5 Steps to Regroup When Funds Are Low
When that confidence you had to jump ship and break free from your 9 to 5 job is gone, you’re extra vulnerable to the lure of high-priced courses that claim to rescue you by creating a tool, skill, or product for income.
It’s not uncommon for new online entrepreneurs to have an assortment of expensive courses they’ve never completed and in some cases never even started. We’re talking an easy $1K to $12K in course fees.
Yes, that’s one thousand to twelve thousand DOLLARS.
My jaw used to drop when I heard those figures too, but now I see it’s a syndrome. An unfortunate and all too common way of seeking solace.Along with the crazy overspending on courses are the coaches, mention you’re struggling and not earning, and you become easy prey for high priced coaches with a solution for you.
The thing is, your fear is enormous, and money is scarce. Plunking down cash on either of the above when you’re in a critical situation isn’t a recipe for success.
You need to find a way out of fear, take control of your finances, and get your business on track. Remember you are the CEO, and you’ve got what it takes to get this baby going.
I know, I’ve been in this scary place and here are the things that made a difference for me, and I think they will for you too.
#1. Say Yes to Yourself by Saying No to What Doesn’t Make Sense Financially.
It may sound like rubbish to hear this, but one of the things that can foster creativity and smart problem solving is a lack of funds. Entrepreneur Daymond John of Shark Tank and FUBU fame has a new book called “The Power of Broke” and in his book he shares how being short on cash catalyzed his innovative solutions for selling his T-shirts in the early days. One look at the empire he’s created, and you can see that it didn’t stop him, but it did force him to find creative ways to take his business to the next level.
If you frame it right, low funds could be your secret weapon, especially in the online realm. Here’s how:
#2. Promise yourself you will NOT do any of the following.
- You will not get sucked into an expensive course that sucks up all your time and takes you away from earning cold hard cash.
- You will not get sucked into a coaching relationship with someone who promises you’ll earn X if you give them thousands of dollars. You need the invaluable confidence that comes by earning money on your own.
- You will not get sucked into an expensive website design. You don’t need this right now. A simple, clean design, with your basic contact information and services is all it takes to get the ball rolling.
- You will not get sucked into an online challenge that robs you of precious time doing something that has no immediate income potential. Think funnel development, lead magnet creation, etc. And hey, if you don’t know what these things are; no worries, there’s even more hope for you as someone who hasn’t been indoctrinated into the online world’s common traps. Consider yourself lucky!
What one thing do you need more than anything else when you’re getting started in business?
Ding! Ding! Ding!
I was pretty sure you knew it and I’ll bet your family and friends are reminding you of this on a regular basis. As Gary Vaynerchuck says, “Cash is oxygen for your business.” Keep it alive.
How great would it feel to show these people in your life a screenshot or print out of cash deposited into your account? Incredible! A relief right? Not to mention the confidence it will give you to keep going.
So let’s focus on income!
Avoid Invoicing. Set up a system to get paid quickly!
It’s easy to put off one of the next steps. I know because it’s what I did.
I was petrified to make offers, and I rebelled against the influences around me telling me I needed to set up a way to be compensated. Deep down I knew I didn’t want to go the direction my business was heading. Without an online payment gateway in place, this was the equivalent of shouting to the universe that I did NOT want to get paid.
The universe listened. I didn’t get paid!
I was depressed. I knew I had what it takes to get a business off the ground, but my heart wasn’t in relationship coaching.
What did I do? I paused.
#3. Do some deep soul searching away from the influence of others.
Slow it down and sit down. Get quiet and see what’s coming up for you. YOU have the answers. You do.
We’re so busy spinning our wheels and being tempted by shiny objects and gurus that we devote little time to our own thoughts, our own ideas. When I intentionally slowed down I spent 4 days away from my routine and decided I wasn’t going to go into relationship coaching. It didn’t matter that this was the “most logical next step for me” according to some business coaches. It dragged me down. It didn’t feel good. End of story, time to move on.
#4. Get focused on what you love and make a pivot if necessary.
I allowed myself to change my thought process and shifted away from what everyone else seemed to think I should be doing. Now I’m a content creator and podcast host. I get to help solopreneurs and small business owners create strategies to move their brand forward by harnessing social media, live streaming, and video marketing — it’s creative, challenging, and loads of fun!
#5. Set yourself up to get paid FAST online.
I waited long enough to start earning and I needed an easy way to get paid right away, that meant up front, before starting any work. I did the research and eventually decided on Stripe’s online payment processing service because they took the lowest cut and integrated with Acuity, my online scheduling service.
After my FREE 20-minute social media strategy calls, I’m able to follow up with a thank you and a packaged offer. My offer links to a payment gateway page; all my interested client has to do is click see multiple different ways to pay. It works!! I get PAID!
Yes! It feels amazing to see that money go into your account immediately after your client makes their decision.
Of all these tips, having a payment gateway is the number one thing that allows both you and your customer or client to get going faster.
Speed baby, speed! Get your money NOW. You’ll be amazed at how this impacts your spirit, your sense of hope for turning your business around.
Note: some of the links included in this post may earn me a small percentage if you decide to make a purchase.