How to Make More Money in Your Business AND Keep It

Do you ever worry about going out of business? What about not being sure how much to actually pay yourself in your business? These are the stresses every business owner deals with, but the good news is that you don’t always have to deal with them. There is a way to overcome these worries and it’s by learning how to make more money in your business AND keep it. In this post, Sarah Young, a business financial expert, shares some practical steps you can take right now to gain that financial freedom you’ve been desperately grasping for.

Sarah has been an entrepreneur for just over five years. She owns Young & Co., a firm that provides strategic financial services. She also runs a personal coaching business specifically focused on wealth coaching for women business owners. She offers business and money strategies that help you build your wealth and gain financial freedom through your business.

Sarah and I have noticed several entrepreneurs in the past few months who are either desperate to sell their businesses or have to shut them down altogether. Many entrepreneurs out there look like they are making money, but behind the scenes, they are panicking and feel like they have no control over their business money.

We don’t want you to fall into this category. There are specific things you can do to mitigate some of these potential issues and that’s what we’ll dive deeper into in this post. If you want to feel more confident about managing your business money, this post is for you. For more guided assistance, check out Sarah’s coaching business HERE where you can get help to organize your money and get back to a place where you are thriving in front of and behind the curtain.

how to make more money in your business and keep it. www.iammichellegifford.com

How to Get Over the Negative Money Mindset

Many people believe, whether they recognize it or not, that money is a bad thing. They actually really like money, but when they see it they feel really bad about it. Everyone has a different perspective about money, but it comes down to if they can see the good in it. What leading beliefs do you have about money? Those beliefs are driving your business success.

Think about what stories you’ve created in your mind about money. Do you believe that if you were to become “rich” your family would hate you? You wouldn’t spend enough time with your kids? Your friends wouldn’t like you anymore?

Think about what stories you tell yourself if you were to make X amount of dollars. Becoming consciously aware of this is the first step to shifting your negative money mindset. Challenge the belief and ask yourself why you say those things. Pay attention to those thoughts and work your way to the root of it.

The 3 Stages to Feeling Confident about Your Business Money

Sarah teaches her clients in three different stages when it comes to feeling confident about their business money. She walks them through how to make more money, how to save more money, and lastly, how to build wealth. The following is just a quick overview of what she teaches in her course, so if you want to know more, you can check out her course HERE.

Stage #1: Make more money without getting burnt out.

When business owners think about making more money they immediately jump to making more sales. They think about vanity metrics, Instagram followers, etc. However, it’s not just about that. It’s about whether or not you can put money in your pocket without overworking yourself.

Burnout is a common reason why people shut down their businesses altogether. In Sarah’s financial coaching, she walks you through how to scale your business up to a place where you can put at least six figures in your pocket–without getting burnt out.

Stage #2: Save your money.

If you start to make more money, you want to make sure you are saving more money too. This doesn’t just mean putting a certain amount of money in a savings account. This also means covering the basics of money management for your business and your personal life. This looks like making sure you have those cash cushions and not drowning in debt. You want to have a responsible spending plan. The idea of living on a budget isn’t entirely attractive to think about, but it is important to have a plan and know what your money is for and where it’s going.

Stage #3: Take your wealth creation to the next level.

Once you’ve covered the basics and you’ve got cash in the bank, it’s time to take your new-found wealth to the next level. As a business owner, this comes in two forms. The first is investment. Hopefully, at this point, your business is throwing off a lot more cash, which you can take and put into some sort of investment. This could be putting your money into retirement accounts, real estate, etc.

The second way to take your wealth to the next level is to turn your business into one that can run without you. This is one a lot of people don’t think about. If you can create a business that can generate profit without you running most of it, has good branding, and offers value that people are interested in, you are pretty much set for life. If you get your business to this point you can decide if you want to continue to run things or you have the option to sell the business for hundreds of thousands of dollars (or even millions) and walk away.

The best way to achieve financial freedom as a business owner. www.iammichellegifford.com

How to Pay Yourself in Your Business

You’re not the only one who has ever wondered how much to pay yourself as the owner of your business. It’s hard to know what percentage of your money should go to you and what percentage should stay in the business. Unfortunately, no one formula can calculate how much you should be paying yourself. Instead, you ask yourself what amount of money you need to cover your bills.

When Sarah’s husband quit his corporate job, Sarah was in charge of covering the bills, saving money, etc. She figured out how much money they’d need to live comfortably every month, their savings goals, investment goals, and how much money she wanted to be putting in her bank accounts every month.

Think about the phase of life you are in right now and what amount of money would be sufficient for you to receive every month. That is the amount you should take out. However, be strategic with the amount to make sure your business has those cash cushions when they’re needed.

It can be hard to take money out of your business revenue for yourself because you could be scared that if you take it out, will your business make that money back? You may wonder if you’re worthy to even take the money out and give it all to yourself. Thoughts like this root back to the beliefs you have about money. This is something you can cure by continuing to shift your money mindset to one that serves you and your business better.

how to gain control over your business money and start building your wealth. www.iammichellegifford.com

The First Step to Take Right Now for Financial Freedom

If this post seemed overwhelming and you have this mental list of all these things you want to do, but you’re not sure where to start–take a deep breath. We are going to take some baby steps. Every baby step leads to something greater than you could ever imagine.

The first baby step to take is to get really clear on what you want. Decide what your money is for and what it should be spent on. Figure out why you are still showing up and running your business. It’s certainly not easy and takes up a lot of mental energy, so decide on why you show up and what your plan is for your money. Write these things down and then say them out loud.

Let’s decide right now that we will no longer let our identity happen to us. We claim our identity and we are intentionally taking steps that lead us to the identity we want to one day have. We will own it and not be ashamed of it. We will say what it is out loud as many times as it takes for it to feel comfortable to us.

how to make more money in your business and actually keep it. www.iammichellegifford.com