If you want your business to be successful, you’ve got to get the money part right. It sounds simple but when it comes to the financial side of things there tend to be roadblocks that business owners didn’t necessarily see coming, which means they aren’t prepared for them.
The biggest one of all? Money mindset.
It’s not necessarily about one thing like balancing your books or raising your prices. We face so many barriers as entrepreneurs and women, especially when it comes to the subject of money. I encourage you to keep an open mind as we dive into some of the strategies on conquering the financial side of your business to feel less insecure and more empowered!
Good ol’ money mistakes
The truth is that money is often tied to our emotions. How we were raised and how our families talked and felt about money can definitely impact us. For example, if money was tight in your household, you may find that emotions of fear and scarcity tend to lead and feel overwhelming whenever you’re dealing with your business finances. Additionally, if money tends to be a very private matter to you, you may make the mistake of trying to tackle it all by yourself, when having a separate party involved like an accountant or bookkeeper could make a difference. It isn’t easy to step out of that comfort zone, but learning to look at money in a more black and white way will allow you to make harder decisions and create a better strategy for your pricing, budget and accounting.
The big scary behind what to charge
One of the hardest battles entrepreneurs fight in their money mindset comes up in the pricing conversation. The simple question, “What do you charge?” can create an instant stomach ache. You can probably see the connection here to the emotional connection mentioned earlier. This time, insecurity, confidence and limiting beliefs are often at the center here. “I can’t charge that,” “my customers won’t pay that,” “that’s too high for this market” and a million other conclusions get jumped to before really homing in on the value of what you offer is considered. Remember that people will pay whatever value they perceive! What are you bringing to the table? What is it that sets your work apart and what can you ask for it in return? Don’t sell yourself short!
Expanding your own money mindset
Sometimes it’s just about taking that first step! If you struggle with understanding or embracing the financial side of your business, there are resources out there for everyone. You can dip your toe in the water with some free resources like scheduling a mentor appointment at the Forsyth Tech Small Business Center, setting up a consultation with a reputable accountant or even researching YouTube videos or podcasts. Whether you’re starting out or more established in your business doesn’t make a difference; give yourself permission to learn what you can and begin to feel more empowered.
The amount of tasks that a small brand is juggling at any given moment can make a circus performer intimidated. Be patient with yourself and carve out a little intentional time to begin putting in the work to overcome your money mindset insecurities by peeling back the layers one by one.
Hustle & Heart Challenge
This month, think about how you feel when it comes to the finances of your business. Do you have confidence about your pricing and profit? Do you feel good about your monetary goals for the year? Are your books organized and not causing any strife? What opportunities for clarity or support do you find? Make a list and begin by finding just one resource to commit to.
