Women are starting a business at a higher rate than ever, so it’s essential to normalise women in business and create wealth from their company. Considering that women make up 49.6% of the world’s population, the distribution of wealth for women is disproportionate.
As a business owner, you are uniquely positioned to build your wealth, provided you are the sole stakeholder in your business. When you own your own business, you own your profits, and profit is what makes the business owner wealthy.
We need to normalise wealthy women because far too many women-owned businesses are afraid to reach for the wealth they can create through their business.
Often when working with women in business, limiting beliefs surface such as:
- “I only need to make enough money to live off.”
- “It’s greedy to want more money.”
- “Wealthy people are not nice people.”
- And the list goes on….
We need to help women in business get over those mind-limiting beliefs and allow themselves the permission to create wealth for themselves.
The key to creating wealth in your business is to understand money management. You can bring in millions of dollars in sales, but you will not become wealthy if you are not managing your money like a wealthy person.
Being wealthy doesn’t just happen to people. It would be best if you built your wealth. And wealth is not created through the revenue you bring in; it’s how you manage the finances in your business and reinvest your profit. It’s essential to invest the time it takes to learn about money management as knowledge is power.
Many business owners get tempted to spend the profit they bring in because they want to enjoy the finer things. But wealthy women are disciplined and understand how to manage and invest their money to protect their capital and build it for years to come.
The secret to being wealthy is in how you manage your money.
The second reason that follows closely is that they don’t know how to manage their money. The frustrating thing about money management is that you were likely never taught these skills. You weren’t taught them in school probably didn’t talk about money at home, yet as an adult, it is expected you know how to manage money, especially if you are a business owner.
The bottom line is that your past will only predict future behaviour if you allow it. Maya Angelou always said, “When you know better, you do better.” If you are struggling with your relationship with money and/or how you manage the money in your business, get help.
Financial confidence is empowering and looks sexy on every woman, so make sure you carry your wealth with confidence!
I’m Tracey Sofra and I believe women should take control of their money and create the financial independence they deserve to live a life of choice.
If you are ready to take the next step in your journey to living a life of choice take the Financial Confidence Quiz and find out how you score to move forward in your financial life.
Tracey Sofra is Australia’s leading Financial Advisor specialising in Women’s Financial Confidence. As a Business Leader, Mentor, Financial Advisor, Author, Speaker, and Mum, for over three decades Tracey has shared her proven method for shifting mindsets and the limits to financial success for thousands of women. Her passion around financial freedom is infectious leaving you inspired to challenge the status quo, build confidence and create change. To enquire about her working with you or your organisation please contact us at info@wowwomen.com.au
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