4 myths about business and finance that you need to stop believing

4 MYTHS ABOUT BUSINESS AND FINANCE THAT YOU NEED TO STOP BELIEVING (1).png

There are so many tips and guidelines for running a business that it can become overwhelming trying to work out what to pay attention to.

It's easy to start thinking that maybe you don't have what it takes to run a business, but I promise, you do! So don't take notice of the following common myths about being your own boss.

Dealing with money is complicated

Money is only as complicated as you make it.

And a lot of the time, it's kind of like that lesson you dreaded every week in school only to find that it wasn't that bad when you got there.

I get why you might think that managing your finances properly is scary - we don't get taught how to deal with things like tax and bookkeeping at school, and it's still taboo to discuss money openly.

If you're feeling overwhelmed by *all the things* here are some blog posts which might help you:

Six steps you need to take to make your new business legal

Bookkeeping for freelancers and small businesses made simple

How to register as self-employed with HMRC

How to complete your self assessment tax return

It's wrong to make money from things I enjoy

This thoughts still pops into my head from time to time, even though I know it isn't true.

It comes from the outdated, made up notion that you only "deserve" money if you work really hard. And while I'm an advocate of working hard, I'm certainly a lot better at giving something my all when I enjoy doing it.

This belief is why so many people take issue with bloggers, YouTubers and anyone else who has turned a hobby into their job making a living from it. 

But it makes far more sense to make a living from something we want to do and have a talent for, rather than pushing ourselves through eight hours of unhappiness a day. And the thing is, not everyone can do what you do.

If someone wants to hire you, it's most likely because they can't or don't want to do what you specialise in. They're paying for convenience and a good job, and as long as you deliver on those and work your magic, there's no problem at all with charging for it.

It's pushy to chase up overdue payments

Women in particular often feel like we look grabby or desperate if we ask for money (even if it's money we've earned!) so we overthink contacting someone to get our invoices paid. We imagine the person on the receiving end will think we're a stuck up cow who only cares about money.

Think about the last time someone asked you for something - did you think less of them? I bet you didn't.

As a business owner, you need to be assertive when it comes to getting paid, and your clients will understand that. If it's something you struggle with, here's a guide to making sure you get paid for your work.

 

My business will only be successful if I run myself into the ground

 

Girl, no. If you're exhausted and overworked, your business will suffer. End of.

How can you reach your full potential if you haven't slept, are living off rubbish food and haven't been outside in a week?

You started your business to realise your dreams and live the life you want, and business owners often feel that the trade off is working 24/7. But it doesn't have to be that way.

Set some boundaries. If you struggle to pull yourself away from your desk to prepare a proper meal, batch cook in advance. Have a proper lunch break rather than eating a sandwich while replying to emails. Make sure you go outside at least once a day. And try to sign off work at least an hour before you go to sleep.

And hey, maybe take a full day off, away from your business. You'll most likely come back inspired and motivated.

So those are the four myths you need to get out of your head if you're a business owner - are there any that have caught you out? Let me know in the comments!


I'm a financial coach helping female business owners to gain the knowledge and confidence they need to manage their finances successfully and have a positive relationship with money. If you're ready to take control of your finances, click below to find out how I can help you.

I also create amazing resources to help you with your business finances.