Money shame is a real issue in small business. As an owner, you may be experiencing periods of low to no income and months of higher income. These highs and lows can dredge up all kinds of feelings, including fear, inadequacy, and embarrassment.

To make matters worse, you may be investing heavily in things to grow your business, causing you to spend more than you earn. While normal, this can make your earnings look inadequate, especially when compared to previous earnings in other jobs. This often compounds the feelings of inadequacy and embarrassment.  

Money shame can lead to all kinds of issues including avoiding:  your books, speaking to financial professionals, seeking help, and even speaking to your significant other. In can also keep you from investing in your business, your health and well-being, and your future. 

In other words, it can cause you to do exactly the opposite of what will help you solve the problem, which is to face the situation head on.

With that said, here is a roadmap to taking control of your money story so that you can begin to feel more empowered.

1. Be honest with yourself. Often feelings of guilt and shame can cause you to avoid looking at what’s going on inside. Write down all your thoughts and feelings so you can take a good look at them. By shining a light on what you are thinking and feeling, you can take an honest look at the story you’ve been telling yourself. You might be thinking things like, “I’m no good at this or I’m embarrassed to tell people I’m failing.” Look at those underlying fears so you can address them head on.

2. Recognize these are normal thoughts and feelings for small business owners. You’re not alone!

3. Begin to write yourself a new story. All those thoughts and feelings you wrote down are just one version of the story. Instead of only looking at things from a negative lens, what if you rewrote the story from a lens of what’s positive about your situation? What are the benefits to your situation? Perhaps you didn’t make a lot, but you learned a ton. Take some time to really think about that and write it out.

4. Remember, where your attention goes, energy flows. Notice whenever the old story comes creeping in. Old thought patterns die hard. Repetition is necessary for the new story to become dominant. So, it’s important to keep your attention on the outcome you want, not on the outcome you want to avoid. Don’t let your thoughts continue to linger on the negative. Remind yourself constantly that you are on the right path. Focus on the positives of the actions you’ve taken and the decisions you’ve made.

It’s important to know that startup businesses rarely are profitable in the first 2 or 3 years of business. High upfront costs, including training and education, and low sales are just part of the process. Remember that there is a steep learning curve to running a profitable business. Be patient with yourself and stay out of the comparison game. If need be, get a job while you build your business.

Also, consider getting a coach. Having guidance on how to run a profitable business is important. There is a lot to learn! Learning the fundamentals of running a business is necessary to move beyond the first few critical years and build a strong foundation for growth and expansion.

The reason I specialize in business startups and one-on-one coaching is because I know how hard those first few years are. Working with you individually and concentrating on what YOU specifically need is imperative. I can shorten your learning curve and help you avoid the common pitfalls that most new owners make that cause them to wastethousands of hours and dollars on things that don’t work.

Regarding your new money story, the feelings of fear, inadequacy, and embarrassment will be replaced with positive thoughts that allow you to feel better about your situation. As you feel better, you will be much more inclined to work on your books and take whatever action is necessary to reach your monetary goals. Feeling empowered about your financial decisions is the key to feeling more confident as a business owner and recognizing you have what it takes to run your own business.