039: With 45% of female small business owners NOT contributing to their own superannuation she has a mission to change this. In 2005 left a corporate career to coach female owners, a big focus on pricing and overall healthy numbers (Ingrid Thompson)

Presented by Troy Trewin

Troy has worked intimately with 26 businesses in 20 years. He knows their numbers, understands their growing pains and people issues and has helped with most financial aspects, as well as having coached on leadership and management.

September 21, 2020

In this episode, I interview Ingrid Thompson, the Founder of Healthy Numbers, a training, coaching, and consulting business for business startups and entrepreneurs. She is also the host of the “So You Want to Start a Business” podcast where she interviews entrepreneurs and leaders who think big and who take action to create business success, financial independence, and to make a difference in the world. 

She is driven by her passion for helping people create financial well-being and especially through business ownership, and her focus is mostly working with people who are keen to explore the options of starting a business for themselves. Ingrid is also a consultant, webinar host, and author of the awesome book, “So you want to Start a Business”

In 2005, aged around 40, Ingrid left a stable corporate career to start her own small business after falling in love with the agility and challenges in that sector. She helps female business owners not only know their numbers but the right ones, like charging enough for their products and services. Ingrid helped one business owner double her prices and to the business owner’s surprise, she kept all her customers. With 45% of female business owners not paying into their own superannuation in Australia, Ingrid is on a mission to reduce this number through her coaching. 

She funded her business solely from profits and says she felt she had succeeded when people she didn’t know came to her for help. Ingrid feels the hardest thing about growing a small business is showing up each day, and the advice she would give herself on day one is, “Book time in your calendar every week to look at your numbers” This is one super resourceful episode you won’t wanna miss so stay tuned. 

This Cast Covers:

  • Starting Healthy Numbers 15 years ago and helping female entrepreneurs achieve the financial independence that they’re looking for in the businesses they own. 
  • The absurdity of business owners not paying themselves on top of not paying into their superannuation.
  • Adding more value to your business by hiring others to do the administrative tasks you shouldn’t be doing.
  • Building her financial solidity from working in the corporate world before she went into business ownership.
  • Paying herself, working on her own time, investing in her professional development, and living the life that she desired most.
  • Managing a full-time employee of two and a large team of virtual assistants.
  • The success in having people she didn’t know coming to her for help.
  • Helping female business owners generate revenues to a level where their businesses can be viable and sustainable.
  • How to develop a framework for finding customers and talking to them about pricing.
  • The importance of knowing who your ideal client is and where they spend their time.
  • Bootstrapping to fund her business solely from cash flow and Ingrid’s caveat to grants.
  • The frustrations small business owners got through when they get things wrong and how to deal with that.
  • Getting a retail job to learn sales and investing in business coaches to overcome the challenge she had with marketing.
  • How data highlights what’s going on with a business and how difficult it is to predict what will happen with a small business. 
  • Making an impact on customers’ lives and the value in asking for help when one requires it.
  • Achieving a seven-figure business by having discipline and commitment.
  • Having the right team and HR policies in place to succeed in business.
  • Being vigilant about expanding your knowledge and investing in your personal development.
  • The hardship in showing up in your business every day and ensuring you have the best bookkeeping software.
  • Booking time in your calendar every week to look at your business numbers

Additional Resources:

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Quotes: 

“Revenue is the oxygen of a business” – Ingrid Thompson

“People will find the money for what they value” – Ingrid Thompson

“Know who your ideal client is and where they’re spending time” – Ingrid Thompson

“Thinking we know things and not asking for help is the biggest failing” – Ingrid Thompson

“Any kind of data is so important because it really highlights where things are going well and where they’re not going well” – Ingrid Thompson

“Team will make a great company” – Ingrid Thompson

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Music from https://filmmusic.io “Cold Funk” by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

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