The way you think about money, matters. If you have a mindset steeped in scarcity, fear, and thoughts of “never enough,” those beliefs will certainly show up in your business by driving clients away, keeping profits at bay or have you remain stuck at an income level that’s going nowhere.
If you’re constantly strapped for cash, drowning in debt, or unable to find the balance where your profits outweigh your losses, your Money Mindset may be the issue.
Thanks to our generous parents, our beliefs about money are ingrained in us from an early age. If your parents or primary caregivers were always stressed about money, you could be unconsciously creating situations that cause you to experience that same kind of stress.
The key to creating a positive money mindset is identifying the limiting beliefs you have about money, understand where they originated, engage in root cause clearing work then look for more positive perspectives to replace them.
Here are some common Money Mindset self-sabotaging beliefs:
#1: “I should take whatever clients I can get.”
This thought plagues many entrepreneurs, coaches, healers, even salespeople, especially when they’re first starting out. Working with clients who can’t afford to pay you, complain about your rates, are late on payments or ask for special discounts, aren’t just bad for your bottom line, they are bad for your confidence level because you are always trying to please them and give up your own self-worth in the process.
While you don’t necessarily need to target wealthy clients, it is important to choose those who are happy to pay what you ask. Instead of accumulating as many clients as possible, be more particular about who you choose to work with. Doing so will guarantee reliable income from clients who feel you’re worth every penny.
New money mindset: “I only accept clients who value my work.”
#2: “I can’t afford to outsource.”
Being a jack of all trades may be the hat many business owners put on, since they have to wear so many. However that might not be the smartest choice. If you’re strapped for cash, you may be hesitant to hire an assistant or sub-contractor to help with things like social media, graphic design, e-mail marketing or blogging.
The truth is that every hour you spend formatting e-mail campaigns or answering blog comments is an hour you could have spent doing the things in your business only you can do. As long as you hire an assistant who charges less per hour than you do, you’ll still make a profit by outsourcing.
New money mindset: “I can’t afford NOT to outsource.”
#3: “No one will ever pay me that much.”
Beliefs about what our clients will or won’t pay are directly linked to our beliefs about ourselves. The problem here may not be with the client, but with your confidence level. Try experimenting with raising your rates, double or triple them and see what happens.
When people see higher prices, they associate it with higher value. Don’t be afraid to charge as much as your experience and confidence level will allow.
New money mindset: “The right clients always pay what I ask.”
#4: “There’s a limited amount of money in the world.”
The concept of scarcity gets handed down between generations and becomes deeply etched in the psyche. But the truth is that money isn’t finite. There isn’t some fixed amount that exists in the world – money is energy that is constantly moving, flowing, shrinking, growing, and changing hands.
This means that at any given time, money can flow to you if you’re willing and ready to accept it.
New money mindset: “My capacity to make money is unlimited.”
#5: “People won’t be able to afford me.”
Who are you to say what people can and can’t afford? Everyone pays for what they think is most important. When people say “I can’t afford it,” they rarely mean they don’t have the money; rather they don’t find the product or service valuable enough to prioritize above other products or services they want to buy.
If you provide enough value and give your clients exactly what they want, they will find a way to afford you – no matter the cost.
New money mindset: “Considering the value I offer my clients, I’m insanely affordable.”
Armed with your new money mindset, reassess your value, try raising your rates and begin to work with clients who’ll happily pay whatever you ask.