Anyone else spending money like it’s going out of fashion?
That’s Xmas for you hey?
I had a realisation yesterday on the way back from doing all of my xmas shopping (cos that’s how I roll) that this is the first Xmas since being made redundant 7 years ago, where I have not been worrying about money…and it feels good.
I’ve had a good year.
My plus-size fitness business is thriving, my work as a transformational coach is doing well, and I have a new part of the business which is flourishing, and most importantly I am experiencing less of the feast and famine that often plagues small business owners when they first start out.
As we approach the end of the year like many others I’m sure I have been reviewing my numbers, my turnover, my profit…but also the impact I’ve had on my clients…in fact I may write a blog post about impact tomorrow.
But today I want to talk about money.
I want to ask you what would an extra £1000 in your business feel like today?
What would an extra £1000 a month, a week, or even a day mean to you? What would you spend it on?
Earlier this year I did a bit of research in a small business group for mums about their attitudes to money, I wanted to get a sense of what their money goals were…and I was surprised to find out that most of the people who answered my poll were working on their businesses NOT to have a 7 figure business, but instead to add additional income to the household so they could have more money to spend each month…you know go on the occasional holiday, be able to invest in their business, have a bit more freedom.
The internet is awash with 6 and 7 figure coaches talking about financial freedom…but I think this is causing all kinds of overwhelm and confusion for the majority of small business owners who if we are being honest right now will probably never become a 7 figure business owner.
Now, this is not me being a bitch, or trying to smash someone’s dream…but the fact is more businesses fail than succeed, and even those that do survive the first 5 years may never go beyond a certain income ceiling for their niche….and that’s OK.
It’s OK to run a business that “just” pays you a regular or slightly better than average wage…but gives you the freedom to spend more time with your kids.
It’s OK to run a business where profit isn’t the “only” marker of success
It’s OK to run a business that scales slowly and at a rate that fits with other priorities in your life.
Last week I asked the following question in the same group for small business owners,
“What would you spend and extra £1000 on in your business”
And I loved reading the answers.
Many said they would invest in more stock or equipment to enable them to scale (there are a lot of craft business and multi-level marketing agents in this group)
Some said they would invest in a business coach – good shout
Many said website development and marketing/social media support.
Because here is the thing, an extra £1000 per month is the difference between being able to buy in help or not, it’s the difference between buying in the support of a coach to help you scale or not, it’s the difference between being able to invest in your growth as a business owner or not.
There is nothing better than having the cash flow needed to say YES to opportunities as they arise, saying YES to the conference you want to attend, or the new computer you desperately need, or that piece of software which is going to help you automate.
So what do we do to make that extra £1000 per month?
- Put prices up?
- Create a new product or service?
- Sell more of what you already offer?
Well, all of those can work.
But in my view, the single biggest thing you can do to increase your business income for 2020 is to get out of your own way when it comes to selling….to work on your sales strategy AND your money mindset.
So many of us hold ourselves back when promoting our products or services because of our fears, because of our attitudes to selling.
We leave so much money on the table because we don’t have a sales process…we are just winging it in the hope people will buy.
In 2018 I was on my way back from a huge conference in the states that I had overstretched myself financially to attend. And I was flying back with all of these ideas to grow my business, but no money to implement any of it.
I worked out I needed £10K to be able to proceed….to cover my bills, and invest in the things I wanted to invest in to take me to the next level.
But up until this point in my business, I’d never made more than £5 or £6K per month, and those months were often months where I was selling places on my annual retreat and also quite far and few between…my average months were much closer to £3K.
Could I make £10K and could I do it in 10 days…well turns out I could.
In May 2018 I made £15K in my business by following a very specific process, and I have been rinsing and repeating that process ever since AND sharing it with my clients on my Tribe Builder Programme when they come to launch their products and services.
In January I will be running a fun and fast-paced programme called A Grand in Your Hand…where you will be able to learn it for yourself too….who wants in?
Sign up today for the ridiculous price of £49 as this evening at midnight the price goes up.
Imagine heading into 2020 with a new strategy for increasing your turnover and profit in your business. Imagine having extra money to invest in you and your business month in and month out.