WHAT’S YOUR WHY?

Why do we do the things we do? Why do we change jobs, change careers or partners?

When you first hung out your virtual shingle, you likely were thinking:

  • “I can’t wait to leave this job.”
  • “I just want to be home with my kids.”
  • “This dead-end job is going nowhere.”
  • “I’m tired of working crazy hours and holidays.”
  • “I know I’m worth more than I am paid.”

These and many, many other thoughts go through the heads of every would-be business owner, and are often the driving force behind that final, “I quit.”

But while they’re great for lighting a fire and inspiring you to make a scary jump to business ownership, they’re not so fabulous at motivating you to grow and improve. They won’t inspire you to increase your skills and raise your rates and be brave and authentic in your marketing. They won’t help you find the courage to hire a new coach or launch a brand, new program.

To find the inspiration to make your business thrive, you have to identify the real why behind what you do.

Passionate Whys

“Passion based” is a phrase that’s found a massive following in the past few years and seems to be the holy grail of entrepreneurial adventures. And for business owners with a true passion for their field, it can be a strong motivator.

Some business owners are passionate about a subject, spending all their waking hours learning about the topic. Some are passionate about a market and would do anything to help their ideal client achieve his or her goals.

Whichever type of passion-based business owner you are, learning to harness that passion will help take your business to the next level.

Financial Whys

Maybe you want to retire at 40 to travel the world or send your kids to an elite private school. Maybe you love fast cars, and dream of driving a brand, new Ferrari.

Whatever your big dream, you knew you’d never make it while putting in time at the day job. While everyone seems to go on and on about those passion-based dreams, the truth is there’s nothing wrong with wanting financial fulfillment. Money is a necessary tool. We need it, and the more we have, the easier life is. And wanting more of it is nothing to be ashamed of, as long as you maintain your integrity and authenticity in pursuit of it.

Philanthropic Whys

Plenty of online business owners go into business so they can have more to give. You’ve no doubt heard of—or maybe even know—marketers who use their earnings to fund mission trips, build schools in war-torn, third world countries, and support a variety of charities at home and abroad. Others use the time and freedom they’ve built into their business to volunteer with local hospitals, animal shelters and children’s organizations.

If you have a heart for a cause, a philanthropic why might be the driving force that takes your business to the next level.

To find your own why, consider your biggest dreams. If money were no object, what would you be doing?

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3 MONEY MISTAKES THAT KEEP YOUR BUSINESS BROKE

Poor money management has been the cause of more business failures than any other single issue. It’s no wonder, we aren’t born knowing how to manage money. Most of us aren’t taught how to handle it either. We figure it out along the way, through much trial and error.

Those same mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well, if we’re not careful.

Shiny Object Syndrome

Some things are just hard to resist—especially when your friends and colleagues are all jumping on board! New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.

If you find yourself catching shiny object syndrome frequently, try this two-step plan instead:

  • For “too good to refuse” offers, know how you will achieve a positive ROI before you purchase. If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it.
  • For exciting new business ideas, create a “someday” list. Jot down your idea and a basic outline, then get back to the task at hand. Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet.

Falling for the Sunk Costs Fallacy

If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price and now it’s much more expensive!” Then you’ve fallen for the sunk costs fallacy.

This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.

Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either put them to work for you or cancel them. Stop falling for the sunk costs fallacy.

Too Much Penny Pinching

You thought this was all going to be about overspending, didn’t you? Here’s the kicker: Spending too little is just as bad for business.

When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors. Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of. Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.

Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars and furniture, quality services and software last longer and work better.  And unlike that car, good quality business tools will pay for themselves.

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HOW NEGATIVE SELF-TALK CAN DESTROY YOUR BUSINESS

32092676 – vector money tree – symbol of successful business

Negative Self-Talk Can Destroy Your Business.

“I’ve never been good with money.”

“I hate budgets.”

“I’ll never be a 6-figure earner.”

If you’ve ever heard these statements come out of your mouth—or even in your head—then you’re engaging in a damaging habit known as negative self-talk. By telling yourself these lies (and yes, they are lies) you’re reinforcing the beliefs that go along with them.

What you visualize and believe is what becomes true.

Tell yourself that you’re not good with money, and you won’t be. Believe that budgets are horrible chores to be reviled, and you’ll resist creating one. Convince yourself that you can’t earn a 6-figure income, and you won’t.

It’s not “the secret.” It’s a scientific fact. Known as a self-fulfilling prophecy, this kind of self-talk results in poor performance simply because we act as if it’s already true.

If you tell yourself that you’ll never be a 6-figure earner, you will not do the things that 6-figure business owners do. You won’t work to grow your mailing list (“No one reads my emails anyway”), you won’t increase your coaching rates (“It’s not like I’m some top-earning coach”), and you won’t build a brand worthy of a 6-figure income (“A beautiful brand isn’t necessary at this income level”).

By contrast, if you act and think as if you already are a 6-figure earner, you’ll approach your business quite differently. Your confidence level will increase. You’ll present a very different brand to your prospective clients. You’ll go out of your way to connect with those who can and will afford to pay your higher rates.

How to Combat Negative Self Talk

The first step toward changing your negative self-talk is to simply acknowledge that you do it. Tick a mental checkbox every time you catch yourself making negative statements, whether out loud or in your head.

Make a note of the ones that come up most often for you and identify their origin if you can. For example, if your ex-husband continually berated you for your spending habits, chances are your “I’m no good with money” mantra can be laid right at his feet. It’s time to turn that thinking around.

Catch Yourself

The next time you catch yourself saying “I’m no good with money,” take a minute to recall 5 instances where you were good with money. Maybe you paid off your credit cards or saved for a house or built an emergency fund. Rephrase your self-talk to, “I used to be bad with money [if that’s true], but now I make smart choices to achieve my goals.”

Just as negative self-talk becomes a self-fulfilling prophecy, so does positive self-talk. Reframe your thinking, and your business will certainly improve.

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SELF-SABOTAGING BEHAVIORS THAT KEEP YOU FROM EARNING WHAT YOU’RE WORTH

 

Self-Sabotage, we all do it. No matter how successful you are, at one time or another you will fall into the self-sabotage trap. There are two, big self-sabotaging behaviors that will keep you from making the income you deserve. These self-sabotaging behaviors will keep you from earning your worth.

  • Your income will suffer.
  • Your self-esteem will take a dive.
  • Your confidence will be gone.

The end result is? Frustration. Burnout. Resentment (of yourself, your clients or your business). And yes, even more self-sabotaging behaviors. This downward spiral can quickly turn devastating, but stopping it is easy when you learn to recognize the symptoms.

Procrastination

Did you sign up to do someone’s popular podcast and forget about it? Or maybe you were going to send a proposal to a potential new client, but waited too long? Or maybe you simply waited too long to take advantage of a sale price on a hot new app or a new training that everyone’s raving about.

These and other missed opportunities can often be blamed on simple procrastination, one of the most destructive habits we suffer from. Procrastination is what keeps us working late at night to make a deadline, costs us money in late fees, and even costs us business.

If you’re prone to procrastination, try these techniques to put an end to it:

  • Recognize your fear. What often keeps us stuck is simple fear. We’re afraid that even with that amazing coach we still won’t reach our goals, so we don’t do the homework. We’re afraid we’ll look bad when compared to other proposals, so we just don’t send one. But if you want to be successful in business, you must learn to recognize and face your fears, then do the work anyway.
  • Visualize the life and business you desire. Imagine what it will be like to have that amazing business you’ve been dreaming about. Picture your ideal workday, daydream about that fabulous vacation you’ll take, and imagine VIP days with your ideal client.
  • Reward yourself. It’s okay to give yourself a little incentive for getting things done. Take yourself out to lunch; buy a new pair of shoes; take an afternoon off. Do what’s most likely to motivate you to power through your fears and take the next step.

Failing to Complete Your Projects

Be honest. How many half-written books, partially planned programs, and unfinished products are cluttering up your hard drive right now?

If you’re like a lot of entrepreneurs, the answer is probably several.

You started all of them with great enthusiasm. You planned out the modules or chapters, created the slide decks, and maybe even outlined the sales page. And then…you just stopped working on it.

Maybe you tell yourself that you’re too busy. Maybe you “need to do some more research.” Or maybe you simply lost interest. But the truth is, none of those are the real reason. For a lot of coaches, this self-sabotaging habit is actually a symptom of a lack of confidence, and it’s keeping you from the success you deserve.

Consider this: You cannot know the actual success rate of a program you’ve never finished, and you cannot improve upon something you’ve never completed. So rather than filling your computer with half-finished projects, power through and start releasing them—even if you believe they’re not perfect, and even if you think they’ll never sell.

You can’t earn income if you don’t sell. People who fear selling never make a sale. They will continue to procrastinate and leave products and programs unfinished.

Take the chance to do something real and stop self-sabotaging. Join me on Facebook Live every day this week at 9 am ET to learn more about self-sabotaging behaviors and how to stop it!

Go to https://facebook.com/BeBoldlyBrilliant at 9 am ET, watch Facebook Live, to learn more and get support to stop self-sabotaging. You can do it!

Be Bold! Be Brilliant! Be YOU!

 

 

 

More Important Than Money: Understanding Why You Really Do What You Do

What do super-successful small business owners and entrepreneurs all have in common?

It’s not experience.

It’s not extraordinary skills.

It’s not even a powerful drive.

Although all of these things can definitely help your business grow, they’re not a prerequisite for success. After all, no one is born with experience or skills, and plenty of successful people lack drive.

The one thing that does make a difference, though, is your “why.”

Why did you decide to start a business?

Why do you spend too many hours in front of your computer every week?

Why do you stay up too late and get up too early, just so you can work on growing your business? Why do you buy every online marketing program, but rarely implement it or if you do, it doesn’t work for you.

The “why” is what ultimately drives us to success, but here’s the thing: it’s different for everyone. Your why is not my why, and my why is not your why.

It’s a deeply personal choice that can have great meaning…or not.

For example, a survivor of domestic abuse might happily spend 60 or 70 hours each and every week mentoring other victims of abuse, or counseling couples on how to break the cycle. Her big why is a strong desire to prevent other women from suffering in the same way she did.

A mother of small children may be saddened at the thought of sending her kids to daycare, just so she can go to work to (barely) pay for it. Her big why is a drive to spend as much time with her kids as she can, while still supporting her family.

A young, fresh out of school entrepreneur might resist taking the same path her parents took, working for a corporation for 40 years, only to retire and find themselves with barely enough to live on. Instead, she dreams of having the income (and the time) to see the world while she’s still young enough to enjoy it.

So, what’s your big “why”? It might be the freedom to travel, the option to spend time with your family, the ability to take weeks off at a time to care for a sick family member, or even to earn enough money to support a charity that’s close to your heart.

Whatever it is, your “why” is the driving force behind every action you take. When you’re deciding whether or not to take on a new client or customer, ask yourself if it’s aligned with your “why.” When you’re setting goals for the year, ask yourself if those goals are moving you closer or further from your big why.

Thinking of branching out into a new business venture? Make sure it’s in alignment with your big why, and success is suddenly much more attainable.

What’s YOUR BIG WHY?

Join us in the Be Boldly Brilliant Facebook Group to find your “why” or for support in achieving your “Why.”

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