Change your money mindset
We’ve all got internalised beliefs about money - we just might not be aware of them.
It could be a learned behaviour from childhood or something we heard from a peer that just stuck. It doesn’t really matter where it came from - many things we repeatedly tell ourselves about money probably aren’t true.
These beliefs can cause us to have a negative money mindset. So how can we combat these beliefs and change our money mindset into something positive and sustaining?
What is your money mindset?
Your money mindset is your unique set of beliefs and attitudes about money. It drives the decisions you make about saving, spending and handling money.
For many small business owners, this mindset can be harmful.
As an example, do any of these thoughts sound familiar?
I’m always working, but I never have any money.
I’m just not good with money; I never have been.
Finances are stressful, and I don’t want to face them.
Thoughts like this can influence the way we do business and shape the decisions we make about our finances.
How can I change it?
In reality, money is merely an exchange of goods for services, and there’s nothing very emotional about that.
Try thinking about it like this: you don’t sell products and services; you improve lives and companies.
It’s worth giving some thought to this mindset shift. If you think you’re improving lives, you’ll be proud to communicate your services to the people who will benefit.
In fact, you could be doing your clients a disservice by not communicating your value.
Know your value
Let’s take the common mindset block of undercharging. It can come from a place of unworthiness or fear of success and ends with discounting, over-servicing and agreeing to unrealistic deadlines.
Try some of these strategies to combat underpricing:
Look at what your peers are charging and see how you compare.
Think about how many times you’ll be able to sell your main service or product per year, and think about what annual income you’d like to earn and work backwards.
Pulling a figure out of thin air and testing it - sometimes, you won’t know till you ask!
Undercharging is just one of the ways we self-sabotage. We can also overspend, hoard or put up with old and out of date equipment instead of investing in new stuff that will make our lives easier.
None of these behaviours really has much to do with the exchange of money for goods and services and everything to do with a set of beliefs we hold in our heads.
Choose business freedom
Having a positive money mindset helps us to get back to one of the core reasons we started our business in the first place - freedom. The freedom to choose our hours, the clients we work with and sell the products and services we love.
Change your perception about money
It’s incredible how much our behaviours and decisions can be influenced by our mindset - usually in ways we aren’t even conscious of. By tweaking our perception and questioning our beliefs about money, we can open up a whole world of positive decision-making. It’s the equivalent of standing on your head to look at the world from a different angle.
I run the Get Financially Fit course because I want small and solo business owners to have that feeling of freedom rather than feel stressed out by their finances. Joining the course will change your money mindset from day one. I promise.
You can find all the details about the course here.