Today we’d like to introduce you to Dedra Shores.
Dedra, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.
Four years ago I was laid off from a great position as a financial analyst. The job market was not in my favor and I had a mortgage, a husband, and two small kids. I figured as a financial analyst, I make and save money for my employer all day long. Surely, I can do that for myself. I started a custom wreath business. I had no clue what I was doing. I was moving from task to task, trying to figure it out. I was doing it by myself; juggling a family and a business. My wreaths were selling like hotcakes, but I was still frustrated because I didn’t feel like I could see the money in my bank account.
The layoff lasted almost a year. During that time I realized that applying the same profit and cash flow concepts that I used for the big company to little ‘ole me could and did work! I was able to bridge the gap between unemployment and the income that I had lost. By stepping back and becoming more purposeful about selling and actually setting profit goals (as opposed to just making money) I was able to see major gaps in my mindset and spend and sell with intention and not fear.
So as my success become visible to family and friends I began to get questions about how I was able to grow my business. I began to share how I set money goals, planned purchases for my business, and how to know if things were going well, or not so well. Hence the name Pay Worthy Formula.
I loved being a financial analyst, so I went back to work. I still love making my wreaths, but my passion has evolved to include the business side of my creativity. Some of those friends turned into clients, who then told their friends. The same concepts of goal setting, purposeful spending, and money checks still apply to coaching and consulting, but with less overhead!
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
There were and still are times when I think to myself “What are you doing?” Adding a business to a life already full of family and work is challenging. I have a husband and three daughters. Wife-Mother-Coach-Employee-Cheer Mom-Crafter… I am great at all of these things, but maybe not at the same time.
My client base is made of women like myself who want to provide greater financial options for their families by doing what they love. While I get great joy from supporting them, I have to realistic about the amount of time it takes to serve them. I struggled at times with time management. I won’t say it’s a breeze now, but once I accepted that my timeline was mine, it sort of released me to be free to accept the number of clients I serve and the price that I could charge.
Word of mouth has definitely carried me, but as I take fewer clients for more money I need to get creative about filling in the gaps. Over the last year, I have been working towards developing an online audience. There is certainly an art to getting someone to know, like, and trust you through an online relationship. I’ll let you know when I’ve mastered it!
Dedra Shores | Pay Worthy Formula – what should we know? What do you guys do best? What sets you apart from the competition?
Using my personal creativity and financial background, I help mothers and wives take their big ideas and break them down into do-able pieces that fit into their lives and make them happy. The majority of my clients work full-time in a traditional 9-5 and have found that on their own can match 20-30% of their income with their business. I help them grow that number and determine ways to keep more of those dollars in the bank and flowing to their households.
On paper, I specialize in revenue planning, pricing, cash flow efficiency, and profit maximization. Yeah, I know! But in real life, I help side-hustling mamas get specific on a financial goal and figure out how to use their craft to get them there. I regularly meet with my clients to discuss their budget, how money moves in and out of their business, and ways to meet their income goals that fit within their schedules.
I think what sets me apart is my ability to meet my clients where they are by speaking their language. There are so many tools and apps available to stay organized that it can be overwhelming. I help my clients break down and understand budgeting and cash flow with pencil and paper, a spreadsheet, or a program.
Quite a few of my clients come to me feeling like their craft become almost burdensome once they decided to really try to make money. I absolutely get it! It’s a lot. I am most proud when I see a woman happy again when all aspects of her craft are in sync.
What moment in your career do you look back most fondly on?
Most recently a former client told me that she continues to use the methods that we developed together and she is considering going full-time in her business. That’s what it all about. The ability to create options in your life by doing what you love.
Contact Info:
- Website: payworthyformula.com
- Email: dedra@payworthyformula.com
- Instagram: @dedrashores
- Twitter: @dedrashores
Image Credit:
Pat Spence
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