Creating a Financial No-No Map for Your Online Business

In this episode I’m talking about creating financial boundaries in your online business. These can be difficult to establish and if you don’t have them set up you may waste a lot of time making decisions about projects or areas of focus that take away from areas of your business that you could be spending time on. By the way, this episode is all about setting boundaries within your online business, but if you’re wanting to set boundaries within your personal finances I share thoughts on what that looks like in this week’s Michelle is Money Hungry podcast episode. I share the link in the show notes. I thought that I would share some thoughts on what to say “no” to in your business because I think it can be really easy to say “yes” even though ultimately the “yes” is a time suck and doesn’t give you the ROI that you’re hoping for.

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Show Notes

• When I first started my business, I was very much self-employed. I didn’t have products that I could sell. Instead, I was selling services such as freelance writing, social media management, etc. I also didn’t have a ton of cash at the time so I did a lot of side-hustles in order to have cash flowing in as I built up my business. In fact, side-hustles, grants and scholarships basically were the Angel Investors for my business.

• Side-hustles are no longer needed in order for me to keep my cash flow stable. Instead, I strategically use side-hustles to attend events that my friends might not be able to attend or aren’t interested in attending. But, I also used side-hustles to attend conferences. In fact, I used attend a major conference hosted here in Denver every year working it as a side-hustle. I was part of the conference staff and would help attendees with directions, registration basically, wherever the staffing agency placed me for the event. I did that for years. I’m not working this event next year as a side-hustle, instead I’ve been able to get a media pass so I can attend as a regular attendee. I just no longer have the time or energy to work the event.

• This is now a part of my business “no-no” list.

• No more side-hustles in order to attend business events. That could also include volunteering in exchange for a free ticket to the event. How do I know that this is no longer ideal for me? The thought of doing this makes me feel tired vs. excited.

• By the way, some of the best networking that I’ve done has happened side-hustling at events or volunteering. The issue is making a candid assessment of where I am at in my business. Also, I don’t want to block someone else’s opportunity or money because I’m unable to say “no” to side-hustles.

• No to any additional affiliate partnerships beyond the affiliates that I currently use and love. One of the interesting developments that has occurred in my business is that I’m approached to become an affiliate partner for a lot of products and services. The thing is in order for affiliates to really convert well for both you and the affiliate partner-that’s a lot of work in order to make that happen. I prefer to spend that time selling my own products and services.

• I’m saying “no” to being a part of bundles. You know what I mean, when a group of entrepreneurs bundle their products and sell them. It has never worked well for me and again it takes a lot of time and energy to do well. I’m not doing them anymore.

• No to underearning. I talk about this in my Michelle is Money Hungry episode. But, running a digital business is wild because the amount you can earn is without limit. But, if you’re out of alignment around what this looks like or you feel guilty about what you’re earning, it’s very difficult to grow your income. Underearning will be something that I have to work on as a daily financial practice.

• Currently, I offer a pay what it’s worth coaching model. It actually has been pretty successful in that I was paid well and people enjoyed the coaching. But, it’s time consuming and I’m unable to scale it after a certain. So, I’m no longer offering this option in 2022. Instead, I’m focusing on my group coaching program that better optimizes my time and pays me more.

• No more attending the same conferences every year. This actually is not a new thing for me. In 2019, I began to feel like I was missing out on attending conferences that were outside of my regular rotation. Here’s the thing-conferences are expensive and take up a lot of time, money and energy. I began rotating the events that I attended each year. This was a smart move because I ended up-expanding my business, growing my network and making more money.

• No more paying for conferences whenever possible. I was recently at a conference where one of the sponsors flew a friend of mine in as an expert. This friend made fantastic money, grew their brand and was able to bring their spouse with them (while adding to their rewards points earnings) I want to be paid to leave my house and state. Right now I have earned attendance to events as a panelist or speaker but I would prefer to be paid the “big bucks” to attend an event.

• No to paid link placements on my websites. Back when I first started blogging I said yes occasionally to these placements. Let’s be clear, I needed the money most of the times. Now, something like this just doesn’t make sense.

Financial Yesses

• I’ve talked about my financial “nos” what are my yesses?

• Yes! To earning more per hour. I’m increasing what I would like to earn hourly. In 2021, my goal was to earn $350 an hour. That could be via coaching, a freelance project or a course sale. For 2022, my goal $650 an hour by July.

• Yes, to earning a minimum of $10,000 a month through diversified income streams. It has taken me awhile to build this out but this has finally happened consistently.

• Yes, to saying letting go of any projects, services, products or processes that just aren’t working. This is so hard to do when you’re invested emotionally. But, they also become a huge time and energy suck.

• Yes, to paying for business support. This summer I started working with contractors. Specifically, a podcast editor and a virtual assistant. This was an act of faith for me because it meant that I had to have enough cash flow in order to afford their services. But, I just couldn’t do everything anymore and I just didn’t want to either.
  • And a huge “yes” to paying equitable wages and working with POC and Allied businesses

• Yes, to scheduling short business retreats and staycations that allow me to rest, reenergize and refocus on my business

• Yes to being part of Mastermind or other online communities that gives me a place to get feedback on a project, sponsorship or pricing conversation that I’m in before committing.

• Yes, to pausing before giving a final yes and making sure that the what you’re agreeing to serves YOU well.

How to Create Your Businesses Financial No-No Map

• Schedule a time and go to a place that allows you to quietly focus on this project.

• There is no wrong answer. You’re creating a no-no list for the current moment that you’re in, not for forever. Things change.

• Assess your list a couple of times a year to make sure that it still is appropriate for where you’re at in your business.

• Be honest about any fears that are influencing your decisions.

• Create some talking points so that you know how to share your decisions without being swayed to do something that doesn’t serve your business well.