When Thrift Becomes A Vice: Overcoming A Miserly Business Mindset

Saving money is a good thing… right? Well, honey, not when it comes to the success of your business! There are plenty of times when taking advantage of a good deal is the intelligent choice, and this can be especially true when you’re beginning a new business, but when it comes to your business you have to invest in your own success.

Thrift becomes a vice once it crosses over into tight-fisted penny-pinching. The Thrifty Mindset stems from a fear of debt. Here’s where many small business owners get stuck. They say to themselves, “when I make some money, I’ll invest in support.” The problem with this is that it doesn’t work that way — on both a practical and energetic level.

My Own Shift From Thrift

My own “shift” from a thrifty-to-a-fault mindset came when I attended my first conference for small business entrepreneurs.  At the time, I was beginning my third business. I was 47 years old, pretty much broke, and about 80{2dffcae524e448daa5a394de35e8db397573d0ad5ca9273ab673a724f30cb980} financially dependent on my boyfriend. I had been given a free ticket to the event and, even though I had to spend some money to get there, I really wanted to make change. So I went.

I had ideas about money that were absolutely laden with confusion and pain, then soothed through unexamined beliefs, and “spiritual bypass” habits of thought.  And while I had learned to at least take some marketing action, thanks to my Thrifty Miser approach to business, I had invested almost no money in real growth.

To make a long story short, I made a dynamic and super scary move … not knowing where the money would come from … I committed to what seemed a very large sum of money at the time, for hands-on business coaching.

In fact, over the course of the next two years, I invested approximately $50,000 in mentorship, sales coaching, and business marketing in order to get OUT of struggle and IN to business success. And it worked.

The Law of Attraction does work when you take appropriate action. Literally within 2 weeks of signing on the dotted line and committing to pay for the coaching I needed without having a clue where the cash would come from, I was offered an ongoing, retainer-based gig that paid for my investments! When I smiled, the mirror smiled right back 🙂

Your “Shift”

My story is not the exception. There are many small business owners, service providers, and entrepreneurs who have their own version of the smiling first story. People just like you and me who didn’t know where the money would come from, but who said “Yes” anyway in order to get the help they needed.

If you genuinely want to make your Soul Purpose Calling an income-generating business, you must find a way to spend money to grow it. What creative strategies have you used to come up with money to invest in your business? Share below!