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Transform Your Money Mindset for A Successful Business

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how business owners can transform their money mindset

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Do You Know Your Numbers?

Many small businesses fail because they don't understand their finances.

There are 4 types of business owners.

Clueless Hannah - Hannah has no clue what is going on and was probably never taught about money. Her business is profitable but she does not know by how much. It's a wonder she is still in business.

Spendy Joe - Joe buys the latest thing. He wants the new Mac Book Pro, he spends money on courses and there is a thin line between his business and personal spending. Joe does not plan for the future.

Thrifty Jane - Jane is the opposite of Joe and Hannah. She knows down to the penny what her business brings in. She is afraid to spend money to advertise her business or expand her business. No way would she spend money on self development. Her profits are never consistent and she is always worrying.

Hank - Hank is like Hannah, he is knows his numbers back and front. He's different from Hannah in that his business is profitable and successful. He is also like Hannah in that he constantly worries about money. Hank can't seem to get to the next level and move up from 6-figures.

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Which entrepreneur are you? It's either you lack financial literacy, need to change your mindset or both? Or you could be Successful Jenny but then you wouldn't be reading this post.

Transforming your money mindset starts with understanding money and knowing what your money is doing. 

Track Your Money

Do You Know Your Monthly Income and Expenses?

Either go back and track your money for the last 3 months or start tracking today. Use a planner like the Personal & Business Budget Financial Planner to help you.


  1. Write down your income from all sources.
  2. Write down your expenses, business and personal. This planner divides it perfectly for you.
  3. Set monthly profit goals and work daily in your business to achieve it.
  4. The next step is to manage your spending.

Prioritize Your Money

Pay Yourself First

Before spending any money especially on your wants pay yourself first. Before you pay any bill, including rent make sure you are paid first. Always budget your income in a way that you are able to set aside money for saving and/or investing.


Start Saving and Investing

Make saving a priority. Decide on a percentage you can live with and ensure when you pay yourself first you set aside money towards saving. Invest your money and invest in your future.

money mindset for business

Manage Your Spending

Cut It Out

What do you spend your money on and you feel guilty or wasteful? Is it a need vs. a want? On the business side look at tools and subscriptions that you don't use. 


After tracking your spending what can you eliminate?


Focus on Debt Reduction

If your debt is not "healthy" focus on reducing it. You can use the planner to make a plan to start paying down on your debt.

No Spend Days

Do you feel your spending is out of control? You have shiny object syndrom and you keep buying the latest app or saas for your business and you have paid a fortune in courses that you never implemented. Add no spend days to your life.

Work on Your Mindset

Clarity

Now that you have a handle on your money, you know your income and expenses. You understand what you need to make each month and have set goals it's time to work on your mindset.


Why are you bad with money? Or What's holding you back from achieving more?

Limiting Beliefs

What limiting beliefs do you have around money? 

What limiting beliefs do you have about yourself that effects your earnings?


Money Blocks

What are the negative ideas you have about money? What scares you about money?

Use the tools available to you to understand money and knowing what your money is doing.  Read books on how to manage your money.

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