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I have yet to meet a woman entrepreneur who isn’t secretly carrying around a bit of “emotional money baggage”. What’s important isn’t whether you do or you don’t have some of the most common money issues many women entrepreneurs face; but whether you’re on a path of being in complete integrity with whatever your situation is.
For example, maybe you have debt, or perhaps you’re ready to increase your fees but you’re feeling a 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, you’ll have a much tougher time creating success. Which is why now is the perfect time 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. And that’s because money 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 move forward in growing your business.
And while you may not be able to waive a magic wand and immediately 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 priorities that add up to putting you back in control of your financial future.
Tip #1: Let The Past, Stay In 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 buy 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?”
First, realize that the best way to pay off your debt is 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 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 the fastest.
Tip #3: Create Money Boundaries That Empower You And Others
Women tend to cave in on their boundaries because 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 by taking a compassionate, yet firm stand for what you are prioritizing.
For example, let’s say a client tells you they can’t make their program payment this month. Instead of agreeing to wait, ask them to make a good faith payment today, with the balance due in two weeks. This way, you are giving them a little extra time, yet standing firm by creating a payment plan that works for you.
When it comes to money, standing in your Divine Feminine power means employing compassion and strength, all of which helps you build your business with clarity, grace and confidence!
