Why your mindset matters when it comes to startup success

- March 23, 2023 3 MIN READ
Money mentor Clare Wood
If you’re getting your business off the ground, a big part of your mental energy is likely going towards logistics. It’s all about the what, the how and the when: how can I get my product or service (what) in front of as many people as possible (how), as quickly as I can (when), so I can generate sales?

While this is all really important, there’s another component all business owners should add into the mix – and that’s mindset.

As a money mentor for 6+ years and a qualified accountant with 10 years’ experience, I’ve realised the steps you need to take to get from where you are now to where you want to be, all begin with your mindset.

Why? Because your money beliefs inform your habits, and your habits determine the actions you take. 

With that approach at the forefront of my approach, here’s the advice I have for new business owners who want to fast-track their journey to success:

Don’t be afraid of numbers

In your business right now, do you know (off the top of your head) how much profit your business made in the last month, the last quarter and the last year to date?  Not turnover or sales, but actual profit?

Don’t be embarrassed if you don’t know the answer. I work with different business owners, many turning over multiple six-figures or even seven-figures a year – and before working with me, they had no idea what their profit was.

On the other hand, if you’re all up in your numbers and you’re totally across this detail, then fantastic! 

Either way, it’s essential to gather this information (you can get this through your accounting program, or ask your accountant) so you have a clear idea of what your profitability is today. From there, you can make informed decisions about what comes next, which brings me to my next point…

Make a plan for your growth and invest what you can

This is where your mindset starts to really impact your results. Having seen the outcomes that show up both in my own business and that of my clients, my mindset has rapidly evolved over the last decade. But it wasn’t always this way. 

I remember one company I worked for was strategising for massive growth. They were throwing money at marketing like nobody’s business: hiring social media managers, strategists, branding experts, the works. My conservative accountant brain was screaming, “Stop wasting money! How do we know this will work?” 

Turns out, those strategic investments really worked, and they went through a huge income leap as a result. At the time, all that my accounting brain could see were the outgoings, and not the potential that investing had for opening up future growth. So consider: what intentional investments could you make to supercharge your growth and success?

Take baby steps towards big dreams

The way my mindset has evolved has unlocked opportunities and outcomes I didn’t think were even possible for someone like me in the past. I’ve recently written a whole book about money and mindset, and the unexpected yet powerful shifts that you can bring about by intentionally investing in your own success. But what if you can’t afford to invest? 

Wherever you’re at – invest at that level. Don’t make yourself sick by investing in things that push you so far out of your comfort zone, you can’t sleep at night. This can mean being creative and taking “baby steps” like:

  • Arranging childcare swaps with friends and family, to avoid babysitting or childcare costs and gain time to work mindfully on your business.
  • Enrolling in group training rather than a bigger investment in 1-1 personal coaching.
  • Doing swaps, where you exchange some of your product or service in exchange for another entrepreneur’s product or service.
  • Partnerships: introduce your business to someone else’s audience via their enewsletter database, social media or podcast, and you invite them to meet your audience in a similar way. 

Failure is part of the process… and that’s ok!

Not every investment or initiative is going to pay off. When you don’t get the result you’re expecting or hoping for, I think it’s important to manage your mindset by allowing yourself to grieve. 

We don’t want to stay in this place for too long, of course. Sitting with your emotions enables you to process, learn and gain the mental space and clarity to come back to: why am I doing this?

Why did I get started with this business in the first place?

What does the big picture look like again?

From there you reconnect to your why, and strategically plan for what comes next.