 2021.
In 2018 I wrote an article called “Digitizing Your Intercultural Coaching Practice – Ten Steps to a Digital, Global Coaching Practice” which was published in in the SIETAR Europa Journal. Since the publication, I have made further progress and hope to be able to answer your questions on how to deliver digital, intercultural coaching and what it actually means for your business model as a coach, trainer or consultant. Many of the lessons learned work for consulting as well. You probably don’t know this but I spend a large junk of my week working as a Global Mobility Project Manager inside companies. Due to the Pandemic I currently work from home and only go to the client when it is absolutely necessary. Our living room has been converted into a spaceship that could easily compete with the Millenium Falcon. We divided the space in three sections: Eat, Work, Play. Who would have thought that I could convert my “practice” into a fully digital operation in just two years. The only issue I am still struggling with today is that I am using the printer too much.
Most executive and business coaches I know prefer to work face-to-face with their clients. This is usually possible because classical coaching happens within the same city and like with a therapist a client builds a relationship with a coach over a relatively short period of time to follow certain goals. However, a lot of coaches are passed on between clients based on good old word of mouth. It’s not really a topic you openly write a review about on LinkedIn. Hence, I find it hard to ask my clients to write an honest review. I feel it breaches our confidentiality agreement.
Digital Intercultural Coaching still is new in the Swiss market. I’ve been running a coaching practice since 2012. My clients are all international and they are all busy global people.
In the early days of my business, I used to travel to a client in Basel for two hours for a 1.5-hour coaching session. I sometimes coached up to 15 clients in one week. That was the maximum I could manage with a good distribution of hours, without exhausting myself completely and with a good quality for the clients. Despite having a 60-hour workweek my income had dropped to one-third of what I had made as a Global Mobility Leader earlier. I know that you have to accept a loss of income in your first two years as a founder but I was not making enough money to survive. I am the breadwinner in the family and Zurich is one of the most expensive cities in the world. The cost of running a physical practice was eating up a lot of the earnings so in 2018 together with my wise accountant we decided to digitalize as much as possible.
In addition to corporate seminars, I offer a job search support group through HireMeExpress and the one-week RockMeRetreat. (Before Corona this was all possible offline, now we needed to reconsider and we offer many programs online via Zoom as well.)
If you want to build a coaching model with potential to scale you need to adopt digital practices in order to serve more clients in a shorter time frame. I had experimented with Skype coaching and other online methods already and I figured out that a lot of my methods would work online too.
The 10-Step Plan to a sustainable Digital, Global Coaching Practice
Step 1: Understand Your Ideal Client
You are not in business for yourself. If you don’t work with a client as in a person who is willing to pay for your services you probably have a hobby. Before you think about your positioning in the market, you should know what your ideal client looks like and how she or he lives and works. It’s a good idea to write a story about your ideal client.
Step 2: Have a Profile on LinkedIn
You need to have an authentic online presence. Even if you work as a freelancer you need to be able to show your qualification and approach online, you need to be able to connect with clients and potential colleagues online. At a minimum you should have a good and solid LinkedIn profile. We have several articles on how to improve this and LinkedIn has courses on it as well.
Step 3: Own a Mobile-Friendly Website
If your website dates back to 1990 and is not mobile-friendly you should invest in making it mobile friendly. You could easily have a WordPress or google site without investing a lot of money.
Step 4: Work from Home
One advantage of a digital coaching practice is that your practice becomes location-independent. If you now think that you can work from coffee shops and the beach I would say that yes, in principle that is possible. You will still want to take calls from clients but you might be able to have those during specific hours of the day when you are in a disturbance-free area.
If you can work from home without feeling distracted this is your chance to move to the mountain hut you had dreamed about. However, in my experience, you can get lonely quite easily. I prefer to work in the city of Zurich so I can engage in offline networking and still offer physical meetings with my clients when they are close to my office.
You will need a reliable Internet connection in order to hold Skype or Zoom calls. It’s worthwhile to invest in good headsets and a comfortable office chair.
Step 5: Work with an Email Marketing Provider
It took me a long time to figure out the best tools and media for sharing my messages with my clients and readers. I read a lot of blogs and reports and I curate content and events for my readers. They spend time reading interesting posts or watching relevant videos instead of digging through the social media circus. I always enjoyed sharing interesting content and now I use this skill professionally.
It’s important to understand that despite social media marketing you still need to build an email list with your own clients and prospects. I recommend a two-list approach. One list is for everyone who is vaguely interested in what you do. This is the where you let people join when they sign up on your website for free. In my view, it is mandatory that you have such a sign-up option. In WordPress, you could start with Magic Action Box for example.
You should also have a list of paying clients. This list is important for your targeted marketing campaigns. It’s also possible to “segment” lists if you have several programs to advertise.
Step 6: Invest in tech and your user platform
We developed our own web application called RockMeApp so we could run sessions without the use of paper and in parallel to an online session. Clients can enter their coaching targets and I can follow their weekly progress. There are platforms out there offering similar options but you can obviously not influence their layout and design. If you are just starting you might want to work as a sub-provider first and invest in your own technology later, when you have a better understanding what is out there.
Step 7: Focus on Selected Social Media Channels
I could spend all day on Instagram, Facebook, Twitter, LinkedIn and Youtube. So, I have hired a DIGITAL MEDIA MANAGER to help me. The main reason is that I want to focus on writing content and creating rather than sharing and discussing. With good organization I believe you can spend less than two hours a day on social media.
My advice is that you focus on the channel that speaks to your ideal client the most. I assume that most of my clients hang out on LinkedIn and this platform also serves for connecting clients and contacts with each other. Also, I often find inspiring articles there by following the hashtags I work with.
Step 8: Organize with a Shared Cloud Drive and Master Sheets
One of the challenges of today is that we all share everything. It is more difficult to find what you need especially if the documents are not tagged correctly. I use a system where I try to sort all my work according to event date because I have a lot of events. I also use names and tags on my documents.
As a shared drive, I work with Google Drive because it allows me to share work with my global, virtual team without having to send emails back and forth. It also works with corporate clients if they use Google Drive. In order to keep overviews of projects and tasks, I developed very simple master sheets in Google Sheets. I like to use sheets as I can post a link (URL) to the relevant document or website there.
We are also using SLACK for our team to message each other and keep track of progress. However, for me (probably because I am Gen X) a simple spreadsheet is a lot easier to work with.
Step 9: Clarify your Purpose and Pivot
One of my main enjoyments in having my own company next to working with incredible Expats, Expat Spouses and Global Mobility Managers is the fact that I have the time and capacity to write and edit. I have been pretty good at maintaining a weekly blog called the “Global People Club Sandwich”. I regularly get requests for guest posts and together with collaborators my company has published two workbooks in different formats and editions. A third workbook “The Global Rockstar Workbook” is in the making.
I am considering a pivot for Global People Transitions into a publishing company, which will develop digital tools for global people in intercultural transitions. However, at the moment I still have a lot to do to fulfil my mission to “bring the Human Touch back into Global Mobility”. Hence, the publishing company probably has to remain a side business in 2021 as well.
Step 10: Use Paper as a Strategy
As mentioned my final step to full digitalisation will be to reduce all the paper in the office. In order to do that, I do not allow myself a large quantity of printing paper in the office. I try to have flyers and seminar presentations and folders printed by professional printing companies in order to be more environmentally conscious.
One of the issues is that I seem to need paper to remember information better. So now I use paper as a strategy, for example, to write “morning pages” or “have-done-lists”. I use paper to write my coaching notes.
To avoid printing, I use “print to .pdf” as a default on my printer and I work on a big screen in my home office so I can reduce the necessity to print.
I have noticed that if I cannot read a document online it might be because they were formatted for print. In that case, it helps to go back to the original source and check if the same article has an online version.
Kind regards
Angie Weinberger
PS: Usually our readers are Expats and Expat Partners. If you aspire to be a digital nomad with a coaching, training or consulting business and you enjoyed this article, please sign up here for more.
You probably despise networking. You think of networking as wasting time and you don’t like to go to events with no direct outcome. Are you appalled by “coffee meetings” with people who never plan to support you but happily take your free advice? Know that feeling?
You probably heard me say this before: For me, time has an immense value and since I started my business I’ve come to the conclusion that I have three major priorities: 1) My health, 2) My time and 3) My support group (including my family and partner). Without these you cannot run a successful company of one.
In order to use my time effectively and to the best possible outcome, I am constantly reviewing my “networking” strategy and have become very strategic about building connections in a way that suits me but also generates business. At the same time with recent health challenges, working from home and restrictions on events I had to think of other ways to “network the network”. The term “working the net” already indicates that there is work involved in building and maintaining mutually beneficial business relationships. AND while this comes natural to expats and other people from more relationship-based cultures, it requires energy for people from strictly task-based cultures.
The secret to making peace with “networking” as I often explain in my talks and workshops such as “#Networking4Nerds” is to treat your business relationships similar to other friendships and to be a giver.
Here are my five recipes for working your net:
1) Connect those who would not meet
A big benefit of being a networking queen or king is that you can organize connections. Think about who would need to know whom in your network in order to move ahead one step with one of their issues. Maybe a friend needs a new job or a business contact wants a new client or needs to solve an immediate problem at hand. Risk a little discomfort. Set them up for a “Professional Blind Date”. Trust your judgement and see what happens.
Over the last few years I have made several professional introductions. Mainly I helped my clients to find jobs that they would otherwise not even know. I also benefit from introductions so I try to keep the karma of connections spinning.
2) Accept that Relationships require work
As in a good marriage you want to keep the relationship alive by making it beneficial for both parties. Once you know too many people you might just react once you are asked but even a small advice to a junior colleague might help them to move ahead in their career or move out of a job where they have stopped to learn.
A lot of professionals I know have lost the ability to trust their managers and colleagues. Being a mentor for a more junior professional in your industry can be really motivating for this person.
3) Share your knowledge and expertise graciously
There has never been a time where too much knowledge was hurtful. It’s also impossible to shock people with well-written report summaries or other insights you have about your industry. Start posting on LinkedIn. Tell people what you know and how you view the trends. In a worst-case scenario you get a negative comment. Be bold and bring in your unique perspective to the world.
4) Help others and increase your self-esteem
It sounds like a boy/girl-scout value but “a good deed a day keeps the shrink away”. When you help your contacts then you will feel more self-respect and wake up with a smile on your face. It always makes me so happy when a client tells me they found a job they love or that a connection was really helpful.
It’s even more fun to just support people in your network (for FREE). Give them likes, +1, endorsements, retweets and hearts when you are not paid for it. It’s a great way to give people appreciation and we all could get a bit more of that especially in the corporate world.
5) Challenge yourself and treat networking as a game
I often ask my clients to set a networking target. That includes that they must give before they take. It could be a small weekly challenge such as meeting a person you never met for a coffee. You could also offer to connect someone to someone else because you know they share a theme, hobby or interest.
These connections really seem to bring out most amazing collaborations. You obviously want to ask permission before sharing details. You could implement a score card on your whiteboard and whenever you helped a connection you add a smiley there. Imagine how that will make YOU feel.
If you would like to know more and keep updated on how to find work in a new market sign up here to join our HireMeExpress Waiting List.
The weather is chilly and grey if you live in Zurich, Switzerland right now. You might have thought about going to your home country for the holidays and that might not have worked out thanks to the pandemic.
The year was undoubtedly a recipe for disappointment and mental stress in many ways. We can’t meet our families at home due to governmental restrictions but hopefully things will be better next year and we will get through this alive.
This time of the year usually feels very quiet but this year it almost feels as if time came to a halt. We (our team) thought about ways to inspire you and we came up with this compilation of books.
Here is a compilation of our 12 best books to read from our team to all those who are looking for inspiration on how to change their lives for the better.
NOTE: The inclusion of Amazon links for each book should help you make your purchase as easy as possible, though we would recommend you order through a local bookstore to support the local community. I’ve mentioned my bookstore at the end of the list. The books are in no particular order and we would be interested in your opinion on them as well.
1 – Do Over by Jon Acuff
About: When life isn’t how you want it to be, whether you still lust over your dream job or still think about taking that alternate path in life. “Do-Over” as the name suggests aids in this predominant struggle to achieve the most out of life. Jon Acuff highlights the four elements in life, which all successful careers collectively share: Relationships, Skills, Character, and Hustle!
Get that new edge in your life by investing yourself in what truly matters. Hurdles are inevitable so it’s better to hope for the best and be prepared for the worst.
2 – Banishing your Inner Critic by Denise Jacobs
About: You are your harshest critic, right? But how do we know when enough is enough? Banishing your inner critic helps you identify your core self, whilst eradicating the copious amount of self-doubt a person deals with. It’s time to unleash your most productive, creative, and positive self!
Denise Jacobs provides an intuitive read on how one can master certain power practices to uphold your core strength and overcome self-doubt, time to break free!
3 – The Artist’s Way by Julia Cameron
About: Ignite your passion, reinvent your creativity, elevate your confidence, and burst open like your ideal self! The American author Julia Cameron guides you on the spiritual path to creative bliss. To book itself provides in-depth exercises and trusted methods to rejuvenate your artisanal self.
Link: https://www.amazon.com/Artists-Way-25th-Anniversary/dp/0143129252/ref=sr_1_2?dchild=1&keywords=The+artist+way&qid=1607938262&sr=8-2
4 – Give and Take by Adam Grant
About: Success is always known to be a combination of hard-work, determination, and willpower, amongst many other factors. But the main idea is the same, we as an individual must strive for it. Yet in this modern world, where everyone is interconnected at almost all points in their life, going solo isn’t the right approach. As Adam Grant aptly named the book “Give and Take”, the core message is encompassed by it. As an esteemed professor and an award-winning researcher put it “Being a giver is not good for a 100-yard dash, but it’s valuable in a marathon”.
5 – Company of One by Paul Jarvis
About: It’s not all about working big, sometimes you have to work smart! The Company of One by Paul Jarvis truly encapsulates this exact mentality. Working on what situation, timings, and ideology suit you best. At this scale, you’ll build your company around your life, and not the other way around.
6 – The Middle Finger Project by Ash Ambirge
About: Having a breakdown just thinking about your day? Or maybe some tyrant boss has made your way to that promotion a minefield? Well, sometimes you’ve to stick it to the man and flip the finger to the gods above. Ash Ambridge uses her humorous and fresh writing style to hook the reader on her journey of overcoming imposter syndrome. Sometimes you need to be your own hero, through all the tacky, ugly, and nasty process. The only thing stopping you is you, so kick it and live it how you want to!
7 – Feel the Fear And Do It Anyway by Susan Jeffers
About: No one is perfect or can hustle through life without fear. Much like happiness and anger, it’s still an emotion at the end of the day. The author works around fear and exposes the underlying problems that may cause it. We as humans fear failure or rejection which stops us from achieving and ultimately stunts our growth. Jeffers has therefore mapped out a series of tests, to feel our fears as nothing more than an emotion.
8 – The Alchemist by Paulo Coelho
About: The Alchemist truly is a modern classic, its mystical story has inspired generations and sold millions of copies along the way. This tale of wisdom and wonder follows the journey of a boy Santiago. A mere shepherd’s boy, whose belief in his recurring prophetic dream takes him to Egypt in search of treasure.
9 – Big Magic by Elizabeth Gilbert
About: Elizabeth Gilbert is a household name by now, empowering much of the youth through her series of captivating books. Big Magic delves into the process of the author’s own creative perspective and her thought process. It truly is a manual on embracing and making the most of your creative side, it’s broken into six segments, each of which contains more food for thought. The six topics are as follows: Courage, Enchantment, Permission, Persistence, Trust, and Divinity.
10 – Lessons from Life by Steven Darter
About: By questioning his own decisions and reflecting on his placement in life, Steven Darter takes us on an emotional journey to find the purpose of life. Steve truly hooks the reader with his visual storytelling, combining both personal and professional experiences along the way. Lessons from Life pushes you as a person to rethink your choices no matter what age group you lie in.
11 – Searching for God in the Garbage by Bracha Goetze
About: We’ve all been into unhealthy food addictions, at times munching on just sugar and carbs. Thought of switching up your dietary habits right there and then may have popped in your mind before, here’s how Bracha Goetze a Harvard graduate decided to do exactly that. She’s kept her journey transparent from becoming an observant jew, to completely cutting of unhealthy eating, and finally beating anorexia!
12 – The Elegant Out by Elizabeth Bartasius
About: The Elegant Out showcases the story of Elizabeth herself, where she escapes an abusive relationship, a tedious eight-to-five job and delves into her goal of publishing a book. She puts her thought of expanding her family with a new baby aside to focus on her writing, but the announcement of pregnancies from her social circle and her husband’s unwillingness for another baby put her in a dire situation that complicates into frustration and depression. Thus Elizabeth is put in a precarious situation and must make an executive choice between separation or a baby.
I hope these books will inspire you. Please note: We have added AMAZON to ensure you know which book it is. However, I would very much prefer if you ordered through a local bookstore. My neighborhood bookstore BUCHHANDLUNG HIRSLANDEN orders and delivers to your home address in Zurich during the Pandemic.
Email: lesen@buchhandlung-hirslanden.ch.
AND, if you liked this please sign up to our reader’s list here.
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