We cause stress when we spend more than we would like to spend. Reduce stress by setting boundaries in your money. If you begin with these three steps you will start to see more money in your business and less stress in your body. I speak from personal experience.
Trying to look like other business owners can make you feel like you are behind or create a desire to take out debt to "appear" you are at a certain income level. However, look at the business owners that have found more affordable solutions that may work for your budget.
#1 - Choose ideal clients.
When we select a client out of desperation we tend to get ourselves in assignments that are unpleasing to us. We work for a living but you also have a purpose in your business. We are in business to make money, be aware of the time it will take to try and satisfy a less than ideal client. Try is the keyword. Most of the time this client will not be satisfied. Working with the wrong clients will stop you from working with the right clients.
#2 - Price for Profit
Let clients go that will not pay for your services. You have trained and cultivated your talent. Sometimes it is hard to turn these clients away but you will lose money to support these clients. Remember, as a business owner you should double the salary you would like to make. Example: if on a previous job you earned $25.00 an hour you will need to charge at least $50.00 an hour. This will cover the cost of doing business, operating expenses, your salary, and/or employees and contractors. If you have employees and/or contractors you may need to triple the price. However, make sure the price to the client is within reason.
#3 - Be Selective of the Business Examples You Follow
I touch on this in another blog. The need to have the "Look". The look is appearing to be at a certain income level however you have not reached that particular level of income. The need to look as if you are earning your ideal income is usually derived from trying to follow the crowd. Becoming tempted to try each new tool, gadget, and/or application can be very overwhelming and exhausting. Avoid overspending on unnecessary applications, clothing, trips, advertising and more by having a money plan and being realistic about what you can purchase. Making an unplanned purchase that you can not maintain may ruin your credit or slow your business down. There are ways to accomplish your goal within a reasonable budget. Ignore the urge to follow unaffordable options and tell others no.
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"Financial Peace of Mind is not the lack of troubles or mistakes in money management but the presence of perseverance, dedication and the courage to learn." -Y. Michelle Coard