Updated: Sep 7, 2020
I hear it all the time, I want to start a business but I don’t have the money right now to invest. Or I want to leave my job and start this business but I’m worried because if this business fails I don’t have a fallback plan. How we view our relationship with money is huge. There are two specific mindsets when it comes to money: abundance or scarcity. The abundance mindset says “there is enough for everyone, the flow is only natural” whereas the scarcity mindset says “quick, every man for themself, grab onto what you have and don’t let go”.
Ask yourself right now, which mindset do you currently operate in?
Because of the way I raised, without running water from the age of 7-11 or more times than I’d like to count of not having food in the fridge (hello $157 monthly food stamp budget), I developed a scarcity mindset that I had to work really hard and grab whatever came my way, never letting go because it wasn’t guaranteed that I wouldn’t have that “opportunity” again. And while hard work pays off, “the hustle” mentality is just another form of scarcity. It took experiencing burnout twice to realize, there has got to be another way. There has got to be enough, enough for me and enough for others. So I started believing that instead of this “being the last opportunity” it was “the first opportunity of many”. The result; life became easier, more clear, I started booking dream clients, raising prices, and ultimately feeling that I was enough.
I know right now, with the state of the economy a lot of people are a little gun shy about pulling the trigger and investing money in their business because we're worried that the ideal client/customer isn't there. I want to dig a little deeper on that; why do you think that your ideal client/customer isn't there? What is it that makes you think that your ideal client doesn't know about you? Almost 99% percent of the time, the answer will be “because I’m too scared to tell them I’m here and if I do, they might find me and then that means I have sell myself. I don’t like selling myself. I’m scared to sell because I’m scared I won’t be good enough because of [insert deepest fear here]. And that my friend is the subconscious narrative that is playing over and over that you consciously listen to. Good news - those are feelings based on a scarcity mindset and feelings are not facts. Let’s change the narrative, shall we? “My ideal customer is out there, in fact there are so many that it would be impossible for them not to find me. And when my ideal customer does find me, I won’t even feel like I’m selling because it will be a perfect match”. I’m hoping if you’ve made it this far you have moved from feeling scared to feeling empowered.
I want to set the record straight and say “you might not make 6-figures in 6-months”, though that's a really sexy marketing strategy. Who would buy something that promised “6-figures in 6 years?” The possibility is there, of course, depending on your offering, market, client, attitude, mindset, etc. What I am here to tell you is that you might have to take a potential loss when you first start your business. Be realistic. You're building something here. Usually from scratch. I always say give yourself about six months of wiggle room, because a lot can happen in six months. For me, a lot happened in 6 months — I went from paying $1,700 in rent in my second location having no idea when I would see new business come in, to planning to pull the plug on the whole idea by month 6 when my short term lease was up. That same month I booked my first six-figure client. The $1,700/monthly rent checks all of a sudden just became a facilitator whereas before they were my benchmark of success. Remember, give time, time. In order to do that successfully, give yourself enough support for the 6-month climb.
Lastly, I want to share something pretty personal with you. I used to equate work to money. I used to work really hard and I got really sick because of it because I felt like the more money I made, the more worthy I was. And the harder I worked, the more I deserved it. But we have to change our relationship with money. That's, the only way we can move forward in our business. You can start that today by choosing an abundance money mindset over the naturally programmed (and reinforced) scarcity money mindset.
If "for sure" income or feeling like you don't have enough capital to start a business is holding you back, then you'll want to watch my FREE Masterclass: How to Go From Corporate Job to Self-Employed in 90 Days WITHOUT Fear of Failing. Learn the 3 (time, money, and security) mistakes that are holding you back from starting a business and what you can do to move forward (with real-life examples), as well as the structure you need in place in order to build upon. Watch now!