Tips For Building a Business You LOVE – that I wish I’d known sooner!

Tips For Building a Business You LOVE – that I wish I’d known sooner!

by | Sep 21, 2022 | 6 Figure Business

Building a business is one thing – but building a business you love is another thing altogether.

So today, I’m sharing my golden rules that I wish somebody had told me when I first started. Because building a business that you’re going to love takes clarity, focus and above all else – TRUST.

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As women business owners, we generally don’t just want a business that makes lots of money. We want a business we love and that ticks a whole lot of boxes. We want a business that helps us feel fulfilled, to work with people we like, create a lifestyle that works for our family and that generates plenty of income.

Achieving all that takes a lot more than the traditional, masculine approach to business and success, where you just focus on maximizing profit. That’s why in Magnetic Money™️, what we focus on most of all is ABUNDANCE – creating an abundant state of being. And that’s about a whole lot more than just money (although we love the money too – don’t get me wrong! 😁)


When you’re in business, you’re going to have to pivot along the way. You have to be willing to admit when things aren’t working and you’re not heading in the direction you wanted. And then you have to find the courage to pull back and make changes.

This happened to me in a major way a couple of years ago. My business was happily making multiple six figures, but it just wasn’t working for me. It all looked good on paper, I was doing some fun stuff, but it was draining me. I was giving too much of my energy out and not getting enough time to just keep the wheels turning and chill.

I got to the stage where I realized that it wasn’t worth the money. And so I had to pull back and make some drastic and quite scary changes. I called it ‘pruning the rosebush.’ I literally cut out all this stuff, all these branches that had sprouted and that I was struggling to keep up with.

And so I pruned it back to the essential core of what I wanted my business to be. And along with that, I significantly pruned my income! So it took a lot of guts, faith and surrender to go through that process.

And it was a sobering and eye opening experience. For instance, I had to cut unnecessary costs, shrink my team down & really streamline my processes because my income had gone from multiple 6-figures to hovering just above the 6-figure mark.

But most importantly, pruning the rosebush gave me the chance to ask:
 “What kind of business do I actually want?”

So let me share with you my golden rules for building a business you love – that I wish somebody had shared with me when I first started!

Hopefully these will help you avoid having to later make drastic changes like I did.


NUMBER 1:  GO SHOESTRING TO STAY NIMBLE!

Even if you don’t have to, I highly recommend starting your business on a shoestring budget. Pretend you have no money!

Because the truth is, these days you don’t even need a website to start an online business. You can make do with a Facebook page, an Instagram account or a free YouTube channel.

When I first started my finance business – and even my current business – we used to spend so much money on business cards and tangible marketing material that we truly didn’t need.  These days, I don’t even have business cards! Because I honestly don’t need them.

But often new business owners will spend a whole lot of money on websites, logos and branding – when the truth is that, in the beginning, you don’t even know exactly where your business is going yet.

And often it’s just a sneaky way of procrastinating so you can avoid moving forward.

Plus, when you spend a whole lot of money on these things, chances are, you’ll stick with them way longer than you want to, because you’ll feel bad about ditching them. And that stops you from moving forward with something that feels much more aligned.

So go shoestring & stay nimble!


NUMBER 2: TEST & MEASURE

I know this will sound like it’s more of a masculine approach, but hear me out.

Test and measure everything and take a scientific approach to making decisions so you can ensure your mindset isn’t leading you astray.

Because one thing Ioften see is the belief that it has to be hard making us persevere with all the wrong things, while the EASY things that really move the needle go unnoticed.

A great personal example is my Money Habit Archetype Quiz.

I used to assume it wasn’t doing much because it’s just a quick quiz. But when I finally looked at my conversion data, I realised it performed THREE TIMES better than my next best opt-in!

I hadn’t even bothered building out a proper funnel for it, because I just assumed it wasn’t doing much.

So test & measure to avoid making decisions based on incorrect assumptions!


NUMBER 3: EASY IS GOOD!

Following on from the last one, the next golden rule is that EASY IS GOOD.

Because easy means you’re in flow, that you’re in your zone of genius and in alignment where things just fall into place.

Once again, this is often a mindset issue. We will pursue the hard path just because we have an old limiting  belief that it has to be hard.

(You know… ‘Nothing worth doing is easy’ and all that crap)

I saw a great example of this recently with a new Magnetic Money™️ student. On her  welcome call with me, I asked about her business. She told me she did 2 separate things:

The first one she was actively working on and finding it really hard & challenging.
And the other one was kind of ‘just happening’. People kept asking for her help and offering to promote her work and she just really enjoyed doing it and it felt super easy.

So I asked why she wasn’t just focusing on that & she just looked at me….
Because it hadn’t even occurred to her that business could be so easy!

Needless to say, she’s been pursuing that part of her business and is absolutely killing it now 😁


OK, let’s press pause & check in…

What about you? Where have you been making it hard for yourself?
Where have you been ignoring the ‘easy’?

 
Let me know in the comments!


NUMBER 4: DO IT YOUR WAY!

There is no formula for you.
Every expert and business strategist out there is teaching and selling their system that works for THEM.

And often it’s literally this weird twilight zone thing, where you pay them to teach you how they just sold you the thing where they teach you to sell things the way they just sold you the thing where they teach you… etc …

The point is they’re teaching you what works for THEM – what’s in alignment for THEM – what helped THEM build their seven, eight figure business. And that’s awesome, but it may not work for you. It may not be in alignment and may not be the right thing for you.

So remember that you’re allowed to do things your way. You’re allowed to invent YOUR way of incredible business success (and then you can teach it to others for whom it’s also in alignment)

So trust your instincts and don’t believe the gurus just because it’s worked for them. Because there is no formula for you.

 

 

NUMBER 5: PAY AS YOU GO

Make your business pay for growth as you go!

Don’t just keep throwing personal money into your business to pay for expansion.

Yes, there may be times where it’s appropriate to lend your business some money, but generally speaking, make your business pay for its own growth.

That might mean delaying things while you save the money. And that’s a good thing!

Use that time to track & review your data and make sure this investment really is going to be your best move.

Paying as you go allows you to slow down a little and gives you breathing space to consider your decisions more carefully and prioritise.


NUMBER 6: FOCUS & BACK YOURSELF

Do your best to focus on one thing at a time and make sure you really believe in it.

Often we’ll spread ourselves too thin because we’re trying to do all the things at once. Usually that’s because we’re not sure which one will work. And so we spread ourselves thin while we fling spaghetti at the wall.

And before you know it, we’re frazzled and out of alignment. And that’s not going to help anyone.

So you’re better off staying grounded and focused on ONE thing. Give it all your energy, make sure you’re in alignment with it and then put something out into the world that you’re really proud of and stand behind.

There are a million different strategies and things you can do. And there is no right or wrong. There is just the one that you feel aligned with and choose to go with. Then put all your love, energy and focus on it.

LET’S TAKE 5…

Before I share the final – and possibly most important rule – let’s talk about WHY we often don’t do these things that can seem so simple and obvious.

The reason is old programming – limiting beliefs, lack of self belief & self worth, and thinking that we need to work a whole lot harder. That we’re not qualified enough – that we need another piece of paper,  a better website, or whatever before we’re finally allowed to have what we ultimately want.

If that’s something you need to address, then grab the Limiting Belief Busting Toolkit. It’s a powerful method based on hypnosis and NLP concepts and it mirrors the things I will do in a 1:1 session with clients – except it’s a whole lot cheaper because you get to do it on your own!

It comes complete with worksheets, hypnosis audios & tutorials to help you identify & release old limiting beliefs – then replace them with empowering new ones.

Ok, moving on to:

NUMBER 7:  BUILD IT AS YOU WANT IT TO BE.

This one is really important to embrace from the very beginning.

A lot of people will work 7 days a week so that one day, they can have a lovely, hands-off business they run in just a few hours a week.

But it doesn’t work like that!

The business you’re building now is the business you’re going to have.

So if you’re working long hours and making it hard and stressful, then you are building a business that will feel hard & stressful and require you to work long hours.

You are training your business and you are training yourself!

Instead, engineer it backwards.

What kind of end result do you want? How many hours do you want to work? What do you want to spend those hours doing? Do you want to spend them client facing or on your marketing or content creation? Do you want to create self study programs or live courses? Do you want to coach people in groups or 1:1?

What do you want to spend your time on and how many hours do you want to work?

Then build your business along those parameters and set up those boundaries for yourself NOW.

Get automated systems and support in place so you don’t get stuck doing things you don’t want to do. And even if you have to do them at the beginning (#becauseshoestringing) then create a plan to hand them over ASAP.

So there you have them. My golden rules for building a business you will love.
If I could go back and do it over again, I’d have somebody sit with me and tell me these.

I hope you got lots of value from them. Please let me know in the comments:

  • What did you learn? 
  • What did you love? 
  • What action will you take?


I’ll see you in the next one!

xx Miriam

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How to achieve financial goals WITHOUT being a Scrooge!

How to achieve financial goals WITHOUT being a Scrooge!

by | Sep 14, 2022 | Money Mindset

Did you know that being a Scrooge and becoming too frugal can actually be counterproductive?

We’re often told to tighten our belts, cut all unnecessary expenses & save, save, save if we want to achieve our financial goals. But that can actually stop more money from flowing!

So today we’ll talk about why and how being too frugal can be counterproductive – and what to focus on instead to help you achieve those financial goals and encourage MORE money to flow.

We’ll cover 4 ways over tightening your belt can choke the flow of money and abundance. Then we’ll discuss 3 things you should focus on instead so you can achieve those goals AND attract more money along the way.

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But let’s be clear. I’m not telling you NOT to save money and cut unnecessary spending. It’s great to stop wasting money. But it’s also way toop easy to go overboard and over tighten that belt so much that you’re also completely choking the flow of abundance!

What’s worse, you may also convince yourself that to get financially ahead, this is how life has to be. You may be reinforcing and creating a poverty mindset.

Plus, living too skint is usually not sustainable. And that can lead to budget blowouts and a sense of failure. And sometimes all that frustration will result in a full blown ‘budget rebellion’ where you go on a spending spree and undo all the great progress you just made.

Before we get into it, a little story for you:

When I was a broke, newly single mom, I would drive into my son’s very expensive private school in my Mazda. It wasn’t a bomb, but this school carpark was full of convertible Bentleys and other luxury vehicles, with nannies driving the kids to school. And I would feel so embarrassed and like I didn’t belong at all, and like I had ‘broke single mum struggling to pay her rent’ tattooed across my forehead.

But the really interesting thing is that even after my business took off and the money started flowing in, that feeling persisted. I still felt like I didn’t belong. I still felt uncomfortable and awkward. I still felt embarrassed and ashamed  – even though I was probably making more money than some of the other parents. And don’t get me wrong – everyone was quite lovely. It was nothing they did. It’s just what I perceived and how I felt.

Even though I was making great money and running a successful business, I still felt less than. And that is the danger here. If you overdo the frugality thing, if you turn this into a way of life, you may program yourself into thinking that you are a pauper. That you don’t belong and don’t deserve the nice things in life.

Having more money does not guarantee feeling abundant.

So let’s cover a few ways being too frugal can block the flow of money. What you’ll notice is that these points are all about marrying the magical with the practical, which is what I’m all about.

Because you have an energetic relationship with money. You either magnetically attract it – or repel it. You also have an unconscious relationship with money – your internal stories about your self-worth, your deservingness and whether money is hard or easy to make. And then you also have a practical relationship with money, which is all about having money confidence and knowing what to do with your money.

We need to bring all of that together and into harmony. This is what the Magnetic Money™️ program is all about. You can check it out here.

NUMBER 1:
The first thing to remember is that feeling abundant is what makes you magnetic to more. So if you overdo the cost cutting and start living too frugally, you leave no room for feeling abundant and enjoying the money you have. And that means you’re closing the gates that allow more abundance to flow.

You are the magnet.

When you feel abundant, you attract abundance. And when you feel like there’s not enough, you attract more ‘not enoughness’.

So you want the actions you take to make you feel abundant and celebrate the money you have in your life.

 

 

NUMBER 2:
Having dedicated fun money is a legitimate manifesting exercise that allows you to attract more money consistently.

It helps you naturally align with the vibration of abundance and become magnetic to more.

So it’s important to have SOME fun money that you can spend on whatever you like – no judgment, no repercussions, no apologies and no guilt.

But the problem is that when most people decide to ‘tighten their belt’, fun money is the first thing to go!

(Of course, you need to have your money system set up to ensure you know where to find your fun money and how much there is so you can spend it without adversely affecting your goals. You can check out the Magnetic Money™️ System Bootcamp here if you need help with setting up your money system)


NUMBER 3:
Over tightening your belt and living really skint will almost guarantee budget blowouts. Because life happens.

And if you keep blowing the budget, you’ll start feeling like you failed, like you can’t do this & like it doesn’t work. You might go into full blown ‘budget rebellion’ where you go on a spending spree and undo all your good work. 

So you don’t want to over tighten the belt to where it’s not sustainable. 

(There’s an episode linked below in which I take you through the basic principles of a money system that works, so be sure check that out next.)


Let me know in the comments:
Have you given up on budgeting because you kept blowing the budget?
And have you ever gone into a full budget rebellion and gone on a spending spree? (and what did you buy?)


NUMBER 4:
Now, the final reason you don’t want to over tighten your belt and become a total scrooge is that it can really fuel a poverty mindset.

Lots of people who join the Magnetic Money™️ program are already trying to overcome a poverty mindset. And as I showed you in my personal story, more money doesn’t change that pattern!

If your unconscious program says it’s never enough and you’re not safe, you still won’t be able to relax even when you make more money. You’ll still worry.

We call that an Accumulator Habit Archetype pattern. It’s usually fed by an old money story that says “I’m not safe. It’s never enough.”

And so when you get into a habit of drastically cutting costs, you’re reinforcing that pattern and story. And the problem with that is that even when you’ve completely changed your financial situation, you’ll still feel broke. And that is just no fun.

So, let’s talk about what you can do instead, that will allow you to reach your financial goals WITHOUT inadvertently turning off the tap of abundance.

FIRST:
Whenever you cut costs, do it from a place of empowerment. 

You want to feel excited, knowing this is helping you move forward financially. You don’t want to feel like you’re sacrificing your first born to pay off a credit card! You want to feel like you’re trimming some fat that was just weighing you down anyway.

And whatever you’re substituting that old thing with, make sure it’s something that nourishes you even more.



NEXT:

Leave plenty of wiggle room!

You want to prevent budget blowouts and a full blown budget rebellion. You want to feel good about staying on track and you want to actually achieve those goals.

Leaving plenty of wiggle room and not making things too tight is a simple way to help you chieve that.


FINALLY:
We already talked about the importance of fun money.

Yes, cut spending on things you don’t need. Save money where money is being wasted. But amongst all of that, there has to be some dedicated fun money that allows you to feel abundant and celebrate the money you do have – even if it’s $10 a week. Even if it’s just that one coffee date you take yourself on.

The trick is to really celebrate and enjoy it. 

Feel good about the choices you made and appreciate spending that fun money even more.

There’s a world of difference between savouring your weekly coffee date even more because it’s more special now versus feeling like you’re not allowed to do anything fun anymore because you have to save money.

In an upcoming episode, I’ll be talking about the importance of focusing on what you have in order to attract more. I’ll be pointing out the ways people get it backwards, even though they think they’re doing it right. So keep an eye out for that!

Now, to succeed with all of this, you will need to have your banking sorted. Because that’s the basic infrastructure through which your money flows. So if you haven’t taken my free workshop to help you organize and tidy your banking yet, I suggest you hop on it now.

And if you’re ready for a full blown money transformation and want high-touch, live  support from myself, then check out Magnetic Money™️.

I hope you enjoyed this episode!

Let me know your biggest take-is in the comments below and I’ll see you in the next one.

xx Miriam 

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Financial Success for Small Business Owners – The No.1 Rule

Financial Success for Small Business Owners – The No.1 Rule

by | Sep 7, 2022 | 6 Figure Business

Did YOU know about it when you started your business?

The No.1 rule for financial success for small business owners.

For many business owners, starting our business is about freedom, the potential for unlimited income, creating a lifestyle we choose and escaping the rate race.

We want to follow our passion, live with purpose and make a difference by tapping into our gifts and zone of genius.

But all too often, a little further down the track, new business owners suffer a rude awakening on the subject of money. And it can become a major source of stress!

And it’s all because people don’t honour this ONE rule for financial success… that is ESPECIALLY important for small business owners.

So let’s talk about:

  •  what this rule is and 
  • give you some practical ideas and tips to help you honor it 
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Because we want your business to be a financial success.
And we want YOU to avoid unnecessary money stress.

 

Of course, along with money stress come the mindset wobbles. Because you might start thinking your business isn’t doing well, that you’re not cut out for it, that it’s not meant to be. And that can cause you to want to give up – when you absolutely don’t need to!

It just takes a few little tweaks to help you honor this very important rule.

So what is this rule?

It’s that CASH IS KING.

When you’re in business, your cash flow needs to be protected above all else.

And if you don’t have the right systems in place, it’s way too easy to go off track and get yourself into a pickle where your business is struggling to pay its bills – or to pay you!

There’s a bunch of episodes where I cover some key concepts to help your business succeed. You’ll find those links below.

But let’s look at two that especially help to protect your cashflow so that cash can continue to be king:

The first is making a deal with yourself to take a long term view.


This comes in a couple of different forms.

From a mindset point of view, people will often convince themselves their business isn’t doing well on the basis of just one or two months’ trading. They don’t look at the bigger picture.

When I started my finance business, I made an agreement with myself. I promised myself to ONLY ever judge my business doing based on the last six months’ average.

Now let’s translate that into PRACTICAL ways to protect your cash flow.

This is about also looking FORWARD. Knowing where you plan to spend money in the future and having a plan for that.

(ie… not just spending more money because you just had a great month…. yes, I see you!)

Having a great money system to smooth your cash flow by using your actual income to create a consistent source of funds for expenses, growth and expansion, alongside some forward planning is the magic combo.

A great money system, such as the Magnetic Money™️ System will help you do that. Want my help to set yours up? Check out the Bootcamp here.

OK, let’s take a break and check in.

Is this ringing some bells for you?

Are you suddenly realising that you’ve been taking a short term view?

Have you been panicking way too soon?
Or not planning properly and spending too quickly on all the wrong things? 

Let me know in the comments below!

Now, the second thing you want to do is get really clear on STARTUP CAPITAL.


Most small business owners and entrepreneurs invest personal funds to start our business.

But what are the rules around that?

Are you investing a lump sum designed to keep the business going for a certain period of time? Are you drip feeding income from savings, a job or maybe a partner’s income into the business? How long will that go on for? Where will you draw the line? And what’s the plan to help make it happen? 

Being really clear on those things upfront avoids you getting into a situation where you keep putting more and more personal money into the business… and feel awful about it.

Because when you’ve not been clear upfront, you’ll get emotional. You’ll feel the pressure. And that kind of energy won’t help your business succeed.

You may also let it drag on & on. Because you have no idea where to draw the line… and no plan to ensure your business will take over and pay its own way by the deadline.

Being clear on the rules around start-up capital helps you:
a – avoid panicking way too soon
b – make a plan so your business can stand on its own feet by the due date

By being clear, you give yourself breathing space to focus on getting the business up and running.

And by knowing what the boundaries are, you can develop a business plan and strategy that works.

This clarity allows you to protect your cash flow and use it wisely.

In the Magnetic Money™️ System Bootcamp, we show you how to smooth your cash flow and spend money wisely so you don’t run into a cash flow crisis.

If you need to get your money system then check out the Magnetic Money™️ System Bootcamp. In Bootcamp, I take you through my entire M-A-G-N-E-T-I-C process to help you sort your business and your personal finances.

The best part? Once it’s set up, it only takes 5 minutes a week to manage your money!
I love that!!

If you want to start by dipping your toe in the water and organizing your banking, be sure to jump on my free workshop called ‘Organize and Tidy Your Banking’. The link is below.

OK, tell me – Did you enjoy this episode?
What’s your biggest take-away? Let me know in the comments!

See you in the next episode – or in the Magnetic Money™️ System Bootcamp 😊

xx Miriam 

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The formula for getting rich – that changes EVERYTHING

The formula for getting rich – that changes EVERYTHING

by | Aug 31, 2022 | Money Management

Let’s talk about the formula for getting rich.

If you‘ve been struggling to save money no matter how hard you try, this episode is for you! Today I’m sharing something I learned from Bob Proctor a long time ago. It’s called the formula for getting rich.

What will blow you away is how incredibly simple it is – yet it’s unbelievably powerful in turning things around. It’ll take you from feeling like you’re not going anywhere financially to suddenly powering ahead.

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When I first started my personal growth journey, I was broke and on the bones of my butt. So of course, I was a personal growth junkie. I went to every seminar, I read every book and all the courses (that I couldn’t afford and didn’t even complete) 

But one of the best things I ever did was ‘You Were Born Rich’ by Bob Proctor. And the formula for getting rich is one of the most profound teachings from that course. 

When I finally understood this, it turned my world upside down. I went from feeling like there was never enough money to save or get ahead, to the total opposite being the case.

So before we get to the formula for getting rich, let’s talk about the formula for staying broke. This is what most people do.

Here it is: 

INCOME – EXPENSES = SAVINGS

They take their income, subtract all their expenses then save what’s left. Now, what do you think the problem with that might be? That’s right – usually there’s little or nothing left .

Because Parkinson’s Law kicks in. Parkinson’s Law basically says that the amount of resource required to accomplish any given thing is the amount of resource available. This applies to all sorts of things, including money. It means that if I have $5,000 available to go on a holiday, I’ll go on a $5,000 holiday. And if I have $50,000, I’ll go on a $50,000 holiday.

For most people, as their income grows, their expenses grow to match. They get a pay rise and think, “Great! I can upgrade my car, live in a fancier house, update my wardrobe.” And the money quickly disappears.

Then they’re left wondering why they’re not getting ahead financially.

I saw this over and over again in my finance business. People on higher incomes had much higher expenses. More expensive cars, bigger car loans, bigger homes, bigger mortgages. In fact, the people on lower incomes often did better in terms of getting ahead, saving and creating wealth for themselves.

Maybe that’s because they knew what that I’m about to share with you….

But first I want to hear from you! 

Let me know in the comments if this is ringing some bells. Have you also found that extra money kind of just disappears for you because Parkinson’s law kicks in?

Okay, let’s move on to the formula for getting rich (cause I know that’s what you want to find out about)

But before we go there, let me point out that this is mainly a shift in perspective. It’s a shift in attitude and mindset that needs to be mirrored in the way you MANAGE your finances.

So here it is – the formula for getting rich:

SAVINGS + EXPENSES = INCOME

So you might notice that this includes exactly the same 3 variables as the formula for staying broke. We’ve just shuffled them around – but the meaning is totally different.

What it now says is that the amount of money for savings, ie, wealth creation, PLUS  your expenses needs to equal your income.

So although it’s the same three variables, we’ve got a total change in focus, perspective and mindset because we’re not just saying, “Hey, I’ll save what’s left,” anymore.

What we’re now saying is, “I have a financial goal, wealth I want to create for myself and I’m going to prioritize that. And I have expenses just like everyone else. And so if I add those together, that gives me the income goal I need to shoot for.”

And guess what? Chances are, if you’re reading this, you’re a business owner or entrepreneur – which means your income potential is unlimited!

Even if you don’t have a business, you can have a side hustle or invest. You can do all sorts of things to increase your income. And by shifting things around, you’re prioritizing what’s most important to you and creating a goal and a focus to help you achieve it.

By approaching things through the lens of the formula for getting rich, you achieve 3  very important things.

Number 1:
A mindset shift. You prioritize your goal and can set an income target to help you achieve it. And when you have the vehicle of a business, you’re able to plan for success. By now prioritizing growth and financial stability, you’ve shifted your mindset.

Number 2:
Looking at your finances via the formula for getting rich also helps you set up your money system to achieve those goals. You can set things up to prioritize that goal and chip away at it until it’s achieved.

Number 3:
The third really important thing is that you’re no longer just leaving your financial destiny to chance. You’re not plodding along like an unconscious victim anymore. You’re putting yourself in a position of power and taking charge of your financial future and destiny.

What’s really cool is that at the end of the day, this is nothing more than a shift in perspective. You’ve simply chosen to no longer look at life one way & chosen to look at the same thing in a totally new way.

It’s just a shift in perspective, but it changes everything.

 

To be able to implement the formula for getting rich, you need to have the correct infrastructure in place. If you haven’t done it yet, be sure to jump on my free workshop to help you organize and tidy your banking.

These 35 minutes will help you get the right structure in place to implement the formula for getting rich. We also cover important principles to help you succeed in your business and achieve your financial goals.

The link is below so you can get started right now.

There are also a couple more episodes below you might want to watch next.

It’s your time to create more abundance – both inside & out.

xx Miriam

 

Ready to go deeper?

 

 

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Organize & Tidy Your Banking

‘Spark the joy’ of becoming magnetic – for women entrepreneurs.

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How to budget with variable income – 3 hot tips

How to budget with variable income – 3 hot tips

by | Aug 24, 2022 | Money Management

Have you wanted to give up on budgeting because your income is variable?

Then this episode is for you!

Budgets and irregular income don’t mix very well. And it can make you think your business is failing – when it’s really not!

In this episode, I cover 3 practical and mindset shifts to help you budget with variable income – so you can get back on track.

We will cover:

  • Why the rules are different in business
  • 3 mindset – and practical – shifts you need to make
  • The No.1 practise to keep your cash flow on track

 

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If you’ve wanted to give up on budgeting because your variable income just seems to make it impossible, I absolutely hear you. And you are definitely not alone!

Sadly, it can make you feel like your business isn’t doing well – when it’s actually doing fine!

The problem is that budgets work well when you have steady, predictable income – when you have a JOB. But as entrepreneurs and business owners, we left the security of the job because we wanted the opportunity to have unlimited income.

But the rules around money are different in business. Mostly, because of this variable income issue.

And so it simply requires a different approach – both from a practical and a mindset point of view.

That’s why we’re going to cover 3 mindset and practical shifts that go hand in hand to help you navigate your variable income and get back on track.

Over the years, I’ve definitely had a love-hate relationship with budgeting. In fact, I don’t even like that word – I mainly use it because people relate to it. I much prefer to talk about having a money plan and a system to help you implement it.

Budgeting is something that I tried on and off over the years. At times I felt like I didn’t need to budget because I had plenty of income. And at other times, I felt like I didn’t have enough money to budget!

But it was the period I spent utterly broke after my marriage split, that made me apply some of the principles which I then took into business…  and which I still teach and implement today. 

So the 3 things I’m sharing with you today are really helpful from both a practical point of view and a mindset point of view –  whether your irregular income is because you have a business… or because of something else.

The principal idea that flows through all of these is that you need to know your numbers. And then you need to be willing to make real-time adjustments as you go!


NUMBER 1: Let’s talk about variable income.

It’s really critical that you smooth your cash flow as much as possible. Because if your income is on a roller coaster, the last thing you want is for your emotions to follow!

This is a common issue – especially for new business owners. They go on an emotional roller coaster that matches the income roller coaster.

They go from feeling rich to feeling poor. From celebrating to worrying. From congratulating themselves for firing the boss, to stressing out about paying the bills. Sometimes all in the same day!

And that’s not healthy for you and also not helpful to your business because if you’re feeling stressed and worried about money, you’re going to make decisions driven by fear and coming from a lack mentality.

And then energetically you’re going to attract more of the same. You’ll go into a downward spiral of negative thinking and won’t be showing up as your best self.

Clients and customers can smell that ‘Eau de Desperation’ – nothing makes them run for the hills faster!

I recently released an episode that shows you how to smooth your cash flow in just a couple of simple steps. It’ll be linked for you below so you can watch that next.

So you want to smooth that cash flow, and you also want to smooth the emotional rollercoaster and not have your inner world so linked to how much money came in today or this week or even this month.

Here’s a practical thing I did in my own business:

I made a decision and a promise to myself to never judge my business on anything other than the last 6 months average.

I recognized there would be a bit of a roller coaster and didn’t want to get sucked into that emotionally. So any time I was tempted to worry, I would just look at the last 6 months’ average. And pretty much every single time, everything was absolutely fine.

Smoothing your cash flow and smoothing your emotions about your income are two things that really go hand in hand.

 

NUMBER 2:  Separation is Peace!

The next one is the principle that your business pays YOU.

A lot of people into business, still having the mindset of an employee. (I talked about this in a previous episode which I’ll also link below)

But the mindset of an employee has no place in business!

You need to start thinking like a business owner. And that means that you are both YOU with your personal finances… and you are also now in charge of the business’ finances. But the two are SEPARATE.

So you need to create separation between them and have your business pay you. From a practical point of view, be sure to actually put that in place. In Magnetic Money, we do our business income distribution every week. It only takes 5 minutes, but it’s critical to ensuring that your business keeps running and that YOU get paid so you can pay your bills.

The most important part of this process is smoothing your cash flow.

So from a mindset (and a practical) point of view, create that separation and always ask yourself, “Am I looking at my business’ finances right now – or my personal ones?”

Do you have that separation? Do you have separate bank accounts for your business?
Let me know in the comments!

See, you and your business are separate legal and ENERGETIC entities. So creating separation in the way you manage your money and in the way you think of it are both critical.

 

NUMBER 3:  Plan & adjust!

Yes, you should be doing some forecasting. You should be planning your future income and expenses – doing those projections.

Where will your business income come from? How much do you expect? What expenses do you have ongoing & what others are coming up?

But it’s not set & forget! It’s a dynamic, ever-changing thing.

And because the income is planned – but not predictable – you’ll need to smooth your cashflow and adjust as you go.

So by all means, have a forecast, have a plan, but be sure to make real-time adjustments as you go…. so you can smooth your cashflow & reset expectations.

Here’s the practical way I would approach that, which will also address the mindset side of things:

Sit down to do your business forecast. Look at what your goals & plans are – and whether they’re achievable. Maybe you’ll need to raise your prices or sell more/other products and services to meet your goal.

Plan what you want to achieve.

You want to revisit that, say quarterly to make any adjustments. So that’s your planning.

 

But then you need to also track what’s ACTUALLY coming in and distribute that income properly. I recommend tracking weekly or even daily and distributing weekly.

This will help you reconnect with your money – rather than sticking your head in the sand, hoping for the best. 

 

Tracking your income every day is also a very insightful mindset practice that allows you to notice your thought patterns around your income and business.

You will notice things like a worry pattern kicking in the moment you have one or two low income days. Or maybe that you start beating up on yourself for being ‘lazy’ and having taken the weekend off if your income dips.

These are amazing opportunities to find room for improvement in your mindset. They give you deep insight into the way you think about your business…  and the way you talk to and treat yourself. 

 

So the practice of tracking your income is handy because it helps you do your income distribution at the end of the week. But it’s also a really awesome mindset practice!

Above all else, please be as loving and kind to yourself as possible. If self judgment kicks in, just notice it and think, “Oh, look at that. I’m judging myself. I’m beating up on myself. Isn’t that interesting? I wonder what that’s all about? I wonder what I can do to shift and heal that, so I can start having a much better attitude about my abilities, my worth, my business, and start treating myself more kindly.”

These practical strategies are also amazing mindset strategies.

And between the two, you’ll be able to come to a place of beautiful new balance, where you have the right mindset to run a business successfully – and where you’ll have the daily practical habits that make you a successful business owner.

So those are 3 things I wanted to cover off for you today.

Again, my main message is to know your numbers, then make real-time adjustments as you go. Because when you’re operating a business, your income is going to vary. It’s going to fluctuate. That’s just how it goes.

Now, an important place to start is by getting your banking all sorted. So if you need a bit of help with that, be sure to grab my ‘Organize & Tidy Your Banking’ workshop at the link below. It’s free.

In this punchy 35 minute workshop we start to organize and tidy your banking so your money can flow more easily from your business into your personal accounts. We also cover some important principles – both from a practical and a mindset point of view – that will help you become a more successful and abundant-feeling business owner.

The link is below.

Before you go!
Did you enjoy this episode?
What did you learn? What’s your biggest takeaway?
Let me know in the comments below!

Remember that abundance is a state of being. And yes, it’s about money in the bank, but most importantly, it’s about feeling abundant, worthy, and loving life.

And that’s what we’re here to help you do. See you next time! 

Ready to go deeper?

 

 

FREE LIVE WORKSHOP

Organize & Tidy Your Banking

‘Spark the joy’ of becoming magnetic – for women entrepreneurs.

Register for the workshop
The Secret Code to Unlocking Your 6-Figure Income - PLAIN HEADER

Are you a business owner or entrepreneur and have given up on trying to budget? I get it - variable income can make it feel impossible, right? Here’s 3 mindset and practical shifts to help you get back on track: https://youtu.be/TsvaHeNIxJ4 Click to Tweet

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