Say NO to FOMO

What Is FOMO?

Have you heard of FOMO? Recently, I've been seeing this term everywhere! I've heard it in podcasts, on my favorite Instagram accounts, and even in finance articles. So, what the heck is FOMO? 

No, it's not a scary genetic illness. FOMO stands for "Fear of Missing Out." Yep, you know the feeling. Here's a very real example: a group of your friends invites you out on Friday night. Even if you were planning to stay in and watch a webinar, you become so scared that you're going to miss out on a fun night with friends. And, here comes the FOMO. 

You don't want to be the one who misses a hilarious inside joke or is excluded from all the fun Instagram pics. So, you spend hours agonizing on whether or not you should go. This is FOMO, and it can kill your energy and happiness. 

My FOMO Story

I first learned what FOMO means during a sermon about being face-to-face and fully present in the lives of those who we care about. Many people can relate to this feeling of being pulled in so many directions that some of your personal connections suffer. But, my fear of missing out is related to missing business or educational opportunities. Now, you might be thinking: “That doesn’t sound like Kati—she is always on the top of her game, constantly learning, and building her business!” Yes, that is me, but my priorities have recently shifted.

If you follow me on Instagram, you know that my husband and I recently welcomed our first baby boy to the family! Baby Nash has become the sunshine of my life and fills me with joy. But, I've become a victim of FOMO.

I'm constantly worried about education and business opportunities that I might be missing out on while staying at home with my family. With a newborn, I’m limited in the events that I can attend and be present for. I know the working-mamas can back me up on these struggles: Where do I find a decent babysitter? Will I be mom-shamed for attending an out-of-state conference with an 8 week old at home? How could I miss baby’s first smile, laugh, words, and the list goes on!

Say NO to FOMO

Now, it’s not fair for anyone to experience FOMO—especially when you’re a hardworking, thoughtful, and compassionate person. So, how do you combat these feelings and say no to these negative emotions?

• Gratitude  

A great place to start is with gratitude. For me, I think about how thankful I am for a healthy baby boy, a loving husband, and amazing friends and family. When I’m present for Nash’s first words, I will be thankful for that moment.

For you, this practice might look different. If you’re a graduate student and your FOMO is related to going out with friends, take time to write down how thankful you are for having the opportunity to further your studies, attending the university of your dreams, and learning from top minds in your field. Everyone has something to be grateful for.  

• Take Your Time

FOMO will not disappear immediately, but it can get easier with time as you begin to define or realign your priorities. For example, I recently received an invitation to volunteer for an event that I really care about, but the time and location are totally inconvenient for my life. On the first day that I received the email, I had a bad case of FOMO. I kept thinking about the participants who I would let down and how much fun I would have at the event. But, when I came back to the email a day later, I didn’t feel FOMO and politely declined the invitation. Oftentimes, you can come back to an idea or feeling with a fresh mind and a clearer perspective on your priorities. Make a decision and don’t look back.

• Trust

As a follower of Christ, I trust God’s timing and the path for my life. I know that I am exactly where I’m meant to be right now, and I know it’s true for you too! Remember to treat yourself kindly, stop comparing yourself to others, and enjoy exploring the unknown.

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Do you have a FOMO story, or tips to combat these fears? Share below or reach out to me on Instagram! Together we can say NO to FOMO!

What Not to Do as An Entrepreneur | Part 2: Money, Money, Money

Welcome back! You’ve made it to Part 2 of the What Not To Do As An Entrepreneur series. In Part 1, we covered decisions to avoid when determining whether to work with others. By the way, did you know that it takes an adult about 21 times to hear something and retain it? To help you out, here’s a rapid recap of Part 1: do not co-own; there can only be one CEO, do not get desperate and make impulsive decisions, do not hire the cheapest; do not hire based on price period, and do not do all the work yourself.

Today, we are talking about the topic on every entrepreneurs’ mind: money! We are going to get real about when to save and when to spend. Think: big money, no whammies!

Do not go too big, too soon.

 Notice that I’m not saying: don’t get too big, too soon. You can get big and blow your business up—please do! But, don’t go too big, too soon—this was my first lesson as a new entrepreneur.

When I started Be Inspired Salon in 2010, I was looking at spaces that were about 1600-1800 square feet which is the traditional size for a salon. Looking at these big and beautiful spaces, my imagination was running wild with #salongoals. But, the main problem with my big dreams was that I only had one other employee—what would I do with all that space?!

So, I took a step back to re-evaluate and found a different space that was 750 square feet—a lot smaller than the average! I am very grateful that I didn’t go too big, too soon because good things came in that small package. Fast forward to 2013—we were able to expand our salon, double our working space, and increase our profits by 838%! Start small, blow it up, and then go big! 

Do not build it, until you’ve sold it.

When I built my salon, I knew we could sell what we offered, because I had already sold my services to a huge clientele. On the other hand, my software company—Meet Your Stylist—started in the other direction.

My salon had been using the Meet Your Stylist software with amazing results, so I assumed that other salons would love it as much as me. But, I quickly learned that not every salon owner is like me—nor thinks, and takes action like I do. Essentially, I was shocked to find out that most salons do not budget for marketing and advertising; let alone know how to execute, manage, and track their return on investments. 

I definitely wish that I would have sold the Meet Your Stylist software before building it. Here’s another example you may be able to relate to. Let’s say you want to create a 12-week training program of some sort. Instead of building the program, in hopes of people jumping on board; first, sell the program! You can build the content after or as you go. It’s possible, and it will save you time and heartache.

Do not avoid investing in advanced education.

The law of thermal nuclear dynamics is unavoidable. You’re either growing or dying; you cannot stay the same—harsh, but true. Think about working out. If you don’t work out for a month, your lattes will catch up with you, and you will not maintain. To make sure you are always growing and getting better, invest in seminars, conferences, webinars, podcasts, books, classes, anything you can get your hands on! And, I believe you value what you pay for.

In 2012, I felt like I hit a wall in my business. I knew that I didn’t know everything. Although I was great at marketing, I didn’t know much about cash flow forecasting. At that point, I was ready to learn more and my teacher appeared—funny how that happens. At a BNI Meeting of local professionals, I heard an excellent speaker who was a business coach, and I knew that I needed to learn from him! 

So, I invested in a business coach. This was no easy decision considering the steep price tag, but I needed it. It was that same year we had an 838% increase in profits!!! Yes, that number is correct. I never knew that we could earn over $1 million in revenue in just 1,150 square feet. I sincerely recommend that everyone invest in a business coach! You know what your strengths are, and your coach can help fill in the gaps.

Do not avoid paying yourself.

As an entrepreneur, you have to build your wage into the budget! If you don’t, why are you doing it at all? Yes, we all have a passion, but we need something sustainable. The point of being an entrepreneur is to make money while you sleep.

For example, I am physically present at my salon about four hours per week. When I am not there, I am watching the numbers, schedules, and building up our team from the behind the scenes. ActionCOACH founder Brad Sugars said that an entrepreneur is someone who can walk away from their business for three months and it will survive and thrive without you. Obviously, it won’t start this way, but that needs to be your end goal.

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We all have a money story; what other tips can you share with our community—comment below! You’ve almost made it to Part 3 where we get real about Being The Boss—you don’t want to miss these tips. See you soon!