More women are self-employed than ever before. According to this study by Maddie Shepherd, 40% of businesses are owned and led by women. That means that the US alone had 12.3 million women-owned businesses.
Lianne Kim is a Business Coach and strategist who is on a mission to help women create a business they love. She wants women to feel good about the money they are making and wants you to build a business that brings you joy.
Lianne Kim
Silvia at Anchor Studio
Lianne helps her clients by helping them set targets for their business and believing in the possibilities of what their companies can achieve.
Lianne authored her new book, Building a Joyful Business, which aims to help women make more money in their business by setting targets and believing in their business possibilities.
Lianne believes that it’s all about the choices we’re making, so it’s easier and smarter to make choices that bring us joy over pain.
Lianne’s tips for making more money in your business are:
1. Know how much money you are making
Many entrepreneurs are not tracking their income, and when faced with the question, they often have no idea. It is not a sustainable way to run a business. A large part of running your business is knowing your numbers. It is essential to understand what you are bringing in for income. You need to understand your expenses as well so that you know whether your business is profitable.
2. Be intentional about the money you are earning
Set clear goals of the salary that you want to pay yourself. Quite often, business owners pay themselves what is left over after all the expenses are paid, but that is an unpredictable and unfair way to pay yourself. You need to set intentions that include how many sales you’d like to achieve for the business in a year and how much you’d like to pay yourself. For example, if you want to pay yourself $100,000 annual salary, you need to set that intention and be sure that you are running your business in a way that allows you to meet all your goals.
3. Be mindful with spending within your business
When you create a profit goal, you need to ensure that you spend within your means to achieve that goal. Reckless spending is the fastest way to lose profit in your business. You need to be aware of the decisions you are making and how much you are spending, keeping in mind how profitable you want your business to be for the year.
The bottom line is finances are essential when you are building a joyful business. Be clear on the money in your business and how it works for you in your business. Ensure you are paying yourself a fair wage that you are proud of and making your work meaningful. When you have your financial foundation in place, it creates a space for your business to grow and scale.
