Money and business hey?! The one thing they never taught us in school but the one thing we all wish we knew more about ... how to make it, manage it and grow it.
Starting a business can bring up all sorts of challenges when it comes to the money side of things. As small business owners and entrepreneurs, we take the leap from a world where our boss was solely responsible for the pricing of our goods/services, into the deep end of figuring out pricing, taxing, invoicing, wages, superannuation, refunds and the multitude of other random bills and cash flow challenges that small businesses and entrepreneurs face on a daily basis.
To make matters worse, the task of finding a trustworthy and reliable financial advisor can be just as draining on the energy levels and bank balances. So, to help you out a little, I’ve compiled five lessons I’ve learnt along the way that will help you to master the money game of business.
Get your money in order. Not sure where to start with bank accounts, taxes, income, expenses, how to pay yourself or manage your cash flow? Download our free five step guide to managing your startup finances (see left hand box)
Let go of old beliefs. Your belief around money is likely to be something that you inherited from your parents, siblings, grandparents or a certain circumstance or experience in your life. Take some time out to review your belief systems, language and habits around money. When you are prepared to do the inner work around money you begin to transform you thoughts, feelings, beliefs, attitudes and decisions about yourself, your business and your finances. When you let go of old limiting beliefs, money will flow effortlessly to you.
Beware of what you focus on. If you're focusing on lack and find yourself saying statements like ‘I’m not doing it for the money’ chances are your business will always struggle to make money. Set your intention on what it is that you want for yourself, your business and your bank balance, and focus on what you do want. There is no shame in desiring to have a successful and profitable business.
Set goals. Without knowing where you want to go, how do you expect to get there? Just like exercising, saving or holiday planning, set yourself financial goals. You can start small and aim to make five sales a week and over time you might like to build up to $40,000 a month in sales. Whatever it is that you want, write it out, put it up somewhere you will read it everyday and truly believe that you are worthy of your goals.
Create multiple streams of income. Be sure not to put all your eggs in the one basket, especially when you’re first starting out. The world of business is an unpredictable place and if you invest all your time and money into the one income stream and for whatever reason it doesn’t work out, you’ll be left at square one. Champion your core product but be sure to diversify your income potential. For my help on this or to join our next round of Passive Income Coaching Academy fill in the application form today.