One of the most difficult psychological shifts for new business owners is going from an employee mindset to a business owner mindset. Most of your life, you’ve likely operated as a consumer: waiting for a paycheck so you can take care of your expenses. And when things get challenging in the economy, your instinct is to tighten the purse strings and focus on saving.
But as a business owner, you have many opportunities to make investments in your business, which have the power to pay for themselves many times over. So in this episode, we’re exploring the importance of spending *strategically* in your business to drive growth. Listen in now to make sure you are thinking like the business owner that you are and want to be, instead of the consumer that you used to be.
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A Sneak Peek at the Episode
[1:50] Transitioning from an employee mindset to a business owner mindset can be challenging, especially if you’ve spent the vast majority of your life in the employee mindset, making decisions based on having a limit to your income.
[4:20] Typically, when you’re a consumer, you are making a purchase. But as a business owner, there are many opportunities to make investments in your business, which have the power to pay for themselves many times over.
[7:08] Unlike the average consumer who might hesitate and wait during challenging economic times, business owners can’t afford to give in to fear and scale back. You have to keep taking action to sustain your business, which may involve exploring new strategies.
[11:07] Changing your environment when you’re working on your business can help shift your mindset away from consumer concerns so you can focus on the investments your business really needs.
[12:27] Set aside time each month to dig into your numbers (income, number of clients, time spent on tasks etc.) to help optimize your income, time, and energy.
[14:35] Be mindful of the conversations you’re having as a business owner, especially when it comes to the economy. People around you may have more of a pessimistic outlook if they’re influenced by the media. Block out the noise and stay focused on your goals and what you can control.
[20:07] Instead of following consumer or employee-oriented advice, lean into your community to make sure you are thinking like the business owner that you want to be instead of the consumer that you used to be.
Must-Hear Takeaways
As with every episode, we highly encourage you to listen to the entire conversation! But here are a few of the highlights:
“I feel like the key difference between an employee mindset and a business owner mindset is, when I’m spending my money as a consumer, I’m making these purchases. I’m buying things that aren’t actually going to give me anything back. They might bring me joy, I might have fun with them, I might use them, and it might be valuable to me in some way. But as a business owner, the things I’m spending my money on have the power, if I’m making the right investments, have the power to pay for themselves many, many times over.” – Kate
“Make sure that you are listening to and thinking like the business owner that you are and that you want to be instead of the consumer that you used to be. It’s not easy, but it is crucial and it will have such a positive, positive impact on you and on your business.”- Nicki
“When you are in a more challenging financial time, for a business owner, that’s actually not the time to scale back on activities. And even potentially not the time to scale back on spending. Whereas when the economy gets a little uncertain, the average consumer kind of goes, ‘Oh, we’re not going to do anything. And I’m going to pull the blankets over my head and just wait it out.’ The business owner does not have the luxury to give into that fear. You have to keep taking action in order to keep your business going. And sometimes you have to explore different kinds of action to take.” – Nicki
“When 2020 started, I, like everyone, was just like, ‘Oh, pandemic, work’s going to dry up.’ I had a lot of people in my network who did lose jobs and it was a hard time for many, many people. I’m very, very fortunate. I’m very grateful. And I don’t say this to toot my own horn in any way, but 2020 was one of my best financial years as a copywriter. And if I had listened to what was going on in the news and just went on that feeling and got scared or stopped doing what I was doing, maybe it would have been a different year. But instead I buckled down and I blocked out the noise. Here’s what I know is happening. Here are my clients. I’m going to continue doing the things that I have control over.” – Kate
Mentioned on this Episode
- 3 Tips for Combatting Imposter Syndrome
- Overcome Scarcity Mindset as a Copywriter
- Face Your Freelance Finances Fears
- Want to Earn Six Figures as a Copywriter? Get Your Finances in Order
- Actual Freelance Copywriting Salary: Digging Into One Copywriter’s Numbers
Related Links
- Top Copywriting Advice from Working Copywriters
- #1 Change That Will Double Your Copywriting Income
- Master Your Money Mindset
- Set Your Copywriting Business Up for Financial Success
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About the Build Your Business Podcast
Ready to turn your love of writing into a successful copywriting career?
Join professional copywriters Nicki Krawczyk and Kate Sitarz to get the tips, tools, and training to help you become a copywriter and build a thriving business of your own. Nicki and Kate have 20+ and 10+ years of experience, respectively, writing copy for multi-billion-dollar companies, solopreneurs, and every size business in between.
Whether you want to land an on-staff job, freelance full-time and work from wherever you want, or make extra money with a side hustle, the best place to start learning is right here.
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Last Updated on June 10, 2024
