Want to know an area that’ll keep you stuck from becoming known as an Influential Trusted Authority in your industry, while continue to build a profitable and scalable coaching/consulting business?
Your mindset around money.
As one of my former mentors used to say: “How you do money, is how you do everything,” is so true.
I’m sure you’ve heard the saying: “You’re only as strong as your weakest link?” And, while I can share the best business strategies with you, the best marketing strategies, tips on how to launch your podcast so you can begin to nurture listeners into leads from your first episode – if you don’t have the right mindset, especially around money, you can still remain stuck.
So, in today’s Bulletin, I want to speak about another area I love to work on with my clients as we continue to work on their unique and uncopyable Brand, Message and Podcast – your money mindset.
Several years ago, I participated in a 12-week health and wellness transformation program. On one of the group chats as the host was answering questions, I glanced over to the chat room and noticed something quite alarming happening. The dozens of comments being shared by many of the women were so self-critical and negative – about themselves, their experience, and their lack of weight loss.
Here are some of the comments that really stood out:
“She lost 100 kilos in 12 months? I’d never be able to do that.”
“I’m always going to find it hard to stick to a healthy eating and exercise plan. Always have – always will”
“I just can’t seem to get motivated – what’s wrong with me?”
…and sadly, on it went.
I’m a firm believer in whatever we put our attention, energy and focus on will expand. What these women didn’t realise is that due to the lack of self-belief, self-determination, and negative outlook they had when it came to their journey to optimised health and wellness – they had been setting themselves up to fail.
This can also happen in our businesses.
We can unknowingly set ourselves up for ongoing struggle and disappointment due to the lack of self-belief and negativity – particularly when it comes to money and what we can (or cannot) charge.
In fact, here are the three most common money mindset beliefs (driven by the lack of self-belief) that I see keeping many ambitious coaches and consultants stuck from creating the business of their dreams. Recognise any of these barriers?
Money Mindset Barrier 1: “They’ll never pay that price?”
This belief can be an indication that you are undervaluing your skills and strengths and the value you offer to clients.
Why wouldn’t they invest in your products and services? After all – won’t they be able to finally achieve their goals and dreams through receiving through working with you and receiving your support and expertise?
If you’re struggling to believe your ideal client would pay you what you’re worth then take the time to identify the benefits you offer and the results they can achieve through investing in your support, and really recognise they are achieving these because of your expertise.
“If you don’t value your strengths, talents and the valuable work you’re doing then you’ll continue to find it difficult to start charging what you’re worth. And, the only person that has control over that is you.”
Money Mindset Barrier 2: “They can’t possibly afford that?”
Assuming what people can afford and charging less as the only way to get them to say ‘yes’ to your products/programs will be a drain on your bank account AND self-worth account. My advice? Stop. Assume nothing.
Explain the benefits, results and the value they’ll receive through investing in your program; state your price; and stay firm.
After all, how do you know they can’t afford your services? You may be exactly what they’ve been looking and saving for.
I remember one of my colleagues tell me about how she desperately wanted to attend some business/professional development program that was a high-end five figure investment. She had no idea where she was going to get the money, however she knew she had to attend the workshop as her business’s growth depended on it. She paid the deposit and later that week when the balance was due, her brother had come into some money and was more than happy to lend her the balance.
There’s always a way. Even when it comes to your ideal client being able to invest in your program.
Money Mindset Barrier 3: “I’ll never be as good as that.”
The dreaded ‘competitor comparison trap’ where you’re constantly comparing yourself to your competitors and trying to out-do and out-smart them, which unfortunately gets to the point where you become exhausted, disheartened and stuck. And being stuck will seriously cripple your business’s growth.
Stop measuring your success against the success of your competitors. You bring an entirely different skill set and inner brilliance to your Signature Brand, so only compare yourself to what you are doing to drive your business forward. With the right systems and structure in place you too can and will build the business of your dreams!
Are you ready? It’s up to you and having the RIGHT money mindset and self-belief is key.
If this article has struck a chord for you and you’re not quite ready to join one of my programs, then consider taking my: Breakthrough Your Money Drama eCourse.
Because to attract your ideal client who will pay you what you’re worth for the level of expertise you offer, you MUST change your thoughts and attitudes towards money, which exactly what this mini-course will help you with.
Or, book a time in my calendar and let’s see how I can best support you.