085: Breaking Free: Overcoming Financial Trauma to Pay Yourself as a Business Owner

In this episode of The Money Mindset Show, I delve into the topic of financial trauma and its impact on business owners' ability to pay themselves. But what happens when the trauma becomes overwhelming and business owners find themselves trapped in a cycle of prioritizing everything else over their own salary? Tune in to find out how they navigate this challenging situation and whether they'll ever break free from the cycle.

In this episode, you will be able to:

• Uncover the deep-seated connection between financial trauma and self-payment for entrepreneurs.

• Challenge preconceived notions that other business needs outweigh the necessity of self-compensation.

• Dissect the common idea of insufficient earnings serving as a barrier to paying oneself.

• Gain insights into how past financial upheavals influence decision-making and priority setting in business.

• Learn to rewrite subconscious money and pricing beliefs to focus on your well-deserved paycheck.

You are not just the business owner, you are also the CEO and the investor. Paying yourself and prioritizing profit is crucial for the growth of your business. - Alejandra Rojas

The resources mentioned in this episode are:

• Download the step-by-step guide on how to pass from being overworked with money to CEO with money. www.themoneymindsethub.com/CEO

• Access the audio program, SPS Series, to reprogram your subconscious mind with pricing. Go to themoneymindsethub.com/sps and download the program.

• Prioritize paying yourself as a business owner and include it in your financial planning. Cut down on other expenses if necessary, but do not cut down on yourself.

• Evaluate what is more important to your business goals and prioritize accordingly. Consider the value of having the person who runs the business and make financial decisions based on that.

• Stay tuned for upcoming episodes where financial trauma and its impact on paying yourself will be discussed in more detail. Follow the podcast and YouTube channel to stay updated.

Pricing and Revenue
So, how can you remedy this? Well, there are obviously many roads to take, from cutting unnecessary costs to boosting productivity. But one effective and often overlooked strategy is to optimize your pricing. A well-researched and carefully calculated price point could be the difference between barely surviving and running a thriving, profitable business. On this topic, Rojas shares deep insights during the show. Often, business owners' reluctance to pay themselves comes from insufficient revenue. She suggests focusing on different strategies to increase income and revenue, for instance, pricing optimization. Pricing your products or services right could lead to significant increases in your income, making paying yourself a non-issue.

Not making enough yet
Many people harbour the belief that they don't deserve to get paid until their business is making a certain amount of money. While prudent budgeting and cutting costs where necessary is a good business strategy, it shouldn't come at the expense of paying oneself a just salary. Rojas shares her viewpoint on this common objection in the podcast. Many business owners feel that they are not yet at a point where they can afford to pay themselves. They believe that they'll start taking home a salary when they cross a particular revenue threshold. However, Rojas advises this should not be the case. Your salary should be factored into the company's financial planning from the outset and should not be the go-to expense to cut when savings need to be made.

Not making enough yet
Many people harbour the belief that they don't deserve to get paid until their business is making a certain amount of money. While prudent budgeting and cutting costs where necessary is a good business strategy, it shouldn't come at the expense of paying oneself a just salary. Rojas shares her viewpoint on this common objection in the podcast. Many business owners feel that they are not yet at a point where they can afford to pay themselves. They believe that they'll start taking home a salary when they cross a particular revenue threshold. However, Rojas advises this should not be the case. Your salary should be factored into the company's financial planning from the outset and should not be the go-to expense to cut when savings need to be made.

 

 

Resources:

• Check out the SPS series, a powerful and easy-to-consume program that can help you achieve your mindset and transform your mind in under 20 minutes.
• Join the community of female entrepreneurs who have transformed their mindset and achieved financial success by signing up for The Money Mindset Hub programs and services.
• Consider booking a coaching session with Alejandra Rojas for personalized guidance on overcoming financial anxiety and achieving your goals.
• Download Our Best Seller Audio "From Overworked to CEO with Money" For Free at www.themoneymindsethub.com/CEO
• Check out The Money Mindset Hub on YouTube for video content that complements the podcast and helps you achieve financial success.