How to Find More Money to Invest in Your BusinessFeb 22, 2021
In this episode of Profits + Prosecco Podcast, I want to talk to you about how you can find more money to invest in your business by using what you already have and asking for more. I see such a need for people wanting to find the right investments to help them succeed in their business and life. It’s time we ditch the mindset of not being able to afford it, and instead, find ways to make those investments happen.
But before we dive right in, welcome to the Profits + Prosecco Podcast! I’m your host, Katie Ferro, CPA, reformed rule follower, creator of Booked Out Bookkeeper, mom to 3 little ones, and Kajabi enthusiast.
This podcast is for entrepreneurs who desire to change their life through their profitable business, and for bookkeepers and accountants who want to escape the 9-5 and start a simple scalable bookkeeping business like I did.
Bookkeeping increases profits and profits change lives. So pop some bubbles and let me show you how!
In this episode, we are going to tackle how you can find more money to invest in your business. And for even more juicy details, listen to ALL of episode 12 of the Profits + Prosecco Podcast on your fave streaming platform.
You can’t be successful when you second guess yourself.
As entrepreneurs, we try to do a lot of things ourselves and that's great for certain parts of our business because we want to understand the essential parts. Since you can't take on everything yourself, maybe you need to outsource a function, maybe you need a software that will help you reach your customers, or maybe you need a coaching program. Think about all the investments you need but stop yourself from because you think you don't have enough money. I believe that people hold off on making these high-dollar investments because they simply don’t believe in themselves and their ability to succeed.
You're never going to get to that point where you're bringing in money if you aren’t willing to PUT IN the money upfront. The truth is that if you don't believe you're going to succeed, then you're not going to succeed. You have to believe it and reaffirm your success daily. Treat each investment in your business as a long-term investment. Be willing to put some money upfront for those costs to pay themselves back and get your business to the next level of success. In order to live the life of your dreams, you must overcome and drop the limiting beliefs. If you're not willing to change the way you think, your business won't change either.
My top tips on how you can save up for big investments.
Tip #1: Take any shopping apps off your phone so that it's not so easy or tempting to spend money. I am very mindful when it comes to making purchases and I think about everything before buying it. Delete any subscriptions or automatic payments you may have set up and treat your dollars differently.
Tip #2: Make life adjustments. For example, you could solely drink water and coffee. Cut out any other unnecessary on-the-go purchases. Think about how much money you will save when you cut out those little things. A $5.00 Starbucks coffee a day sure does add up. Start packing your lunch and eating your leftovers. By doing this you can save and cut your living expenses in HALF.
Tip #3: Print out the last three months of your bank statements. Give each transaction a category and see where you are spending a lot of your money. Sum up those costs and see what your biggest costs are and where you can make changes.
Tip #4: You can also start checking your subscriptions. Analyze your usage of these subscriptions. If you aren’t regularly using it, you might as well switch to the free version and save that money. You can save yourself HUNDREDS of dollars a month by canceling subscriptions and getting rid of programs or items you don't use.
Tip #5: Don't be afraid to ask for your money back. In the event that you order a product that you realize you don’t need or want, don’t be afraid to reach out to the company and request a refund. Worst case scenario, they’ll deny the refund. At least you tried! Realistically, brands and companies don't want unhappy customers so they will likely give you some sort of refund or discount coupon for future purchases at least.
Tip #6: Stop financing and paying things monthly. I saved about $100 a month by paying my car insurance in full. If you do this across the board with things, you'll find that you can save so much. This might be where you need to make those lifestyle changes to be able to make that insurance payment in full. (Like skipping those daily Starbucks drinks)
Tip #7: Start checking your bills when they come in. Pay attention to the charges and make sure they are accurate. I saved $1,600 dollars once because I was charged for something that I shouldn't have been charged for. So pay close attention!
Tip #8: Start cleaning your closets out and sell unused items. Even if it's just for $20-30, it's money that you could put into your business. Every dollar counts and it’s a win-win since you’ll be making money AND have a clean closet.
Tip #9: If you can or if you have the ability, take up a second job or side hustle in your free time. Walk your neighbor's dog, grocery deliveries for other people, or some house sitting. If you have this freedom, you can do these little simple steps to make a higher dollar.
Tip #10: Don't be afraid to ask for more money for your services. If you know what you're worth and know your time requires a higher price, then do it. Be aware of what your time is worth and don't settle for less. People are always willing to pay higher when it has a positive impact on their life and business.
Taking the leap of faith into your business.
You have to start believing in your success and putting your skin into the game to make certain investments. If you know that you need these investments to get your business to the next level, then go for it. You are capable of so much success but you have to believe it and make changes where change is necessary. Go out and start using these tips and strategies to make more money. Don't hesitate and always remember to ask for your money back if you’re unsatisfied because the majority of the time, you'll get something in return. If you make these changes today, your future self will benefit so much and it will thank you.
How to Find More Money to Invest in Your Business: The Bottomline
I hope this episode was a motivational push to save your money and make those life adjustments. Believe in yourself and always remember that if you don't believe you're worthy of success, then success won't come. Whatever you tell yourself, you’re right. So might as well be successful & confident.
Don’t forget to tune into episode 12 of the Profits + Prosecco Podcast. Thank you so much for listening to Profits + Prosecco Podcast. I hope this episode has helped you see that you can find money in the easiest ways.
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