Our relationship with money
Money is one of the biggest things people hate talking about – making it, managing it, and everything that comes in between. We know we need it and we know we should manage it well. Even as small business owners it’s hard to know what to charge yourself at, how to discuss money with clients, and even how we deal with money in general. We love talking about our purpose for our business but get totally anxious when discussing the actual finances of it. Today’s episode is for everyone who struggles with talking about finances and money. We are joined by financial and business consultant, Shanna Skidmore, as she shares everything we need to know when it comes to money and happiness.
Just a numbers girl living in a creative world. Shanna is here to help you make money doing what you love! As a Former Fortune 100 financial advisor turned business consultant for creative entrepreneurs, she’s on a mission to bridge the gap between the world of money and creative entrepreneurship so you can feel confident in your finances, clarity in your direction, and freedom to go on creating just as long as your heart desires!
The Biggest Finance Advice to Small Business Owners
Keep your business account separate. No matter how much you’re making, it’s important to keep everything in one place. Hire a bookkeeper. A bookkeeper is a person whose job is to keep records of the financial affairs of a business. By keeping a record, you’re able to see where your business is at all times so there is no guesswork.Track your time. When you track all your time on a certain project, you can start determining the value of everything you’re doing. You can then work backwards and learn what you need to price yourself or your services at. Shanna recommends using Toggl to track your time.
The Four Money Mindsets
These money personalities are how you feel about money to your core. Once you recognize your feelings with it, you can start making decisions and affects your actions based around that.
Spender – spending money makes them feel secure, gives lavish gifts, spend for approval or love, believe that more money is the solution to the problem
Saver – love security, they feel like no amount of money is enough money, they are afraid the money will go away, have a hard time of letting go, they need to learn it’s okay to spend money
Avoider – doesn’t “do” numbers, doesn’t want to know what the numbers actually are, they experience a lack of confidence, they’ll price lower, lack of interest
Martyr – believes the desire for money is evil so they give it all away, they sacrifice themselves, they give discounts, they have a hard time sticking to price, they don’t hold on money for themselves
Looking for clarity in your business? Take’s Shanna’s FREE online coaching assessment: shannaskidmore.com/focus-finder-quiz
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