As an entrepreneur, building a successful business isn't just about having a brilliant idea or a genius strategy; it's also about developing healthy money habits to help you (slowly-but-surely) achieve your loftiest financial goals.
In this post, we'll discuss the top 6 money habits of wildly successful entrepreneurs that you can adopt today to help you feel better about money–and move exponentially closer to your own dream financial future.
Habit #1: Set Financial Goals & Track Your Progress
Successful entrepreneurs know how important it is to not only dream, but dream big.
This doesn’t mean you set unrealistic goals that overwhelm your nervous system or cause you to go into shutdown–but it does mean that you don’t ever sell yourself short or try to “talk yourself out of” your dreams.
It’s important to prioritize setting specific, measurable goals that will help you stay motivated–and excited–as you experience the triumphs and tribulations of entrepreneurship. (Successful entrepreneurs also know that there’s no one-size-fits-all approach to goal setting. They tailor their goals to their own unique circumstances.)
Successful entrepreneurs also know that setting exciting-yet-reasonable goals is only half the battle. They also always know “where they stand” when it comes to their financial goals. Tracking your progress can help you identify areas where you need to improve and adjust your strategy, too.
Habit #2: Invest In Your Business–and Yourself
Smart entrepreneurs know how important to invest in their business to achieve long-term growth and profitability. Whether it’s adopting a new technology, pouring money into marketing, or hiring the right talent, allocating resources to your business isn’t just smart–it’s essential for growth.
Investing in your business isn’t just a great habit, it’s also a surefire sign of positive money mindset. When you know the money will come back to you and you don’t believe it’s hard to make, you’re not afraid to spend where it matters.
That said, you don’t just want to invest willy-nilly. It’s important to make sure you're investing in areas that align with your overall business strategy and goals.
When it comes to investing, don’t forget about how important it is to invest in yourself, too–both professional and personally. Whether that means taking a course to up-level your skills in your industry, nabbing tickets to the latest & greatest conferences or getting a much-needed massage after being on your laptop all week–successful business owners invest, and they and their businesses are better for it.
Habit #3: Build Multiple income Streams
Successful entrepreneurs understand how important it is to diversify their income streams. Building multiple income streams skyrockets your earning potential.
This might mean transforming your premium signature one-on-one offer into a group experience, or it might mean using the profit from your one-on-one to fund another business altogether.
Either way, smart entrepreneurs with a positive money mindset aren’t afraid to try new things, invest in new areas and try out new ways of making money.
Plus, if business slows down in one arena, they don’t sweat it–not only because they believe money will flow to them regardless, but also because they have multiple tangible avenues for money to reach them.
Habit #4: Outsource & Set Up Systems
In that same vein, the most successful entrepreneurs bake sustainability into their business model by focusing on systems, processes and automation.
A successful entrepreneur with a positive money mindset wants to leverage their time and energy and not waste it. They know they want to do this for the long haul and they understand that sustainability requires systems and processes to make everything run more efficiently.
They take the time to invest in streamlining their business, so that they can make sales while they sleep (or take a vacation, or just take a break!). This way, they’re always receiving money with the least amount of stress and pressure.
And they can also easily hand off their work to contractors (or even sell it to investors) since it runs like a well-oiled machine.
Habit #5: Say No (Without Guilt!)
Once you’ve reached a certain level of success, you realize that you simply can’t do it all–even if you wanted to (or somehow could!).
Instead, highly successful entrepreneurs start to guard their time and energy more fiercely as they earn more money.
They don’t say yes to every client or every speaking opportunity. They know that more will come to them regardless–as long as they keep showing up–and they wholeheartedly believe that what is meant for them will not pass them and more shiny opportunities are always on the way.
Habit #6: Charge What You Truly Want to Charge
Last but not least, successful, high-earning entrepreneurs aren’t afraid to talk about money or ask for it. They know deep-in-their-bones that they deserve to be paid, and be paid well.
They don’t set their prices based on scarcity or a fear-based mindset. They price them based on the value they bring to the market and what the market will bear. That way, everybody wins.
In short, developing healthy money habits is critical for financial success as an entrepreneur. And when you do adopt any (or all) of the above, you can also develop a better money mindset and increase your chances of achieving your financial goals.
