Creating a healthy money mindset is not typically the first thing you think of when you become a small business owner. As you begin on this entrepreneurial journey you might find that your mind has shifted away from the passions, values, and the WHY. Being a small business owner you have your fair share of challenges; including managing finances, attracting and retaining customers, and setting realistic goals. To succeed as a small business owner, it’s important to have a healthy money mindset. In this blog post, we are going to explore the concept of a money mindset and how it can help small business owners succeed.
Defining Your Own Success
As a small business owner, it’s easy to get caught up in comparing yourself to others and measuring your success based on external factors like revenue or the number of clients you have. While these aspects hold their fair share of importance, it’s even more essential to define what success means to you. So ask yourself a couple of questions.
If you could paint me a picture of what you want your life to look like five years from now, what would it look like? Think about all aspects of your life, not just work. Get as descriptive as possible! Once you reach success what feelings would arise? Maybe peace or fulfillment come to mind.
Whatever it is, setting your own definition of success helps you stay motivated and focused on your goals, rather than getting distracted by what others are doing.
Creating an Outstanding Client Experience
One of the key ways to build a successful business is by providing an exceptional client experience. This means going above and beyond to meet their needs and exceed their expectations. To do this, you need to have a positive money mindset. This involves shifting your focus from making a quick sale to building a long-term relationship with your customers. When you prioritize the client experience, you’re more likely to earn repeat business and referrals, which are critical to the growth of your business.
Having a Better Relationship with Money
Many small business owners struggle with money management. My clients typically feel anxious or stressed about finances, which can lead to avoiding financial tasks, not pricing themselves accurately, or coasting altogether. A good place to start when it comes to understanding your relationship with money is understanding what the value of money is for you. When you think about money is it more positive or negative?
The next aspect to focus on is taking the guessing game out of finances. Money can seem daunting because we simply don’t know what our expenses are, how much we want to make, how much do we need to make, and how to price ourselves. I highly recommend setting some financial goals, creating a budget, and tracking your income and expenses.(Quickbooks self-employed is the best) If this seems intimating to you, don’t stress you are not alone… Hire yourself an accountant and have them explain this with you.
Remember, building a successful business takes time and effort, but with the right mindset, you can achieve your goals and enjoy the rewards of entrepreneurship.