Set up financials for business
(2:45) “The irony is that worrying about money is the biggest reason why people stay in their full-time corporate jobs, despite longing to do something else. They hold onto beliefs that a stable salary from one employer is the safest way to live and work, that freelancing or running your own business is inherently risky and poorly rewarded, and that their mortgage payments and very comfortable lifestyle would suffer if they were ever to quit their job.”
(5:15) “Before even getting to the numbers themselves, you really have to start with your mind-set. A lot of us have money ‘stories’ that we’ve developed over the years, inherited from our parents and from our personal experiences from school, TV, whatever. Maybe your parents argued about money when you were growing up, or it was a taboo subject that no one talked about… As a result, you have a lot of beliefs on the topic of money, beliefs that can hold you back when it comes to running your business successfully.”
(8:37) “You may be a maths whizz who loves Excel or gets excited by budgets and income targets and accounting reports… in which case congratulations you probably know more than I do! If not, however, you don’t want to be sticking your head in the sand and ignoring those numbers altogether! You don’t need to become an accounting expert, but you definitely need to understand at least the basics of how your business works, what you’re spending, and what you’re actually earning.”
*Resources mentioned during the episode*
Mindset blog post – Facing the Fear: Breaking free of your beliefs. Take a look at your own money story and see how you can start to challenge those beliefs. Read the post here >>
Reimagining Success Podcast – Episode 8, nine mindset shifts you need to make when working for yourself. Listen to the episode >>
Profit First – Transform your business from a Cash-Eating Monster to a Money-Making Machine. Find the book here >>
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