MONEY MONEY MONEY, By MOB Business Coach and Mentor, Francesca Hodgson

Hi Mobsters,

It’s Francesca here - mOBSTER, SEND Parent, exited tech founder and founder of We Are Ambition - A Transformative Coaching & Business Advisory for Bold Thinkers.

Each week I share my founder experience with The MOB community, and this week I am talking money!

As a coach the topic of money is one of the most popular subjects.

I have heard everything from the perils of having none to the strain and burden of too much. There is never a right or wrong answer where money is concerned. However, for me it is important to see money as a resource and as a tool rather than an end goal. So often is the case that people see the pursuit of money as the ultimate goal and because of this they lack focus, drive and authenticity towards both the work they are doing and their purpose in life.

Here’s the thing, there is nothing wrong with having ‘Financial Freedom’ as a goal, it is a valid and worthy goal. I too recognise the need to ensure enough money and its importance to pay the bills, put food on the table and make time for activities and those we love.

However, I am a true believer that when you find your true purpose and pursue your passions, the right resources will show up.

When it comes to business, of course you need money to start. Many dreams have been left on the table, quite literally on the back of an envelope because of a lack (or perceived lack) of this valuable resource.

So if you find yourself in this situation what can you do? Well for me focusing on these principles would be where I would (and have) started:

1. Have an open mind - if you tell yourself you don’t have money, there is no way of getting money or indeed you are not worthy of money, this is what we call in a coaching a ‘limiting belief’.  Limiting beliefs are like buckets of water, you pour that water on your energy, your ‘fire’ and you are going nowhere. So the first thing to do is to stay open to the fact that when you are ready, the money will come.

2. Start talking and promoting your dream - the more you talk about what you are going to do, the more it becomes true to yourself and those around you. When you talk openly about your vision and mission, you are putting your dream out there and you never know who you may meet. A while back I wrote a blog on the importance of personal brand. If you don’t know where to start with communicating your dream, have a read of this blog: Vision, Mission and the power of Personal Brand

3. Just start and start small - what resources do you have? How can you develop your dream / business without breaking the bank? Maybe this means you offer free trials or pilots in the pursuit of your goal but in doing so you will learn, and you will start to build an awareness of you and your products and or services.

4. Always add value - in whatever you do, always strive for maximum value, delight your customers. As my favourite guru Tony Robbins says: “The secret to wealth is simple: Find a way to do more for others than anyone else does. Become more valuable. Do more. Give more. Be more. Serve more”.

5. Save and start on a part time basis - if you don’t have the resources even to start small, then consider how you can save and start your business on a part-time basis.

6. Partnerships and network - perhaps you have a bigger dream, one that requires significant technology investments, highly skilled people, scientific research…if this is the case and you have no resources yourself then look for people who are doing similar work, can you partner with them, can you collaborate in some way, perhaps even work for or with them?

7.Angel investments - A business angel is an early-stage backer for a company. Angel investors are typically your first investors into your business. As such your company is going to be full of risk. As someone who has made a couple of small angel investments and worked with many angel investors here’s what angels are typically backing at this stage:

-You the Founder - Angel investments are typically an investment in you. Therefore it is common for a relationship to already exist prior to any investment. To be considered an Angel investor in the UK you would typically have an income of £100,000+ or net assets beyond your primary residence of £250,000. However, pretty much anyone with available liquidity (cash) can be an Angel investor with a self declaration that you are aware of the risks involved. Therefore, family friends etc can all back you. Platforms such as Vestd and Carta make it easier than ever before to raise funds via Special Purpose Vehicles (SPV’s), more on this on a separate blog or if you need specific help, feel free to book a session. 

-Excitement and alignment with your vision and mission - so make sure this is clear and you are singing from the roof tops.

8. Kickstarter - Kickstarter is another way you can generate some initial capital for your business/ project. Here you do not give away equity but people pledge money in advance for something you are building be it a product or service.

Now what if you are already up and running with your business and need more Money?

If you have already started and you are in a position where you need more money then think about the following:

1. Revenue - Sounds obvious but it is so often overlooked. What can you do to make more money with what you have? If you can’t generate revenue today then how will every £1 of investment help. So often I see fundraising decks where the majority of the money required is allocated against marketing, yet there is little consideration as to what the marketing is. Marketing is not a silver bullet trust me. The best thing you can do is get out and talk to people, make sales, even if they are pre-orders, and prove to yourself and then to others that you are building something of value that people will pay for. At this stage you have to be lean, too many companies have died over time because of complacency around money. This is really the reason why too much money can kill you in business. Remember the point of any business is to make money so remember to be rigorous here. 

2. Investment Rounds - This is a big topic, and difficult to explore in one blog. I’ll save this for another day but if you are interested, start by reading my introduction blog to raising funds. Again if you want specific coaching and mentoring then please book in a session, links below.

3. Grants - Grants are available but the bar is usually pretty high. Innovate UK is one of the primary sources for startups however the application is extensive. Their ‘Open Competition’ is the most broad and is available a few times a year. There are also grants for women specifically so it is worth a look at the latest available grants. One great thing about Innovate UK is the feedback, even if you are not successful you do get good feedback.

If you are in the arts then Arts Council England is always worth keeping an eye on. For smaller grants UK Startups offers £1,000 grants to help their business if they are less than a year old. There is however a fee of £20 and no feedback on your application, which I personally find really poor.

There are of course many many more, my advice is to keep on the lookout, google and see what you find. There are service providers such as Funding Circle and Grantify but I have personally not used these platforms and can’t comment as to how helpful they may be, but if anyone else has, please get involved in the comments.

4. Debt / Loans - This will of course depend on the stage of your business and what you can afford. One company who I can recommend is IWOCA. The name stands for Instant Working Capital and they are great to deal with. You can apply online and check your eligibility. Please note I am not affiliated with IWOCA and not a financial advisor so please please please do your own due diligence, all I can say is that I have had a good past experience. There will of course be other options in the market and you will need to find the right product for you.


Right Mobsters, this has been a big topic to cover in one blog and really it is just the tip of the iceberg but I hope it has helped shape your thinking and approach to money.

Remember money is just a tool, you are the energy and the drive.

Please feel free to add to this blog in comments:

• Please share your money experiences and any other tips.

• Let me know if it has been helpful, it helps me shape my content for you.

• Tell me and the MOB about your business and if you are raising money, share details.

• Anything else you want to share, we are a community here to help each other.

Next week I’ll pick up a bit more on investment rounds and pitching but if there is anything you are battling business wise that you need support on, drop a comment and I’ll see how I can address it in a future blog. Until then Mobsters, keep going, keep the energy and passion alive and see you next week.

With love Francesca

Recommendation of the week:

Tony Robbins: Money Master the Game (available on audible too):

https://www.amazon.co.uk/Money-Master-Game-Financial-Freedom/dp/1476757860

Please connect with me via Linkedin and instagram, details below. If Linkedin, please add a note to your connection request to let me know you are a member of the MOB.

https://www.linkedin.com/in/francesca-hodgson/

https://www.instagram.com/we.are.ambition/ 

If you have found this week's session helpful and want a mentoring session specific to your business: then please email me francesca@weareambition.ventures. As a member of the MOB I am offering 20% off business mentoring sessions that are booked in Feb. Drop me an email and we can find a time that works for you.

www.weareambition.ventures