By Yvonne Bynoe, Senior Contributor
Years ago Biggie Smalls rapped, "Mo Money, Mo Problems." Although the sentiments may not be wholly factual, they nevertheless sum up why many entrepreneurs fail to substantially increase their incomes. Although people say that they want more money, they imagine all of the problems that come with it. They are threatened by the prospect of actually getting more money...and losing it. People's need for security is the death knoll to receiving more revenue.
If you're earning $50,000 a year, even if it's not enough, you've learned how to "manage" it. However, you don't have any experience with handling $100,000 or $350,000. People feel insecure with more money, it's threatening. Part of security is having a sense of control---knowing what to do next. Even if you don't have a lot of money, you've learned how to operate-how to maintain your particular level of security. More money represents more risk and more uncertainty. It creates crippling doubts, especially in women entrepreneurs because the prospect of "mo' money" exposes areas that you don't know about or have no experience in.
For instance, if you got a million dollar contract do you:
The answer for most entrepreneurs generating $50,000 a year is either no or I don't know. Also what would it take for this entrepreneur to even be positioned to win a million dollar contract? At minimum, it would require her to go beyond her current client base and professional network. It may also require her to upgrade her services and staff, expand operations and/or create a stronger brand identity. More than a few entrepreneurs want added income but they don't want to take the new, unfamiliar steps needed to bring it about.
To create additional revenue, entrepreneurs have to consistently do new things to expand their comfort zone so that they can become more "secure" with the additional money. Furthermore, they have to associate with new people who can provide revenue-generating opportunities and expose them to new ideas and resources.
Either you are moving forward in your business or not...there's no in-between. Start thinking about what type of information and support you need to reach your next level of success. You have to think from where you want to be, not from where you currently are. You can begin by reading new publications and attending different types of events. Lastly, consider hiring a business coach who has the expertise to counsel you about how to grow your business.
Yvonne Bynoe is an attorney and certified business coach. She is the creator of Soulful Affluence, a women's leadership and entrepreneurial training company. Her signature coaching program, Clarity, Clients and Cash, combines proven 6-figure business and marketing strategies. Follow Yvonne on twitter @YvonneBynoe