Allowing Profitability

Early-stage entrepreneurs and those of us who have been doing this for years are driven by passion, a desire to make a difference, and the dream of creating something meaningful. However, many entrepreneurs, especially those who come from backgrounds of scarcity or struggle with self-worth issues, often face a common hurdle: allowing themselves to be profitable.

It's a familiar scenario: you've poured your heart and soul into your business, but when it comes to setting prices or paying yourself, you hesitate. You might feel guilty about charging what your products or services are truly worth, or you may prioritize everyone else's needs before your own. This mindset, while seemingly noble, can be detrimental to both you and your business in the long run. Makers and creatives have a harder time than average with accepting payment for what had been a pure passion before they went into business.? They often share with me that they feel like they are “selling out” when they get paid for making the things they love to make.

Let's address the elephant in the room: profit is not a dirty word. It's the lifeblood of your business, the fuel that keeps your entrepreneurial journey going. If you've grown up in an environment where money was tight, you might have internalized the belief that wanting more is somehow wrong. But remember, your desire to earn a sustainable income isn't greed – it's a necessity for your business to thrive and continue serving others.

For those who struggle with self-worth issues, it's crucial to recognize that your skills, time, and efforts have value. Undercharging or working for free doesn't just hurt you; it devalues your entire industry. By charging appropriate rates, you're not only affirming your own worth but also setting a standard that helps other entrepreneurs in your field. Cheap does not inspire confidence from your clients and sets up poor expectations.

Many entrepreneurs, particularly those drawn to service-based businesses, have a natural inclination to put others first. While this quality can be a strength in many aspects of life, it can become a liability when it prevents you from taking care of yourself and your business. Remember the airplane safety instruction: put on your own oxygen mask before helping others. The same principle applies to your business – you need to ensure your own sustainability before you can effectively help your customers. You still want to be in business next year so you can keep on helping your customers…..right?

Paying yourself a sustainable wage isn't selfish; it's responsible business management. It ensures that you can continue to serve your customers not just today, but for years to come. It provides the security and peace of mind that allows you to focus on delivering your best work rather than constantly worrying about making ends meet. Moreover, it sets a healthy example for your employees and peers in the entrepreneurial community.

Consider this: by allowing your business to be profitable, you're creating a stable foundation from which you can make an even bigger impact. A thriving business can create jobs, contribute to the local economy, and potentially expand its reach to help more people. You're not just building a business; you're creating a legacy that can continue to serve and inspire others. Small businesses owners are a critical core component of every community.? As the small businesses owners thrive more of the money they earn stays local and is spent locally.

As you move forward in your entrepreneurial journey, challenge yourself to reframe your relationship with profitability. See it not as a selfish pursuit, but as a necessary component of a sustainable, impactful business. Start by clearly defining your costs, including fair compensation for yourself, and then set your prices accordingly. Be transparent with your customers about your value proposition, and don't be afraid to communicate the worth of your offerings.

Remember, allowing profitability isn't just about numbers on a balance sheet. It's about creating a business that can stand the test of time, weather economic storms, and continue to fulfill its mission. It's about valuing yourself enough to create a stable foundation for your future and that of your family. By embracing profitability, you're not just building a business – you're investing in your ability to make a lasting difference in the world.