by Charleen Fariselli, CPA
“Show me the money” is the infamous line from the hit movie Jerry Maguire, but also makes a fantastic daily affirmation. No matter what business you are in – from conventional manufacturing to the most “woo woo” services – everyone is thinking those four magic words.
I hear people say sometimes that money is not a motivating factor for them, that money is not what drives their passion or business. For some people that probably is true, but I can bet there are external factors in many, if not all, of those cases, like the woman that swore up and down she did not care about money in her business and that her sole mission is to develop self-esteem in toddler girls. Well, it turns out her doctor husband makes over $400k per year and is bankrolling her entrepreneurial dreams.
we don’t want to have to sacrifice our entrepreneurial dreams working some soul-sucking job our whole lives
For the rest of us that don’t have unlimited funds at our disposal, we don’t have the luxury of not caring about the money and the benefits it provides in our life, like food and shelter. So how do we incorporate the old-school conventional capitalist mindset with the more unconventional business models that are cropping up like dandelions on a football field, because as modern women, we don’t want to have to sacrifice our entrepreneurial dreams working some soul-sucking job our whole lives?
Let’s start with some statistics. In 2016 more than 25 million Americans started a new business. Of those businesses, 88% started because someone saw a unique opportunity their business could fill.
These opportunity-based entrepreneurs saw a way that they could put their passion, knowledge base, and uniqueness into an economically viable package. 37% of those new business owners are developing or delivering an innovative product or service. Thus begins the bumpy road of an unconventional entrepreneur.
When you are first starting your business, you ideally have some financial cushion to fall back on. You are still collecting a “regular job” paycheck, have a significant other helping, won the lottery, or whatever. At this stage you might be willing to work for a little less because you are still figuring things out, haven’t nailed down your offering or your pricing yet and are working to establish a name for yourself.
But don’t fall into the trap of turning “show me the money” into “let me do this for next-to-nothing because I am new to this game”.
This is the perfect stage to develop and embrace your capitalist tendencies. Get real about your relationship with money. Learn to appreciate it and value it.
Develop the skills to track it and make it grow, and develop a smart savings and cash planning strategy.
Until you master these skills, money will always be in the driver’s seat, and the choices money makes for you are not always fantastic, just ask Rumpelstiltskin.
Don’t fall into the trap of turning “show me the money” into “let me do this for next-to-nothing because I am new to this game
Charleen Fariselli
The Mid-Level Entrepreneur
Congratulations! You are one of the lucky few that got past the novice stage. You have nailed down your pricing, your service, and delivery. People are somewhat consistently opening their wallet and showing you the money.
Now is the time to make sure you have upgraded to placing a premium dollar value on your offer, your time, and yourself, and sticking to it.
At this point one of the hurdles you might have to tackle is stagnation. You did the testing and figured out a business model that works, but the market is continuously changing, so what brought in the dollars yesterday may not work tomorrow. It takes time and experience to realize what is a downward trend vs. a blip.
A smart savings and cash planning strategy will save you when this happens. With cash reserves, you can weather that trend, reorient your business, and plow ahead. If you do not have the reserves to ride out these storms you are back to the starting line, or back to corporate America.
The Seasoned Entrepreneur
You have finally made it to the big leagues, even if your business isn’t mainstream. According to the GEM study, 42% of US entrepreneurs expect to hire 6 or more employees within the next five years. You aren’t only helping your clients live richer, fuller lives but you are creating employment and advancement opportunities for those without the entrepreneurial spirit.
Hopefully, by now you have fully embraced your inner capitalist and interwoven that with everything else that makes you unique. You have seen how money really can buy happiness…Happiness in the form of realizing your life’s mission, Happiness in the form of crafting a lifestyle business for you, Happiness in watching your clients achieve their goals, and Happiness in knowing that you can’t be replaced in a matter of hours, like any corporate America job.
Whether you’re a novice, mid-level, or seasoned entrepreneur, keep cultivating an awesome relationship with money. Always be thinking of how you can get people to “Show Me the Money.”
Hopefully, your ending will be as good as Jerry Maguire’s, full of people clambering to work with you because of your heart, dedication, and respect for the coin.
Charleen has been a CPA since 2006 with experience in a wide variety of industries – from horses to Hollywood and everything in between. She specializes in small business tax and accounting services. She has a Masters in Accounting from Texas A&M, an MBA from University of Texas and a BS in Molecular Biology, for funsies. When not at work she is often found hiking the hills with her 2 kids and dogs or at the beach..
