Welcome back to the fourth installment in this 6-part series on how to have more fun in your business (and life!).
If you missed them, you can find the first three installments here:
- Tip #1: Get clear on what you really want to experience in your business and in your life.
- Tip #2: Look at how you are spending your time vs. how you would love to spend your time
- Tip #3: Identify places in your business and life where you can lighten up
Tip #4: Look at your current source(s) of income
One area that causes stress for most people and many business owners is the topic of finances and making money.
The goal for most of us is to make our ideal income (whether revenues for the business or our own individual salaries), and to do so at a pace and in a way that you don’t lose control of all the things we have talked about so far – namely your ability to:
- have control over your schedule
- engage in joyful activities that are life-giving
- have fun engaging with your co-workers, partners and clients while producing excellent products and services
- have time in your life to engage in non-work activities and relationships that are important to you as a whole, balanced individual
While this may seem to some like a nearly impossible feat, I assure you it is not. You have levers you can pull to create this balance!
But first, you must get out of your own way. Most, if not all, of us were brought up with very clear messages and belief systems about money that likely go back many, many generations in all of our families. It is good. It is bad. There is never enough of it. People misuse it. It causes suffering. Etc…
Money is energy. That is all it is. It is just energy. (tweet this!) It is a method of exchanging value. It is not good nor bad unless we give it one of those meanings. There is only not enough of it if we choose to believe that. Or we can choose a more empowering belief that “There is plenty of money for everyone.”
Step #1: Change your relationship to money.
So the first step in changing your relationship with money and whether or not you are able to attract enough of it is to really look at your belief system and consciously shift what you believe is true about money. With whatever you discover about your current belief system, next think about what is an even more empowering belief system you could adopt to help you create a different reality for yourself.
Step #2: Look at how you currently generate income
How much do you charge for your products and services and how many units of each do you sell? What is your profit margin on each?
This exercise will help you to evaluate if you are charging enough. It can also help you identify if your expense base is too high and where you might need to reduce your costs to increase your profitability.
What I find is that many women entrepreneurs, especially in the early stages of their businesses, tend to charge too little for their products and services. They do not always build in their entire cost of doing business. They sometimes forget to factor in their salaries in part or in whole when determining their pricing. They sometimes forget to build in a profit margin in addition to their labor and material costs. They may only be pricing based on a cost plus model instead of really looking at the value of their products and services in the marketplace, which could allow them to charge more for what they offer.
Step #3: Brainstorm additional ways you can generate income
What are additional products or services that you could create to generate more income? What are some higher-end offerings you could develop? What could the profit margins look like for these new products or services?
Also, take a look at which products or services you can retire because they aren’t profitable enough. Sometimes we have to let go of things that are no longer serving us and our businesses in order to make the space to create something new.
I’d love to hear from you in the comments below this blog post. Up until now, what has been your primary belief about money? What new belief might you employ moving forward?
I hope you have a great week!