Wednesday, December 9, 2015

Pay Day for Jamberry Leaders

Bonus day is pretty exciting in the Jamberry Leadership realm!  Hundreds, Thousands, Tens of Thousands... no matter what your current paycheck, here are some important things to remember!

Always reinvest in your business.

  • Are your business cards up to date?  Do they have your current title and are they in complete compliance with all company P&P rules?
  • Invest in the expanded professional website package so that you can use the features to lead your team and reach more customers!
  • Book an event - they are a great way to meet new people.  As a leader, you are constantly cultivating new relationships and recruiting them - which means you need to meet MORE people!
  • Invest in a tablecloth, banner, a little inventory and some signage for your vendor events.  Pretty tables make people want to see what's going on!  Keep it simple though - make it look easy to replicate, and you'll grow your team!
  • Replenish your office supplies.  Purchase some stamps so that you have them on-hand for mailing thank you cards and reminder postcards.  Make sure you have paper and ink for your printer (or purchase a printer!)
  • Consider setting aside funds for marketing or advertising. A listing on a website, a blog sponsorship, an ad in the local highschool yearbook... 
  • Replenish your business supplies, catalogs, brochures, samples, postcards...
Keep you receipts; these are business expenses and can be counted in next year's taxes 

Send out recognition

You don't have to spend a fortune on designer presents - a handwritten note and a half sheet of Jams make anyone's day better!  I send out any incentive prizes earned once a month, after bonus pay day. Add it to your calendar and stop worrying about if you'll remember ;)  Work Smarter, NOT Harder!

Saving is important!

As a leader, your increased income will have an impact on your tax status.  I recommend that you speak with a tax professional to find out how to best plan for your tax liability, and how to limit that liability!  Since we are independent contractors, Jamberry does not do any tax withholding.

  • As a general rule of thumb, it is wise to set aside 30% of your monthly bonus check to cover your tax liability.  That's probably too much, but better safe than sorry!
  • Conference Fund - Start saving for conference now!  It is well worth the expanse and effort to attend our International Conference.  Not only will you benefit from the amazing sessions and time with other consultants and leaders, it also will solidify your position as your team's leader!  They will follow you - let them follow you to conference!
  • Rainy day savings - We all know that our business has ups and downs.  Your paycheck will fluctuate.  If Jamberry is your only income (as it is for me), it's important to plan for that!  Take a look at the last 12 months of bonus pay days.  Try to budget based on the LOWEST month.  If that is too low, then add all 12 months together and divide by 12.  This is your monthly average.  When your pay is higher, ALL of that goes to your rainy day fund.  When the pay is lower, you'll have a safety net to catch you!
  • Incentive trip fund - When you earn that trip - you'll want to have plenty of spending money!  Set aside a little each month so that you can party like the rockstar you are!

Treat yo'self!

And finally, how will you treat yourself and your family? You've worked and played hard... make sure that you reward those who helped you get there. I usually take my kids out for ice cream or snowcones, and when I pay with my Jamberry card we say "Thank you Jamberry!" It's important that your family reap some of the rewards as well. While you are at parties or events, they may be home missing you - make it worth everyone's time!

Make sure you share these moments in your social media.  Don't be embarrassed about posting something amazing (and expensive!) - and don't forget to post the "little things" too.  Being a leader has distinct challenges and rewards.  You want to inspire other's to join you in that journey.  Always recognize that it's not possible without your amazing team!  Make sure you say thank you!

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