[00:00:00] Fi Johnston
We've made a lot of progress as a society in many of the areas that we needed to in the last few hundred years. But one thing that has not changed enough is money. If we want to be able to tip the scales towards the favor of marginalized people, we need to understand the secrets to making money in small business. The more we talk about money and the secret. That usually stay at the golf club, the more likely we are to be able to make money. My mission is to get more money into the hands of good people, specifically good business people like you. This is Money Secrets, the place to learn about the money secrets of successful small business owners.
Because I believe small business can change the world, and in order to do that, we need to be making lots of money. Let's go.
This podcast episode was recorded on the lands of the Wie people of the KO nation, and I'd like to acknowledge them as the traditional owners and [00:01:00] custodians of this land and water that I live. Work and play on. I'd like to pay respects to elders both past and present. And note that sovereignty has never been seeded.
This always was and always will be. Aboriginal and Torres Strait Islander land.
Hello, listener. Today we're gonna do something a little bit different. This is going to be a special remix edition of Money Secrets. We've pulled together some of our favorite and most. Practical Money Secret shared so far, each secret is a bite-sized gem designed to spark something that might be a shift in how you are thinking.
It could be an actual move with your money, or it could be just a little bit of motivation. Think of this as a little refresher to keep your money game strong. Let's get into it now.
So first. Doing sales or bringing money into our business is something that we just have to get over, even if it does feel icky. Anything that we can do to get ourselves into the right frame of mind for doing sales, whether that's sales calls or emails or something else, is something that we really need to work out. Selling is a non-negotiable for your business. If you want to be a business owner, you need to be able to sell what you do.
There are many different ways that you can sell your products or services, but you need to find what is the way that feel.s the most natural to me, noting that it's probably gonna feel really icky, weird, and embarrassing for at least the first little while as you are getting used to it. One thing that I find really helpful is to focus on the fact that I believe.
Wholeheartedly that my products and services improve the lives and businesses of the people who invest in them. So whenever I am on a discovery call or whenever I am emailing back and forth with a potential client, I'm really thinking about how can I improve the life or the business of this person? And that is what I'm always trying to lead my communication with. So if you don't believe that your product or service improves the lives of the people who invest in it, that's a bigger problem and something that you also need to address. Let's recognize that sales or making money or bringing money into your business is a non-negotiable.
If your business doesn't have any revenue, it is not a business. So because we need to be able to bring money into our business as small business owners, it's a skill that we need to invest time and effort into. And even if it feels ick, we need to keep going anyway.
Number two. In small business, we are shown this vision of small business owners as people who are constantly stressed out, never have any money, always working, and that is a trope that actually really affects our ability to make money.
So the money secret that I wanna share with you is that if that is a thought that is running around your head a lot, it's time to consider whether or not that thought is true. Because a lot of the thoughts that run around our minds are not true. They're just thoughts that we can allow to. Sail on through our brains. What I want you to focus on instead, if this is something that has been impacting you, is that one of the simplest ways to start making more money in your business is to start getting clear about what's already happening in your business. Once you have clarity about what's coming in, what's going out.
And you have a sense of what you need to be doing to be hitting your personal and business goals with your money. Not only is that going to reduce your anxiety, it's also going to increase your confidence and having clarity about what's happening now and what you would like to happen in the future is the best way for you to start making more money.
Number three. I love the power of letting your client [00:05:00] decide for themselves. This is such an awesome concept. So many of us are making decisions for our potential clients without even asking them. What I mean is that because so much of the messaging that we receive is that we need to keep our prices low or affordable, which I disagree with.
Because we are consistently given this kind of messaging, we're socialized to believe that we should be affordable or accessible for our clients. Often what we're doing when we're putting together a proposal is we are trying to give them the affordable version of what we do, rather than giving them the opportunity to choose the best that we have.
To offer. So when we stop spending from our clients' wallets, or when we stop making decisions for our clients on their behalf, what we can do instead is to put our best foot forward. So the next time you are putting together a proposal and that thought comes into your [00:06:00] mind that it needs. To be affordable or accessible, it might be worth stopping and considering am I giving my client the opportunity to invest in the best that I have to offer when we present a concept or an option, or an offer or a, a package to a client that is more than their wildes.
Dreams even imagined was possible. It can actually be so exciting for them to realize that they are at a place in their business that not only can they afford that, but they're really excited about being at a place where they can invest in whatever it is that we have to offer them. And that can be a real milestone in their business.
It can be really exciting for your client, whether they're buying a wedding dress, getting their car serviced, or investing in a new website. There can be something so rewarding for your client in being able to invest in the best that you have to offer. So don't take that [00:07:00] away from them. Make sure that you are always presenting your best option so that they can decide for themselves whether that's what they're looking for.
Number four. You can't just pick some random number as your price and hope for the best. What can be so powerful when you are thinking about a revenue goal for your business is to break it down when you can understand how you are going to reach that goal. It just gives you so much more power when you understand how many events you need to book, or how many haircuts you need to do in a week, or how many retainer clients you need to have in your business.
It means that you can focus on that number rather than the revenue number. So a little money secret that I have for you is that if you are wanting to set a big revenue goal in your business that you actually hit or achieve, the best thing that you can do is break that revenue number down so that you understand exactly how you're [00:08:00] gonna make it.
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Number five. If we wanna understand whether or not we are successful in our business, the first thing we need to do is realize that success is individual. We all have different goals, different ways that we wanna live our lives. We all have different capacity. We have different amounts of hours in the day that we're able to invest in our businesses or in work.
And I think it's really important to understand that success is individual to you. Only you can decide what success looks like for you as a small business owner, perhaps as a parent, as a caregiver. It's up to you to decide how you want your business to look, and it really doesn't matter whether that matches anybody else's definition of success because they're living a different life from you. So let's stop this idea that success needs to look like a seven figure business. And growth that happens every year. And let's remember that we're all different. We all have different life circumstances, and success for you could be completely different from what it looks like for me, and that's okay. I love that there is room for everybody and every different way of living life as a small business owner.
Here's another one worth listening to. Number six. This idea that working hard, that making money is hard, is not true. We as women and many other people have been socialized our whole lives to think that the only way to make money is to work hard, and the only way to make more money is to work harder. But that is simply not true. Working hard is not the way to make more money. The way to make more money is to focus on providing as much value as possible with your products and services, and finding the clients who value that the most. Because the clients, businesses or individuals who value or leverage what you do the most, will be the ones that are able to pay the highest price working smart. Focusing on the right things. That is how to make more money in your business.
Here is number seven. Money does good. Money creates impact, and you don't have to be afraid of money. Oh, this just hits me so hard because I meet women and business owners every single day who actually really are afraid of money.This is something that is in the foundation of what I believe as a money coach and a business strategist, which is that income is. So when you are a small business owner who is committed to making the world a better place because of your business, when you are receiving income, when you are growing and receiving revenue into your business, you are turning that revenue into positive impact. So when we can see that money is a tool, it is something that we can use to do so many good things into the world. It doesn't need to be frightening anymore. When we can start to see that money is actually something that we can understand and that it doesn't have to be complicated, it doesn't have to be scary or negative or have anything to do with that kind of greedy version of money that we often see in movies and tv, and to be honest. On the news, that doesn't need to be your experience of money if you are a good person. If you are running a business that is committed to making the world a better place, then more money in your hands means more positive impact on the world and what could be better than that?
And number eight. There are so many business owners out there, especially female business owners who think that because they weren't great at maths at school, or because they don't sort of naturally lean towards being great with numbers, that that somehow means that they can never be good at making or managing their own money. The really cool thing is that's absolutely not true. You can be great at spreadsheets and numbers and maths. And still not be great at making or managing money. In fact, there are lots of accountants and very maths oriented people out in the world who are not great at making money, and that's because making money is not about spreadsheets. It's not about being able to do maths. Or to be great with numbers. Making money is about your mindset. It's about the way you think about your business. It's the way you think about creating value and communicating that value. One of the highest skills in business is communication, especially sales communication. So when you ask somebody who can explain the value that you have on offer with your products and services. You can use that communication to get people to take action, to get people to invest in the thing that you are buying. That is the skill that you need to be able to make money. The other thing that is really important if you are wanting to be able to manage your money is, first of all to get help from the right people at the right time. But the other thing is to have a system or a tool, because once you actually have a system that makes sense to you. Whether or not you are good at maths or not is not going to impact your ability to make and manage lots of money.
Thank you for listening to our little remix. I hope you love it. I hope it gives you quite a few different perspectives to help you make more money and impact through your small business, and I'll see you next week.
Thank you so much for listening right up to the end. I hope you enjoyed this episode of Money Secrets, where we talk about the money secrets of successful small business owners. If you enjoyed the episode, I'd love it if you subscribe to the podcast, but leave us a review or share this episode with one of your friends. I hope you learned something. I hope you got a new perspective and I really hope you enjoyed the listening [00:15:00] experience.
