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4 Money Mistakes Every Woman Business Owner Makes and How to Avoid Them
As the owner of a women’s financial firm, the Women’s Wealth Boutique, I transition advisors from being employees of another firm to running their own financial planning practice. It takes a lot of courage going from W2 employee to running your own business, from employee to employer. You are switching roles and with that comes great responsibility and also great freedom! Freedom to do it your way, freedom to hire who YOU want to hire, and to set your own boundaries. Yet the responsibility to keep the lights on, to keep payroll going, and to have your name attached to a business. It isn’t just your business that opens its doors to the public, but it is YOU. So how you show up for your business is how the world will show up for you.
I started my career in the financial industry on my father’s payroll, and it allowed me to spend money freely, to be overgenerous with my time. As I switched roles over the years to opening up my own corporation, I saw how I valued my time and money differently. There is such a small if any boundary to where I end and my business begins, my business is on my mind ALL.THE.TIME! If my business fails, I fail as a human being, this notion prevents so many women from taking the plunge and starting their own company. But it also ignites certain women who are ready to take the challenge. These women are my women, they are the women I have invited into our Women’s Wealth Boutique, a financial firm built by women for women.
After transitioning so many women to our firm as well as coaching them at other firms, I’ve learned a thing or two. By that I mean, I’ve learned mountains of lessons from my own trial and error to other’s triumphs! I always swore everything goes wrong in my world so that I can prevent it from happening to other women! So here is my list of dos and don’ts when you begin your new venture to save you the painful lessons…my failure is your path to success…you are welcome lady ;)!
As financial advisors, you might think we know all there is to know about money. Yes, you need to have a plan! Yes, you need to have a budget! Yes, you need to have risk management i.e. insurance to protect against risks. But is that all there really is? Not quite mama!
- Stock up! Mistake #1 Is not having enough start-up money for initial investment costs and for ongoing expenses until you have enough recurring revenue. Start ups are like building a house, the costs are always, 100%, definitely more than you expect. To avoid this mistake, begin saving for your initial investment into your new business and have a surplus for the beginning months. Have a resource fund to tap into so you don’t feel tight every time payroll comes up!
- Lack of funds = more sweat equity! Due to the lack of excess funds, you try to cut costs and do everything yourself which results in paperwork mistakes, a website taking three times as long to build, or not having the time or energy to be out there selling for your business! Don’t forget to pay yourself from the beginning, even if it is smaller than anticipated so you are always on the budget.
- Zero to little systems or processes to take on new clients or customers and to follow through on all the work. This results in opportunities missed, prospects falling through the cracks, and burn out! Yes, a lot of burn out because all these to dos still exist in your mind and on your to do list. Now you have a never ending to do list with no support that keeps you a prisoner to your own business. Take time every week to write down your processes and begin creating your own protocols. Now whenever you hire, you already have the system in place to teach them!
- Energy everywhere! You have your energy scattered over too many tasks because they are trying to save money or are trying to control it all, or a combination of both. When your energy is split among too many projects, things take too long to get done, get rushed through, or get dropped. Prioritize your projects by length of time to implement, cost of project, and return on your investment from it so you know where to invest first in your business. As one project gets finished, move onto the next priority so you know everything will get done to build out your infrastructure.
Nothing in my world would exist without the support of my team, my family, and my mission. I will leave you with my last piece of advice that has been ingrained into my mind:
You become who you surround yourself with!
Invest in your team, your leader, your support, and see the profits roll in ladies!
About the Author
Name: Jessica Weaver
Professional Title: Best Selling Author and CEO of the Women’s Wealth Boutique
Bio: Jessica Weaver is a wealth advisor, a best selling author of 3 books, and founder of the Women’s Wealth Boutique. It is her mission to create a space for women advisors and investors to build their Money Empires.
Social Media Handle: @pinkfixmymoney