Hi Theo,
Many years ago, in my last corporate role, I craved the freedom to work for myself. But the one thing I felt very nervous about was giving up my well-paid salary!
At the time it didn’t seem possible to replicate my income through self-employment!
Fortunately, I was introduced to a Financial Coach who helped me lay the foundations for financial resilience in my life and business.
I’m not a financial expert but I thought I would share a few things which have helped me through the ups and downs of solo entrepreneurship.
~ Create a financial inventory of all your assets and debts and review this on a regular basis so you can make changes or adjustments.
~ No matter how much or how little money you make, take time every day to track what you earn and spend. Even if this might feel uncomfortable at first, the process helps you become more intimate with your money habits. Over time I’ve made more informed decisions about spending and saving.
~ If possible, spend less and invest the rest! I’ve worked with a financial advisor for many years and, although I felt apprehensive at first as I didn’t have a clue about stocks and shares, he’s given me a broader perspective and insight into financial matters which I wouldn’t have achieved alone.
~ Plan for the future when you may not want to or be able to work. This could range from retirement plans, passive investments, residual income to your own self-study programme.
~ Invest in personal development programmes but always with the intention of implementing everything you learn and recovering the cost of the programme.
~ Your environment and what you earn will reflect your beliefs and thoughts! Create a new money story and show up in ways that reflect your self-worth and values. This includes being more visible, reaching more people and making offers.
~ Create additional revenue streams so you’re not reliant on one income stream if and when life changes (we all know about that one!). For a few years I’ve been working slowly, yet consistently, to grow a residual income stream as a longer-term plan for my financial future.
By growing your confidence and understanding of money matters you will start to see better results and outcomes in your business.
If you need help and advice on a specific area of your business, during the summer months, I’m offering 90-minute Business Strategy Sessions to help you overcome any doubt, overwhelm or frustration to confidently expand your business and increase your income.
Just reply to this email or contact me here to find out more.
I would love to support you!
