Money: everyone needs it. Nobody likes talking about it. But this month, we’re diving into how a positive money mindset can shift your business from surviving to thriving.
This month’s guide shares expert tips on:
What is money mindset?
Money mindset is the overarching thought, attitude, and feeling you have toward money and your financial situation. A money mindset can be one of abundance or scarcity and can influence your decisions in business and life. When presented with new opportunities, threats, or possibilities in business, a positive money mindset allows you to see potential positive outcomes, rather than experience fear. As a result, cultivating a strong, positive money mindset allows potential for future growth rather than staying stagnant or moving backward.
1. How can I cultivate an abundance mindset?
Believing there is more than “enough” for everyone is one of the key first steps toward cultivating an abundance mindset. When we focus on scarcity – believing there isn’t enough work, clients, money, etc. – we perpetuate a negative mindset around money. Reframing our thinking can transform stressors to success. And speaking of success – a positive money mindset also depends on you knowing your version of success… not somebody else’s. Learn more about reframing your mind in Kate’s article.
2. Can getting clear on my numbers really help me make more money?
It’s impossible to feel confident regarding your pricing structure, cash-flow, and future without knowing your financial status. As entrepreneurs, our business finances directly impact our personal financial health (and also… mental health!). Start by getting clarity on your finances using Keina’s tips. This can help you know where you need to earn more (and how you can using Amy’s pricing tips), spend less, and perhaps where you even have wiggle room to buy nice things (like Stephen shares) or invest in retirement savings (like David shares).
3. Is it possible to invest in my business and prepare for retirement?
When your first reaction to any price point is… “I just can’t afford that,” or when you think… “I have the rest of my life to save for retirement,” you’re missing key opportunities for the here and now and the later. Making strategic investments in your business can make a greater impact than you imagine. It may be buying a new piece of equipment that will improve your product and service and allow you to charge more – meaning… more money in the bank. Or it may be setting aside a small portion of each payment to invest in your long-term retirement plan – meaning… giving you freedom and flexibility down the road. Regardless, shifting your money mindset today can result in a thriving business, life, and future.
Setting yourself up for success begins with reframing your mindset around money and business growth. Kate shares 4 key money mindset questions all entrepreneurs should ask and reframes they should focus on. They questions will change entrepreneurs from constantly scrambling for more clients, bigger businesses, and busting-at-the-seams bank accounts to an abundance mindset that helps the business grow organically… without burning out.
Do you ever feel like you’re experiencing constant feast or famine with the financials of your business? If you’re craving freedom and flexibility (you know… the kind you dreamed of when you started this business of yours in the first place!), then dive into Keina’s article to gain clarity on your financial status. She walks you through action steps to tackle financial overwhelm in your personal life, reduce your business expenses, and finally the key meeting you should have on your calendar each week to master your finances.
Amy Northard, CPA
Every business owner asks these questions at some point or another: “How much should I charge?” “How much is my time worth?” and, of course, “How can I earn more and work less?” The phrase “time is money” couldn’t ring more true for entrepreneurs wearing all the hats, especially when providing a service or creative product. Amy Northard walks you through 6 simple steps to answering the age-old pricing questions swirling around in your brain.
Ean Price Murphy
Don’t let the fear of “slow season” or “not having enough money” or even the dreaded “a” word (accounting…) scare you into stressing over your finances. Instead, read Ean’s article on small business cash-flow strategies to create a profit-focused business that ensures your business is working for you… and not just you working for your business. Ean gives tangible tips and next steps on how to set up your business bank accounts, when to pay yourself that extra bonus you’ve been hoping for, and more.
If you find yourself sitting in a poverty mindset whenever you’re presented with the opportunity to purchase something big for your business or invest in something with a hefty price tag, Stephen shares how you can shift your mindset to take the leap. With his simple formula, you’ll be able to buy nice things without the guilt, and invest back in your business in a way that uplevels your brand (and even has the potential to help you earn more, save time, and reach new goals).
Sometimes it feels next to impossible to set aside money every month for retirement… especially when retirement feels so far away. But if you want to thank yourself down the road, now is the time to begin saving for retirement as an entrepreneur. David debunks some of the common fears and questions associated with investing in retirement savings, as well as where to even begin (and which type of retirement account might be right for you as a solopreneur!) so you can get started saving today.
Disclaimer: The advice featured in this guide and on the blog was sourced from our community members for sharing general information and knowledge. For specific legal, financial, tax, mental health and professional advice, please consult an authorized professional.