My years as an entrepreneur has taught me to proactively address my mindset issues to get past the blocks that hold me back. As well, through my work as a coach for natupreneurs, I’ve seen exactly how mindset can make or break a business. Mindset really is everything.
The sad truth is – if your mindset is off you could be setting yourself up for failure unintentionally. One really crucial area to address is your relationship with money and how to improve it so you can achieve financial success in life and business.
Let’s talk about 4 common money mindset issues and how they affect your bottom line.
1. Selling Feels Uncomfortable
Is this you? This is a big one for a lot of entrepreneurs. But at the end of the day, we know it costs money to survive. It costs money to run a successful business.
Despite these facts of life, I’ve seen lots of people struggle to sell themselves, their products, or their services. Even when you know your offer provides value and can really help people, you may still have a tough time asking for that financial exchange.
But the reality is you don’t need to be sleazy or relentless like the car salesmen we see on TV. Instead, focus on fostering your relationship with clients to build up a bank of trust. When you position yourself as an authority in your field, people will come to you for your services.
Here’s the thing – if selling feels really uncomfortable to you, it’s time to shift your mindset about what a sale actually is. To remember that you are providing someone with a product or service that will genuinely help them. You’re spending your own time and energy to deliver to a high standard.
Bottom line?
If you’re not effectively selling yourself, you ARE losing money that could …
- lead to better products and services
- enable you to provide value to a larger audience
- support the lifestyle you want
2. Giving Discounts
It’s true that offering discounts and having sales can be good for business. But it becomes an issue when you never feel comfortable charging full price.
Does this sound familiar? You’ve done the calculations to determine how much your offer is worth. It’s up on your website, in your marketing materials, and so on.
But when it comes time to charge for the actual consultation, you find yourself always adding a discount or rounding the price down.
If so, don’t feel bad. I’ve been there, too. When I first started in practice, every single time I went to put a client’s card through the terminal at the end of their consultation, I would enter the price I didn’t have enough guts to publish on my website (which is illegal, by the way), and then give them a sale discount.
Make a point to publish your pricing and stay firm to that. You have overheads and other expenses to pay for and every dollar is important in business. And most importantly – your service provides value that is worth paying for.
3. Not Looking at the Numbers
As a business owner, keeping track of your finances is crucial. That means regularly comparing income and expenses, setting goals to scale and grow your business, and creating plans to achieve those goals.
So if you have a mindset issue where it’s scary or uncomfortable to look at your money, you may be putting your financial future in a really bad place. What if your expenses outweigh your income? Are you putting money away for taxes, insurance, employee expenses, superannuation etc?
These are just the tip of the iceberg when it comes to preparing and planning out your finances. Don’t let this overwhelm you – a lot of this stuff can be outsourced. But failing to look at the numbers in your business isn’t sustainable at all.
4. You Must Work Hard to Earn Money
This is another idea I had to work on, myself. When I was in cancer research in pathology, I worked really hard. But I’d see other tradesmen laboring outside in the heat. I’d feel guilty about that and like I wasn’t working hard enough for the money I made.
But the truth is – yes, making money requires work. But – it doesn’t always have to be hard.
Sometimes the value we provide to a client is our years and years of knowledge, learning, and education presented in a way that is relevant and understandable to them. It may seem easy to you, but that’s the result of all your work accumulated into one moment. Your clients value that about you and that’s why they’re there.
Think about all those articles floating around that say the average billionaire has 7 income streams. Do you really think they’re working up a sweat for each of those streams? Passive income streams are a huge part of the entrepreneurial space and are a prime example of not always having to work hard to make money.
Take Action
So there you have it. You can try all the strategies in the world but if your mindset is blocking you, it makes everything really hard. So make a point to be aware of the ways your negative money mindset issues could be affecting you and your business and make a conscious effort to improve every day.
If any of these resonate with you, or you find yourself sabotaging your income in other ways, take a look at my Mindset Magic bundle. It’s a collection of my best mindset trainings, presentations, resources, articles, and meditations so you can uplevel and maintain a confident and success-oriented mindset. Grab instant access right here.
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