Guest post by Nicki Mckay
I wanted to share some tips I have learnt about money that have helped me enormously (I know money is a big one that affects us as entrepreneurs so how could I not share, right?).
The first half of 2015 I had my worst ever turnover in my business, even though I was still working 50 hour weeks. Yep, even worse than my first year in business and way less than a minimum wage. When talking to my accountability buddy she said, “You know before I started doing these sessions with you, I thought web designers earned a lot of money!" Ha!
I can put it down to a few things, but mainly it was all to do with lack of clarity, not valuing myself, split focus and generally feeling a little stuck.
For the first quarter of this financial year I have tripled what I made in the first 6 months of 2015 with a few simple changes.
So what was different? Mindset. I didn’t need a money manifesting course. I just needed to get my ‘stuff ‘ in order here’s how I did it.
I finally figured out my bigger picture, and holy wow, it has opened up so many doors. I didn’t do it from thinking, it came from NOT thinking. Creating space. Lack of clarity is like being in a big cage, you can’t think your way out, you just need to reach down and open the damn gate. Take action and fail your way forward, stop trying to control everything and go with the flow – clarity will come.
I have an accountability buddy who I chat to every Monday morning. We do a session on our goals for the week. Just before the end of the financial year, we started talking about how bad our money situation was and how we’d be better off going and getting jobs. So right then and there we set a goal, earn $x by the end of September or get a job. Incentive enough right? Hell yes! I made it to my $ goal by the first week of September (with 3 weeks to spare!). (Tip: change your passwords to your goal for a constant reminder).
To meet that goal I had to track all my $. So I started a spreadsheet and tracked every single penny that went in and out of my business bank account, and also worked out how many products I need to sell for the month to meet my goal. It prevented me from making a lot of frivolous purchases (hello book depository). I now spend my mornings checking in on that spreadsheet and making sure I am on top of it all.
PAY YOURSELF FIRST
The first thing to get neglected when you’re struggling to pay the bills is yourself. And it shouldn’t be, because without you, your business probably wouldn’t work right? So I made a priority to pay myself a wage, into a separate account from my business. How good does it feel knowing you have your own non-business related account so you can go and get your eyebrows waxed without feeling guilt! SO freaking good.
Two things make up flow for me, one is getting work done, if work is not progressing then I am not getting paid, and progression is also the worlds best motivator. Secondly, I need to move, as in exercise *Cue eye roll*. But I am deadly serious, it totally works – I’ve made a 5k run a daily week day activity (I am lazy on weekends) and since doing this I have noticed a big shift in my clarity of thought (and my jeans are a little less tight) which is making me way more productive.
I’d love to know if you have any tips for getting your money mindset right or if you’ve found this helpful, leave a comment below!
ABOUT NICKI MCKAY
Nicki Mckay is a Brisbane based web designer, website developer & digital strategist with over 10 years experience. She collaborates with inspired entrepreneurs to help bring online visions to life. She has a passion for helping women build their businesses online.