THE FEAST & FAMINE CYCLE BEHINDENTREPRENEURSHIP.
Hi friend,
I write this money love letter from Oaxaca, in a beautiful airbnb, where i'll be spending the next week in absorbing all the art, food, mezcal, and beauty that is in Oaxaca. I hope that mercury retrograde is treating you well, and that any unpleasantries you may be experiencing is met with gentleness and lots of love.
It's been sups fun for me (sarcasm) BUT, in a way where i'm definitely growing spiritually and emotionally. More on that in another money love letter because my goodness - the growth has been a LOT and I can't wait to let you all in on some of the growing pains, shifts, and changes that will be coming to My Gold Standard soon…
BUT that's not for today's money love letter. I want to tell you a story around the last few years of my entrepreneurship journey with My Gold Standard. Cause whew! A journey it has been. Even if you're not an entrepreneur, you might resonate with experiencing a ‘feast and famine’ cycle around money.
My Gold Standard was the first time I ever took the leap 100%. I quit my job and made the brave bold decision to go off on my own and cultivate the life I wanted for myself and start the business I dreamed of creating.
Transitioning into a life of entrepreneurship was the greatest thing ever for me. Gone were the times working that 9 to 9 (it really be like that out there) making someone else rich and their dreams come true. In fact, entrepreneurship was and still is, an act of resistance for me.
AND. I was also struck with the harsh reality that now, it’s 100% on ME to figure out how to make money and grow my business. I was so focused on generating revenue that every time money came in, I was just THRILLED to receive it. I was taught that in your first year of business, the best thing you can do is reinvest every single penny back into your business. So I did.
What I didn’t do was set aside an amount of savings for when my business would experience a season of revenue s l o w i n g down.
The way I see my business is how I see nature. Sometimes nature is in a state of flourish and growth. AND. Sometimes nature hibernates. Sometimes nature rests. Sometimes, your business is NOT in a season of harvest, but in a season of planting. Nourishing. And guess what? Waiting.
In my second year of business, My Gold Standard got to a point where I DREAMED of it being. I was able to finally cover all my business expenses, pay off my business debt entirely, hire support, AND pay myself $2,000 a month. I thought, “Damn, I finally made it.”
….only to find my 6 month streak come to a halt. My revenue decreased by 50% and I had no savings in my business account to cover my business expenses. The miracle that came through was I received a grant just in time to cover the next 3 months until I figured out my next revenue move.
I did not anticipate this revenue dip at all, when really, I should have. In the world of financial literacy we all sound like broken records when we speak of emergency/freedom funds lol, but as business owners, we need our own separate freedom fund to roll with the seasons of our business.
This month I went through yet another decrease in revenue. I am now in another season of planting, nourishing, and waiting.
But you know what’s different?
I made damn well sure to have at least 3 months of my business expenses in savings. My goal is to eventually have an entire year of run way in the bank and to have that include my salary, too.
So, you may be wondering…how the heck did I save 3 months of my business expenses?!
I looked over my business expenses and added up what I knew I needed to spend on my business each month. This amounted to $1,750/month. I multiplied that by 3x and made that my savings goal.
I slowly set aside 10% of my business revenue to this goal instead of taking 100% of my revenue and reinvesting in back into my business like I did in my first year. 10% isn’t a huge amount - but it certainly chipped away a good amount over time. A little goes a long way.
I put a majority of tax refunds (or tax savings I didn’t end up needing) into this savings bucket, too.
I am no longer operating from a place of feast and famine within my business revenue OR money for that matter.
I also don’t have the pressure of needing to make money, say yes to things I actually don’t want to do just to cover the bills, and work my ass off ASAP [or else].
I get to have choice. I get to have freedom. Because I planned for it.
Now, I get to shift my focus to →
Making new offerings that feel SO exciting because I truly WANT to do them vs need to do them.
Using the time and space I do have to experiment and tap into more creativity and play within my business.
Continuing to market/sell current offerings that I have a blast doing.
Resting and enjoying the remaining month of my travels in El Salvador, Guatemala, and Mexico with people I love.
Disclaimer:
no. this is not me having scarcity mindset which I DO have sometimes because i’m human. This is simply me being realistic and HONORING the seasons of business.
Is it a scary feeling to see a dip when it comes to money?
Of course. My body/mind sometimes still struggle to stay within a place of abundance.
However, i’m using this time to nourish my nervous system and build emotional resiliency around the ebbs and flows of my business revenue.
And guess what? This is possible for you, too. It just takes some time, planning, and of course, intention. ;)
If you're an entrepreneur, or an aspiring entrepreneur and need support in financially planning for your business (and let's be real, LIFE) finances…you're cordially invited to download my workshop recording and PDF guide: Finance 101 For Entrepreneurs.
And if you’re ready to take the leap and invest in a judgement and shame free personalized path around your finances plus some hand holding through the big money feels, I can support you and you don’t have to do it alone!
Until next time, friends.
Stay Shiny,
