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Last Updated on August 12, 2023
Welcome to the Success with Soul Podcast! Today we’re delving into a thought-provoking topic: the idea of affordability and how it correlates with business growth, the entrepreneurship mindset, and making business investments. One school of thought we’re exploring is about the difference between being committed vs interested and what it truly means to be able to afford something.
Table of Contents
“I can’t afford it,” is easily one of the most common phrases uttered by small business owners when it comes to spending money on their business. I get it. Entrepreneurs, especially in the online marketing space, don’t have a lot of capital to invest and we need to be extremely strategic in how we spend our time, energy and money. In today’s episode, we’re exploring the concept of affordability and the power of commitment in business. What does it really mean to be able to afford something? And how does our affordability mindset influence our business growth and success in the long run? Does it take money to make money? When should you invest? Can you afford not to try? This episode will prompt you with plenty of thought-provoking questions we encourage you to answer for yourself–this is not a one-size-fits-all concept. What is YOUR truth?
We often think of affordability in simplistic terms – do I have enough money for this item or not? But it goes deeper. Affordability is a relative concept that can differ for people depending on their financial circumstances, risk tolerance, and mindset.
We use a metaphor of buying a pair of jeans to explore this concept. Two people with similar financial situations enter a store. Two customers in the same store with the same financial circumstances may have a different thought about whether or not they can afford the jeans, as one may be more willing to experience discomfort and take a risk than the other. Additionally, what it means to ‘afford’ something may not be dependent on the return we get in terms of money, or even how much money we have in our bank account, but also on values such as self-care and personal growth AND how committed we are to getting a certain result.
Understanding the distinction between ‘can’t afford it’ and ‘won’t afford it’ can be pivotal to your business success. ‘Can’t afford it’ might indicate financial constraints, but more often, it reflects a mindset, a predisposition towards limiting beliefs. ‘Won’t afford it’, on the other hand, suggests a conscious choice made in the face of perceived value and the potential return on investment. It’s a strategic decision based on prioritization and value judgment.
Are you committed or just interested in your business? This subtle yet powerful distinction can significantly impact your journey to success. In this episode, Kate shares some questions for you to answer for yourself, and her own thoughts on why a business commitment can transform your entrepreneurial journey.
Are you willing to risk failure, time, money, and possible humiliation for your business’s success? Commitment implies willingness to endure discomfort, take risks, and persevere.
Interest, on the other hand, often wavers at the first sign of trouble. This distinction holds significant implications for small business investments and overall business growth.
Commitment is the cornerstone of success in business and investments. When you are fully committed to something, your success is guaranteed – no matter what obstacles you face. This mindset requires a willingness to take risks, embrace discomfort, and persevere through challenges. By fully committing to your dreams and goals, you can overcome any hurdles and achieve the success you desire because you literally will not stop UNTIL YOU DO!
This thought alone can reshape your business mindset, inform your approach to business investments, and ultimately catalyze your business growth.
Next, we discuss the role of commitment and the entrepreneurship mindset in your business’s success. If you’re committed to your business, you’ll find creative solutions to hurdles, take calculated risks, and strive until you’ve achieved your goals. This attitude, coupled with strategic small business investments, can spur significant business growth.
The notion of ‘affording success’ is rooted in the willingness to make necessary sacrifices to achieve business growth. When you embrace the entrepreneurship mindset, you acknowledge that success comes with a price tag – it could be financial, time, or personal sacrifices. These investments, both big and small, become the fuel for your business growth, creating a firm foundation for future success.
Risk tolerance plays a significant role in determining your level of business commitment. Every business decision carries an inherent risk, and your capacity to tolerate potential setbacks, failures, or financial loss reflects your level of commitment. A high-risk tolerance often correlates with a strong entrepreneurship mindset and a willingness to make bold business investments, while a low-risk tolerance could limit your growth potential.
Thanks so much for listening in this week! If you enjoyed this episode, here are some ways you can join our Success with Soul movement:
The difference lies in the attitude and decision-making process. “Can’t afford it” may often be an immediate reaction to an expense without considering creative solutions, or it could be a genuine lack of resources. On the other hand, “won’t afford it” is more of a conscious choice, prioritizing other things above the current expense. It involves recognizing the value of something but choosing not to allocate resources to it at this moment. This is typically what we really mean when we say “I can’t afford it.”
Your approach to affording things can significantly impact your business success because it reflects your attitude towards investment and risk. If you’re committed to your business, you’re more likely to be resourceful and find ways to afford the things that will drive your business forward, even if they require financial risk or uncomfortable sacrifices.
Commitment is crucial in entrepreneurship because it signifies your readiness to do whatever it takes to achieve your goals. This could involve taking financial risks, putting in extra time, or facing potential failure. Those who are committed won’t be easily deterred by challenges, instead, they’ll troubleshoot and try again, ensuring their business’s success in the long run.
Recognizing whether you’re ‘interested’ or ‘committed’ comes down to your reactions to challenges. If you’re easily deterred by setbacks and aren’t willing to make sacrifices for your goals, you may be more ‘interested’. However, if you’re willing to do whatever it takes, reevaluate when things don’t work, and keep trying until you achieve your goals, then you are ‘committed’. One is not better than the other, but by bringing awareness to where your mind is at today, you can help determine what your future looks like tomorrow.
Unknown Speaker 0:00
Hi, Katie Kush here with Oregon girl holistic skincare. And I am part of the Success with Soul incubator. My favorite part about being in the incubator is I know no matter what roadblock I hit, whether it's a mental roadblock, something with tech, or just trying to decide what the next steps need to be in creating my offer, I can always reach out to the team and Kate and they're going to be there with heartfelt thoughtful advice that is catered specifically to my business needs. And where I'm at in my business growth. The Incubator has completely transformed how I've been able to approach my business, and I really do feel like they've just become part of my team. So I'm so thankful for being a part of the incubator.
Unknown Speaker 0:46
You're listening to the Success with Soul podcast where we believe empowering women is the key to creating a brighter future for us all. Whether you're an entrepreneur, employee or stay at home mom, this podcast is for you. I'm your host, Kate Kordsmeier, and ICF life and business coach who has made over 2.2 million while working less than 25 hours a week, raising two toddlers, and quitting social media. I'm here to transparently share my expertise and help you create a life and business you love. Together with my diverse team of passionate women, many of whom you'll hear from on this podcast. We empower 1000s With holistic strategies, personal development resources and mindset tools to find freedom, flexibility and fulfillment and business and beyond. Every week, we offer life coaching for Busy Women who want to improve their relationships, self care, and overall well being and business coaching for coaches, course creators and consultants who want to make money sustainably. We believe personal growth and entrepreneurship are powerful tools for creating social change. And the world is a better place When more women find their voice and create their own money, power and freedom. Expect candid conversations and insightful interviews with experts that will inspire and support you on your path to intentional whole living and Success with Soul on your terms. It's time to ditch the hustle and find inner peace. Here we go.
Kate Kordsmeier 2:15
Welcome back to another quickie episode with Kate Kordsmeier. Your host, here I am. Hi guys, how's it going? So today I wanted to talk about this idea of affordability. And for the sake of simplicity, I'm going to use kind of a silly example. And we're just going to talk about the ability to afford a new pair of jeans. All right. So I want you to imagine that two customers walk into a store. And they have similar circumstances, they both make the same amount of money, they both have a similar amount of responsibilities, etc, right? And customer a says, Oh, I can't afford it. I'm not going to buy the jeans. And Customer B says, Yeah, I love these jeans, I see the value in the jeans. I know that they're going to provide me with what I'm looking for. And here's my money. I'll do what it takes. I'm resourceful. And I can figure out how to pay for this. Okay, so here's the circumstance. Now, first, I would love for you to just ask yourself, Who are you more likely to be in that situation? And if jeans aren't your thing, pick something else. It could be anything you could possibly spend your money on? Who do you normally default to in those situations, and one is not right or wrong. It's not like you're better if you can figure out how to afford everything your heart desires, or you're better if you save all of your pennies, and you don't spend money frivolously. Right. But what I want to think about too here is what does affording it really mean so could customer a really not afford it? Or was she unwilling to afford it? Because there's a difference? Was customer be more willing to take a risk and experience discomfort than Customer A? is Customer B maybe more privileged than client a? If client a couldn't afford the jeans had something gone wrong? Or was it wrong that client B did whatever it took to afford it? Does affording it mean you can pay in full in cash for any expense? Or can you quote unquote afford something if you have to take out a loan or put something on a credit card or borrow money from a family member? Whatever it might be? Like can you afford to buy a house if you need to take out a mortgage to pay for it? Should you make your money back on every expense you have like in life does everything you spend money on provide you with a return on investment? And what about things like therapy or charity or going out to a restaurant that provide us with worthy yet non financial returns? Or does it really just all come down to personal preference and risk tolerance
Or put another way, what's the difference between can't afford it and won't afford it? So this is something that my team and I think about a lot. And the more we question what affording it really meant, the more we realize that often not always, it's the difference between someone who is 100% committed and someone who is interested.
It's Kate here, I got another quick message for you. So last week, I was hosting a coaching call with a couple clients, and they were talking about how many courses they bought and never finish, can you relate? I know I can. Even if I quote unquote, finish the course, I didn't always have the result I wanted on the other side. For years, I thought if I just learned a little bit more just understood another marketing method a little bit better just watched how someone else did it a little bit longer, then I'd have the answer that key to success, was always looking for an answer outside of myself, looking to someone else to tell me what to do and how to do it. And while that served me a little bit, ultimately, what I found was that I didn't need more strategy, more knowledge, more information. That was just a productive way of procrastinating of postponing the uncomfortable feelings of putting myself out there trying something new and taking a risk and leap of faith. It made me feel busy because I was in motion. Hey, look at me, I just bought another course I'm doing something. Get off the education train. One of my coaches used to say that, but the reality is that all of these self study courses left me with more questions and nobody to answer them, nobody to show me where I was getting in my own way, holding myself back self sabotaging, or creating the exact opposite of my desired result due to my unquestioned thoughts. What I was missing was a coach, not a consultant, not someone to do the work for me, not someone else to tell me what to do, but someone to help me find those answers within myself. That's why I created the Success with Soul incubator. It's our holistic mastermind empowering female coaches and consultants to make money sustainably. And it's why I spent the past year getting certified as a life and success coach with additional certifications in modalities like NLP, hypnotherapy, Reiki, EFT, tapping and more. And it's what makes the incubator different from any other program out there. Yes, we have a massive training vault with lessons on everything from SEO and email marketing to Evergreen funnels, Facebook ads, growing a team and systematizing your business time management, feminine energy and more. But that's not what makes the incubator the best program in the world. To be honest, you can get a lot of that same information elsewhere. What you can't find anywhere else is the level of coaching community and connection inside the incubator. Holy shit, it blows me away how next level these softer, less measurable and intangible features are. It's like the difference between saying I learned how to give someone a six second hug. And I felt held and supported and loved. Our culture values the heart and tangible, but I think what most of us as individuals need is the opposite. We need that ineffable connection to our highest selves to God, the universe source and to other humans, we need to feel like we belong like we aren't alone, like we are worthy and loved. And that is the magic of the incubator. Honestly, you don't need another course we all know that you need real support community and coaching. So if you're ready, I highly encourage you to get on our waitlist.
So when someone has committed to their goal, and we'll use a different example, from jeans, because that's a little bit silly for this, let's say they're committed to their business, they're committed to owning a home taking a trip, maybe it's paying for private school or buying organic groceries, whatever it is, you've got a goal. When someone is committed to that goal, they're willing to do whatever it takes no matter what, something doesn't work. Okay, no problem. Let's reevaluate, troubleshoot, and try again, you know, an unexpected expense pops up. All right, cool, get creative, figure out a way to cover it. Where there's a will there's always a way right, versus someone who is interested, might be willing to try a few things, you know, dabble in this or that maybe I'll spend a little bit of time and or money here and there. Make some occasional sacrifices. But the interested person can get deterred really easily, like any challenge or hurdle or negative feelings or discomfort come up. Oh, I'm out. This is too hard. It's probably not even worth it. I don't know if I really wanted anyway. Can you relate to that? Do you have a goal that you're thinking, Oh, maybe that's why I haven't achieved that goal. I'm only interested I'm not committed or done. Maybe this just gave you some clarity like oh my gosh, I am committed. So let's bring your business and to focus
Hear, I'm curious which one you are? Are you committed to your business? Or are you interested? Are you willing to do whatever it takes to make your business work? Are you willing to risk failure and humiliation and money and time? And if you're committed, can you afford not to? Like, can you afford to stay where you are right now? Is the pain of staying the same more or less than the pain of change? Can you afford to keep avoiding your emotions, your goals, your dreams? Because it's way easier. I mean, it's way safer to just keep doing what we're doing. Right? Our brains love the familiar and they hate change. But what you've been doing has gotten you to exactly where you are right now. And maybe that's great. Maybe you're thrilled with exactly where you are right now, in which case, kudos to you. And that shows your level of commitment. But what's going to get you to the next level? And are you even interested in going there? Are you committed to going there? After all, when you're a business owner? Who is building a business from scratch, you are creating something out of nothing? And can you really create something out of nothing? With nothing? It's like the age old question, does it take money to make money? I am a firm believer that it does. I'm curious, what do you think? Drop us a review and answer this question or send us an email and let us know I would love to hear what's coming up for you. And I'm going to end this episode with I'd love to offer a thought that has been working for me. So the thought is, if you are committed, then your business, your investments, they're going to work because you are committed to making them work, because you won't stop until it works. Because you will get what you came for no matter what your success is guaranteed when you're committed. How cool is that? All right, y'all, I'll see you next week.
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We are an LGBTQIA-affirming, interfaith-oriented, diverse organization. We are committed to social and environmental justice, including civil rights, dismantling systems of oppression like the Patriarchy, White Supremacy and Diet Culture. We believe Black Lives Matter.