Top mistakes female entrepreneurs make when it comes to money
In this blog post, we're diving headfirst into a topic that's close to the heart of many female entrepreneurs: money.
Before we delve deeper, let's do a quick check-in. If any of the following scenarios resonate with you’re in the right place:
You're not where you thought you'd be financially in your business.
Money matters make you break out in a cold sweat.
Roller-coaster months are the bane of your existence.
You feel stuck in an income plateau, no matter how hard you work.
Doubts creep in, making you wonder if entrepreneurship is truly your calling.
Perhaps you're successful on paper, but the joy of your accomplishments feels elusive.
If any of these scenarios strike a chord, then welcome to the club.
You're not alone, and there's no shame in admitting it.
In fact, acknowledging these challenges is the first step towards overcoming them.
Let's tackle some of the common pitfalls that many of us fall into
Mistake #1: Pricing Woes: The perennial struggle of knowing how much to charge for our products or services. Sound familiar? Chances are, you're undervaluing yourself. It's a common trap, driven by our desire to help and our fear of pricing ourselves out of the market. But here's the truth: you're worth more than you think. Don't be afraid to charge what you're truly worth.
Mistake #2: Terms and Rules of Engagement Ever found yourself in the uncomfortable position of chasing overdue invoices or hesitating to enforce your payment terms? You're not alone. Many of us struggle with setting boundaries and sticking to them. Whether it's fear of confrontation or a desire to maintain good relationships, it's time to prioritise your financial well-being.
Mistake #3: The "Good Girls Don't Talk About Money" Myth Somewhere along the way, many of us internalised the belief that discussing money is taboo, especially for women. It's time to debunk this myth. Being proud of your financial success is not only acceptable but essential. Own your worth and don't shy away from talking about money.
Mistake #4: The "Rich Myth" What does wealth look like to you? For many of us, our perceptions of wealth are shaped by childhood experiences and societal norms. It's time to challenge these beliefs and redefine what it means to be wealthy. Wealth isn't just about money; it's about abundance in all areas of life.
Mistake #5: Feeling Greedy or Selfish Do you ever feel guilty for wanting more? It's time to let go of the notion that caring about money makes you greedy or selfish. Wanting financial security and abundance is natural and healthy. Embrace your desire for wealth and know that it doesn't make you any less compassionate or generous.
Mistake #6: Not Asking for Help You don't have to navigate the complexities of entrepreneurship alone. Asking for help is not a sign of weakness; it's a sign of strength. Whether it's seeking financial advice or mentorship, don't be afraid to reach out for support.
Mistake #7: Ignoring Your Origin Story Paradigm Deep-seated beliefs often shape our relationship with money. Your origin story paradigm influences everything from your pricing decisions to your attitude towards wealth. It's time to shine a light on these beliefs and challenge the ones that no longer serve you.
Some homework for you:
Over the next week, pay attention to the stories you tell yourself about money. Notice any negative narratives or limiting beliefs that crop up. Write them down and reflect on how they might be holding you back.
I’ll be talking about money more in my next blog post.
Until then,
Claire
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