Most of the time when I meet with entrepreneurs who are not creating the income they truly desire in their business, I can dig in and find the strategies and system flow, that on the surface seems to be what isn’t working, however when I dig a bit further I always find that something deeper is the true cause.
That’s because all of the tips, strategies, insider secrets etc that I can share with you, won’t work unless you do. And if you hold onto mindsets that hold you back and limit you, then you will be blocking your income flow. I know this because I used to do it all the time.
So what are those mindsets and those blocks?
There certainly are a lot of them and over the course of the next few articles I will share a thought about some of the following mindsets:
- I just want to replace my corporate income
- Making a lot of money is hard work / I don’t know if I can handle the growth
- It’s wrong to focus on the money
- I don’t want people to think I’m greedy
- Investing in my business means I’m taking away from my family
- I will lose friends/displease my family if I make a lot of money
- People can’t afford what I do / won’t pay that
- I’m not good with money
- Borrowing is shameful (read my article here about debt)
Today I am going to focus on replacing corporate income
I work with many entrepreneurs who are transitioning from a day job to owning their own business, often times they will tell me their goal is to replace that income.
“Are you prepared to cut your standard of living dramatically?” is the first question I will ask them! And usually I am met with a look of confusion, and a response of “No, my goal is to maintain it!”
You see, your corporate income was all yours. You didn’t have expenses, in fact you were likely reimbursed for any cost you incurred that was designed to help you do your job better.
That all changes when you become an entrepreneur! You will have more expenses than you could possibly imagine!
- Marketing
- Travel
- Team
- Product/service delivery
- Networking
- IT/Technical
- Phone Bills
- Insurance
- Legal
- Taxes
- And yes – YOU.
Your business has many expenses, you are just one of them
While the most of the list above is in no particular order, marketing is definitely the top expense and YOU are correctly placed in the bottom position, because you only get to keep what is left over.
And usually what’s left, isn’t as much as you had hoped!
What I find with many of my clients in this position, and perhaps you can relate, is that they know they have expenses, and they know or soon find out just how much they are, yet somehow the corporate income still stays as their benchmark.
A milestone, not the destination
Matching that income can important milestone, however, it’s when it becomes your destination that you keep yourself small.
I think sometimes out of a fear of appearing greedy, or feeling guilty, or having family think they are crazy, entrepreneurs feel safe saying their goal is their corporate income – even if it is more. Have you ever done that?
And by taking the “safe route” you play small, even inadvertently, and you tell your subconscious mind, that is all you deserve, and then that forms a belief, a belief that will block your income flow.
That’s because what you believe is ultimately what you will take action on! In a future article I will cover and dig into some of the beliefs that may cause you to hold back on your income goals.
But for today I want to leave you with this question – You started your own business to have the freedom to do things your way. What is it you TRULY and maybe secretly desire for your life?
Are you willing to set your income goals based on those desires? Drop me a line and let me know.
Share Your Comments: