6 Money beliefs that lead to burnout
As a web designer, I know how a money mindset can hold us female founders back. Not only can these insidious beliefs hold us back, they can also lead to burnout.
Burnout can look different for each of us. Mostly, it feels like emotional exhaustion or empathy fatigue, difficulty being fully present for clients, or bunking off work.
Ironically, many female-preneurs sought out this freedom-led life because their old corporate life was burning them out!
For many, feeling the warning signs of burnout can also trigger thoughts of failure, things like, "maybe I'm just not meant to be a business owner," or "I guess I'm just not cut out to work for myself."
In this post, I'll share the most common money beliefs I hear from my audience, and how, when left unchallenged, they can lead to burnout. But most importantly how to overcome them!
1. “You didn't go into this field to make money.”
Every female founder out there has heard some version of this.
This idea that women-led businesses in the “helping” field such as coaches, therapists and consultants are supposed to be selfless and pious whilst forever over-serving clients, just doesn’t sit well with me at all.
I don’t want to make this a feminist thing (although the boys don’t seem to suffer with this affliction, right?) but women must break the cycle of regurgitating this mindset which goes against advocating for social justice.
2. “Making money and helping people are in conflict.”
This belief fuels the idea that you have to make low or no money to do good in the world.
As a person raised by Catholic working class parents, I got this message all the time. It’s like they took vows of poverty from the nuns, which I internalised as "being good means being humble."
This belief is so counterintuitive because to run a business and advocate for social justice, you need to have time, energy, and the ability to do it sustainably. And earning low to no money just isn't sustainable or fair for anyone!
3. “If my business doesn't hit six-figures, I'm not doing it right.”
Excuse me while I drag my soapbox out. I'm so tired of the hustling bro-marketeers preaching that the gold standard of financial success is 6-figures.
As female founders, we'd never use a blanket statement when helping our clients define what success looks like; so why are so many yelling that this is the goal to aim for?
For some women-preneurs, working like mad to hit this income is overkill: they may be able to make a perfectly comfortable and sustainable living on £40-50k a year and appreciate the time-freedom and lifestyle instead of money.
But on the other side of the coin, if you live somewhere with a high cost of living, support other people in your family, or have substantial debt, you might need more than this amount so it’s important to know your numbers so you can charge enough for your services without feeling icky.
4. “You have to [work evenings and weekends, say yes to everyone and work for free] if you want to succeed.”
The idea that you have to do ALL THE THINGS puts female founders firmly on the road to burnout.
For biz owners like me who are night owls, believing this mindset might look like saying yes to early morning video calls whilst full of brain fog. For self employed mums, seeing clients on the weekends might mean missing out on crucial family time or even sleep.
Offering free services or huge discounts to grow your business will do more harm than good - when people see “free” or “cheap”, it changes their perception on quality and will make it incredibly difficult for you to raise your rates in the future.
5. “If I raise my prices, I'll lose clients.”
We women fear that charging a sustainable fee means people will be turned off by working with us.
This means rather than raising our prices by a marginal rate, we take on more and more clients as a way to try and earn more money. That’s simply not sustainable or healthy!
Do your research, see what the going market rate is among your competitors but most importantly understand your own numbers - charge what you need to cover your costs and add a little more for tax and profit.
Yes because you deserve to charge for your expertise, experience and uniqueness.
6. “It’s important to DIY and build my business as cheaply as possible.”
A myth that many new female founders get stuck on at the start is "spending money is bad."
Another version of this is, "if I spend money on my biz, I might not make it back."
Pause for a second and consider how this mindset shows up in your thoughts. Not all expenses are created equally.
Sometimes, spending money (aka investing / outsourcing) frees up your time and can make you more money.
Think about it this way:
You earn £150 per session as a coach. Can this be outsourced to someone else? No.
You also spend 8 hours a month doing your bookkeeping. Can this be outsource to someone else? Hell yes.
8 x £150 = £1,200 a month (£14,400 a year!) vs paying a bookkeeper/accountant £200-500 a year.
Often we think we’re "saving" money by DIYing something when in many instances we'd make more money (and save billable time £££) by investing in some professional help who can do the task way faster and better than us.
How to combat these thoughts:
If you’ve believed these money thoughts, you aren’t alone. The good news is there are ways to combat them, to help you feel supported and prevent you from hitting burnout -
1. Put protective measures in place.
Proven ways to protect burnout include:
Taking time for yourself (and no, you can't cram a year's worth of self-care into a weekend),
Finding and connecting with your best people
Getting support from your peers
Checking in with your wisest self about your work via quarterly audits/reviews
In your business, this might mean reducing the number (or type) of clients you work with and scheduling regular time off to do stuff that you enjoy - for me it’s sunseeking and being a beachbum!
2. Raise your money confidence.
Learning more about the basics of financially running your business is similar to educating clients on your services.
Understanding these things helps you feel comfortable and confident with your money.
While there are many things you can do to increase your money confidence as a female founder, I encourage you to start with three.
Know your monthly cash flow and have a system for managing it.
Pay yourself regularly using a sustainable rate.
Pay your taxes in full and on time.
3. Get help when you need it.
No prizes are ever awarded to the female-preneur who works the most!
Assess how you’re spending your time, which tasks you procrastinate on and areas you want to grow and invest accordingly.
Here are some examples of ways to get help in your business:
Automate your admin: If you’re spending 8-10 hours a month chasing leads or invoices, upgrade to a booking system that includes automated payments and reminder/follow-up emails.
Make waves with your website: Is DIY-ing your website making your head spin? Check out my website templates - no tech knowledge needed thanks to my self-paced tutorials. Or if you’re looking to rebrand, invest in a Design Day or Custom Website to attract your dream clients and scale your business.
Raise your rates: In my work with female founders, I often say they need to stop making £20 decisions and start making £2,000 ones. Clients that you attract and love you will never quibble over your rates.
4. Challenge the status quo.
It's quite possible to be a woman and a social justice advocate who makes a good living.
Small businesses owners keep money circulating in their local communities. Making a good living means you’re more likely to be sustained financially and able to give back to important causes. This might look like shopping hyper-locally, volunteering or holding workshops at community hubs.
Helpers need help too.
If you need help overcoming these limiting beliefs then reach out to your peers, join a coworking membership/Facebook group or invest in a business coach.
No (wo)man is an island and as a good flight attendant would say: remember to place your own oxygen mask before helping others.
Did you find this post helpful? Leave a comment and i’ll be right here to cheerlead you on!
