'As a coach, there are 4 dated money "rules" I tell every business owner to break.'

Thanks to our brand partner, AMP Bank Go

Small business ownership seems glamorous, right?

You get to be your own boss, pursue a career you're passionate about, and potentially make a lot of money.

But any small business owner will tell you that the exhilaration comes with a fair dose of financial fear and exhaustion. It's a worthwhile journey, but it's certainly not all fancy cars and afternoons off.

Liz Nable, who runs a Media and PR coaching company for small businesses — and her own Sydney fitness studio, XFIT Mosman — knows firsthand that when you run a business it becomes "your baby". 

You're there day in, day out, making sure it's well-nourished and grows into something that can stand on its own two feet.

She's seen how the wrong money habits can keep small business owners stuck. Whether that's simply not being able to grow or not being able to pay themselves a liveable wage.

So, here are the four dated "rules" she tells every business owner to break.

1. "Absorb all extra fees like a hero."

One of the biggest mistakes Nable sees is small business owners who are paying too much in card payment processing fees. She says many feel they must 'soldier on' through these fees, when they don't have to.

And these fees might sound small, but they add up. For some small businesses, she says, they can reach $14,000 a year.

"A 1.4 per cent blended merchant fee can slash a small business' profit margins on a $5 coffee by 42 per cent, according to Reserve Bank Data," she tells Mamamia. 

"Those fees are the difference between breaking even and going backwards." 

She explains that it's not just about the dollars and cents, but also how these fees affect morale.

"They can be really affected by that. You're working your ass off and delivering great service, and then you watch a percent of every transaction go to a bank. It feels like an extra tax you can't escape." 

She cautions her clients not to simply accept these fees from the big banks, but to look elsewhere — for example, alternative options like AMP Bank GO, who Liz has been working with recently on their new banking proposition for small business customers.

"I was shocked that my bank, one of the big four, wasn't helping me," Nable says. "It felt like they didn't really care about my success. I felt baffled that no bank was trying to help the small business market."

An option like AMP Bank GO is designed with small business owners in mind. By offering these businesses a low-price promise on card payment processing fees and a commitment to greater transparency, AMP Bank GO is focused on giving them a fair go to help make a real difference to their bottom line.

"Businesses like mine can free up thousands of dollars a year and put that money back into hiring, marketing, or even just paying yourself properly," Nable says. "If a bank treats me like an afterthought, I'm out. AMP Bank GO genuinely sees small businesses as partners, not revenue streams."

2. "Don't spend money until you're profitable."

This one might hit close to home for many small business owners: the fear of spending money before your business "makes it."

"One of the biggest rules I broke myself was, don't spend money until you're profitable," Nable explains. 

"When it's your skin in the game, every investment is your money. There's a real scarcity mindset about spending until you're comfortable, but if you wait until you're comfortable to invest in growth, you'll never scale."

It's something she sees all the time in coaching. 

"Clients won't spend on marketing or coaching services because they don't see an immediate return. That's why they're not making enough," she says. 

The trick is strategic spending on visibility, systems, and expertise — the things that move a business from survival mode to sustainable growth.

3. "Keep business and personal finances completely separate."

While you should absolutely run your business from its own accounts, there shouldn't be a complete separation between the two.

All small business owners should pay themselves enough to get by, without scrimping on their salary for the sake of the business.

"I coach business owners who are profitable on paper but can't pay themselves a liveable wage. In my mind, that's not success — that's self-exploitation," Nable explains. 

"You need to factor in paying yourself properly from day one, even if it's a modest amount. Your financial health and your business's financial health are intertwined."

Neglect this, and owners risk burnout, resentment, and a business that traps them rather than frees them — the opposite of why people start them.

4. "Don't talk about money publicly."

Finally, let's talk about the taboo: money talk.

"A lot of people say, don't talk about money publicly — it's unprofessional, crass, or impolite. But if we're not free to talk about money, we stay stuck," Nable says. 

"Small business owners undercharge, overpay fees, and operate in the dark because there's no transparency."

Social media doesn't help. Big headlines about $100 million businesses can skew perceptions. 

"$100 million in revenue is not $100 million in profit. We need to get honest about what we're actually making," Nable says.

Talking openly with trusted peers about profit, fees, and payment strategies gives clarity and confidence to grow.

Supporting small businesses is everyone's job.

Nable says that small businesses in Australia make up 97.2 per cent of all business. It's the backbone of our economy.

Australians love to grab coffee at their local, to shop at nearby boutiques and connect with products that are unique and local. So we need to support these businesses to thrive.

"Don't just buy online or pick the cheapest option," she counsels. "Show up locally. Support your cafe, your gym, your hairdresser. We love what we do, but we also need to survive."

The takeaway is that Australians could do more to help small businesses — and some banks like AMP Bank GO already are. And in the meantime, small business owners can break a few outdated rules in order to get ahead, turning their passion into a sustainable, profitable business.

Explore more about AMP Bank GO and how they're taking care of mini businesses with their commitment to fairer banking.

AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517. For TMDs and T&Cs visit amp.com.au/appterms.

The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions, you should consider your own circumstances and seek independent, professional advice.

Feature Image: Liz Nable.

AMP Bank GO is committed to helping mini businesses keep more of what they earn through their:



● Low price promise on card payment processing fees
● No profit pledge on card payment processing fees until the end of 2026
● Fee transparency, which is free of jargon and surprises.



It's time to give mini businesses a fair go.



AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517. For TMDs and T&Cs visit amp.com.au/appterms