The Biggest Obstacle To Making Money In Your Business (And 4 Ways To Avoid It)Oct 10, 2023
Making money isn’t everything, but it is a very important thing.
“If your business isn’t bringing in the cash, you’re not going to keep the lights on.”
Your business needs you to make money. Because without an income, your business can’t keep making the impact that it does on your community and clients.
Talking about making money can be an uncomfortable topic, but it is so worth it.
It’s important to talk about making money because there’s something inside of you that has the potential to stop you from bringing the money into your business bank account.
We are all human, and so we all have an ego. That means you can be tempted (especially as a new entrepreneur) to spend too much time and energy on what your business looks like instead of what is really happening. And what is really happening in your bank account?
It’s time to check your ego at the door and start focusing on the things that will actually make money in your business. So how do you stop your ego from sabotaging your business growth?
1. What’s Your “Why”?
Social media has confused the entrepreneur world. The message is: you need to live expensive to look successful. Going out for dinners, enjoying international vacations, having money for luxury items… and making sure to put it up on social media of course!
“Do you want people to perceive you as successful or do you want to BE successful?”
As a new entrepreneur, it’s tempting to spend time, money, and energy on the things that make it look like you’re really successful instead of doing the things that actually put money in the bank.
Are you in business to look good or to make money? Are your expenses investing in you and your business or are they putting on a show for everyone to see? If you want to be in business for the long haul you need to ask yourself why you are spending money on the things you are.
It’s OK to do the things you enjoy. It’s fine if your business is actually supporting you. But are you doing it to prove that you are successful?
Take the time to stop and ask yourself “Why am I doing this? Spending this money? Posting this on social media?” Be OK with getting vulnerable and uncomfortable. Because that’s how you’ll get rid of the biggest obstacle to making money in your business.
2. Grow Your Confidence
“Your business will never grow past the level of where you, yourself are growing.”
As you start your business, that is the time to build confidence in your growing business. To invest in a business that can become an empire.
It’s not time to prove you’re something by buying loads of flashy stuff.
Doing that will actually have the opposite effect that you want. It will take away your confidence because you’ll put your confidence in the wrong things (and you’ll know you can’t really afford it.)
So those flashy items will end up poking holes in your confidence. When you take the path of “showy” it leads to exhaustion, burnout, and fake friendships.
Your confidence level needs to increase to the place where your business can grow. So invest your time, energy, and money into things that will actually make your business a success, not just make it look like a success.
3. Avoid The Desperation Cycle
Worrying about what you look like also has another nasty side effect on your business: desperation.
Imagine this relatable scenario: you land a new client but you end up spending that money on something flashy to prove how successful your business is. But now you need more money to come in to pay your bills, and fast.
That level of urgency can easily lead to desperate marketing to new potential clients.
The problem is that people can smell that desperation in you. And when they do, they usually lean away from you because it’s a fishy smell. You sound sketchy and it creates a sense of mistrust. And that puts your business on a bad downward spiral.
So avoid spending money that you don’t have. And, even if you do have the money in your bank account, avoid spending it on looking successful. Rather use it to make more money and keep your business growing!
4. Embrace Honest Feedback
Do you have a person (or multiple people) who will be honest with you? Someone who will care about you enough to tell you hard things when you need to hear them.
A community is one of the most crucial strategies for dealing with your ego. Because it can help you recognize when you are being full of yourself. They can point out when you’re being showy. And even more, they can help you get down to your insecurities and deal with them.
And after you’ve heard something you maybe didn’t want to hear, go have coffee with it before you get defensive.
Remember, it’s not just anyone giving you advice. This kind of relationship is deep and needs to be based on trust and a strong foundation. So think about who you have in your corner right now.
Yes, it’s a hard thing to do because you might get some feedback you don’t like. But if you want to check your ego and start making money in your business, then be brave and go for it.
Are you ready to join a community of entrepreneurs who aren’t afraid to share their blooper reel and the lessons they’ve learned? If you are, then join our Groundwork Brigade - a safe space to get real about checking your ego at the door and making some real money in your business.
If you missed the conversation between Kim and Kerry on their podcast Buckets and Boom Gates, you can catch it here.
To connect and find out more about Kim or how to create a sexy business for a sexy life, you can reach her and the My Sexy Business Team at www.mysexybusiness.com
And to connect with Kerry Zarb go straight to her website www.kerryzarb.com and you’ll find her there!