One of the most common worries for female entrepreneurs that I talk to is not having enough money. They constantly worry about not having enough clients and not making enough sales and this can then lead itoa self-fulfilling prophecy. They need to find a way to get more money quickly to keep their business dream alive.
It is said that we become what we think about the most, so if we constantly focus on our lack of money, this is what we will attract. Whilst we are desperate to get more money, our behaviour is actually blocking us from getting it.
When we don’t have enough money coming in each month, this can lead to bad decisions being made. Corners are cut to save costs. We don’t invest in the tools and support that would take our business to the next level. We start to discount and offer sales to try and get in some cash but don’t realise our net profit is now non-existent.
But how to get out of this vicious cycle?
How to get more money
Many businesses do not make money in their first year. For some, it can be even longer than this. Getting a business off the round takes time, energy and money. So maybe it is time for a reality check.
Work out how much you need to have to be able to sustain your business and pay your bills for the next 12 months. And then work out ways to get this.
Take paid employment
It may be that you need to continue with paid employment to cushion your bank balance until you get your business off the ground and making a decent profit. This could be just a few part-time hours each month that will ease the financial pressure.
Use savings and investments
If you have savings or investments, use them to invest in your business. I have met others who tell me they are not prepared to risk their savings on their business venture. My answer to them is that obviously don’t believe their business is going to succeed with this mindset so they should go back to the drawing board and do more research for a business they truly believe in.
What can you sell?
Do you have things you can sell to bring in some much-needed revenue to tide you over? I know of a lady who sold her top of the range car and bought an old banger because she needed to raise some funds to follow her dream of a home-based business. I know of another lady who went through her house and consistently sold unused items on eBay to gain much needed extra monthly income. These were both women who were determined to succeed!
Take out a loan
If you have done your research and are confident of it being a success, consider taking out a loan to allow you to invest in what you need to take your forward. Yes, there is a risk with taking out a loan and using up all your savings, but then show me a high flying business owner who didn’t take a risk somewhere along the way. If you hold back just in case things don’t work out, you are subconsciously admitting defeat already which is not the right frame of mind for someone who truly wants to be successful. You have to believe in yourself and your product or service 100% or you are simply playing at this and running a hobby, not a business.
A lot of women I meet have some serious money blocks and if this is you and you want to get more money to keep your business alive, try out EFT or tapping. A bit woo woo for some but I have seen some incredible results from those who have done it.
Go read ‘Get Rich, Lucky Bitch’ by Denise Duffield-Thomas. She has her own unique style of helping you get over your money blocks and to start believing that wealth is on its’ way to you.
So stop constantly worrying about not having enough money and start to change your thinking and find a way that can bring more money into your business. Remember, where there’s a will, there’s a way.