Ep #35: Entrepreneurial Money Drama
Do you have an actual relationship with money, or are you just having a one-night stand? Let’s talk about entrepreneurial money and how your thoughts about it are affecting your business.
What you’ll find in this episode:
- The five key relationships you have in your business – time, money, yourself, your team, your business. Today we talk about money.
- The common relationships I watch my clients have with money.
- Two of my favorite statements about money – one from Christine Kane and one from Brook Castillo.
Featured on the Show and Other Notes:
- I’m going to be on Brook Castillo’s podcast soon. Check it out here.
- One of the best courses on the planet is the Entrepreneurial Bookkeeping Course that Brook Castillo created with Mark Butler.
- The Entrepreneurial Management Program.
- The Founder’s Lab launches October 31st and is my private coaching program for female founders who are generating more than 7-figures in their revenue. It’s a complement to the Entrepreneurial Management program and is a part of the work you get as a client of mine. Go here to book an appointment with me.
- Please write a review of my podcast. Go to iTunes’ main page and give it a 5 star if you feel it is worthy and write a review. Do a screen shot and go to Instagram and put that on your story or feed and tag me @KrisPlachyCoach. I will then send you a list of all of my most favorite books that I’ve read over the years.
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Hey, everyone. I’m Kris Plachy, and this is How to Lead for Female Entrepreneurs and Founders because the best way to grow a business is to grow the person who is running it. Let’s go ahead and get started.
Hello, everybody. Welcome to the podcast. How are you? I hope you’re having a wonderful day, a night, wherever you are, and thank you for choosing me to spend time with right now. It’s an honor. I live California in Northern California and I’m wrangling fire air if you can hear it in my voice. It’s fire season, which is such a terrible time here in California. In fact, today power is out all over the state, voluntarily that PG&E has turned off the electricity. So just a weird time. So I do want to apologize, but I need to get this podcast to you, and the fire has kind of consumed the air right now.
So anyway, I apologize if I sound a little… I don’t know what I might sound like, maybe it sounds good. I don’t know. Okay, so before we get into the content for today, a couple quick announcements. Just a reminder that the entrepreneurial management course that Brooke Castillo and I co-created is available, and I’m so excited. We’re going to be talking more about it on her podcast, The Life Coach School, so if you haven’t been and don’t listen to her podcast, I really want to encourage you to do that, thelifecoachschool.com.
Go to her website, and you’ll see the link for her podcast and then you’ll be able to subscribe. I will be on her podcast in a couple of weeks where we’d be talking about it. And the women who are in my Founder’s Lab got early access to the program. All of my clients who joined the Founder’s Lab also get access to it and we were just talking about it in one of my groups yesterday, and they’re just, they love it. They said it’s amazing. It’s really, really good, which of course I was thrilled to hear because I agree. And Brooke and I know are so proud of this work. It’s really truly like the graduate degree, an entrepreneurial management that no one’s teaching, right? It’s the stuff that no one tells you that we know you need to know, and I know it’s a game-changer.
So if you know you also need help with that, you need a coach, you need somebody who’s not going to… I know that self-directed learning can be a little hard for people, speaking from experience. I like to have support and guidance and so the Founder’s Lab coaching program that I offer is really the way to go for you if that’s where you are managing and leading your business. You know you’ve gotten kind of as far as you’re going to get with your systems, and your brain in the way that you’ve been doing business for however long, and you want to punch things to the next level, but you’re not quite sure how to do that. You’re not sure how to manage people deal with the challenges that come with that.
I would love to talk with you directly about coaching you in the Founder’s Lab. And I do that by meeting with people for a free call. It’s 20 minutes, where are you now? What do you really want to achieve? And how the work I do helps you get there? You won’t feel alone. Everybody who listens to this podcast that I meet will tell me that they think I’m talking to them. I’m not even kidding. Every single one of you says that. And so that just tells me that as you’re walking or ironing or sitting on a train listening to this, you think that what you’re going through is unique. Like, you’re alone because you think I’m talking to you, which I’m glad that I’m not spot on, but you’re not alone.
And I know that once we meet, and I have a chance to talk with you about what we do together, I think you’re going to feel so much better about knowing that there’s a place to come to work through the very specific part of your business that I work on. So if that’s been on your mind, we’re coming up on the end of the decade y’all. I mean, come on, this isn’t really interesting time.
It didn’t occur to me that that was happening until about, I guess about a week ago. I saw somebody, wrote about it and it sort of struck me, and I had this whole epiphanous kind of, “Wait a minute, what was I doing in 2009 right before we turned into this next decade? What was happening?” And man, my life was different, right? A lot has happened in 10 years, which is amazing, but it kind of makes me feel like, ooh, something shiny and new.
This new decade. What do I want to leave behind in the teens and take with me into the twenties? And I think it’s a really powerful thing to start asking yourself and as a woman who’s running a business, what do you need to do to take this business of yours and stop wrangling with the challenges you’ve had and be willing to go into the next phase here? So I invite you to think about that.
So I want to talk to you today about a topic that’s, I think, probably relevant. I want to talk to you about you and your money. That’s why I called this entrepreneurial money drama. Look, all of us learn about money passively. We all have a relationship with our family and as young people, we learn about money. We’re not taught money unless we’re in very unique circumstances. Most of us watch how our family members use money, think of money, talk about money, spend money, don’t spend money, what they buy, what they don’t buy. That’s how we learn about it.
So fast-forward and you may even have parents who really, once you get into your teenage years, did really teach you about money and did really give you all sorts of tools. And so all of it’s relevant here. And this podcast is not really a how-to, this is more a, I want to call this if I had a section for different kinds of podcasts, I would call this sort of the discovery podcast because I just want you to think what I certainly have noticed and that’s why you know what I’ve talked about with you all in the past is they’re really five key relationships you have to develop. You have to develop the relationship you have with your time. You have to develop the relationship you have with your money. You have to develop the relationship you have with yourself, with your team, and finally, you have to develop the relationship you have with your business as its own entity.
So today we’re talking about money because I don’t think most of us think about money and a relationship. We just think of that money is this thing. And in my experience, we think either that money is easy, money is hard, money goes to some people without a problem. Money goes to other people, and it’s really hard for them to get it. Money is easy to earn, hard to keep. Money is easy to earn, easy to keep. Money makes money. Like we all have these ways of thinking about money, right?
Then we get into business for ourselves. And I know this will surprise you, but how you think about your money shows up in your business, right? And as a woman who, I’ve been in business for seven years, man, I can tell you my relationship with money has been spot on in my business the entire time. And it’s growing, and it’s maturing, right? And it has to for your business to grow is my point. Because if you don’t develop your relationship with money beyond what you thought about money when you were 20 or when you were eight, right? Then you’re going to continue to see the financial struggles as an adult and in your business. So here are the kind of the common money thoughts or maybe money relationships that I watch my clients have.
Some of my clients are in a total ignore relationship with the money. They ignore their money. They don’t like to look at their money, they don’t want to talk about money. They’re just going to pretend that their money, they just whisper like a baby it’s over there. Like there’s this complete disconnect from money. We don’t look at bank statements, we don’t look at spending, we don’t look at budgeting. We don’t look at anything.
Okay. That’s one bucket. And I always like to kind of think about like what would your money say about you if you were that person? They would say, “I wished you would pay attention to me.” Right? Then there’s kind of the burners. These are the people who make money, but they burn it. Man, as soon as they get money, they burned through it, they spend it. And there’s an element here of ignoring, so they’re really just paying attention to the money that they see in the moment versus kind of the history of their money or the future potential of their money. It’s just what do they have? It’s kind of like almost like having a one-night-stand relationship with money. Like here’s my money, yo, let’s do the thing and then it’s gone. And then we have to go make more.
And then there’s people who are fastidious with money, count every penny, are very aware of their money, rigid, almost with money, frugal and to a point where it’s hard for them to spend money. So they might have it and keep it, but they struggle with spending it. They don’t know how to make decisions around it because they have some fear around their money.
And then I also, ultimately, what we want to get into is sort of this awareness of our money or relationship with money that feels mostly abundant, right? That we know that we can trust ourselves with our money. We know what we’ve made, we know what we’re making, and we know what we will make or what we need to make for our business. We have systems that produce that information for us, and we might even have people who help us.
I know that for many of you, one of your first contract hires is a bookkeeper. But because you’re so uncomfortable with your money, a lot of you and I did this y’all. So I’m in, who the heck wants to look at spreadsheets and do accounting? Yuck. Balance sheet? Come on, barf, right? So you hire your contractor and then you just hope they’ll take care of it for you and you don’t look at it. And I think a lot of entrepreneurs really up until about a million dollars, do that. And then you just have your bookkeeping books, right?
But so many of my clients, when I meet them, they may have bookkeepers, but they don’t have people who help them forecast and budget and sets things up. That’s why one of the best courses on the planet for you is the entrepreneurial bookkeeping course that Brooke actually created with Mark Butler. So if you haven’t checked that one out, I would suggest you look at it. It’s so good. But because I don’t think, again, there’s just this lack of real conversation about what you and tools about what you all need as entrepreneurs running businesses.
But you have to be willing to see it because the backend of most of those relationships that I shared with you when it comes to money is shame, is feeling inadequate. Women will say to me, I know I shouldn’t, I know I’m not doing this, I know I shouldn’t do it that way, I’m so embarrassed. Right? Their credit cards cancel, their credit cards get declined. There’s so much shame. Shame perpetuates the same behavior, you guys. Shame is not useful. Now, I appreciate, we’re all going to feel shame, and I think it’s best to get through it and identify shame and say, “Okay, I feel badly about how I have managed my money. I’m telling myself I’m not smart and telling myself it’s something I should be embarrassed about.” No, it’s not. You’re just learning.
But let’s agree that that’s part of your growth then. If you’re not happy with your relationship with money it’s affecting your business. And I know that’s a very simple statement, but I know it’s true. It’s been true for me and it’s been true for every single one of my clients. As soon as you evolve and grow the relationship you have with money through awareness and through frankly through coaching, it changes your ability to have it and to make it and to keep it because now instead of like having a one night stand where you don’t really know who they are, you only want to talk to them, your money becomes a partner, it becomes a relationship that you’ve had.
When I was in business, when I first started in business for myself I was just whatever, I just wanted money. I just wanted to make money so I could really make it and not have to go back to a job job, right? And I remember there were a couple of comments that I heard along the way that were very powerful for me. So whenever I can I share them with people. And I might’ve even shared this on a previous podcast, but I’m going to give these two thoughts to you in the hopes that they kind of ignite the same good feeling for you.
The first one was from a woman named Christine Kane who was a coach. She helps women, she’s some sort of a mentor for women in business. And she says that money needs a map. And I love that thought because we have to give our money arteries to us. So in order to do that, right? You have to really think about those arteries, which is about business development and business building and product development, all the things. Is it easy for your money to get from point A to point B? And the second thought came from Brooke years ago and she said, “My money always finds me.”
The money that clients pay me to work with me is not their money. It’s my money that found me. And for those of you who are really just getting started or are in business, one-to-one sales, right? You know that sometimes some of the hardest things to do, hardest thing to do for a lot of people is to get over that ask, right? To ask people to pay you money. And that was certainly me. I knew when I first started, I charged hardly any money and I wasn’t making any as a result. But I had so much fear around asking for higher pricing in my coaching. And as soon as I changed the way that I thought about it and I realized, oh, okay, wait a minute, my money finds me.
So when I ask you to register for my program, I’m not asking you for your money. I’m asking if that’s my money, that’s going to find me. It was a game-changer for me and it took all the fear out of the ask and then ultimately of generating it, which is so interesting, right? So your relationship with money is incredibly important. We can’t underestimate it and I don’t want you to sweep it under the rug anymore. I don’t want you to hide from it. If we make a commitment in 2020, let’s look at it because your relationship with money affects obviously yourself, it affects your family, it affects your lifestyle, it affects your business. It affects how you pay people in your company. It affects what you spend your money on. When people I have that I’ve worked with can’t pay me, I’m always surprised that especially when they’re running multimillion-dollar businesses and they can’t pay for a month of coaching. That’s just interesting to me, right?
So what are you doing with your money? What do you think about your money? If your money was going to describe the relationship it has with you, what would it say? Would it feel loved and respected or would it feel ignored and used? And I want you to giggle. This is not about feeling rotten. This is about, okay, I’m a 40-year-old woman. I’m a 36-year-old woman. I’m a 29-year-old woman. I’m a 57-year-old woman. Wherever you are. And I am ready to reestablish my relationship with money so that I can reestablish the success and viability in my business as well.
So I hope I’ve given you a little couple of things to think about. It’s been my pleasure to spend time with you today. Have a great one.
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