Are You a Self-Employed Woman Feeling Unfulfilled by Your Income? Here’s the #1 Challenge and How to Overcome It

Are you a self-employed woman who loves what you do but isn’t experiencing the fulfillment you expected, especially in terms of income? You’re not alone. It can be disheartening when your passion-driven business isn’t cutting it financially. In today’s blog, I want to address the number one challenge self-employed women face and offer a simple strategy to overcome it.

I’ve been self-employed for years and, along the way, I’ve had candid conversations with other women in similar situations. What I’ve uncovered is an issue that’s not often discussed but absolutely needs to be. It’s time we shed light on it to empower more women in this space.

The Number One Challenge: Income Variability

In my opinion, the number one stressor for self-employed women is income variability. The inconsistency in income month to month can create significant anxiety. You’re passionate about your work, and it brings you immense joy, but when the money doesn’t align with your effort, it can be discouraging. You may even feel embarrassed or ashamed, especially when it seems like everyone else on social media is thriving in their entrepreneurial ventures.

You might think you’re the only one struggling, but I assure you that’s not the case. During a recent podcast interview, I shared my personal experience with inconsistent income. I had always thought I was alone in this until the host admitted she was struggling with the same issue. Together, we were able to develop a plan of action that helped her find more balance in her self-employment journey.

Acknowledging the Problem

Back in April 2023, I finally confronted my income inconsistency. I recognized that the variability was a major source of stress. Some women might not be bothered by it, but for me, it was a constant worry. It was essential for me to acknowledge this problem before I could begin to solve it.

After giving myself time and space to reflect through meditation, journaling, and spending time in nature, I began to piece together what I could do. These mindful practices helped me figure out a practical solution to reduce the stress I was feeling about my unpredictable income.

The Simple Solution: Adding a Stable Income Stream

My solution was simple. I reached out to a few trusted contacts in my network to see if they knew of any opportunities for additional income. After a couple of failed attempts, one opportunity landed in my lap. At first, I was unsure about it, but it turned out to be a perfect fit. I now mentor ACCA Level 7 students, even though I’m not an accountant myself. With my background in accountancy from my university degree, I had enough knowledge to mentor these students, and the job blossomed into something I love.

This additional, steady source of income has been a game-changer for me. Having that consistency gave me the stability I needed, especially during financially challenging times. It’s allowed me to show up fully for my self-employment without the pressure of relying entirely on it for my income.

The Power of Shared Experiences

When I shared this strategy with the podcast host, she also realized that income inconsistency was a major source of stress for her. Through our conversation, she identified a skill she was great at and eventually secured a part-time position that provided her with a steady income. This not only relieved her financial anxiety but also boosted her confidence.

The change in her energy was incredible. Once the pressure was off, she could approach her self-employment with a sense of ease. Whether or not her clients signed on felt less stressful because her income needs were met elsewhere. This shift allowed her to focus on her business without the weight of financial uncertainty.

Boundaries Are Key

If you decide to add a stable income stream, setting firm boundaries is crucial. You’re self-employed because you love what you do, so make sure your additional income source doesn’t take over your primary business. For me, I set aside Thursdays for my mentoring work, leaving Monday through Wednesday for my self-employed projects. Fridays are my personal days off.

Having clear boundaries ensures that your side job provides the financial stability you need while still giving you the space to nurture your self-employed business.

Final Thoughts

Being self-employed and paying the bills is absolutely possible, but sometimes you need to look beyond your business for solutions. Adding a stable income source can relieve stress and give you the breathing room you need to grow your business at your own pace.

If you’re feeling unfulfilled or stressed by your income, know that you are not alone. Many women face the same challenge. It doesn’t mean you’re failing—it simply means you’re self-employed, and variability is part of the journey. Sometimes the solution is just a small adjustment, like finding additional income while you find your feet in business.

I hope this blog has given you some food for thought. I’d love to hear your experiences and any wins you’ve had in your journey. Let’s change the conversation around income in self-employment—there’s no shame in finding creative solutions that work for you.

To Your Financial Wellness,

Caitriona