From Solopreneur to CEO: Mastering Your Money Mindset
Many people that I speak to don't like money. They love what money can do, but they don't love money itself. They don't like to talk about it or think about it.
In our last article, we talked about building foundations to get your business started on the right foot. Now, let's talk about one of our largest obstacles: our own money mindset. Let's explore how our money mindset affects our business and what you can do about it!
Money Mindset In Action
Human nature is such that we avoid the things that make us uncomfortable. The money mindset is no exception.
I cannot count the number of times that someone has told me that they simply are not "money people". If we believe that, money will make us uncomfortable, so we avoid thinking about it altogether!
Your business needs you to be paying attention - especially when you're a solopreneur. Do you struggle with your money mindset? How can you tell? Here are a few questions:
Do you avoid checking your bank account balance?
Are you scrambling at tax time because you don't think you saved enough?
Would you struggle to tell me off the top of your head how much is in your business bank account?
If you answered yes to any of these questions, your money mindset may be holding you back. However, I'm not here to make you feel bad.
Remember: it is NEVER too late to make a change. Like Maya Angelou said, if you don't like something, change it!
Trust me, many entrepreneurs feel the same way as you do. However, they became empowered to understand their business finances and are much more confident today.
Let's look at ways that we can improve our money mindset.
There's no such thing as "money people"
Repeat after me: there are people who pay attention to their money and those who don't. There is no "money gene" that you are born with or that you are lacking.
So the first thing we can do is believe that: that being comfortable with money is within our grasp. Being confident about money is within our grasp.
Practice Makes Progress
Our brains are muscles, and like any other muscle, we need to exercise it. So the first step in mastering our money mindset is consistently and regularly looking at our business finances.
Instead of avoiding it, face it head-on. Schedule regular, consistent check-ins to sit down and look at your money.
Where are you spending money? How much is regularly coming in? What is outstanding and owing to you? The more you sit down and find the answers to your questions, the more comfortable you will be.
Nurture Your Relationship
Relationships take time. This is a fact and your relationship with money will take time. This is where your regular, consistent check-ins are going to be so important. The more you spend time with your money and get to know it, the better your relationship will be.
