How Tailored Income Goals Keep Your Business On Track

When you’re running a business on your own, it’s easy to get swept off course. Solopreneurship and small business ownership are both full of moments where we waver, question whether our dreams will work out, and look to what others are doing. This can easily fuel impostor syndrome and turn into a full-blown comparison fest. When this happens, you may lose sight of your own goals and values.

Last week, we went over how to set income goals that are tailored to your lifestyle costs and needs. Today, I want to share with you how doing that groundwork can help you stay focused on your own bottom line, and ultimately help you reach your goals more quickly.

Avoid Comparison

It can be tempting to run your business in a way that is essentially some version of “keeping up with Joneses,” but as you might guess, that’s not very fulfilling. Other businesses can provide healthy examples of what we do and don’t want, but it’s important that we don’t compare our business to others, especially in the monetary sense. We don’t know what other business’s numbers are like on the inside. The businesspeople we admire could be grappling with debt, struggling to pay themselves, or overworking.

Stick to Your Game Plan

Instead of playing the comparison game, I suggest taking regular time to get back in touch with your vision – your “money why.”Doing this will keep you in touch with your own goals and help you keep moving toward them. It can also increase your capacity to appreciate all the hard work you’re already putting in, and feel grateful for all the opportunities available to you.

If you haven’t done the work to investigate what your values are, and what you really want more of in your life, take some time do that. Then figure out what financial figures you need to make those dreams come true, and there you go – you’ve got a game plan to stick to.

Skip Marketing Gimmicks

If you’ve spent much time in the business coaching sphere looking for advice, you may have come across someone’s ad inviting you to work with them to “Have your first 25k month!” (or whatever the promise is). While these nice round numbers might sound nice, they’re really there for the slogan, not for you.

Your financial goals should be based on your values. They should be designed to bring you whatever you want more of in your life. Those nice round numbers won’t do much for you in the way of life satisfaction if they’re not connected to a larger vision of what you want for yourself. Having income goals that are tailored to your life can help you sift through the barrage of marketing messages and financial advice out there.

I hope this post inspires you to keep working to create a business that truly meets your personal needs. If you would like to work with an accountability partner and guide to identify your values and shape your finances around them, check out 4 Week Money Refresh, a package of 4 private 1 hour personal financial coaching sessions, available through April 30th!

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Angela

Image: Eye for Ebony

Why Your Finances Might Be Feeding Your Impostor Syndrome

If you’re not aware of how your business finances look, it might be feeding your imposter syndrome. Ignoring the financial side of your business prolongs the anxiety that surrounds that part of your life as a business owner. Impostor syndrome can be detrimental to your business. It undermines your success and obscures opportunities for growth. Let’s take a look at the different ways impostor syndrome affects your business.

Anxiety

Impostor syndrome is commonly marked by a feeling of not fully trusting your own success. This anxious feeling says “Don’t let them find out who I really am!” and fails to recognize all your accomplishments. If you feel uncertain about your business finances, this takes a toll on your stress and anxiety levels. Consequently, your relationship with your business can feel increasingly strained and uncomfortable. Financial uncertainty and related stress can create a vicious cycle.

Under-Compensation

If you’re not looking closely at your business finances, you might be under-compensating yourself without even knowing it. Whether your prices are too low, or you need to cut back your operating expenses, you may be underpaying yourself. Finding yourself scrambling and struggling to get work done for less pay than you need is disappointing for many business owners. It can add to your feeling that you aren’t truly succeeding.

The Solution: Look at Your Finances

In short, there’s a feedback loop between your finances and your identity as a business owner. Therefore, the best thing to do is to really look at your business’s finances. If you feel underpaid, research changing your prices. Study your personal lifestyle and establish an income goal, and then look for ways your business can bring in that income. Go over your business expenses with a fine-tooth comb. Most importantly, remember that there are solutions to your financial woes, ones that you have the ability to find and implement! I believe in you!

If you want more of my thoughts on this, check out this facebook live video I made on the topic. If you’re interested taking a look at your finances, check out my end of year Quickbooks Online Reboot offer. This session is intended to help you simplify your system, learn QBO shortcuts, and identify secret insights in your financial records. You can schedule a session through my contact form.

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Angela

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