It’s all about the money, money, money

Untitled design (15)Just in case you weren’t entirely sure, I am British.

It’s a well known theory that the good old British ‘stiff upper lip’ means that talking about money, earnings and how much things cost has long been seen to be vulgar or crass.

Let’s get real here though, is it really? Why is it vulgar or crass to want to earn a good income? Why is it a bad thing that you want your business to earn good money?

Did you go into work or business to do it all for free? Can you live on nothing?

I want my business to be able to bring in good money, in fact I want my business to be a roaring success. I don’t think that’s crass, I think that’s absolutely normal and should be socially acceptable.

The people I work with as a Virtual Assistant also want to be successful, in fact it’s really important to me that they are open about their plans and goals and the lifestyle they want to live as a result of their success. It’s super important as in their business, my role is to support them in achieving those goals.

When I talk about financial ‘success’ I mean making enough money to sustain and fund your life. That will be a different amount for each person so I cannot put a 5, 6 or 7 figure label on it.

What I can say though is that the people that want, and are focused to work towards, their version of success are the kind of people I currently work with. That will remain one of the many factors I use to help me when considering taking on a new client. If this sounds like you and you want the Virtual Assistant support from someone like me, committed to your success, then drop me a line here!

It’s taken me a long time to come to terms with the fact that I want to live a certain kind of life and that will take money. My deep belief that talking about money is somehow a dirty thing made sure that I kept my sights low and my actions never catapulted me out of that viscous circle of financial worry.

A promise to myself for 2019 is this;

No more making myself small, if people see me as vulgar for being open and honest about the money I would like to make, then that’s on them not me.

I would love to know what you think.

Do you have a desire to make good money too (whatever your version of good money may be)? Do you find it embarrassing or too private and struggle with talking openly about how much you currently do earn as well as what you truly want to bring in?

Do you have a lifestyle in mind when you look to your future? How much does that lifestyle cost?

Money, by definition is:

A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively. “I counted the money before putting it in my wallet”

It’s not so vulgar really is it, not when you take the emotion out of it so that money simply become tokens swapped for goods or services, nothing more nothing less.

Emotional currency

I am of the belief that we put too much emotion into money. I understand why we do and I am certainly not judging anyone for it. I have the same tendency and I am constantly working on changing how I think of and respond to money.

I can openly talk about money this way because I have been lucky to have £13,000 just happily sitting in my current account and on the flip side, I have also had zero in there too.

This is not a one sided confession. I have been in both camps and neither worked out how I hoped, partly because I was so private about it and ashamed to discuss it with people who could have helped change my perspective and teach me important lessons.

Embarrassment, shame, dirty, vulgar, unladylike, crass, private, secret, wrong, arrogant

All of those were words related to how people felt I should feel about talking about money. It didn’t stop being an issue because I committed to those things, it did become a greater source of worry though!

I went from £13,000 in my current account to being in the minus figures so I know what it’s like to have nothing.

Did you know there was a time I had to ask for a bed for the night for my son and I because we had no home of our own or that I have been that person who robbed Peter to pay Paul when it came to the utility bills because I wasn’t earning enough to cover the BASIC cost of living?

Even now I feel utter dread when an unsolicited knock lands on my front door!

Why is a good money mindset important to me?

Well, I have been that mum that lived off of half a tin of beans a day so that I could afford to feed my child and that feeling of raw need is something that I still struggle with today – I don’t believe that any one of us needs to find ourselves in that position nowadays and that means getting open and honest about money.

Why should it still be taboo in a day and age such as the one we live in?

Before you start wondering how to change your money mindset I am sorry but that’s not what I am here to tell you. I still battle that feeling of desperation and lack and it is something I am working on daily – I work with a fabulous business coach in a programme that is seriously helping but I am in no position to teach it…yet!

This post is about being honest with what you want financially from your business over the next 12 months.

Figuring out how much you need a business to earn is key to the actions you will take over the coming months and it’s essential that you know what you need to earn to live the life and run the business you intend to have.

This works in much the same way as it would work personally.

If you know you need to have money for that dentist appointment or that special birthday gift then you make sure you have it there. If you didn’t know you needed that money in advance you would have no way to allocate it. You would spend it on something else so by planning for it and as such allocating it, it becomes a no brainer.

Think of this exercise as your way to ensure that your plans, sales etc are all working towards that target income.

With that in mind, when you are working on your business strategy (if you haven’t already done so) there are a few things you should really take into consideration:

  • The cost of living that you will need to draw from the profit of the business to survive personally (your salary)
  • The cost of running your business so that it can sustain itself including but not limited to materials, staffing, electricity, subscription costs etc.
  • Any growth you wish to make and the cost of that. i.e. do you need to hire an employee or expand your premises? Will you need to upgrade your website?

There are others and some may be industry or business specific and you should account for those too. If you aren’t honest about those items then your strategy will almost always fail.

Now is where it gets really interesting; work backwards, how much and of what, do you have to sell to make that?

Will it mean introducing a new package/offer or item? Maybe collaborating in a way you hadn’t previously thought of?

As a Virtual Assistant I can tell you that working with my clients on their strategy makes my role 100% clearer and way more effective. I know that it makes it easier for me to decide what I will be posting about on social media, what offers I am going to run and where I direct my business over the next 12 months.

For those of you that are on the fence about this. Listen, stop worrying about what others will think and get open and honest about your business income needs.

This is a game changing exercise for your business

I would love to hear from you about you financial goals and feelings about talking openly about making money.

Don’t forget that your comments, shares and likes all help small businesses like The Amy Johnson stay visible and I appreciate it!

Thanks for reading,

A x

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