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!

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

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

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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How to budget with variable income – 3 hot tips

How to budget with variable income – 3 hot tips

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! 

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Splitting income by percentage – why it doesn’t work for entrepreneurs

Splitting income by percentage – why it doesn’t work for entrepreneurs

Do you use percentages to distribute your business income?

If you feel like your business still isn’t doing well enough, you need to STOP splitting income by percentage right now!

Lots of people will recommend splitting your income by percentages. But the truth is, that for most entrepreneurs, this approach is completely inappropriate & doesn’t work!

And worst of all – it can make you feel like your business isn’t succeeding, when it’s actually doing just fine.

In this episode, we’ll talk about why that is & what strategy to adopt instead, so you can stop feeling like there’s not enough money & start celebrating your success instead!

 

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When I first started my finance business, I also split my income by percentages. Because it’s what everyone said to do.  But it just didn’t work!

At first I thought it was because I wasn’t making enough money … but as I started to understand numbers better, I realised that wasn’t the case.

Percentages just weren’t appropriate for my stage of business!

So I developed a better way, that you can start using from the very beginning – and continue to use as your business matures. I call it the Magnetic Money™️ System.

I frequently see students come into the Magnetic Money Program with the same issue. They’ve been using percentages to split their income but it’s not appropriate for their stage of business and so it doesn’t work!

Unfortunately, they usually don’t know that the problem is and just assume their business isn’t doing well enough.

Let’s talk about the idea behind using percentages:

  • Why do people advocate this system of using percentages to split income? 
  • What’s the thought process behind it? 
  • And who’s it really designed for? 

The idea behind using percentages to distribute your income is that you’re always splitting the pie equally.

During big income months, you have more money available for your business, for yourself and of course, you need to put more tax money aside.
And on slow income months, you split the pie by the same proportions.

The idea is that it all evens out in the end. Except it doesn’t!

Because here’s what happens:

On big income months, you get more money. Your business gets more income, you get more income and you put more aside for tax.

The problem is that people usually SPEND that money.
Even if you’re paying it towards a credit card, it’s still gone. You no longer have access to that cash.

So if the next month is a LOW income month… what happens?

Well, you have less money to go round. The DOLLAR amounts are smaller. Your  business gets paid less and YOU get paid less. It may not even be enough to cover the bills.

And that money you spent last month? Gone.

So the problem with percentages is that there’s no accountability & no SYSTEM to ensure that things will even out as intended.

Because this system of percentages is designed for people whose business brings in at least their ‘baseline income’ every single month.

Then it’s not a problem.

But for most entrepreneurs – especially in the early years – there are plenty of months where they do NOT meet their baseline income target.

And this can cause an ongoing problem they can’t seem to get on top of.

It can leave you stressing about money and feeling like your business isn’t doing well – when in fact, if you were to average yoru income, it’s actually enough.


So tell me in the comments:
Is this making sense?
Have you tried to use percentages? How did it go?

So if percentages are not right for you, then what can you do instead?

Well instead of using percentages – which can lead to a feast and famine rollercoaster, where you go from jubilation to depression – you want to smooth that cash flow.

You want the low income months where you fall below your baseline income to be offset and balanced out by the higher income months.

In order to do that, you need to PROACTIVELY smooth your cash flow.

That means tracking any shortfalls and then making them up with surplus. I’ll link an episode below where I talk you through how to do that.

It actually only takes 2 steps to smooth your cash flow – but you do need to do them religiously. And when you do that, everything changes.

When you’re proactively smoothing your cash flow, you’re no longer giving away money one month, that you may need next month.

That’s why it’s so critical that your money system helps you smooth your cash flow.

And this is why I developed the Magnetic Money™️ System. It helps you achieve your financial goals, pay off debts, accumulate savings, spend your fun money guilt-free and very critically… it helps you smooth your cash flow if you have irregular income.

You can check out & enrol in the Magnetic Money™️ System Bootcamp HERE.
It guides you through the entire process of setting up your Magnetic Money™️ System.

It’s time to create more abundance, inside & out, gorgeous. And you’re ready for the next step.

Have a great day, gorgeous!

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How to smooth cash flow – stop tracking expenses & track THIS instead!

How to smooth cash flow – stop tracking expenses & track THIS instead!

If you’re an entrepreneur with a regular income, you’ve probably noticed… budgets don’t work!

There’s a simple reason for that: They weren’t designed for us!

Budgets are designed for people with regular income. But when you’re running a business, your income can be unpredictable and irregular. So budgets simply don’t work.

In this episode, you’ll discover 2 simple steps on how to smooth cash flow when you have irregular income.

This will help you take control of your finances and manage your money so much better.

Plus, I’ll share an important THIRD step that will help you reach your financial goals so much faster.

 

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But first – a quick story:

When I was running my finance business, my clients mostly had regular income and salaries. So helping them organize their money was relatively simple. But for myself as a business owner, it was a different story!

So I needed to implement some different strategies for myself to help me smooth that cash flow so my money could go to work for me – and so my bills would be paid on time!

This was the birth of the Magnetic Money™️ System and it’s infused with principles that help you smooth your cash flow and create more wealth and financial stability as a business owner with irregular income.

In this episode, I’m going to share one of those principles of Magnetic Money™️, which is TRACKING.

But I’m NOT talking about tracking expenditure and micromanaging your money! (yuk….)
I’m simply talking about tracking 2 things – surplus and shortfall. Because they’re the only things you need to track to smooth your cash flow.

Let’s go back to talking about budgets for a moment.

They don’t work for entrepreneurs for a number of reasons. The main one being that we have irregular income. So what we need instead, is a mechanism to help us smooth that cash flow so we can achieve our financial goals AND meet our financial obligations.

That’s why as a business owner, you DO NOT NEED A BUDGET!
What you need is you need a MONEY PLAN and a SYSTEM to help you implement it.

And smoothing your cash flow is the key to making it work.

So this Magnetic Money™️ principle of tracking allows us to use surplus and shortfall to balance each other out and smooth our cash flow.

It only takes the simple 2 steps below!

But there’s a THIRD, very powerful step (that I’ll also share) which then ensures you use that surplus to achieve your financial goals so much faster.

I’d love to hear from you! Do you have irregular income and how do you try to manage it?

OK, here’s those steps:

NUMBER 1: Pay back shortfall FIRST!
Whenever you have surplus income, the very first thing is to check if you’re carrying any shortfall.
Were you unable to put enough tax money aside last time? Did you short-change your bills or business account? Leave your holiday fund short?

You need to make that up FIRST. That’s step one.

NUMBER 2: Track your shortfall!
You need to track any shortfall so when it comes time to pay it back, you know what you owe and where.
Just write it down. It’s that easy.

Okay. Now onto the very exciting third step, which will help you tick off those financial goals FAST.

NUMBER 3: \All remaining surplus goes to your No.1 priority
Once you’ve paid back any shortfall, all remaining surplus goes to your current Number 1 financial priority. In Magnetic Money™️, we call this your ‘Magic Number’.

This is how you use every dollar wisely and give every dollar a job to do (which is another principle of Magnetic Money™️ – just check out the episodes linked below to learn more).

By giving all remaining surplus the job of helping you achieve that number 1 priority, you create a laser focus effect. And that makes you more magnetic which means you’ll get to achieve that goal even faster!

And once you tick that goal off, you can move onto the next one. 😊

So it’s not a matter of tightening your belt and counting your pennies. It’s a matter of being focused and having a plan and system to implement it. 

What’s your current Number 1 financial priority? Is it clearing a debt… accumulating a buffer of living expenses to fall back on…  saving a deposit to buy a house? Be clear! It will make a huge difference and allow you to achieve it so much faster.

You can also check out the episodes linked below where you’ll learn more about how to effectively use your money to create more wealth and financial stability as a business owner with irregular income.

And if you’d love my help to get started, join my FREE ‘Organize & Tidy Your Banking’ workshop at www.miriamcastilla.com/freeworkshop

It’s punchy and super practical and will ensure you get the foundation pieces right – so the structure of your banking allows your money to flow more effectively.

Remember – abundance is an inside job, but there are practical things that really help it flow!

See you soon & have a beautiful day! 

Ready to go deeper?

 

 

FREE LIVE WORKSHOP

Organize & Tidy Your Banking

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

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