Running your own business is both exciting and demanding. As a solopreneur, you wear many hats, juggling everything from strategy to execution. But amid the hustle, have you taken the time to dig deep and ask yourself: Who am I? Why am I doing this? These aren’t just abstract questions; they’re foundational to your success, especially when planning your financial future.
Business coaches often encourage leaders to focus on their identity and purpose before diving into operational plans. CEOs of large organisations are no strangers to these principles, and as a solopreneur, you can benefit greatly by applying them to your journey. Here’s how.
Start with “Who”
Your “who” is your identity as a solopreneur. It encompasses your values, vision, and the unique personality you bring to your business. Think of it as the soul of your enterprise. Understanding your “who” helps you stay authentic and align your work with what truly matters to you.
Ask yourself:
- What are my core values?
- What kind of legacy do I want to leave?
- What unique strengths do I bring to my business?
For example, if you value sustainability, this identity can shape your offerings, attract like-minded clients, and inform how you manage your finances. Your financial future isn’t just about numbers; it’s about creating a life that reflects your “who.”
Define Your “Why”
Your “why” is your purpose—the driving force behind your business. Why did you start this journey? What’s the bigger picture? When you’re clear on your “why,” you’ll find it easier to stay motivated and navigate challenges.
Ask yourself:
- Why did I choose this path?
- What impact do I want to make on my clients, community, or the world?
- How does my business serve my personal goals and values?
Your “why” also informs your financial goals. For instance, if your purpose is to spend more time with family, you might aim to create financial systems that maximise efficiency and free up your time. If your mission is to empower others, you’ll prioritise investments that support that goal.
The Power of “Who” and “Why” in Financial Planning
When it comes to planning your financial future, focusing on your “who” and “why” provides clarity and direction. Here are some practical ways to apply these principles:
- Set Meaningful Financial Goals: Instead of arbitrary targets, align your financial goals with your values and purpose. For example, if freedom is a core value, plan for a financial cushion that allows you to take breaks without stress.
- Make Purposeful Investments: Invest in tools, resources, or training that resonate with your identity and support your mission. Whether it’s software that saves time or courses that build your expertise, ensure every pound spent serves a purpose.
- Stay Motivated: When financial planning feels overwhelming, reconnect with your “why.” Remind yourself of the bigger picture and the impact your business has on your life and others. This perspective can reignite your drive.
Lessons from Leaders
Even leaders of large organisations know the importance of purpose and identity. Business coach Kurt Strovink talks about the “four W’s” that guide successful CEOs: who, why, what, and when. He emphasises that skipping the first two—identity and purpose—can lead to short-sighted decisions and missed opportunities.
The same is true for solopreneurs. Your “what” (the work you do) and “when” (your timing and plans) depend on a solid foundation of “who” and “why.” By dedicating time to these upstream questions, you create a clearer, more inspiring vision for your financial future.
Take Action: Build Your “Who” and “Why” Today
As you plan your financial future, take time to reflect on your identity and purpose. These aren’t one-time exercises but ongoing conversations with yourself. Your “who” and “why” will evolve as your business grows, and that’s okay. What matters is that you stay connected to them.
Need help getting started? At the Academy of Life Planning, we empower solopreneurs to align their financial goals with their values and purpose. Whether you’re just starting out or looking to recalibrate, we’re here to guide you every step of the way. Let’s create a financial future that reflects who you are and why you’re here.
Remember, your financial journey isn’t just about transactions; it’s about building a life of meaning and fulfilment. When you know your “who” and “why,” you’ll not only achieve success but also enjoy the journey. So, take a step back, reflect, and move forward with purpose.
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