Except, if you’re like most of us, you went into business all excited about your offering and expected the money to just start flowing.
Maybe you injected some personal cash and had savings to live off while you built your business.
The plan was to then have your business start making lots of money and fund a lifestyle that’s so much more ABUNDANT lifestyle than the one you had before, right?
But the thing is… Without any real plan of what that transition is going to look like, you can get yourself stuck in no man’s land.
A place where it feels like you’re constantly throwing money at your business and not being able to pay yourself – let alone enjoy that abundant lifestyle.
It’s stressful and frustrating and it sucks.. and I’ve been there too.
So in this episode, I’ll share 3 things every business owner really needs to know – ideally BEFORE they start – to ensure your business starts paying you as quickly as possible.
(so you can enjoy that abundant lifestyle & sing the song of sweet freedom ASAP)
WATCH THE VIDEO :
OR LISTEN TO THE AUDIO:
OR READ THE TRANSCRIPT:
A quick personal story:
When I first started my finance business, I was a broke single mom. So the pressure to succeed was on!
But I wanted more than to just put ‘food on the table. I wanted to create a really beautiful, abundant lifestyle. But I didn’t know what I didn’t know.
And so before long, I felt like I was working really hard but getting absolutely nowhere.
I felt like my business was a black hole I couldn’t seem to extract enough money out of for myself to enjoy a comfortable life.
But once I deeply understood and applied the things we’re about to cover, everything shifted. I realized I’d had completely the wrong attitude. It wasn’t a bad attitude.
It’s just that when you go into business, things are different.
And the sooner you realise that, the easier your life will be.
Here we go:
Number 1: Money mindset trumps strategy every time.
You really have to sort out your money mindset as soon as humanly possible – ideally BEFORE you start your business.
Because in business, you can only succeed to the level of your self belief, your self worth and your self image. So the sooner you start expanding those things, the better.
Otherwise they act like an invisible barrier you can’t seem to move past.
And when you don’t realise the problem is your mindset, you start thinking it’s your strategy – and that can keep you stuck & broke for years!
For most entrepreneurs, this shows up as imposter syndrome – thinking we still don’t know enough. So we take another course, work with another coach, implement a new strategy, try yet another approach. EX-HAUS-TING!!!
We keep throwing money, hard work and time at the problem, when the problem is really just up here <taps head>
You can have the best business strategy in the world, but if your head’s not in the right space, you’re going to unconsciously do all these weird things to undermine that amazing strategy. You’re going to be repelling opportunities, abundance & clients as if by magic.
Some become course junkies, always thinking, “I don’t know enough”.
Others will miss opportunities – not reaching out to people can help or might be interested in what we offer, not getting in touch with that person you met, etc. By NOT doing these things, they stay small.
If you don’t do the mindset work, your patterns will keep you stuck in the same old place.
But as you expand your self belief, self worth and self image, the abundance flowing into your business will expand to match.
So the very first thing every business owner needs to embrace is that your money mindset trumps your business strategy – every single time.
So get your mindset right FIRST. Then get the right strategy in place.
I’d love to hear from you in the comments below:
When did you realise that your mindset is your most important business asset?
Number 2: Your business pays YOU
When you’re in business, you need to start managing your money differently.
That’s because your business pays you.
On one hand, there’s your business and its finances.
And on the other hand, there’s you and your personal finances.
The two should be separate.
And your business needs to generate enough income to pay you AND pay its bills.
That’s a very different mindset to the mindset of an employee.
Number 3: In business, Cash is King!
When you’re in business, the golden rule is that ‘Cash is King’.
Your cash flow is the most critical factor in making sure your business can keep growing and flowing. It needs to be able to pay its expenses and continue to expand – and it needs to be able to pay you as it grows.
Learning how to manage that cash flow and smooth it out, is critical.
See, as employees, it’s easy for us to ignore our finances. We get a regular paycheck and it’s easy to work out how to make it last.
But when you’re in business, we need to ensure the cash keeps flowing into & THROUGH your business – and that’s all on you!
Because business income is usually irregular, you’ll also need to learn how to smooth that cash flow.
And then, once your business has paid you, you also want to be really smart with that money so you can create financial stability and grow your wealth.
It all comes back to knowing that ‘Cash is King’ – then smoothing and managing that cash flow as well as possible.
I recently uploaded some 2-minute ‘Quick Tip’ videos on my YouTube channel, including one on how to smooth that cash flow. You can watch it here.
To manage your money well, it’s critical to have it well organized.
So if you haven’t yet taken my free ‘Organize and Tidy Your Banking’ workshop, then I recommend you jump on that next. The link is both here & below for you.
The workshop is designed especially for entrepreneurs and leads you through a simple 3-step process to organize and tidy your banking so you have the essential foundations and structure in place to help your money flow – and grow.
Ready to go deeper?
FREE LIVE WORKSHOP
Organize & Tidy Your Banking
‘Spark the joy’ of becoming magnetic – for women entrepreneurs.
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