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Failure. It’s a word that makes most of us cringe—especially when it comes to money. But what if financial failure wasn’t something to fear? What if it was actually a stepping stone to your biggest breakthrough?

As photographers and creative entrepreneurs, we’ve all had financial challenges that felt like setbacks. Maybe you’ve:

• Struggled to stick to a budget.
• Raised your prices only to see a big dip in bookings.
• Made an investment that didn’t yield the results you expected.
• Fell into the credit card debt cycle despite your best efforts.

It’s easy to see these moments as failures, but financial failure is often the redirection you need. The good news is that the faster you learn from it, the faster you’ll grow. Let’s explore how to reframe financial failure as an opportunity for growth and long-term success.

Failure Is a Set-Up, Not a Setback

Successful business owners see failure as feedback, not a stop sign. Think of financial failure like a GPS rerouting you to a better path. You may not have taken the route you planned, but you’re still moving toward your destination.

Every misstep—whether it’s overspending, underpricing, or missing revenue goals—provides valuable data. When you analyse what went wrong, you gain clarity on what needs to change.

The key takeaway is this: Failure isn’t the end—it’s a course correction that leads to growth.

My Homewares Business Failure (and What It Taught Me)

Before running a successful photography business, I had an ecommerce business selling imported homewares from Africa. I poured my heart into it, but I made one critical mistake: I let emotions drive my business decisions instead of data.

And I wasn’t carefully tracking these vital numbers:

• Cost of goods sold (COGS) — I didn’t fully understand all the hidden costs behind my product choices.
• Revenue vs. profit — I focused on sales without adequately monitoring profit margins.
• Expenses — I spent money on expenses that felt good but weren’t the most financially strategic for my business.

Eventually, I closed the business. But that so-called ‘failure’ was the best thing that happened to me—it pushed me to seek out mentors and financial education that taught me how to build a profitable photography business.

Failure isn’t in quitting—it’s in not learning from your mistakes.

Reframing Failure: Lessons from Sarah Blakely

We can all learn from Sarah Blakely, the founder of Spanx. She learned to embrace failure early. Her father would ask her at dinner, “What did you fail at today?”—and if she had nothing to share, he’d be disappointed!

That mindset shift normalized failure and taught her that mistakes were a sign of effort and growth. It’s this personal philosophy that helped her push through countless rejections and build a billion-dollar empire.

Imagine how your life would change if you saw failure as proof of effort rather than something to fear.

Why Scarcity Thinking Holds You Back

The fear of financial failure is rooted in scarcity—the belief that money and opportunities are finite. But that’s not how money works.

Abundance is infinite. When you shift from a scarcity mindset to an abundance mindset, you stop playing small. You begin to take calculated financial risks that can lead to higher rewards. An abundant mindset unlocks new opportunities and fuels business growth.

The Mindset Shift: Double Your Rate of Failure

Jeff Olsen, author of The Slight Edge, famously said:  “If you want to speed up your success, double your rate of failure.”

Most people try to avoid failure, but high achievers collect it. Every failure is just data that moves you forward. Here’s how to apply this shift:

• If a pricing strategy doesn’t work, tweak it and try again.
• If your marketing investment flops, analyse the results and pivot.
• If you miss a revenue goal, identify what went wrong and adjust your approach.

Every misstep is a step toward success—if you’re willing to learn from it.

Turning Financial Missteps into Momentum

Let’s revisit some of the financial challenges you might be facing:

• Struggling to get out of the credit card debt cycle.
• Trying (and failing) to build an emergency fund or a financial cushion for your business.
• Sticking to a budget.
• Reaching revenue goals that feel out of reach.

These aren’t failures—they’re feedback. They’re telling you what’s not working so you can adjust and move forward. The sooner you embrace this mindset shift, the faster you’ll grow your business and your wealth.

Your Challenge: Reframe Your Financial Failures

To wrap things up, I’m giving you a two-part challenge:

Part 1: Reflect on a recent financial failure. Ask yourself:

• What did this experience teach me?
• How did it redirect me to something better?
• What’s one lesson I can apply moving forward?

Part 2: Identify one financial action you’ve been hesitating on because of fear of failure—whether it’s raising your prices, investing in marketing, or launching a new offer. Now go do that thing!