Owning a Business Without Worrying About Money

February 12, 2018 - 4 minutes read

Owning a business without worrying about money seems impossible. No matter how hard you try, it feels like money is at the root of everything. Rent, payroll, equipment, travel, marketing, and the list goes on and on. Many business owners struggle with curbing the concern about money simply because it’s a challenge to do so. Money is simply always on your mind, so, what can you do to keep those concerns in check?

Avoid Desperation

There will be moments when you are desperate as a business owner. There’s a large amount of pressure on you to land a new contract so you can meet payroll next month. The last thing you should do is disclose that you’re in this situation. Saying things like, “I have a family to feed,” or, “I need this or else I won’t be able to pay my employees,” isn’t what most new clients like to hear. Rather than land that new contract, you’re going to lose the client because they think there’s a chance you won’t be in business in the future. Rather than focusing on money, focus on the benefits of working together and share how you add value so that a new client is more inclined to sign.

Look At Your Data

I can’t emphasize this enough. Collect as much data as possible in your business. You should know absolutely everything from the number of proposals that you’ve sent out to where you are with payment collection. Data tells a story and the more information you have access to, the more you’ll be able to see trends. For example, if you look back in time and see that sales dramatically decrease in the months of January and February, but typically pick up heavily in March, then you can plan ahead. If you’re a brand new business and don’t have data, start collecting it right away and look at a competitor and/or industry trends to paint the clearest picture possible.

Related: Goal Setting and Checking In

Focus On Your Pitch

One of the first things you should do as a business owner is to identify your value proposition(s) and fine-tune your elevator pitch. Be as specific as possible. When you speak to anyone and they ask you what you do, you should be able to deliver all pertinent information in under 30 seconds and at the end, the person should understand exactly what you do or sell. If you’re still working on your pitch, practice as much as possible with anyone around you. The sooner your product or service offerings are crystal clear, the quicker you’ll see revenue.

Do What You Love

If you don’t enjoy what you’re doing, it’s difficult to sell it. Your misery will come through in your pitch and most importantly, you simply won’t be happy. If you are truly doing what you love, it’s much easier to switch your focus to that passion rather than having money at the forefront of your mind.

For Inspiration: Chelli Wolford, Small Business Owner, on her approach managing money-related stress