MAD LOVE MONDAY | Sharon Mellott

My name is Sharon and I’m the proud owner of a photo booth company called fotobüth. My journey to becoming the owner of a photo booth business is different than most. To be honest, it wasn’t something I set out to do or even considered looking into.

A friend of mine originally owned fotobüth and was running it as a side hustle. Her primary business was growing and she simply didn’t have the time to continue to invest in fotobüth and give it the love it needed to grow. I initially looked into it out of pure curiosity, but the more questions I asked the more interested I became.

Photography by Nicole Constante

In June of 2018 I purchased fotobüth and it was one of the best decisions I’ve ever made!

When I first took over fotobüth I was pretty nervous. I knew very little about the industry, but knew enough to know I was entering a competitive market. I wouldn’t consider myself to be computer savvy either, so to say I was overwhelmed by all of the cords and technology to make this baby run smoothly was an understatement! I have to be able to set this up how fast… and in the dark? What if something goes wrong? I spent hours in the basement practicing how to quickly set-up the booth and how to take it down so I’d be able to do it at an event without being stressed.

The biggest lesson I’ve learned in the past year is you need to believe in yourself and in your product.

Otherwise, how can you expect other people to? I’m also the owner of an Interior Design company called Weaver Design Inc.. I may not of had any experience in the photo booth industry when I first purchased it, but I already had the skills to run a business. Although fotobüth is currently a side business for me, it has grown to be so much more than JUST a side hustle. My passion for this industry has evolved over the past year and I’m always anxiously waiting for the next event. I enjoy meeting new people and I’m excited for the potential this company has to grow. My favorite part has been customizing the photo booth to make it my own. I’m always trying to think of new things I can add-on to make fotobüth stand-out against my competitors in this ever-evolving industry.

Running a business certainly comes with its challenges and is not for the faint of heart – the hustle is real folks! I’ve contemplated giving up more often than not, which is why I feel it’s so important to surround yourself with people that will continue to uplift you. Sometimes the only way to push through the difficult times is to have a little faith and to keep putting one foot in front of the other. If it was easy, everyone would do it! At the end of the day, it all comes down to the fact that I love what I do. Watching people come together and get outside of their comfort zone, share some laughs makes all of those struggles worth it. There is no greater gift.

One thing I love about being a business owner is that you are in control and there really is no limit as to how far you can take it.

There is something so empowering in knowing that you’ve created something that is 100% your own and watching a business grow is the most rewarding thing I can think of. There are no words. Being an entrepreneur has really pushed me to live outside of my own comfort zone and to embrace the discomfort in the unknown.

I’m so glad I found the YEGBOSSBABES community. It can be challenging to find a mentor in your industry or even someone to talk to that can relate to the struggles that come with being a business owner. I cannot say enough about how fantastic it is to have a community of strong, like-minded entrepreneurs to share experiences with. There is so much we can learn from each other!

Sharon Mellott | fotobüth
instagram.com/fotobuthyeg
facebook.com/fotobuthyeg/

La Bella Vita - Maria Spadafora

Hello! I’m Maria Spadafora. I am a wellness coach. I’m certified in life coaching, personal trainer and nutrition. I’m focused on assisting people find life balance as an advocate of self love. Promoting peace, passions, and prosperity back into your days. The Mind. The Body. The Soul.
Everything you want in life is yours for the taking.
A beautiful life is yours for the making.

Maria Spadafora | Wellness Coach

(780) 886 6543

WEBSITE | INSTAGRAM | FACEBOOK | EMAIL 

What Entrepreneurs Need to Know About Securing a Mortgage

Well, you went for it! You decided to take a risk and become your own boss. This should be celebrated – and for the most part it is. You are contributing to the economy, creating jobs, and mastering your craft. So why can it be much harder for you to secure a mortgage?

Those of you who have gone through this process, know all about it. It can feel like quite an invasion of privacy – so many documents and information to provide just to prove that you can afford a property. There are a few key points Kendra (from Kendra does Mortgages) has taken the time to share with us on how to help you prepare for this great purchase.

Photography By: Nicole Constante

Qualifying Your Income

One thing I know is that we all love paying less tax, right? So what do we do? Deduct and show less income on our tax returns. Although this is every Accountant’s dream and helps us pay less in tax, it’s not favorable when applying for a mortgage. Many lenders and the mortgage insurers offer a stated income program where we can state the income required for the application and can help with your approval.

Documents that will need to be reviewed are: Articles and Registration of Incorporation as well as the past two years of your: T1 Generals (Accountant prepared, please), Business Financials and Notice of Assessments.

Choosing the Right Down Payment

To participate in this stated income program, you would need a minimum of 10% down to qualify (5% must come from your own sources and 5% can be gifted). With this size of down payment, your mortgage would need to be insured, therefore additional premiums must be paid. If you want to avoid all insurance premiums, a minimum of 35% down would be required – not the traditional 20%. Premiums and your best down payment strategy will be discussed during the application process as everyone is different!

Documents that will need to be reviewed are: 90-day bank statements from all accounts you will be using for your down payment.

Tips for Success

If home ownership is your goal, here are some tips that will help you get there!

• Determine how much you want to put down (10%, 35%, more?) and keep it in a separate savings (TFSA, GIC, etc.) account. 90-day history is required and all large deposits must be sourced.

• Allocate extra funds for closing costs: your lawyer, insurance, etc. (roughly 1-2% of purchase price) and costs to furnish or renovate your new home.  

• Keep your credit in check! A minimum of two years’ history is required with at least two active accounts (credit card, loan, phone bill, etc.). Make your payments on time and keep those balances low.

• Have an Accountant prepare your taxes and financials. This will keep everything organized, precise and professional.

• And of course, talk to a Mortgage Broker (me) ! I will help you strategize and come up with a plan that is tailored to you, plus ensure you are receiving the best advice.

Photography by: Nicole Constante

Do you feel ready to buy a home yet? Trust me, it is achievable!

With the right plan, we can get you there. If you have any questions, do not hesitate to reach out to Kendra at kendradoesmortgages.com. Kendra will be more than happy to walk you through this incredible purchase and provide you with the best options available.

Kendra not only specializes in assisting first time home buyers making that next step to owning a home, but she also has the ability to strategize with clients in growing their real estate portfolio.

#TipsyTuesday post submitted by Kendra Henderson | Kendra Does Mortgages
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