This is a guest post by Nadia Finer, a business coach specialising in strategy and support for female entrepreneurs. She helps women like you to step into their own unique awesomeness and GO BIG IN BUSINESS.
Do you feel like your business is still an expensive hobby? Are you finding it hard to make a decent profit so that you can keep doing what you want to do?
I recently surveyed a group of solo entrepreneurs and discovered that a third were only making $1000 dollars per month in profit.
Hearing this lite a fire in me because that’s just not good enough! I want to make sure that you can carry on helping the world with your business & enjoy your life at the same time.
You’ve got bills to pay, you want to be able to buy things for those you love, to go on a holiday once in a whilst. You can have all of those things. But in order to get them, you have to get into the right money mindset & have the techniques to back it up.
I’ll admit, I have also had some issues with this but going through those issues has meant that I know what worked for me and I can share those money hacks with you now.
So get ready for my must have money mindset hacks!
Do you have a money mindset block? If you resonate with any of these then this could be a great area for you to work on.
Do you feel awkwardness around talking about money?
Do you feel funny telling someone how much your product or service costs?
Do you feel guilt around charging for your service?
Do you feel you need to keep discounting your services?
Do you delay sending your invoice‘s straight away
Do you often offer to do things for free?
Do you feel guilt for charging for your services?
If any of these apply to you then you might need to work on your money mindset. Read on for 3 money mindset hacks!
1 | Price it right
Increasing your price can increase the perceived value of your product. If you’ve spent a lot of time working on your product and you know that the techniques in there can have a lot of impact on someone’s life then you want to make sure that they are going to implement those techniques. If they don’t then they aren’t going to get the results they are looking for and then both your client and your business suffer.
We all want our products to actually make a difference and we want the raving fans that prove that we know what we are talking about. Make sure you price your product or service what it is worth. For more advice on pricing you can listen to my podcast.
2 | Using Contracts
I always recommend getting a contract drawn up that you can send to clients. You don’t want to be left in the lurch if they suddenly decide to pull out or don’t pay you. You need to plan your cash flow. Contracts are a great way to formalize everything and kick things off with a professional start.
3 | Always invoice on time
No matter how much resistance you may have to invoice, make sure you do it on time. When you do it remember that if you don’t get paid on time then you are going to have trouble running your business.
For small businesses cash flow can be a big sticking point and you need to ensure that you can do anything in your power to ease the pressure so you can keep growing and helping more people.
If you want to stop treating your business like a hobby and start reaching $5k dollar months, Project Profit might be for you. It’s a 6-week program which takes you through a systematic approach to increasing your profit (and it’s had rave reviews!)