THREE BIG MONEY MYTHS COSTING FOUNDERS THEIR FINANICAL HEALTH.

Hey Founders,

Today we're busting open the top three money myths holding you back from reaching your full potential and compromising your finanical health. I’ve seen it time and time again—these myths sneak into your mindset and sabotage your success. It’s time to break free from these limiting beliefs and unleash your true power and profitability. Let’s get to it!

MYTH 1: YOU'RE SMALL

The Reality: You're Anything But!

Listen up, because this is a big one! The notion that you’re just a "small" business owner isn't only false, it's downright destructive. This limiting label causes us to undervalue our services, pay ourselves peanuts, and settle for scraps in profits.

Consider this:

In the past three years of building over 845 budget with Founders, we've found that:

• "Small" business owners are charging 20-40% less than their top-tier competitors.
  

• The average "small" business owner's compensation is about $57,000 a year, while according to Glass Door, a General Manager pulls in $127,000.
  

• And the profitability issue is staggering—89% of business owners we’ve researched see less than a 3% net profit. Keep in mind a HISA [High-Interest Savings Account] pays out 4-6% for zero risk and nominal time.

All because we’re trapped in this story of being labelled “small”. It's time to break free. Start thinking big, value your work, and pay yourself what you're worth. Your business deserves it, and so do you.

MYTH 2: PROFIT IS BAD

The Reality: Net Profit is Essential

I’m calling out this myth right here, right now because it's downright destructive! We live in a world where making a profit is often seen as greedy, opportunistic, and capitalistic. Because of this, I see a LOT of Founders shy away from talking about net profit and worse yet, making it, as per my point above.

Here’s the truth: without net profit, our businesses can’t survive. Profitability isn't about greed; it’s about sustainability, growth, and impact.

Net profit is our safety net—it funds our retained earnings account, aka emergency net, ensuring we can handle unexpected challenges and weather economic downturns. And guess what? With higher profitability, we have more resources to give back to the community we serve and make a huge impact. So let's flip the script: profit isn’t bad; it’s powerful.

MYTH 3: BUDGETS ARE BORING

The Reality: Budgets are Your Yellow Brick Road

If you think budgets are boring, think again! A well-constructed budget is your yellow brick road to success. It doesn't limit your spending or force you to live in scarcity. When built right, a budget shows you exactly how to get from where you are to where you want to be.

A budget, like profit, is a powerful tool—it’s your roadmap, guiding you every step of the way. It shows you how to allocate every dollar to maximize growth and scale your business. Embrace your budget, and watch how it transforms your business from the ground up. It’s not just a plan; it’s your path to profitability and prosperity.

THE BOTTOM LINE IS THIS...

It’s time to ditch these money myths and step into our true potential. Stop thinking small, start building bold. It’s time to take control and soar to new heights. Let’s pave our path to profitability and success together.

At Nail The Numbers, we’re here to help you strengthen your mind and bottom line by working with you to build a profitable budget, from the bottom up.

Need a hand seeing the bigger picture? Book a complimentary Financial Clarity Call.

Until next week, stay focused, fearless, and financially fierce!

Taunya.

ABOUT TAUNYA WOODS RICHARDSON

Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.