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As a woman entrepreneur, whether your business is robustly moving forward or you’re just getting started, it’s common to have a bit of “emotional money baggage” you may be carrying around, that is slowing you down.
For example, maybe you have debt, or perhaps you’re ready to increase your fees but you’re feeling a few pangs of guilt. Or maybe you see the perfect mentoring program you want to invest in but your spouse is skeptical that it will be a wise investment.
One thing is certain, if you carry past baggage with you into the new year, you’ll have a much tougher time creating success. Which is why this is the perfect time of year to give your finances a fresh start.
The mistake most women entrepreneurs make is in not knowing exactly what kind of financial actions they should take. It just isn’t a topic that’s often discussed.
Which is why I’m sharing 3 of my BEST tips with you on how to give your finances a fresh start as you head into the new year.
And while you may not be able to waive a fairy wand and magically make your debt disappear or make your husband have a sudden change of faith, you can create a plan that addresses the spiritual, emotional and practical components that make up every woman business owner’s financial future.
Tip #1 – Stop Being A Victim Of The Past
Women hold themselves to a level of perfectionism that leaves no room for mistakes. Trust me, we’ve all lent money to people we shouldn’t have, given away our power with money, let concern over what others would think keep us playing small or we’ve made decisions to by something that we later regretted.
You can’t change the past but what you can do is stop carrying it around with you! So instead of feeling guilt or shame, or blaming fate or circumstances for what’s happened, learn how to forgive yourself. Forgiveness is an act of extreme compassion and understanding for the small part of you that was doing her best when you made those decisions.
Tip #2 – Don’t Let Debt Stop You From Growing Your Business
Many women entrepreneurs ask me, “Kendall, how can I invest in growing my business when I have debt?”
Firstly, realize that the best way to pay off your debt is likely to be by growing your business, as you’ll then have the increased cash you need to make more than your minimum monthly payments.
Next, understand that investing in growing your business while you may still have debt makes perfect sense if you are committed to implementing. I’ve coached hundreds of women entrepreneurs on my signature debt pay-off strategy and I’ve discovered that those who take decisive action in their business are also the ones who pay off their debt faster than others.
Tip #3 – Create Money Boundaries That Empower You And Others
Women tend to cave in on their boundaries because in some way they feel responsible for other peoples’ feelings. But giving in means giving up your self-respect and losing the respect of others. And that negative energy often flows through into other areas of your business, impacting your fees, the types of clients you attract, and so much more.
My advice? It’s far better to experience a moment of discomfort when upholding a boundary than it is to untangle a money mess later on.
Remember, you don’t need to be the wicked witch when it comes to maintaining a boundary. Boundaries are easily upheld from a place of caring, compassion and connection, all of which helps you stand in your power with Divine Feminine energy, grace and confidence!
