I first heard this phrase, “Pay yourself first”, about twelve years ago when I had a part time business and often felt like I was just scraping by.

I had a separate bank account for my business, however I really didn’t understand how to manage it. I never really paid myself, I just earned money and spent it. Sound familiar?

At that time just about all my earnings got transferred to my personal account and I put every little money into my business. Many solo-business owners operate this way, by juggling money because of inconsistent income.

A year or two later I moved back to USA and decided to turn my business into a full time venture. This meant building a website, paying for hosting, printing and countless other expenses. It was a big shift!

I had lots of money going out and I began to pay myself in little bits and pieces just to keep my personal account above water.

It went on like this for quite awhile. I worried about not having enough, not bringing in enough income and was anxious if my bank account dropped below a certain point.

Then I again heard this phrase, “Pay yourself first.”  I didn’t know how to do this but I delved in and began to learn more about money management and how to run a business. Now I understand  what this means and the reasons to do it.

•  It is always good business practice to pay your employees first and foremost, so why would you treat yourself with less respect?

•  It is impossible to budget and plan your personal life if you don’t have a pay day and an amount you can count on.

•  If you don’t pay yourself first, you are nurturing an attitude of lack instead of abundance.

What you need to do:

1. Come up with a figure of what you absolutely need to pay yourself to sustain yourself and to feel good!
2. Divide it into two payment amounts. 
3. Schedule your paydays and write it on your calendar.
4. On that date write yourself a check or transfer the funds online.
5. Give gratitude for your business and your abundance.

If you want to add one more positive bit, decide on your next pay increase and plan and schedule it ahead.  Watch your income increase to meet that intention. It is like magic.

Most of us who began solo have learned how to  cut dollar corners by doing virtually everything ourselves!  It is really a crazy idea but in fact almost all self-employed solo-biz owners begin this way.

The focus is on cash flow and the idea of hiring someone to do anything translates to money going out.

I coach my clients to set prices for their services that allow them to get paid what they need in order to run their business and make a profit.

I see way too many service based new entrepreneurs under-charging and falling into the trap of wanting to help everyone.  But, I am getting side-tracked here. The point is, I can never complain about anyone’s prices. If anything I know people are under-charging not over-charging.

There comes a point though, where you must bring in a team of people to help you run your business because it will become impossible to do it yourself and still grow your company larger. You need to pay people for the help they give you.

I am just in that place now and I am excited about the changes happening and the amazing people who are helping me. I feel  blessed by  my team. They are all people who have been my clients so what comes around goes around. I love hiring my clients. But I am still putting out a couple thousand dollars for  my new website and design and the help to get it all happening!

In order to do this I needed to see your return on my  investment. How do you know if money you spend will bring you more money in the long run? You have to map it out and  ask, “If I do this, what will be the expected outcome?”  Trust your instincts as an entrepreneur and get valued opinions. I did wait until it was the right time.

The biggest mistake I see people make is to wait too long and cut too many corners, not invest in their business and and end up staying small and struggling.  Here are possible issues have that I have seen:

• Your prices are too low and you are under-valuing yourself.
• You feel self-doubt and are making decisions from that place.
• Your marketing is poor and there is no plan to follow.
• You are lacking a  vision for your fully developed business.
• You are trying to to sell something that has no driving need.

There are other reasons and maybe some of you can share.  I’d love to hear from you. Really the term solo-business doesn’t truly mean  ”solo.”

This morning I received a lovely e-mail from my friend Stacy and she shared  four ways to deal with her own personal challenges. These came from  Sally Conway.  I loved what she wrote and decided to share them with all of you. They can be used in any situation that challenges your sense of power and inner balance.

You’ve probably heard me say this before, “Owning a business is like a constant personal growth process.”

I remember attending an “est” training in the 1975. For those of you born later, it was an intense  personal transformation training offered by Werner H. Erhard,  It was all about learning personal empowerment in a very charged and challenged situation. It wasn’t fun, but growthful and I came out feeling I had been rung through a ringer.

Some weeks of being a business owner can feel just like this. Certainly, most of the time I love what I do and feel grateful for what I  have accomplished.

However, other times there are inner conflicts that come up and challenges that will stretch my own sense of inner power. There are times I want to just cry and other times I feel angry or hopeless as I have to stretch beyond my own comfort zone. One thing I learned way back in 1975 is that my comfort zone can transform if I allow it to.

Stacy’s 4 part Practice

1. Remain neutral (the space within you where emotion ceases).
2. Follow the thoughts that bring you peace.
3. Remain steadfast in your faith of the highest and best outcome.
4. Disregard any and all external distractions and fear based realities.

These 4 principles to follow can be a Practice all on their own. When things are going well, they are not really an issue, but when you are challenged it is a good time to practice these four ways and make them a part of your natural way of being. It is possible to overcome any obstacle as long as you have a plan, determination and support.

Running a business is hard work, with many challenges around all kinds of stuff, but the biggest challenge is with your own state of mind.

As a business owner, your mental and/or emotional state can have a huge effect on your productivity, your relationships and your business as a whole.

It could be that you wake up one Monday morning and just feel depressed. You don’t want to get out of bed, you don’t want to be creative, deal with employees or face the tasks that need to be done.

Owning a business is similar to being married. When things are sunny and happy, you love each other and it feels great,  you are energized and passionate. But sometimes things feel blah and the passion has gone out the window. Everything your partner does irritates you and you just want to be left alone. The choice you make at this moment is pivotal.

You can choose to stay in the dark place and be grumpy or you can choose to do whatever it takes to change your state of mind. The first step is to be aware of the fact that you have this choice.  You are not at the mercy of your emotions. You can choose what you want and how you want to be.

Here are a few tips that can help any business owner to move into a more empowered place and choose how to begin your day and how to relate to your business.

1. Remember your business vision. If you have done a vision board, take a few moments to look at it. It will remind you who you really are and what you are creating.  My own vision board has words like, “clear vision, lose yourself in the magic, be lifted to your higher self and we hear you”. When I read those words it reminds me of how I felt when I wrote them.

2. Energize your physical space. Clean your office, get fresh flowers, move furniture, light a candle, play uplifting music or anything that will help to change the energy on the physical level. Just the act of doing this will affect your state of mind and will help you to move out of a doldrum.

3. Contact your mentor or a close friend and share. Just talking to someone who is a good listener can make a huge difference. Depression lives inside and when you begin to talk,  it moves the energy outward and brings you back in touch with your life force.

4. Make a list of what you want to accomplish this week. Write it on a white board so you can easily erase things as you complete them. Creating your list is good because it is concrete and will get you thinking about what you need to do.  Right action is energizing and can get you moving.

5. Acknowledge all you are grateful for in your life and business. Give appreciation to people who have supported you and cared about you. Give thanks to everything good that has come your way.

Now breath, smile and move forward in your day and week with a positive state of mind.

You help people everyday. You know you make a difference in their lives. You love that good feeling you have when you provide quality service. But sometimes things feel out of control and you are the one who needs help. Your client flow has slowed to a trickle and you don’t know what to do!

Why keep struggling in your business when the helping hand is there? All you have to do is grab it.  There is an easy to follow formula for developing a steady stream of new clients, people who want your help and are ready to take your hand.  What goes around comes around.

Service providers often have trouble getting help themselves. Why? Here are a few thinking errors.

1. I can figure it out myself. You know your clients benefit when they get your professional help. It’s no different for you. Why struggle alone when you can shift and learn faster with support.

2. It’s too expensive. “I can’t afford it,” is a deadly phrase for a business owner. There needs to be priorities for sure, but getting help in your business is an investment and will pay for itself.

3. I tried once before and it didn’t work so this will likely be the same. This is a discouraging attitude. It could be that was a wrong match, the wrong timing. Who knows but don’t give up on yourself. Successful entrepreneurs get help over and over.

4. I don’t have time. All business owners are overly busy, however the stress from not having enough clients eats up time and energy as well. It’s all about prioritizing and making the time to work on your business.

5. Things aren’t that bad. It could be that you are in denial of how bad it is. If you are struggling, stressed and worried about money, you need help. Why suffer if you don’t have to.

Whether you assist people with their websites, bookkeeping, health, finances or business,  you can be a model for them as someone who gets professional help when needed. There are 7 easy steps to putting together a marketing plan that will end your struggles so you will be able to continue to provide excellent service to a steady  stream of new clients. Does that sound good?