Starting a new business is exciting. But what happens when the money doesn't come in as you think it will? The problem may lie with your mindset.
When you decide to start your own business, you’re excited! You research the business’s possibilities, you create a plan, you invest in training, you create your logo (and website, and business cards) and you’re keen to get going.
You’re pretty sure that the money is going to roll in once people find out about the amazing services or products you offer. That’s the belief and hope of every new business owner. If you didn’t have that belief, you wouldn’t even start out in business, would you?
The thing is, you’ve probably seen the statistics – the depressing ones that talk about most businesses going OUT of business within five years.
You’ve probably seen the statistics – the depressing ones that talk about most businesses going OUT of business within five years.
However, you know that your business is going to be different. After all, you’ve got all the practical elements in place, and you’ve been out there promoting the pants off your new endeavour.
But what do you do if, six months or even a year down the line, the money just isn’t coming in? Or, it’s coming in but it’s going straight out the door again?
What if you get to the end of your second year and things are no better? Your spouse or partner may be gently (or not so gently) hinting that perhaps it’s time to chuck it in and get a job, and you’re feeling ill every time you look at your dwindling bank account balance or skyrocketing credit card bills.
What happened? What went wrong?
It could be that your business idea doesn’t have a market (or a market that will pay for what you offer), or that your business idea is sound but your marketing isn’t working.
However, it could ALSO be that your money mindset, which has been with you nearly all of your life and has traveled with you from job to job, is at the heart of it.
How to recognise your money mindset
It’s been said that our mindset accounts for up to 90% of our success – it affects the actions that we take in the world, and it affects our vibration.
So, if you’re a newly minted business owner (or you’re on the cusp of becoming one), it really does pay to reflect on your money mindset before you leap into starting your business.
I mean, really, why wouldn’t you give yourself the very best chance of success?
As a money-mindset coach for entrepreneurial women, I see new business owners making three important money-mindset mistakes. I want to share these with you so that you can avoid making the same mistakes.
Not realising that you could be putting a subconscious ‘cap’ on your income
This means that your business income somehow, mystifyingly, stays at around the same dollar (or pound) amount as the salary from your previous job, and, no matter what actions you take, you can’t seem to earn more. (Closely tied to this is a biggie for women, in particular – deservability. If you didn’t feel that you deserved to be paid more in your previous job, you may find it difficult to feel deserving of higher amounts in your business.)
Thinking that throwing more money into marketing is the solution
If you’ve already done course after course, and you know the technical aspects of growing your business but aren’t seeing worthwhile results (even if you’ve been taking action), then it’s time to address mindset. I don’t say this lightly – your marketing efforts will only be truly effective if your mindset is aligned.
Not taking time to examine your money beliefs at the start of your business
This mistake is probably the most important. You’ll also need to be conscious of your money mindset over time, as you and your business grow. If every new business owner spent as much energy (initially, at least) working on their mindset as they do working ON their business, so many more new businesses across the world would be thriving.
How do you know if you’re making any of these mistakes?
Well, they’ll probably have resonated with you as soon as you read them. Or, you’ll start to see their negative results play out while you’re trying to build your business.
How can you change your money mindset?
To go deeper into your personal set of negative money beliefs, grab a notepad and write down all of the beliefs that you know you have about money, and examine them one by one.
Reflect on the negative beliefs, and decide to consciously change them.
You’re right to feel excited when you’re about to launch a new business. It’s an exhilarating time, and you’re taking control of your destiny. By shining a light on your money mindset from the very start, you’ll be giving your beautiful new business a fabulous foundation for success. I’m with you all the way!
If you feel that you’d like expert guidance and support with this, consider joining me for a Dynamic Money Mindset VIP day, where we spend a day together unearthing conscious and subconscious money beliefs (the latter being the ones you can’t see for yourself), and setting in place a plan to start changing those beliefs.