Why did you start your business? I’ve heard so many compelling “why’s” over the years, and many of them are similar:
To control my own future
Have more time with my kids
Create wealth for the future
Create space and ease in my budget
To feel fulfilled and to make an impact
What is the common thread between all these reasons? You guessed it…M-O-N-E-Y. I’ve found that many new entrepreneurs have a hard time discussing money because they feel like it cheapens their “why’s”. They feel guilty for having BIG income goals.
We need to talk about this. Why? Because it’s a serious problem. Your feelings and emotions surrounding the money you make, the money you spend, and prices you charge are DIRECTLY related to your current and future success. And I’m going to tell you exactly what you can do to overcome your money mindset problems.
But first, a confession…
I’m going to be brutally honest. I read blogs and posts similar to this one early on in my entrepreneurial journey, and I ignored them. I would have agreed that money mindset was important, but I just didn’t fully understand how connected these principles were to my success.
Put aside your preconceived notions and ideas for just a moment. Because I’ve been there, and I’m telling you through experience – you’re leaving money on the table because you aren’t taking the time to deal with what’s going on between your ears.
Owning a business – a successful business – can’t be accomplished without an accompanying personal growth journey. So if we need to start somewhere, let’s start with money.
What is money?
Money is a tool. The lack of money and the want of money, has created entire social structures, shaped empires, started wars, and destroyed families. But at it’s core: A dollar is just a dollar. It’s neutral. We probably don’t have any particularly difficult emotions attached to hammers, do we? You can use one to build a house, tear something apart, or as a deadly weapon. It is not the tool that creates the VERY different emotions around those three scenarios, but the person who wields the hammer. At its core, it’s just a tool.
The way you view money is unique to YOU. If you grew up poor, your view of money will be vastly different than someone who grew up with plenty. The experiences you’ve had, both positive and negative, have shaped your current money mindset, whether you’re aware of it or not.
The key is to isolate the negative emotions, and to deal with them – one at a time. And so if you’re reading this because you want to start making more money in your business, and don’t know how – here’s your first step:
Step One: Identify negative feelings and emotions around receiving money
Today I’m just going to focus on the negative emotions surrounding receiving and charging money. Hands down, I’ve found that to be the most common money mindset hang-up for entrepreneurs. They “feel bad” charging premium prices for premium services. They doubt themselves when someone says “that’s not in my budget”. If you don’t believe that the services you are offering, and the transformation you are providing are worth the prices you are charging – your prospective client is going to pick up on it.
Here are some tell-tale signs that you have some money mindset issues:
- Judging other people for the prices they are charging.
- Feeling the need to justify your prices to your prospective clients
- Charging less than you should because you’re afraid you’ll lose the client
- Rounding down when you estimate the hours something will take you.
- Lowering your prices when someone can’t afford you.
- Making assumptions about what prospective clients can afford.
- Thinking or saying things like “must be nice”, or “not everyone has that kind of money”, or “that will never be me”.
All of these issues have something in common. They all have everything to do with YOUR view of money, and NOTHING to do with your client’s.
It’s not your responsibility to make sure that everyone can afford you.
Before you can begin overcoming your money mindset problems, you first have to identify and admit that you have a problem. Don’t try to dissect, fix, or eliminate these emotions. Just notice them. Maybe start a notebook and when you identify a mindset block, or a tendency to want to do something on the list above, make a note of it.
Once you start noticing these negative emotions, thoughts, and actions – you might be a little shocked at how much they are controlling and contributing to your stress, anxiety, and income struggles. The good news is this: Your money mindset problems don’t have to be permanent!
Step Two: Replace negative thoughts with truth.
Let me start with this statement: The majority of the thoughts you are having about money are not reality.
You have created a world where money – the lack of it, the want of it, the collecting of it, the asking for it, is BAD, BAD, BAD. The prices you charge are tied to your perceived PERSONAL worth and not the actual value you can provide your clients.
Here’s the true reality: You have valuable skills that many people want. These people will happily pay you premium prices for your premium services because the VALUE you are providing is worth MORE than the money they will pay you.
Start filling your mind with TRUTH. Wake up each morning and put these words in your mouth:
- I deserve to make more money.
- Wanting more money is not wrong.
- I deserve a prosperous life.
- Money is a tool that can change my life for the better.
- I have the power to be a financially successful person.
- I deserve to be paid a fair wage for my skills and time.
Mindset might be an overused, trendy word, and if you’re finding yourself thinking – “Well, this was a waste. I need clients, not a list of hippy affirmations”, can I ask you this?
What do you have to lose? What negative result will you experience if you apply these steps to your life and business?
If you can intervene early and address your money mindset problems, you will minimize the impact they will have on your business and your future earning potential.
