Three of the biggest challenges entrepreneurs and business owners face–
- Dealing with fluctuating income
- Managing the debt that results from fluctuating income
- Paying for unexpected expenses
Even if your business is growing, these can be huge problems. But if you think more money is the answer, think again.
More money is rarely the solution to money problems. Changing what you do with your money when you receive it is the key.
Here are some real-life examples of what happens when you make more money:
One of my coaches shared in a vulnerable moment on stage that the year his business grew from $300K to over $700K, he was still laying awake at night worrying about how he was going to pay his team and his mortgage each month. So even though his business had more than doubled, he was still plagued by cash flow challenges.
And just last week, I heard another successful coach say that his practice is growing really fast, but his expenses are going up even faster, so he’s really frustrated!
Did you catch that? More money did not solve their problems nor bring them peace of mind.
Solving your money challenges and maintaining your sanity requires changing your behaviors with money.
Changing what you do with your money can be as easy as implementing some key money habits. I share twenty-one habits in my book, 21 Money Habits That Can Stabilize Your Business And Keep You Sane. You can begin to change your financial situation immediately by applying the first five. Get them here.
Are you ready to end your roller coaster income and grow your business without taking on debt? Learn more about the money coaching process here.
Note: Even if you’re not a business owner, you can benefit from applying these habits to your family’s finances.