As we strive to be wealthy, with visions of traveling first class and lounging on a beach or attending that hot retreat, we focus on the amount of money we are making as the means to this dreamy lifestyle.
This is completely natural by the way, it’s what society tells us. To qualify for a wealth manager, you usually need to have in excess of £100,000 in the bank.
A belief that is systemic in society is that you have to work hard to make money.
This belief leads us to focus on one activity, working hard to make as much money as we can. We want £10K months, that’s what social media tells us right, that’s a successful coach!
There are two problems here with this approach:
You will burn out and never feel wealthy.
You will waste your time, energy, and money making your money in the first place!
It isn’t the amount of money that defines your wealth, nor does it even define your riches.
In order to build a business that makes you truly wealthy, you need to work smart and use the riches that you already own.
It’s time to turn your riches into your wealth!
The 4 riches you need to tap into to create wealth from your business
The money that you are making is vitally important to the success of your business. I am not just talking about how much money you are bringing in, I am talking about the profit you are making, the money left over for you to spend, save and invest.
A huge pitfall many entrepreneurs make when they run their own business is that they are not wealth-aware. They are not conscious of the costs of making that money in the first place. The subscriptions, like Canva or Calendly, the memberships, the coaches they employ. All of your business expenses take away from the money that you get to hold on to.
Many entrepreneurs do not know what tax they are likely to pay and end up with a hefty bill they didn’t expect to pay because they are not conscious of the ins and outs, and saving up as they go along.
One vital expense that is overlooked, and undervalued, is the value of your time. Undercharging for your services is a huge error we make as business owners. When you have the freedom to set your own prices it can feel uncomfortable setting a price that matches your expertise, skills, and the transformation you are going to give your client.
It's so much easier to be paid a salary. It is harder to charge a fee that matches the price for your time because taking money or asking for it is vulgar right? It is greedy to ask for money. As women, we’ve been taught to be the nurturers, so it’s a huge challenge to be paid when we want to help everybody. We often give away way too much of ourselves and our services for free.
Your skill and passion
Your skills, knowledge, passion, and valuable resources which are worth paying for.
These are wealthy riches living inside of you waiting for you to share what you know and the transformation you can offer.
Often we feel that we need to keep developing before we can make an offer or increase our fees, we don't value enough what we already know and take for granted that others don't know what we know and they want us to share it.
Nobody is you. You have your own unique self to offer, you are already a rich offering.
We often look at what others do and we feel that we need to have their expertise and a thriving business to offer our services.
However, there are coaches and entrepreneurs that support 7 figure, business owners. The reason someone chooses to work with you is because of you.
Make the most of the money you make, charge for your time and energy, keep it simple and value yourself.
Have you left your corporate career and still feel that you are driving at 100 miles an hour and not feeling wealthy?
Get in touch, I’d LOVE to talk to you about where you’re at.
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Download my wealthy woman checklist 7 steps to being a wealthy woman in business. The ultimate checklist to help working women get on track to being in control of their money so they can.