Mindful Money Habits Every Entrepreneur Needs to Succeed in Business

by | Apr 22, 2020

This month’s theme of finance has me feeling a little worn, ya’ll. Don’t get me wrong—I’m super passionate about money and I do run a successful business—but as you know, I’m not exactly a money expert. One thing I do know is that being successful with money requires winning money habits.

That’s why this week, I turned to my Facebook group to help write this post. I asked my group of over 1000 female entrepreneurs what it takes to be successful with your money and set good money habits. Here’s what we came up with, together.

Master Your Budget

Some people avoid budgeting like the plague. I’ll be honest and say that, I’ve been one of those people. But if you don’t take the time to create a budget you are going to be in a world of hurt a few months down the road in your business. Every business is different and there’s no standard formula for budgeting. But you do need to always be mindful of two things: the money coming in and the money going out. Obviously, if you’ve got more money going out than coming in, you have a problem. A simple pen and paper or spreadsheet can do a world of wonders for helping you set up a proper budget.

Track Your Expenses

Tracking your expenses goes hand in hand with planning and budgeting. When you track your expenses you are reconciling what you actually spent money on with what you planned to spend money on. Did you spend too much on coffee this month and not enough on marketing? Organizing your expenses into broad categories can help you see where you might need to shore up your spending and other areas that may need some attention.

Avoid Impulse Purchases

I’ll be the first to raise my hand and say I’m guilty of this one. When you see that shiny new software that someone else is using online that promises to change your life, you just got to have it, right? Wrong. Keep your expenses in check by avoiding impulses purchases in your business. One thing that really helps me with this in my business is reviewing my yearly goals every quarter. If a purchase isn’t in line with one of my goals, then it’s best to save that purchase for another time or move on altogether. Or if you’ve really got your eye on something to purchase, why not sleep on it and wait 24 hours before deciding to buy to see if you still feel the same way after giving yourself some time to think.

Save First

Are you saving money in your business? Or do you spend your cash immediately as it comes in? There are many reasons to save up funds in your business including saving up for larger expenses (like a gorgeous custom website) so you don’t have to purchase on credit. Saving can also create a safety net for you in uncertain times, help you set aside money for taxes, and even give you the means to reinvest into your business. If you don’t have a business savings account, now’s a good time to consider setting one up!

Give Back

You can be a successful business without giving back – it’s true. But is that the kind of business owner you want to be? Not every business may have the means to donate or give back, especially as you are still becoming more established, but once you have firm roots set in the ground, you may want to consider what you can do to help others. I’m not saying you have to donate thousands to charity or give away all of your profit to be a good business owner, but there are plenty of ways to positively impact others with your business. Consider offering discounts as a service-based business to your local community or providing a 1-1 donation if you are a product-based business (think Tom shoes). Of course, these are just examples and you can think up a cause that is near and dear to your own heart and what makes the most sense for your business.

Reward yourself

When you hit a big milestone in your business, do you immediately move on or do you take the time to celebrate yourself a little bit? To many, rewarding yourself for a job well done can seem silly or indulgent but that couldn’t be further from the truth. Only you can decide how big or small of a reward is appropriate, but taking the time to acknowledge your achievements is going to actually encourage even more growth and success in your business. It’s the classic conditioning principle at play here and not only does it work, but it feels pretty good to be recognized for your work, even if you are the only one giving the accolades. Don’t blow the bank on this one though, and make sure to set aside a slice of your spending budget for these incentives.

What money habits are you struggling most with in your business? Let me know in the comments!

Grab Your Free DIY Website Workbook

Looking for a little guidance as you think about creating your website? Packed with guidance, tips and examples, this FREE interactive workbook walks you step-by-step from strategy to launch.

Kristin Pruis

Brand Strategist & Design Consultant

I specialize in helping entrepreneurs and business owners bring their passions and dreams to life through branding strategy and design. While I have vast experience working with companies, agencies and organizations of all sizes, I especially enjoy working with female entrepreneurs and women-owned businesses. It’s my privilege to work alongside business owners as they launch, grow and maintain their business’ brands. I’d love to have the opportunity to help you with your needs as well whether that be branding, logo design, web design or something else. Let’s chat!


3 Tips for Scaling Your Passion into a Profitable Business

3 Tips for Scaling Your Passion into a Profitable Business

This year marks K Design Co.'s sixth year in business. Managing to scale my business while being pregnant twice and going back to school for my MBA, picking up a side hustle, and so many other things along the way, has been no easy feat to say the least. Each year has...

read more
Best Accounting Software for Small Businesses in 2020

Best Accounting Software for Small Businesses in 2020

This month particularly, there is so much going on related to finances that I thought it was only fitting to make the whole month of April focused on all things about money in your business. I think we can all agree that managing your finances isn't really sexy, but...

read more
Five Secrets to Lead and Thrive in Uncertain Times

Five Secrets to Lead and Thrive in Uncertain Times

I’m writing this from my Manhattan apartment after a day of back-to-back coaching calls helping clients navigate business in the midst of the Coronavirus pandemic. I had originally planned on sharing some thoughts with you on mindset and how it impacts your brand,...

read more

Never miss a post and get all the goodness delivered right in your inbox!

You'll get a weekly email with my latest advice on all things branding, design and business. Are you in?


Submit a Comment

Your email address will not be published. Required fields are marked *

Do you need a website like yesterday?

Girl, I get it. Creating your own website is a lot of work, but don't worry, I got you! From hosting to design and copy, my DIY website planner walks you through creating your website from start to finish.  Snag this freebie now so you can finally check your website off your to-do list with confidence! Just tell me where to send it and I'll shoot it over!

© Copyright 2020 K Design Co.
Privacy Policy | Terms of Use

Join the Female Entrepreneurs Facebook Community

Just one more step!

Enter your name and your email and the workbook is yours - easy peasy.

Success! Your workbook is on its way to your inbox!

Just one more step!

Enter your name and your email and the cheat sheet is yours - easy peasy.

Success! Your cheat sheet is on its way to your inbox!

Just one more step!

Enter your name and your email and my tips for getting clients is yours - easy peasy.

Success! Your tips are on their way to your inbox!

Just one more step!

Enter your name and your email and my Mood Board template is yours - easy peasy.

Success! Your template is on its way to your inbox!

Just one more step!

Enter your name and email, and my Color Palette Guide is yours - easy peasy.

Success! Your guide is on its way to your inbox!

Just one more step!

Enter your name and email, and my Brand Messaging Checklist is yours - easy peasy.

Success! Your checklist is on its way to your inbox!

Need Clients Yesterday?

I've got some tips for you! Check out 7 proven ways I've used to get clients while running my biz.

Woohoo! Check your inbox for the goods!

Pin It on Pinterest