25: Money Mindset And How It Can Positively Impact Your Small Business Whether You Are Starting A B
25: Money Mindset And How It Can Positively Impact Your Small Business Whether You Are Starting A Business, Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Virtual Online Bookkeeper, Virtual Assistant Or VA
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Show Notes:
How you think about money makes an impact on your small business success. Many of these thoughts stem from beliefs you have had since you were a child. Do you associate earning or having money as being greedy? Do you remember hearing heated conversations as a child and it brings back memories of arguments and feelings of unhappiness, or was the subject of money private in your family and viewed as a hush hush topic, almost seen as a bad thing? You may not think these beliefs stemming from your childhood would be impacting how you are currently running your small business, but today, I am going to go over the impact they could be having in your business that you may not even be aware of. Even if you think you don’t have any of these thoughts or negative money mindset issues, you might not even know they exist, until you listen to this podcast. Today I am going to ask you a few questions to bring awareness to your money mindset. Most of this mindset stems from your personal finances and flows into your business finances. You may be surprised how your belief system is impacting your business. Being aware of these beliefs and your thoughts around money mindset will help you make the decision about how you want them to continue to make an impact on your business. I’m going to talk about ways you can ensure you are taking charge over your money and your mindset whether you are just thinking about starting a new business, or are already a solopreneur, entrepreneur, small business owner, virtual online bookkeeper, or virtual assistant. Listen in as we dive deep into money mindset and how you can make sure you have the right mindset, make positive business decisions, and take charge of your money…
Welcome Back…Money mindset is important not only in your personal finances, but equally important when you are running your own business. You want to make sure you have the right mindset so that the decisions you are making consistently lead to the success of your small business. There may be times in your business where you find you are avoiding an issue with money or you may even be realizing that everything money related is causing you to think negative thoughts. I would be willing to bet that if you try to ignore your negative money mindset issues now, you will only have bigger problems down the road.
Have you ever found yourself worried about the balance in your checking account, or maybe you are not even aware of what the balance is? Do you hold your breath whenever someone asks how much you charge or the pricing of your product? Are you more worried about if you have enough money to cover your taxes when it comes to filing your tax return than the actual process of filing your taxes? If you have had any of these thoughts, you are definitely not alone, and we’re going to make sure you set yourself up with the right money mindset going forward.
First things first, I want you to promise yourself that you will not ignore your money and finances. This mindset will get you nowhere. You need to be aware of how your money and finances are impacting your business. Overall, I want you to make sure you put your money and finances as a top priority in your small business. Money mindset is important. You need to make sure you don’t allow any negative thoughts about money to derail the actions you should be taking in your business. I want you to start understanding, or even find ways you can improve your money mindset and financial literacy in your small business. There is always room for additional financial knowledge. If trying to learn more about your finances is already making you uncomfortable, this may be one of your mindset issues. Even though you may feel like you understand what’s happening in your small business, that doesn’t mean there isn’t an opportunity for you to learn how to raise the knowledge of your financial literacy. Don’t be afraid to ask for help when you are talking to your accountant, bookkeeper or even your banker. There are so many opportunities available to increase your financial literacy. We covered quite a few in the last podcast, so please make sure if you haven’t already, you go back and listen to it.
Now that we know you are not going to ignore your finances and money, we want to find out where your biggest money mindset issues are. Think back to your childhood and even what your thoughts are about money right now in your life. Do you value the success of someone by the amount of money they have? How do you feel about the money you currently have in your business? Are you finding you are thinking negatively about money in any of these areas? If so, you will need to dig deeper and come to terms with why you are having these feelings. If there is an area in your business you are shying away from, ask yourself why. If you don’t look at the balance in your checkbook, why not? Do you feel like the balance isn’t calculated correctly, or does it have more to do with the amount of sales you are bringing in? If it because you don’t have enough knowledge to feel confident about the balance, you will either need to get the knowledge you need or maybe have a professional in this area help you maintain accurate information. Set up a regular time to check in with your small business finances so that you will feel comfortable with your numbers and are able to adjust your business plan if necessary. If you feel uneasy about what you charge your customers, ask your self why. I wouldn’t think it is because you feel you are overcharging them. When you decided on your pricing, I am sure you looked at the value your customers were receiving when purchasing your product or services. So, why are you holding your breath and feeling uneasy about telling them what you charge? Do you come back to this and doubt if you should be worthy of making this amount of money? Do you doubt if you actually have the appropriate knowledge and skills to offer your services at this price? Do a deep dive here and ask yourself why you doubt yourself when you are telling a customer about your pricing. You may just need to validate your pricing again and feel confident about what you are offering to your customers as well as the value they are receiving for the price. And getting back to that tax question. If you find you are more worried about having the money to pay your tax bill when doing your taxes than actually filing your tax return, you should be looking at your finances throughout the year to ensure you are prepared when tax season rolls around. Once you are prepared and know exactly how your business is doing, as well as how much tax you will need to pay, you can start allocating some of your money towards paying your taxes. This will then allow you to have a more positive mindset regarding paying your taxes.
Once you know where you are struggling with your money mindset, you can start taking steps to improve your mindset. You can actually take some time each day to work on improving your thoughts around money. I’m sure you’ve heard when you worry about something, you are actually setting yourself up for that particular action to come true. The same goes with money mindset. You need to turn your negative thinking around. When you are diligent about changing your mindset, you will start to see positive results. Write down a few changes or thoughts you would like to see in your personal and business finances. Make sure you frame each intention in a positive way. For example, if you want to clear that doubt you have about how much you charge for your products and services, write down why your customers pay for these products and services as well as the value you are giving them. What are the benefits they receive? How have customers reacted from purchasing your products and services. Do you have testimonials or reviews you could read on a daily basis to confirm the value you are providing? If you feel like you are not worthy of the money you are making in your business, make sure you tell yourself how hard you are working and how much you deserve to make the money you are making. Not only will this money help you to make more choices in your business, but you will also be able to make a bigger impact on others because the money you make allows you to invest more into your business which provides better products and services for your customers. Always think in a positive manner. You are worthy, you work hard, you deserve happiness, and you are capable of making the best business decisions you can for the success of your small business.
Remember, nobody is perfect in every area of their business. Don’t get down on yourself if you find one of these money mindset issues coming up from time to time. It is okay and normal for this to happen, but now you have the skills to recognize these beliefs and you have the power to make the change. When you continue to strive for the right money mindset in your business, you will be more in control of your money and ultimately this will contribute to the success of your small business.
As I mentioned money mindset often develops from your personal finances. The Youth Financial Journeys I have designed help kids & teens from ages 5 – 18 learn to have more control of their finances. This is a great way to ensure children have the proper positive money mindset as well. Have you ever wished you would have had the opportunity to learn more about financial literacy when you were young? Would this have helped you with some of the big money decisions you had in your life? During the month of April, I am offering you $10.00 off one of my Youth Financial Journey packages which start at just $39.00 by using the coupon code April2021. These journeys inspire kids & teens with age-appropriate adventures in earning, saving, spending, and sharing money while developing a strong financial foundation. The Financial Adventure’s Youth Financial Journeys are simple, easy, and available for immediate download. I take the hassle out of trying to gather all the necessary information needed to teach your children financial literacy on your own. If you have a child in your life you’d like to make sure has a positive money mindset, you can go to www.FinancialAdventure.com/Join to purchase the Youth Financial Journey recommended for their age range. I’ll also post a link where you are listening to this podcast so that you can take advantage of the Financial Literacy month special.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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