Women are starting a business at a higher rate than ever, and now more than ever, it is essential to normalize women in business and create wealth from their company. Considering that women make up 49.6% of the world’s population, the distribution of wealth for women is disproportionate.
As a business owner, you are uniquely positioned to build your wealth, provided you are the sole stakeholder in your business. When you own your own business, you own your profits, and profit is what makes the business owner wealthy.
We need to normalize wealthy women, as far too many women-owned businesses are afraid to reach for the wealth they can create through their business.
Often when working with women in business, limiting beliefs surface such as:
“I only need to make enough money to live off.”
“It’s greedy to want more money.”
“Wealthy people are not nice people.”
And the list goes on….
We need to help women in business get over those mind-limiting beliefs and allow themselves the permission to create wealth for themselves.
The key to creating wealth in your business is to understand money management. You can bring in millions of dollars in sales, but you will not become wealthy if you are not managing your money like a rich person.
Being rich doesn’t just happen to people. It would be best if you built your wealth. And wealth is not created through the revenue you bring in; it’s how you manage the finances in your business and reinvest your profit. It’s essential to invest the time it takes to learn about money management as knowledge is power.
Many business owners get tempted to spend the profit they bring in because they want to enjoy the finer things. But wealthy women are disciplined and understand how to manage and invest their money to protect their capital and build it for years to come.
The secret to being rich is in how you manage your money.
Money mindset issues are likely to be the number one reason women hesitate to claim their wealth. Money is an emotionally charged topic, and many of us carry money stories holding us back in our businesses. You need to understand your money story and your relationship with money. If your relationship with money is unfavourable, you will need to work on creating that positive relationship with money where you use money as a tool to fill your needs and wants.
The second reason that follows closely is that they don’t know how to manage their money. The frustrating thing about money management is that you were likely never taught these skills. You weren’t taught them in school probably didn’t talk about money at home, yet as an adult, it is expected you know how to manage money, especially if you are a business owner.
The bottom line is that your past will only predict future behavior if you allow it. Maya Angelou always said, “When you know better, you do better.” If you are struggling with your relationship with money and/or how you manage the money in your business, get help. There are many professionals out there who are equipped to help you with this.
Financial confidence is empowering and looks sexy on every woman, so make sure you carry your wealth with confidence!
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