2 Money Mindset Shifts I Embraced to Grow My Business

Let me just start off by saying that I’m not all into the “woo-woo” mindset stuff out in the world today. However, earlier this year, I did spend some time REALLY focusing on the future of my business and what I wanted it to look like. Through this process, I discovered 2 different lessons, or money mindset shifts, that I truly believe have helped me take my business to the next level. 

These can be applied to any industry, so I wanted to share my discoveries with you all today in case you find yourself in a similar place in your own businesses.

If you’re wanting to take your business to the next level, then grab a cup of coffee, and keep on reading! I promise to keep the “woo” to a minimum.

Money Mindset Shift #1: Know Your Purpose, Beyond the Money

This was the biggest realization for me, so I’m putting this one first. Let me give you a little context to begin…

I first started my business after leaving the corporate Accounting world in 2021 because I wanted to spend more time at home with my 2 (at the time) young kids. I still loved what I did as an Accountant, so I decided that I wanted to continue to use my skills to bless & serve others. Fortunately, we didn’t NEED the extra income, so it was more of a hobby/fun job that I loved doing, but I was never super concerned about the money. 

I know I preach that you (as a business owner) make sure you are paying yourself for all your hard work. But there were times in my business that I wasn’t even practicing that myself. And to be honest, no matter how much I love what I do, it can be hard to stay motivated during hard/busy times when you’re not seeing any type of “reward” for that hard work. 

So, I revisited one of the core questions that every new business owner needs to ask themselves – “What’s my why?”

WHY did you start your business? For me, it was to spend more time with my family & to still be able to use my skills to help others. And so far, I’ve been able to do that! But, how could I take that a step further?

I realized that by having a successful (i.e. profitable) business, I could use my profits to do so.

At that moment, I had decided to change up my Profit First strategy a bit (If you’re unfamiliar with the Profit First cash flow method, check out this previous blog post). In doing so, I started intentionally setting aside money for family events/vacations, and also to donate to certain non-profits and ministries that I was passionate about.

In doing so, I was able to have a revived sense of purpose in my business that helps motivate me when times are hard. It helped me reward myself with memorable events & trips with my family, and by blessing others in their ministries & purposes as well. 

Money Mindset Shift #2: You Can’t Do It Alone

I remember hearing a quote from a coach back in high school. Well, it wasn’t an original quote from him, but I don’t know who to actually credit it to. But, it goes “If you want to go fast, go alone. If you want to go far, go together.”

Earlier this year, I realized that if I wanted to continue to have the business growth I had been experiencing this year, I was going to need some help. Sure, I was growing and doing it all myself, but I was getting burned out and stressed. I have a hard time saying “no” to anyone, so I was just trying to help ALL the people by myself. 

And that’s not sustainable. I WISH I would have hired help sooner. But, at the time, I told myself I didn’t NEED that extra cost yet, and I could keep doing it all myself.

Until I couldn’t. 

And that’s where the money mindset shift came in – I had been so “tight fisted” with the money that I was earning, but I learned that it was time to use those funds to help support the foundation of the business so we could keep growing. And not JUST growing, but growing stronger.

And to tie this in with the first money mindset shift I experienced (yes, they overlap some), I realized that I could bless & help OTHERS by providing them with a little additional income to help carry out our business purpose. So, why WOULDN’T I want to do this??

Since hiring some help (both virtual assistants & employees), I have felt SO much more peace & balance in my business. It’s been such a relief having others help support all the things that need to be done in a business, and I am so grateful for the team that we are building here to continue to provide the best service possible to our clients & students!

Applying These to Your Retail Business

So, what do I want to leave you with today? Great question…

First, you need to know why you’re working your butt off in your business. If you’re doing it to provide an extra income for your family, that’s great! Be very specific about your goals – how MUCH do you want to take as a paycheck each month. Do you want to be able to pay for all your families groceries, or do you want to cover ALL the household bills each month? Make sure you’re setting goals that are motivating to you. 

Whether or not your ‘purpose’ is directly related to the money you earn, I want to make sure you really dig into WHY you’re doing what you’re doing. If it was just about the money, you could go get a job that paid provided that. Why did you choose to start the business that you did? What do you get out of it? What do you WANT to get out of it? These are great questions to start asking yourself.

And next – be sure you’re surrounding yourself with people who can help support that goal. I’m not saying you need to hire a full time employee on day 1, but find a friend or a VA that can help with small tasks to take some things off your plate, and make sure that they will be a good fit to the culture & vision that you want to have inside your business. Start building a team early, so you can grow in the vision & mission of your business together. 

Here’s to finding your own version of freedom,