How to Improve Your Money Mindset as a Female Entrepreneur
May 15, 2023
Let's talk about money. To be honest, if you would have asked me three years ago if I would talk about this openly I would have told you NO WAY! Conversations about money used to make me want to "gak" as my girls call it, so I just avoided talking about it at all costs.
We never really talked about money as kids
Although as a business student, I took my fair share of finance classes. When it comes to outsourcing we used personal funding (aka my husband worked and so did I) to fund our business and hire help until it was profitable. And if I am being super honest, I get excited about investing (before I am ready) but my husband is the exact opposite. I am sharing all this because as a business owner, you have to be comfortable talking about money.
As women we often feel hesitant to talk about money, but it's essential to feel confident when making financial decisions for our businesses. Just like your favorite pair of jeans or recipe, the more you share it and make it and talk about it, the better it gets.
How to Become More Comfortable With Money
My first step to becoming more comfortable around money was to learn. I get Entrepreneur and Fast Company. I have read a ton of financial resources about starting businesses, running businesses, and most importantly, I ask questions. Do not be afraid to ask. Most people don't know, they just continue not to ask. Speak up. My two favorite financial books are Profit First and You Are a Badass at Making Money with Jen Snincero. I read them on repeat.
Don't be afraid to seek advice from financial experts, such as accountants or financial advisors. They can help you understand the financial aspects of your business, identify areas for improvement, and develop a plan to achieve your financial goals. Plus, networking with other entrepreneurs can provide you with valuable insights and perspectives on financial matters.
Developing a Positive Money Mindset
Developing a positive money mindset is also key. Instead of worrying about money, try to view it as a tool to help you achieve your goals. It's data. And data tells a story. I try to think of knowing your numbers as power. Take time to express gratitude for the money that you have and celebrate your financial successes. The more you focus on the positive, the more comfortable you'll become with money.
What does this look like day to day?
- We have a money date every month to discuss what is coming in and what is coming out. I won't lie, the first month we did this it was painful. *Insert my Amazon bucket and things you tend to just forget about unless you track it.* Inside this money date we track where we are at, where we want to be, and then make decisions as a family first and then the business.
- I personally try to have some sort of money celebration once a week. This might be a little woo-woo but I believe energy is currency. So if you have positive energy around money exchanges, you will get positive outcomes in return. An example: "Omg, I am so nervous to spend XYZ on this business investment." OR, "I am so darn excited about this investment and what it is going to bring."
- My final day-to-day activity is more personal, and that is am I taking the actions that my ideal client would? If I am asking people to invest, am I investing? If I am teaching how to look at numbers, am I looking at them? Am I following the actions that I would want my clients to follow?
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Make a Financial Date
And as with any relationship, your money relationship takes effort. So if you don't have one, schedule a financial date with yourself.
- What can you celebrate? What do you want to call in? What are your numbers? Not knowing them is basically running your business blind.
- How are you creating a positive effect around money? If you are consistently thinking, this is never going to make money, it won't. If instead, you think, this is the first step I am taking to see how I can make money and make an impact, it will. Not all success is tied to money. A launch that fails monetarily could be the ONE lesson you needed to learn to launch the next greatest thing. Bring that kind of energy.
The more you work with money, the more comfortable you'll become.
Start by taking small steps, like reviewing financial reports or creating a budget, and gradually work your way up to more complex tasks like investing or financial planning, outsourcing, hiring, etc.
Remember, becoming more comfortable with money takes time and effort, but it's completely doable.
What is your current relationship with your finances?
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