How to Cultivate a Positive Money Mindset for Busy Female Entrepreneurs
Taking control of your finances is important if you want to be individually strong as a female entrepreneur. To be financially independent, you must cultivate a positive money mindset and invest in your future.
Achieving success in business is much more than having a great idea and working hard. You need to have a growth money mindset that empowers you to thrive.
What do we mean by ‘money mindset’?
A money mindset is your attitude and belief system about money and wealth. It shapes your behaviours and any financial decisions you make in your life and business. Developing and nurturing a strong money mindset is vital to succeed. It helps you grow your business, develop strategies, overcome challenges, and guide you towards financial independence.
How do you start to cultivate a positive money mindset?
- Set clear financial goals.
Think about the financial goals you want to set in your business. Include short and long-term goals, whether that’s a specific annual profit or putting your kids through University. You can develop a sense of purpose and drive when you have clear objectives.
Break your big goals into smaller, more manageable steps while celebrating your achievements along the way. Use the SMART acronym when working out your goals. (Specific – Measurable – Achievable – Relevant – Timely). Motivation is key to pushing forward with your goals, but motivation needs action. What step are you going to take today towards your financial goals?
- Know your worth.
Valuing yourself and your products or services is essential for a positive money mindset. Charge what you are worth, and don’t be afraid of negotiation. Be confident when it comes to pricing and sharing what you charge. If a customer says you are too expensive, be confident in the knowledge that they are not your target audience.
If you want to learn more about pricing strategies for businesses, join our guest speaker Wendy Garcarz at the Socially Shared Coventry session on Tuesday 17th October.
- Educate yourself.
Learning more about finances, investments, HMRC policies, grants, and funding puts you back in control of your financial future. Sign up for webinars, workshops, and courses. Read books, blog posts, or listen to podcasts. Engage with experts and learn more about your relationship with money.
In addition to the external education, remember to review what’s going on with your current finances. Knowledge is power; when you know exactly what, where, and how your finances run, you boost your confidence and make more informed financial decisions.
- Banish your limiting beliefs.
Are you among the many female entrepreneurs with a deeply rooted belief about money that keeps you small? What you were told as a child, such as ‘money doesn’t grow on trees’, is a reminder that money is scarce. That belief transfers into adulthood and impacts your life and business. Identifying your beliefs, whether it’s a fear of failure, guilt associated with success, or outdated biases, can help you tackle the issues.
Working with a business coach or counsellor can help overcome money mindset barriers or challenges. If you want to learn more about your ‘mind monkeys’ join our guest speaker Jacqui Jagger at our Tamworth/Lichfield session on Friday 27th October.
“They say it is better to be poor and happy than rich and miserable, but how about a compromise like moderately rich and just moody?” – Princess Diana.
- Tap into your network.
You never have to struggle alone, even as a solopreneur, when you have a supportive network of mentors, peers, and allies who understand your challenges. Sharing experiences, getting feedback and advice, and receiving encouragement can help you stay motivated. Who do you have in your networking circles that can help you understand your money mindset better?
At Socially Shared, we celebrate the experts in our network and run a monthly Online Business Surgery to offer the support, advice, and encouragement everyone needs.
Bring your questions to the event and get them answered by our business panel. A question or situation will arise for many businesses, and you need to seek expertise and guidance for the answer. However, advice and expertise can be costly, so our new online business surgery makes this advice more accessible.
The panel of experts, which will vary for each event (professionals from within our membership), will take your questions and share their expertise. They will also be sharing their ultimate top tip with the audience.
Join us for our October online event on Monday 16th October at 7.30pm
Cultivating a positive money mindset isn’t all about generating a good return on investment (ROI); it’s also about developing a healthy relationship with money so you can thrive. By embracing your financial goals, learning more about your beliefs, understanding how your business currently makes money, and valuing your worth, you can create and nurture a super money mindset that helps you attract abundance and achieve your business dreams.
“What you focus on, you create more of, so if the plan is to get rich, you want to focus on abundance as much as possible. Give as much as you can as often as you can, receive with gratitude and joy, think of money as your pal, raise your frequency and get in the flow.” – Jen Sincero
Feel Supported in Your Business with Socially Shared
Interested in joining the Socially Shared Women’s Business Support Network? Our affordable annual membership is £99 and includes many benefits to help your business thrive. Find out more via our website.
What does the membership include?
- Online Business Surgery
- Members-only free events
- Online business listing
- 2 free guest passes
- Discounted tickets
- Unlimited event listings
- Quarterly newsletter
- Speaking opportunities
- Social events
“By far the best networking group I’ve been to. Expertly organised, incredibly friendly group with genuine support and the leaders are very well connected in the local business world with heaps of experience. Socially Shared is totally different from other networking groups I’ve attended; its whole ethos centres around LEARNING while networking and each session has a themed business topic like ‘knowing your customer’ ‘blog writing’ ‘time management’ etc. which are really useful with a handy worksheet with all the tips to take away.” – Stephanie Rix, Life’s Work Consulting