15 Tips To Help New Business Owners Worry Less About Money

Most new business owners will face financial woes at some point along their entrepreneurial journey. When they’re just starting out, cash isn’t in abundant supply very often, so owners have to focus on lean operations and stick to a firm budget. Even after taking these steps, it’s not uncommon for a new owner to worry about having enough money to keep their business going.

Many members of Forbes Coaches Council have come to intimately understand the stress and strain that money issues can cause for a new business owner through their work coaching leaders. Below, they share tips to help entrepreneurs worry less about money and get back to doing what they love: growing their business.

1. Determine What Money Represents For You

While you can’t necessarily change the condition of money in your business right now, what you can do is take time daily to identify what having an ample supply of money in your business feels like. You can also ask yourself what money represents for you. For example, it might be ease, freedom, flexibility, choice, greater spending power or relaxation. When you’re focused in this way, worry is not present. – Christine Meyer, Christine Meyer Coaching

2. Focus On Getting It Right, Not The Results

The secret to success is never focusing on the results—instead, focus on excellence within the process and on what is in your control. Want to ensure that you’re highly likely to make sales? Obsess over the customer experience. Want to ensure a phenomenal product-market fit? Deeply listen to a customer’s reasons when they don’t buy, and adjust the product accordingly. Focus on getting it right, and the money will follow. – Lisa Christen, Christen Coaching & Consulting LLC

3. Focus On Doing Well While Doing Good

Build relationships and establish your brand quickly. The more you give, the more you get in return. In a new business, money will always be in short supply. My recommendation is to save for a full year before deciding to go out on your own. – Jay Garcia, Jay Garcia Group

4. Understand Budgeting And Cash Flow Management

Money is the lifeblood of any business. Running a new business can be daunting, and one of the most worrying aspects of it is having enough money to keep the business afloat. With careful planning, understanding of the basics of budgeting and cash flow management, cutting costs and seeking out financing options, it is possible to worry less about the money and focus on running the business successfully. – Ryan Stewman, Break Free Academy


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5. Set Your Minimum Gross Profit

Carefully calculate gross profit on every single deal with a pricing calculator, set your minimum GP and stick to it. Gross profit is the silent killer of small businesses. Just because you are bringing in revenue doesn’t mean you are making money. If you can truly see that every deal is actually making money, you can feel confident you are doing the right thing. – Glenn Grant, Selfassembled Ventures

6. Distinguish Between Costs And Investments

Start by differentiating business costs versus investments in the business. That way, when it feels scary because you can see business expenses mounting, you can remind yourself why you are investing in this area and manage your anxiety. Any business can put a stop to spending money, but very few businesses would survive without some type of investment—and recognizing that is key. – Shamila Mhearban, Shamila M. Ltd

7. Leverage All Of Your Resources Wisely

Understand that you have four resources to leverage in your business: money, technology, people and time. Budgeting your time is just as important as budgeting your spending. Leveraging technology will help you spend your time more wisely. Leveraging other people’s time through outsourcing and not being afraid to hire that first person will free you up to focus on areas where your time is most valuable. – Sherre DeMao, BizGrowth Inc

8. Start By Turning Worries Into Actions

Create a marketing plan that will increase revenue and the customer base while also identifying avoidable operating expenses and cutting them. Also, ensure you always have a contingency fund to cushion the effect of a short supply of money. – Adaora Ayoade, EZ37 Solutions

9. Get To The Root Cause

Self-reflect on why money is an issue. Is it not enough sales, not enough profits or not enough money in your accounts? One of my recommendations is to build a safety net. Take a percentage of your profits each time and put them in an emergency account. This could give you the security you need to not worry about money in the future. – Christopher Mullen, chrismullen.org

10. Be Financially Savvy

Being financially savvy allows you to stretch what you have got to get more than you anticipated. Strategically and tactically plan what needs to happen and the cash needed for that. Thereafter, prioritize and time your cash flow needs. Anxiety comes from the unknown, and gaining a greater degree of control around “what is” will allow “what could be” to materialize with less stress. – Arthi Rabikrisson, Prerna Advisory

11. Create A Mass-Market Product

Revenue is key for any business to survive. One way to worry less about money—especially for a business that wants to serve premium clients—is to create a mass-market product that would bring in consistent revenue while waiting to close sales with premium clients, who typically have a longer lead time. – Othman Abdulrasheed, Business Leadership Consulting

12. Use Your Money More Efficiently

Ask yourself, “How can the money I have be used more efficiently?” There are three immediate ways you can take action on this. Identify tasks you can automate, identify projects you can delegate, and use your time to focus on strategic work. Many business owners focus on how much money they’re spending when they should be focusing on efficiency and strategy. This allows you to scale not only for profit, but also for time. – Savannah Rayat, Rayat Leadership Coaching

13. Fast-Forward To A Future Perspective

When worry is consuming my clients, I invite them to fast-forward to a future point in time where the worry is no longer a concern, then look back at the steps they took and the decisions they made to get there. From that successful future-self perspective, they can figure out what they need to get done and their next best steps. – Asia Bribiesca-Hedin, Bridgewell LLC Professional Services

14. Create A Plan That Includes Nonfinancial Goals

Accept that worrying over money will be a constant. Then, focus on creating a simple plan that gives you nonfinancial goals to aim for and helps you see more clearly how money (your budget) is related to the other aspects of your business. Start by creating a 12-month plan that covers your growth—including people, clients, sales and marketing, product and service, operations and finance—and don’t be afraid to change it. – Chris Averill, Northford Capital

15. Face Your Money Conversation

If you are worrying about money (or the lack thereof), then it’s time to get curious and face your fears about what’s currently happening that is preventing an influx of cash. Getting clear on the root cause(s) first before taking any action is paramount. What’s happening? Why? Where? When, and how? Do some detective work before making any serious decisions. – Joshua Miller, Joshua Miller Executive Coaching

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