Episode Transcript
[00:00:07] Speaker A: You gotta be bold this story gotta be told own your fierceness gon and glow this is Sonja Empowers show. Stay on go like a lion who on the prowl Sonja Sells help you get it we doing it and doing it now.
[00:00:28] Speaker B: Hey empowered disruptors. Welcome back to the Sonja empowers show, where I ignite your online business and help you own your fierceness, Embrace your unique beauty, talents, and strengths. Rise above fear and step into your destiny as you build empires and shatter expectations together.
Today, we're tackling a topic that strikes fear into the hearts of even the most seasoned online entrepreneurs. Finances specifically, we're diving deep into why financial fear plagues us, especially those just starting out, and how to transform that fear into fierce financial confidence.
Let's be real. You launched your online business with passion, creativity, and a burning desire to make a difference, right? But then the numbers start talking. Cash flow, profit margins, overhead. Suddenly, you're not just an entrepreneur, you're a reluctant accountant.
And fear starts creeping in. You're not alone. So why does this happen?
Why do so many emerging entrepreneurs find themselves drowning in financial anxiety?
First, let's acknowledge that many of us were not taught financial literacy. We were told to follow our dreams, but not necessarily how to fund them, right?
Especially as emerging entrepreneurs, we are often wearing all the hats, right? It's not like, you know, you've been in business for X amount of years and you have an established team. You know, most of the time, people do not start out like that.
So moving on, we focus on the aspects we love, right? Because it would be too overwhelming just starting out. You're like, oh, my gosh, I've transitioned from an employee to an entrepreneur, and I'm wearing so many hats. And so it's easy to push the finances to the back burner until it becomes a crisis.
Second, the online business world can be unpredictable.
Algorithms change, markets shift, and suddenly your carefully crafted projections are thrown out the window.
This instability creates a sense of vulnerability.
Third, and perhaps most importantly, is the emotional connection we have with money.
For many, money represents security, validation, and even self worth.
When our business finances are shaky, it can feel like our entire foundation is crumbling.
Can anyone relate?
But here's the good news. Financial fear is not a life sentence. It's a signal that you need to build a stronger financial foundation. And I'm here to show you how to do that.
We're going to transform those money mindset meltdowns into millionaire moves. And before you saying, sonia, I am not a millionaire. Well, not yet, but you are on your way. And that's why it's so important to establish a millionaire mindset even before you see those extra zeros in the bank.
So how do we do it?
First, understand your business model inside and out. I'm talking about revenue streams, cost structure, customer acquisition costs, and profit margins. Now, if you are a newbie, an emerging entrepreneur, that may be so foreign to you, but knowledge is power and knowing your numbers gives you a sense of control.
Second, implement regular deep financial reviews. Don't just glance at your profit and loss, also known as P and L, but analyze it. Look for trends, identify areas for improvement, and use financial forecasting to anticipate future challenges and opportunities. Okay, now, for example, like if you know that it's trending, that every summer you know your revenue decreases, then you may need to strategize. It's like, okay, how can I make sure that I meet my revenue goals? You know, is there anything I can do in the winter months or the spring months to where I have an overflow to balance out the lean months in the summer? Or is there any way that I can leading us to the third? Diversify your stream of streams of revenue.
So don't put all your eggs in one basket. Believe me, I. I've done that before and it was a nightmare. But explore affiliate marketing. Offer new products or services, or tap into new markets. Diversification provides stability and opens up new avenues for growth.
Do not be afraid to grow.
Fourth, build a financial buffer.
Start small, setting aside a percentage of your monthly revenue, and gradually build your reserve fund. This buffer will give you peace of mind and allow you to weather unexpected storms.
Fifth, engage with financial experts. Don't be afraid to seek guidance from a financial advisor, accountant, or mentor. Their expertise can help you navigate complex financial landscapes and ensure you're making informed decisions, even if you are in the beginning stages.
Finally, embrace continuous learning. The financial world is constantly evolving. Stay informed about best practices, emerging trends, and innovative business models. Remember, knowledge is power.
Now for your fab assignment. You guessed it. Your fierce action breakthrough assignment.
This week, I want you to conduct a financial deep dive on your business. Here's how.
1.
Map out your numbers. Create a spreadsheet or document outlining your current revenue streams, fixed and variable cost, customer acquisition costs, and profit margins. If you don't know these numbers, research and calculate them. If you don't understand these terms, research them. 2. Identify one area for improvement. Based on your analysis, identify one area where you can improve your financial health. This could be cutting costs, increasing revenue, or improving your cash flow management.
3 Create an action plan.
Develop a specific, measurable, achievable, relevant and time bound you guessed it smart action plan to address the identified area and 4 schedule a check in. Set a reminder in your calendar for one week from today to review your progress and make any necessary adjustments.
Remember, financial fear is a common experience, especially in the beginning stages, but it doesn't have to define your journey. With the right strategies and mindset, you can build a business that not only is financially sound, but also it has the potential for exponential growth.
Remember, you got this and I am here to support you every step of the way.
Thank you for tuning in to this episode of the Sonja Empowers Show. I'd love to hear your feedback. Leave a review on your favorite podcast platform. Connect with me on social media.
That's @SonjaSells. If you enjoyed this episode, please like, share and subscribe. For more business empowerment resources, visit SonjaSells.com and for additional resources on personal growth and inspiration, visit ChakeletDrapInspired.com until next time, Empowered Disruptors Break free. Be fierce.
