Making a living from your spirituality is really the way everyone should live. When what you do for a living is truly in alignment with your core, it becomes effortless, and part of your mission. But it still remains a business, and if you want to make money from it, and for it to be sustainable, you also have to take care of the material side.
Too many spiritual entrepreneurs make the mistake of overlooking things like overheads, accounting, and margins. But if you want to be rewarded for what you do and want it to sustain you, you’ll have no choice but to look at those factors as well. Here are some of the mistakes you should be avoiding when running a spiritually based business.
Not Negotiating with Suppliers
Don’t think that trying to find ways to increase your margins by renegotiating deals with your suppliers is greed. Know that they’re businesses too, and you could be shocked by the type of margins they’re making from complacent customers like you.
So, if your business is involved in manufacturing anything, it would be wise to try to get lower costs on everything from supplies and equipment to your utility bills. There are tons of tools out there that could help you save on business gas, like Utility Bidder for instance. Look at as many options as you can, compare quotes, and either switch or bring them with you to the negotiation table.
Not Testing Your Idea/Market
Another mistake is not testing your market and simply thinking that if you build it, they will come. But sometimes, people with little knowledge of how to start a business won’t be able to understand when there’s actually a need or demand for a product.
For instance, you may think that making a yoga for beginners series could be a great idea, not knowing how saturated the market is and how accessible this information can be. So, before you pour thousands of your hard-earned money, sweat, and tears into a project, learn how to run a market analysis.
Own Your Expertise
Another thing that plagues a lot of spiritual entrepreneurs is the impostor syndrome. Some might not be confident in their abilities, or undervalue their worth. However, you will have to change that mindset and know that you have a highly valuable skill or expertise a lot of people will be more than willing to pay for.
You Still Need a Lawyer and an Accountant
You can’t afford to have a sort of magical thinking about money and legal issues. Believe me, no matter how many positive vibes you send out to the world, and how pure your business’s intentions are, if you’re successful, chances are you may have to deal with legal action at some point. This could be something as simple as a copyright infringement for an image you used improperly. So, make sure that you work with a good lawyer and accountant who understands your business, and even aligns with your core beliefs if possible.
Running a spiritually based business can be one of the most fulfilling endeavours you can embark on. It’s also a real entity that you’ll have to take care of and nurture if you want it to accomplish its goal.
