Foreign to the Brilliant Pet Accountant Podcast with me, Vicky, where I will give you practical business and finance advice to help you grow a sustainable pet business.

This podcast is sponsored by Low Pay, the low rate payment platform that gives you more.

Let's get cracking.

Welcome, welcome everyone.

Hope you're well on this sunny Thursday morning slash afternoon.

Coming to you live from the sunny northeast.

We actually have some sun for once, so happy days for that.

Hope you're all looking forward to the Easter four day weekend.

We are going to be talking about investing in yourself today, which I think is a bit of a taboo topic because no one seems to bloody do it.

So that's what we're going to discuss today.

What it means, what you need to do, what you should do, how it's going to help.

So if you're that person listening to this and you think, oh, I don't really invest in myself, maybe I should give it a listen then, please do.

You know, I think we're all guilty of it at some point.

As you run a business, we tend not to spend money on the things that we probably should spend money on and then we do spend money on things that we probably shouldn't spend money on.

So we've got it a little bit backwards.

Not everyone, but from my experience of speaking to hundreds if not thousands of pet professionals, I would say probably the majority of us have got it a little bit skew whiff.

So investing in ourselves is the topic of the day from me, Vicky from the Pet Accountants.

If you don't know who I am, I run the Pet Accountant, which is accountancy firm for pet based businesses everywhere.

But enough of the shameless plug.

We're not here to talk about numbers and figures, although it does sort of tie in.

We're going to talk about investing.

I just want to start by a couple of little stories that I've noticed over the last couple of days before we go into the nitty gritty of investing and what it means and what we need to be doing, et cetera.

Two things.

So I was scrolling on TikTok this morning as you do, and obviously I get a lot of like pet related tiktoks, like pet business related tiktoks come up and there was one of a lovely groomer talking about how loads of groomers have popped up in her area and how the industry's getting saturated and what did other people think about that and whether their business was suffering and because of all the groomers.

And I think this is the same really whether you dog walkers or trainers or whatever.

I think they are popping up everywhere and the industry is getting saturated.

And there was about, at the time I read it, probably about 50 to 60 comments on this Tik tok.

Basically everyone's saying the same thing, that their business is struggling, people are popping up, there's like 40 and a five mile radius.

You know, how are they going to make money, what we're going to do?

Like money's tight, you know, people are undercharging.

So you know, all the customers are going to the cheap groomers.

And it was probably like a general consensus out of all the comments that people made, say said the same thing.

And you know, the industry is going to get saturated because uneducated people will think that, you know, being a dog groomer is all fluffy and lovely and you just get a play with dogs all day.

And same with dog walkers and trainers and the pet injuries in general.

They don't understand the hard work, skill and determination that goes into it.

And unfortunately, because of COVID and people not wanting to work behind a desk and people thinking, you know what, maybe I could go and be a dog walker or I could retrain to be a groomer.

And it's just going to carry on happening and there's going to be more and more.

So we need to start thinking outside the box and thinking, well, if we want this industry as a whole, and I'm not just talking about groomers, you know, everybody, then we need to do something about that.

And you know, we touched on this a couple of weeks ago.

If you've got 50 groomers or 50 dog walkers in your area and they all look the same and none of you have a USP and you know, none of you have a website or, you know, you all advertise the same thing, the only thing that the customer's got to go off is price.

So they're just naturally psychologically going to pick the cheapest one.

So if you've got 40 groomers in the area and there's nothing for you to stand out, then they're just going to base on price.

So this is where we need to switch it up a bit.

And this is where investing in yourself comes in.

You know, you could be the difference between, say you've got yourself a USP and you've sold that, but there's still 50 dog walkers, 50 groomers in your area.

There's still going to be something different.

What can you do?

And the biggest thing you can do is invest in yourself because do you think that these 50 groomers, 50 dog walkers, 50 trainers have just popped up, you know, every week.

Do you think that they're going to invest in how to price correctly?

Probably not.

That's why they're really cheap.

Are they going to survive?

Probably not, because they're too cheap.

Have they invested in how to run a business properly?

Probably not.

Are they investing in how to look at their numbers?

Probably not.

So, although you could change the usp, the other thing you can do to differentiate yourself between the other 500 groomers that are probably going to be in your area in five years time is invest in yourself, make yourself different, learn more.

Because unfortunately, in the pet industry, there is very, very little out there to teach you how to run a business.

You know, we go to school, obviously everyone's different ages, don't ask me what they get taught now, but when I was at school, I'm 39, we didn't get taught how to run a business.

I did business studies, gcse, didn't tell me how to run a business.

It gave me sort of like basics of understanding numbers, but we're talking like Billy basics.

I then did a business degree at University back in 2005 and they didn't tell me how to run a business.

Yes, they taught me about sales and marketing and finance and accounting.

But again, like, that's just the theory behind it, that no one tells you how to run a business, no one tells you how to price correctly or how to work that out or how to do social media or, you know, the importance of maybe having a business coach and all of these things are going to separate you from the 500 other people have popped up in your area.

So rather than know, sitting there going, oh, my God, and panicking because a, these people won't stick around for long because either they'll get burnt out or they just won't financially survive.

They're not going to invest in themselves and they're not going to have a USP because they wouldn't have put the thought into it in the first place.

So you're sat there with an established business, whether you're dog groomer, a dog walker, whatever, and you've got to sit there and think, right, rather than panicking about, you know, the 500 of the people in my area, what can I do differently?

How can I stand out to the general member of public, I, me, if I, you know, I've got three dogs, you know, if I'm looking for a groomer or a dog walker, a dog trainer, what am I going to see and how, how Are all these people going to stand out?

And one of those things as a business owner is you need to invest in yourself.

So it just sparked something when I was watching TikTok because all the comments are the same and the industry is only going to change if everyone in it changes and does something different.

And this is why, you know, I do these podcasts about price and about marketing and stuff like that to, to give you guys help to think outside the box and go, right, I'm going to do something different.

Right, guys, I'm just going to interrupt the podcast for a quick second.

As an accountant, we're always trying to find ways of saving you guys some money, which is why we have teamed up with the brilliant Low Pay who are half the price of summer.

So make sure you guys click the link in the bio and save those pennies.

Let's get back to the podcast.

Laura's I'm a couple of years younger and I so wish they taught to run a business, how to get a mortgage, manage finances, et cetera.

We did a bit in my national diploma animal management, but not enough yet.

I know, like, some of the grooming qualifications do touch on salon management and they do touch on it, but nowhere, you know, in which I'm pretty sure in the curriculum.

And correct me if I'm wrong, if there's any sort of teachers out there that actually teach you, like Laura says, about what, what's the mortgage?

You know, how do you manage your finances?

What's a pension?

You know, I'm going to start a business.

I'm like, should I be a sole trader or a limited company?

You know, do I need to invest in a business coach?

Can I do it all myself?

And all these questions.

So, you know, you've got the, the skill set, you've got, you know, the motivation to do it, you've got the enthusiasm to do it.

But then how do you do it?

And this is where investing comes in.

And just as a second story, small one before we get into it, because people probably think Vicky ran again, but it's so important.

I was talking to a couple probably it's gonna get, probably get on a year ago now, who wanted to be a client of the pet accountant.

And we were chatting and they run a pet shop selling pet treats, raw treats, raw food, whatever.

And we had a discussion about what they were doing and they were explaining to me how they're struggling.

You know, the turnover is there, but the profit isn't there.

And we discussed this on a different live and how, you know, they couldn't work out, you know, which products were successful, which weren't, what should they sell, you know, they felt that they're the priciest in the area but then, you know, they still weren't making the profit.

They only opened so many times and a week because they had separate jobs and all of these things and it was a real struggle.

And you know, I felt bad for them because I said no one teaches you how to do this stuff.

And I explained the accountancy side of things and I said to them, you know, this last, this is last year, I said why don't you come to the Expo?

The Expos in four months time, whenever it was because we're going to teach you about pricing, we're going to teach you about social media, you know, we've got a financial advisor going to speak to you about pensions and things like that.

And all of these topics that we're going to be talking at the Expo are what you've just told me now that you're struggling with.

And they were like yeah, that sounds great, blah, blah, when is it?

And I was like oh, it's the 14th of November, whenever it was last year.

And he said oh we can't.

And I was like why not?

And they were like oh, we're going to an award show.

And we spent over, over a thousand pound on going to this award show, travel, accommodation, et cetera.

Now before everyone jumps on me, I don't have an issue with award shows at all.

Okay, Me and Lee went to an accountancy award show last year or the year before and you know, I don't have any issues with award shows.

However, let's take a step back.

Imagine you are these people that you've just said you're struggling with pricing, marketing, blah blah, blah blah.

And there is a, there's an event, you know, it could be anything that is going to solve those issues or at least give you something to work on to make you more money to be more profitable, to get a better equipment business and you would rather spend over a thousand pound bear mind money's type of on an award show than something that is going to help you grow.

And this is where I feel the industry falls down a little bit.

And please don't jump me, I don't have an issue with award shows.

I think they're great, it's a good night out, it's good advertising, etc, I do not have an issue with award shows.

But if you're at a point in your business where you're struggling, this is where you need to invest in yourself, because what is the point, and I know I'm going to be a bit controversial, but what is the bloody point of spending 1500 quid on something that is gone is going to do diddly squat for your business?

Okay?

And I'm not talking about everyone, like I said, I'm not hating on award shows.

Like, I think they're great, we've been to them.

But all I'm saying is if you're in that situation, why not take that 1500 pound and invest it in you and your business to get yourself out of the pickle that you win, to sort your prices out.

It could be a business coach, could be anything, could be an accountant, could be a va, could be anything to get yourself out of that pickle, to grow your business and then start going to the award shows.

And this is where we have an issue, is that there's a mindset of, oh, I don't mind spending a grand, 1500 quid on good and reward show.

It's fun.

But then there's a mental block when it's like, well, hang on, why don't you spend 400 pound going to an event or a conference or getting a business coach that can get you out of the rut that you're in?

And this is where, you know, I'm going to talk about the investment in yourself and where this leads on to.

But for me, it was very frustrating because I had someone that had a very good business, a very, you know, you could see it was going somewhere, but just needed that little bit of help, but just couldn't get their mindset around spending a few hundred quid going to the expo over spending well over a grand going to an award show, which isn't going to grow your business.

It isn't going to tell you how to do the nitty gritty bits of your business.

It isn't going to tell you how to get out of the hole.

And like I said, I'm not just hating on award shows.

It could be anything that people spend their money on.

It could be that, you know, you have no issue spending 500 quid on some snazzy clippers or 50 grand on an electric van with state of the art crates, you know, but then 300 pound on something that's going to help you grow your business.

There's that automatic mine block and that's what we're going to discuss today.

So I just wanted to give you a bit of context behind why I'm going into investing in yourself and why it's so important.

Please don't, please don't give me the hate.

Like award shows that don't come, don't come for me.

I love them, but I just think, you know, there's a time and place and if you're struggling, this is where you need to invest in yourself.

And when you've got people popping up left, right and center in your area competition, then, you know, these are the things we're gonna have to think about.

Otherwise.

Yes.

Is the industry not going to be saturated?

Is it going to stop?

No.

Is there going to be more and more people coming into the pet engine because they think it's fun and fluffy?

Yes.

Will they last?

No.

But they will take some of your customers whilst they're there.

And the only way you're going to make yourselves different is standing out from the crowd and investing in you, in your business because no one has told you how to do it.

And this is why we need it.

And this isn't a plug for accountancy services or a plug to come to the expo, you know, come or don't come.

But all I'm trying to say is we need to be looking and getting rid of that mind block of.

I'm quite happy shelling out the cash for all of these things, whether it be bloody grooming competitions or, you know, different training courses for dog trainers.

Yes, your skills are important and, you know, and if you've got a massively successful business and it's already making six figures and you want to spend all this time trading, fine.

But if you're starting a business or you're in a rut and you're thinking, how am I going to get out of this?

How am I going to compete?

These are the things that you need to prioritize and think, right, rather than spending, you know, 300 pound, going to look at how to groom a shih Tzu.

I'm actually going to spend £300 speaking to Bill on whatever issue I have in my grooming business or going to a dog walking mentor or whatever it might be.

I'm just trying to spread the love, you know, that's what we need to be looking at.

And I've gone off and around and.

Sorry, we'll get back on topic.

Well, it is on topic, but this is why I get very passionate about it, because I speak to people all the time.

They're struggling in the business, but they're not spending the money on the right things.

You know, award shows aren't going to make you money Endless amounts of training isn't going to make you money.

Okay.

Isn't going to solve your business issues.

And this is what we need to look at.

And like I say, I'm not hating on training things or award shows or whatever.

It's just coming from a business perspective.

Pan is put.

I can imagine for some people it can be financially difficult to invest in coaching but there are so many free resources out there, so it's really no excuse to improve.

Exactly.

I'm not saying that you can afford to do these things, but I do see people spending money on things that aren't going to improve and then don't spend the money on something that will.

So when there's a choice of do I spend £1,000 going to an award show or do I spend £1,000 getting a coach, most people will go to the award show and I think it's because there's a mental block between investing and cost and that's what we're going to go through.

Please remind me when the Next Expo is.

3Rd of October in Birmingham.

And Laura Stone, I hate to say it, but as much as these awards can be good for marketing, many of them are run by just marketing companies, not pet industry experts.

Yeah, some of them are Laura.

Some of the non pet related ones, like we get letters through the door all the day saying, oh, you've been, you know, invited to this award show and it's only 500 pound to attend and you think, well, okay, it's just made up.

So you have got to be careful with these things because for them it is just a money making thing.

They're going to make lots of money because you've got to pay to be there.

Also, may I add the free resources I will start.

Exactly.

I'm not saying jump into paying for something.

That's not what this is about.

This is about your choices and your options and making sure that you're making the right choices for you and your business and making sure that if you are in that questionable state of how do I do my price and how to do my social media marketing, like, you know, Charlotte's membership was about 30 odd quid a month.

You know, that would be good if you struggle with your marketing, maybe not spending £400 on a new pair of scissors if you don't need them or you know, an upgrade on your car if you don't need it.

Kate says reach out to your local councils.

They often run free business training events.

You know, use groups like our Facebook group's free.

That'll tell you loads of stuff about tax.

You know, there's lots of free Facebook, YouTube, you know, there's lots of YouTube things.

Listen to podcasts like this, we'll teach you things and you pick things up for free.

When I started out the pet accountant, I had a vague clue what I was doing, but not I wasn't 100%.

And I did the same issue.

I was spending money on crap that I didn't need, rather than spending money on help on how to start an accountancy firm or getting a coach to guide me through the intricacies of doing this.

I'd never done it before, so I did it as well.

But I also consumed all the free resources that I had available to me and that was free podcasts, free Facebook groups run by these business coaches, you know, all of this free stuff.

And I read books and I picked little things out of all these free resources.

So it's not about just jumping to spend money, it's spending the money on the right things is where I'm going with this and hopefully that will come through.

But I have like ranted wishes and we'll get on with what I was going to talk about.

But no, it's all, it's all there, it's all relevant.

And I think it's just about the psychology behind it, because I see pet business owners, they'll spend thousands of pounds equipment, thousands of pounds of van upgrades, hundreds of pounds on products without hesitation, but then spending 200 pound on learning how to price properly or manage your money or grow the business, and then the sudden mind block is, ooh, I'm not sure about that.

Or maybe I'll wait, we'll see if I'll just wait a bit longer or I can't really justify that right now.

But you've just spent thousands of pounds on stuff that you maybe didn't need and that you could spend 200 pound on learning how to price properly.

Because the equipment, you know, the shows and everything, they're not going to fix you being underpriced, you know, they're not going to fix your cash flow.

And the better, more expensive shampoo isn't going to make you more profitable.

But you making business, better business decisions will make you more profitable and investing in yourself will make you more profitable.

So it's just about challenging that, thinking behind what to spend the money on and what's easy to spend on and what it isn't.

So, and you know, I get it, people don't not invest in themselves because they don't Want to.

I'm not saying that at all.

It's more, I think they avoid it because it feels risky.

Money might feel a little bit tight.

You're not sure it'll work or you think, oh, I probably, I should just figure it out myself, I can do it for free.

So there's kind of like guilt behind spending the money, but not on the other stuff.

And this is where maybe we need to change it because you probably sit there and go, I shouldn't be spending money in this or do it later or I may just earn a bit more money.

But here's the reality is, you know, if you don't invest in yourself, you're going to stay exactly where you are now.

So if you're underpricing yourself now and you don't do anything, you're still going to be underpricing yourself next year.

You're still going to be underpriced in yourself, the air after.

And nothing's going to change.

Your, your money in your back pocket isn't going to change.

So you've got to think to yourself, well, if I don't invest in myself in some way, you know, how am I going to change?

How is my business going to change and adapt?

And that's what will make you better than the other 500 people that have popped up in your area over nothing.

So let's just do a little exercise.

So, and again, it's not just about money, it could be about other things, but this is quite a good example.

So grab a pen and I want you to estimate three things for me.

So number one, how much are you undercharging per appointment?

Okay.

Or per walk or per session, whichever bit you're in, whether you're dog walk, whatever.

So how much are you undercharging do you think, per appointment?

And a lot of people are.

Number two, how many appointments or slots do you have per week?

Okay, so number one, how much you under charge?

And per appointment, just guess how many appointments do you do per week?

And then number three, multiply that across the year.

So here is a quick example I put together earlier on.

So imagine some walks or grooms or training sessions of 10 pound underpriced, okay?

And some people are, we speak to a lot of groomers, we speak to a lot of dog walkers.

I know this for a fact.

The people are undercharging across the industry.

So imagine 10 pound underpriced and you do 25 appointments or slots a week.

Okay?

That's 250 pounds a week, okay?

Times that by 48 weeks, because you'll have holiday and Christmas and stuff, that equates to £12,000 a year, 12 grand that you're missing out on every single year that you don't put your prices up.

And you know that's a separate topic, but you know, investing in pricing and you then putting your prices up, ten pound or five pound, even if you did it by five pounds, still six grand a year, that's a lot of money that's just sat on the table, not doing anything, okay?

That could be money in your back pocket.

That could be a holiday every year.

So, you know, that's the cost as well of not knowing your numbers.

And I say this every single podcast and I should have it as like an opening thing.

If you don't know your numbers, you cannot make decisions, okay?

You cannot make business decisions when you don't know your numbers, okay?

You can't price without knowing your numbers.

So stop asking on Facebook, what should I charge for this dog?

Or what should I put my prices up by?

Because only you and your numbers can answer that question.

No one on Facebook can answer that question.

So imagine you've done that calculation now and you're thinking, shit, 12 grand a year now, maybe in February.

And I'm just doing hypothetical situations here, and I'm using the Expo as an example because obviously I run it, but it's a good example.

Imagine if in February, imagine you found this out in December and you were like, shit, I've just missed out on 12 grand a year.

But in February, I invited you to come to the Expo, which is 189 quid.

And at the time you thought, not sure, don't know if it's worth it.

It's a lot of money, probably.

No, and you didn't do it.

And then in December, you thought, bloody hell, I'm undercharged, and let me work that out.

And it cost you 12 grand.

So that one thing for 189 quid, it's cost you 12 grand.

And that's the way that we've got to look about it.

And also from a time perspective, you know, all the hours you're wasting because you've not got the best systems, all the.

Or you're trying to figure things out yourself, like accountancy, for example, you know, or you second guessing decisions because you just don't know how to do something, okay?

And I'm not saying, you know, that everyone can afford to do this.

You know, everyone's situation's different.

It's just about changing that Mindset of, okay, maybe I don't spend money on this and actually I spend money on investing in.

In me to make more money.

So that 189 quid could have saved you 12,000 pound, because maybe you were in a rut about your price and you didn't know how to increase them or you didn't know how much to increase them by, so you just didn't do it because you didn't want to invest an accountant, or you didn't want to invest in something, or you didn't do any research.

And actually, that 189 quid, you've saved 100 times over.

So you've got to think it from a monetary perspective and you've got to think of it from a time perspective, because also you're sitting there stressing your head out.

You know, you're fully booked, but you're not making any money.

And you know, you don't know, you asked from your elbow.

That's taking your energy, it's taking you stress.

Okay, so you've got money, stress, energy, time.

And this is where I'm just trying to get you guys to think, right, okay, maybe I just need to spend my money differently.

Do I not go to the World show this year and maybe spend on.

On whatever.

Could be anything.

Whatever you're struggling with in your business, it's going to be different things that you decide to spend your money on.

And all this podcast is trying to do is not, you know, shit on other things and say, spend, spend, spend, spend.

That's not what I'm trying to say.

I'm just saying think about what you're spending your money on and can you do that more efficiently and spend on yourself?

This is the point I'm trying to get at.

And I think we need to have a clear distinction between what is a cost and what is an investment.

Okay, so a cost is something that leaves your business and doesn't return.

Okay, you spend it on, you ain't getting that money back.

Okay?

An investment improves your skills, it improves your business decisions, and it will improve your income over time.

So, yes, you might not see immediately, you know, you spend 100 pound, you get the shampoo, you see the product there immediately.

With investment, it's a bit different.

You might spend £300, but you might not see the result of that for another three or four months, but then that result will pay for that initial cost 10 times over normally, depending on, you know, what you're struggling on.

So that's what you've got to get your head around is there's a cost, I spend it, I don't get it back.

An investment is investing in your skills, which will only improve over time, your business decisions and your income.

Okay, but unfortunately what I see people doing and this, this isn't necessarily just in the pet industry.

It's across everybody I used to do it is, you see, and you treat investments like their costs.

You know, I'm not going to go to the Expo because it's 189quid.

It might not work.

What am I physically getting?

There's no tangible product.

You know, I'm not going to spend 30 pounds a month on Charlotte's social media course, even though I'm struggling with social media because what am I going to get?

It might not work, I don't have the time, blah, blah, blah.

So you don't see the investment straight away and that's probably what the issue is.

But you've got to stop treating them like costs.

Okay?

You focus on the money leaving, but not what the end result would be, not what it could create.

And that is what keeps you stuck in the same patterns.

Underprice and overwork and second guess, second guessing decisions.

And this is where you're just going to fall in that trap.

Then you become demotivated, you get burnt out and then you sit there and think, why the hell did I do this?

This is, you know, I'm making no money, I'm working my ass off.

And then you get into that trap and you can get yourself out of it very quickly about just making smarter decisions about what you spend your money on.

And if there is something that you struggle on, look at free resources.

If money is tight, look at your free resources.

You know, if, you know there's a, an event coming up or there's, I don't, a membership you want to be part of, make a little savings pot and go, do you know what?

I'm going to save ten pounds a week for this because I know it's going to help me in the long run and I'm just not going to spend money on coffees or takeaways or whatever.

You know, if better decisions could increase your income, what is that worth?

Can you put a figure on it?

You know, better shampoo and spending a fortune on better shampoo or, you know, buying a 300 pound dry rubber, you know, because it's, you know, it's just a nice dry rope.

Could you spend that 300 quid on something else that's actually going to grow your business?

Probably.

And you know, I'm probably this.

Probably not going to be one of my most popular podcasts, but it's true.

And, you know, there's no point sugar coating it.

We need as an industry to start investing in ourselves properly and investing in the right things at the right times.

Like I said, I'm not saying all of these other things are crap.

I'm just saying there's a time, and if you're struggling with a certain thing, then invest in you.

Kate's put, I put my prices up every January, but I felt some clients were still too low, so I did another price in April 1st.

Nobody as of yet has questioned it.

Exactly.

Good skills, Kate.

And it's.

And you know, if you're doing it the same time every year, your clients will get used to the fact that you're going to increase your prices every year.

And they will expect.

Kate's clients will sit there and go, in December, oh, we're gonna have to factor in because Kate usually increases their prices in January.

So we need to just keep our eyes peeled for that.

If you do it, you know, January, March, November, October, there's that uncertainty with your client, and that's what makes them a bit iffy.

People don't like uncertainty, okay?

They want clarity.

They want to know that you're going to increase your prices in the same month every year.

So they get used to it.

And then they won't.

They won't say anything because they just know you're going to do it.

So it's a good thing that you do.

And putting them up at the same, same time every year with a sneaky little increase in the middle.

Why not?

So what should you be investing in?

And you know, this is going to be different to everybody because everyone's in a different situation.

I wish I invested in, you know, back in 2021, when I started the Pet Accountant, I was trying to do everything.

I was trying to do the marketing, I was trying to do the sales, I was trying to do the accounts.

I was trying to do all sorts.

And I waited and waited and waited because I thought, oh, I don't want to invest in a va because that's money that I could spend on something else and I can just do it myself.

And that was my mindset at the beginning.

And then I was getting busier and busy.

I was getting stressed.

I was working all weekends.

I was working in the evenings because I was trying my best to fit everything in because I didn't want to spend the money on a va. And Then I found the lovely Charlotte and I thought, you know what?

Enough's enough now I need to spend this money.

And by spending however much it was at the time, on Charlotte, managing my diary, doing my social media, it freed up so much more of my time that I could then do more sales, therefore bringing more income.

So although, yes, Charlotte cost whatever she cost per month back then, it actually made me make more money.

And that's the way you could look at it.

And I thought to myself, I wish I'd done this pretty sooner instead of trying to do everything myself, which is at the end, I was just burnt out, I couldn't do it.

I was literally trying to do everything.

The business went boof straight away.

And, you know, that's when I thought, right, I need to start investing in other things.

Then I started going on courses myself, which, you know, I'd never really done before.

I spent two and a half grand on this business course thing, which helped.

And I thought, okay.

And it did feel weird doing it.

And I thought, oh God.

Because you don't have a tangible thing there after you spent that money, but you have to wait for it to come in.

And I think that's the issue.

So things that you can invest in.

So knowledge is number one, pricing, business structure, understanding your finances.

So that could mean you could go and spend a day at a place learning about these things.

You could do a little course, you know, there's, there's loads of things that you can do around that.

Investing in your skills could be efficiency in your service, handling specific dog behaviors, you could do that.

Or, you know, if you're looking to niche down into a specific breed, go and do some courses on that specific breed because that's got a direct correlation to your business support.

So it could be an accountant.

Okay, we have lots of people that come to us, haven't got a clue what to do with their numbers, which is why we exist.

And then you've got to think, right, 30 odd quid, 40 quid, that's not even one dog room.

Or it's two dog walks a month and I've got that covered and I don't have to worry about it.

A business mentor or coach, it could be that you've got to a certain level in your business and you think, right, I've no clue what to do next, I need some help, who can I go and get?

Is there a business coach or mentor?

Is that good for me or do I need something else?

Or it could just be a community of similar business owners, okay, it could be that you spend 189 quid going to the Expo, learning loads and then actually making a network of friends who are in the same position as you, in the same industry and are going through the same things and you create like a little community or a little support group between yourselves, which actually did happen at the Expo, which was lovely.

It could be systems.

So for example, it could be booking software.

Are you still using, you know, a paper diary?

Is that costing you time every day writing it in?

You know, could a booking software automate that?

You know, could you use AI to build you things?

You know, that you would normally sit there for three hours writing, you know, it could help you put a price increase, email together, I don't know.

But that's free.

So there's another free thing you could do.

So these, all of these things improve how the business runs, not just how it looks.

And that is what we've got to focus on.

And don't fall into I'll do it later trap, because later never comes.

You know, it's one of the biggest blocks and I've been guilty of it before in the past where I've gone, oh, I need to do that.

I should probably go to that.

I'll do it later.

I did it with Atomicon last year.

I was like, I really want to go to Atomicon, I'll do it later.

And then I never did.

So this year when it came round, I thought, I'm gonna get myself and Tegan a ticket and we're going to go to a tomacon.

And I did.

And that is investing, because there's lots of stuff there that we will learn.

The tickets were like, I don't know, I don't know, 389 quid each or something ridiculous.

But I thought, well, you know, if I'm going to learn stuff, then it's worth it.

You know, I might just take one piece of gold from that whole day.

That changes everything and actually brings in more money.

Just one bit, that's all it takes.

So I'll do it later Trap is probably one of the biggest blocks, you know, or I'll invest when I earn more.

Okay, we're not talking that you have to invest thousands.

It could be 20 quid, 30 quid.

But here's the reality.

You will earn more because you invest.

And, and it's just a thing.

It is what it is.

You will, if you invest in yourself, you will earn more because you will learn more.

That rhymes.

If you wait, you're going to continually be Guessing you're going to be repeating the same mistakes and you're going to delay your progress and that's a biggie.

You're going to delay where you are in your head.

You've got a vision of, I want to earn this much, I want to be this, you know, this is where I'm aiming for.

You know, no one goes self employed to work more hours and get paid.

So, you know, you've got to think to yourself, if I carry on doing what I'm doing, is anything going to change or am I just going to be in exactly the same place this year I was, I was last year.

So, you know, think about, you know, where would your business be if you would take an action six months ago?

And this could be a little thing, could be a big thing, it could be a relatively cheap thing, it could be a relatively expensive thing, but you know, it's all about, right, if I can't afford it now, can I save?

I've got time to save.

You know, that's why we do the Expo on a monthly payment because we know that not everyone can just whack off 189 quid off the bat.

So we do monthly payments.

And that's where you've got to think to yourself.

And I'm only using the Expo as an example because it's a great example to use, you know, right, I need to learn about pricing.

So I can spend 31 quid a month for six months and I can go to the Expo and I can learn about pricing and then when I come back from the Expo on the Monday, my prices are going up five quid.

Okay, There might be a strategy there that you've learned, but prices have gone up five quid, you've then made an extra six grand a year is paid for the ticket.

Happy days.

It could be that you go on Charlotte's membership or Karen's membership, you know, you think, right, I've learned that one piece of gold and I've only had to spend 30 quid.

There's ways and means of doing it and you know, if you really want to do it, you'll find a way.

As a business owner, you just will.

But what we don't need to do is panic, okay?

I'm not saying go throw your money, everything and anything, okay?

Be strategic with it, be intentional.

So ask yourself, right, what problem do I have at the minute that I'm trying to solve?

It could be pricing, it could be strategy, it could be clients, it could be social media, it could be Marketing, you know, it might be that you want better systems or, you know, it could be anything.

Don't just go willy nilly, throw money at everything, you know, then think to yourself, right, this one thing that I've got, is this going to solve the problem that I've got?

Will it help me make better decisions and can I apply what I learn?

Okay, answer those questions when you're looking at things and if you answer yes, then it's a no brainer.

But start small if needed.

I'm not saying that everyone's got money to throw around and that's not the case, everyone's different.

But even if you do one little thing, but just start and think, you know, what I am, I am the business.

So I need to invest in me.

And even one tiny thing like I, you know, scroll through TikTok when I get bored and, you know, I get a lot of business TikToks that pop up and sometimes someone might say something, I think, oh, bloody hell, yeah, actually I do that, or I should probably do that.

And then that's free.

So I'm not saying you've got to go and throw money at stuff, there's free stuff out there.

But start, you know, looking and absorbing all the information from these different platforms gonna leave you with this little ending to this podcast.

So if you see me looking, it's just I'm tapping the thing on the phone because it's an algorithm thing.

You've got to realize that you are the business asset, okay?

Your business will only grow as much as you do.

So if you don't grow, your business ain't grown, okay?

Because you are the biggest asset in your business.

Not your tools, not your fan, not your equipment.

You, you are the person, you're running it.

So if you don't grow, your business ain't gonna grow.

So sit down tonight, sit down at the weekend and go right, I'm gonna sit and identify one area where I feel a little bit stuck.

And that could be anything.

Okay?

Calculate if you can.

Her mouse gone really dry.

Calculate if you can what it's currently costing you, okay?

If it's a monetary thing, and then take one step forward to fixing it.

I'm going to invest in X because I want to fix this problem.

It could be a small problem, could be a big problem, could be something that could be fixed straight away.

It could be something that's fixed over a period of time.

Because staying where you are right now and not changing anything is also a decision, okay?

So if you want to help Yourself, make better financial decisions, you know, grow your business, you know, do, you know, get more money, okay, that is what you need to do.

Think of it.

Just sit there and think of one thing and the first step would be, right, what can I do to fix that?

It could be getting an accountant, it could be getting a business coach, it could be joining a membership, it could be I'm going to start reading business books.

It could be, I'm going to come to the expo because I want to learn and I want to grow my business and I want to stand out.

You know, out of all of these 40, 50, 60 people that have opened a dog grooming business or dog walking business or dog training business in my area, and you've got to think of how am I going to stand out?

And that starts with you, and that starts with investing in you and not wasting your money on other stuff that might not be relevant at that particular time.

And just getting your head around, yes, it is money going out and you might not see the return straight away, but eventually you will do.

And you've got to stop treating the investment like a cost, like, right, it's two grand.

I can't do that because I'm not, I, I don't have the money or I can't see, I'm not, I can't say anything.

It's not going to work.

It will work.

So just start small if you can.

If you're a more established business and you've got a bit more cash flow, go big.

Just, you know, do it to your level because everyone's going to be different.

Helen, I've had to do this and invest in some CPSR in a sidestep to bring more income in the future.

What cpsr?

Now, it's probably going to be obvious when you say it, but I don't know what CPSR is.

Anyone, any ideas?

But yeah, there'll be little things throughout the year that will crop up.

I'm not saying that everyone needs to throw money at stuff.

I'm just saying you've got to be more strategic of what you're spending your money on.

And how can it help you if you're in a position where you don't want to grow in your happy way are happy days, you know, But a lot of people get into the go self employed because they want more money and they want more time and they don't want to answer to everyone.

So if you're, if you've done that and you've made that leap and you're not making the money and you're working more hours than you did when you were in your paye job, then something's got to change.

You know, I spent 10 years in the police working, you know, 90 hours a week.

It was ridiculous.

Never had any free time, was answering to morons most of the time.

And I just thought, you know what, Enough's enough.

Now, I wouldn't been then sat in this job if I was still working the same hours or, you know, not making as much money as I did in the police.

So something would have to change.

And that could be the difference of doing a course and not doing a course.

If you're stuck getting some help for a short period of time or a long period of time.

But something's got to change.

Otherwise you're going to sit here this time next year and go, I probably should have done that or probably should have paid for that and maybe not done that because actually that would have given me more money.

So it is going to depend on where you're at in your business, where you want to be, your cash flow.

But just think about maybe that one thing that you stuck in and how can you fix that?

Do some research.

You know, it could be an event, it could be a coach, it could be a membership, could be books, could be anything.

You know, it could be, I'm just going to go on YouTube and type in how do I do this?

Or how do I what's going to help me with pricing or whatever.

You know, I did a podcast on pricing.

Listen to that first.

You might just take one thing away from that that you implement that actually makes you more money.

So this podcast is just about spending the money on the right things.

And think about that story that I told you at the beginning of that couple who had a great business but were stuck, had the pricing wrong, didn't know which direction to go in, but wouldn't invest in themselves, had a mental block about spending the money on them rather than.

But had no issue spending the money going to the award show.

And like I said, no issue with reward shows.

Please don't kill me.

I'd love award shows.

It's just as a good example that I wanted to use.

So yes, rant over.

Hope you enjoyed it again.

It's just about, let's get this industry bigger, better, you know, if we make it, you know, people, you know, see it and go, oh my God, like all these people making all this money and the industry so good, maybe it'll look more difficult and then they'll stop doing it.

But at the minute, because they're not regulated and people think it's fun and fluffy and it's not.

And they don't understand the hard work, there's going to be continually more and more people popping up in your area and you've got to think, how am I standing out from all of these people and what am I going to do for myself to make me better, to make my business better?

At the same time, because we've invest in you and you make yourself a USP to stand out from the crowd, then you're on to a winning strategy there and you're gonna make lots of money.

And that is what we want, most of us want to make enough money to be comfortable, to go on holiday, to have some free time.

And the only way you're going to do that, guys, is looking at your numbers and investing in you as the asset, because you are the business.

If you don't grow, your business will not grow.

You know, I look at things continuously of, you know, how we can improve.

I've gone on YouTube, courses, we're going to Atomicon.

You know, there's, there's loads of things.

Even the accountancy world is not just accountancy related, it's business related.

You know, do we need help in various stages?

So there we go.

Lenka said.

Loved it.

Fab.

Pat, I'm thinking of incorporating grooming into my boarding.

Can I claim for the training?

That is kind of a gray area, Pat.

If you've done no grooming at all and you'll be literally picking up the scissors and the clippers for the first time, you cannot have that.

Grooming training is an allowable expense.

However, if you've done grooming before and you've done it for a few years and you want to go on the grooming course to enhance your skills that you already possess, then yes, you can.

But if it's a brand new business, you've never done it before, you cannot, unfortunately have the grooming training as an allowable expense.

I know people do it.

I've seen it on social media where people claim for it.

It's not allowed.

They will get found out.

It's just one of those social media gems like the massages and the gyms and the chiropractors and the glasses that cause controversy when people say, can I claim for it?

But don't shoot the messenger.

It's HMRC and they're lovely thinking around things.

But I will call it a day.

It's sunny.

I hope you all have a brilliant Easter weekend.

Make sure that you have registered for mtd if you are part of the people that are going to start in April.

And so if you made 50 grand or more turnover in the 2425 tax year you will have to go MTD from this month.

So make sure that you register okay, if you didn't hit 50 grand in the 2425 tax yet, don't worry about it.

It may be that you hit it next April mtd, but again just remember that is your total sales, not your profit.

And it also includes property.

Oh yeah, drink also includes property income.

So if you're a landlord or a landlady and you've got combined income with your sole trader business of 50k or more in the 2425 tax year, you must register for MTD and you must do your quarterly submissions.

If you want to know more about mtd, go on the podcast and look at last week's episode because it was all about mtd.

Make sure you subscribe to the podcast.

Please leave me a review on the podcast because it goes a long way and helps me with my numbers.

So please review if you love it and we I say we it'd be me.

I'm gonna try and get Dom on the podcast at some point.

Dom Hodgson, who is one of the speakers at this year's Expo.

So keep your eyes peeled for that and a few other guests lined up but I will be back next week with another installment of a lighter topic.

Maybe, but just have a listen and have a think about what you can invest in and don't be scared to do it and we will catch up with you next Wednesday at the same time.

Have a good weekend, stay safe and yet we'll catch up next week and make sure you subscribe and make sure you check out the expo because it's great.

Non biased a little bit.

But yes.

Goodbye.

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