If you’re a successful-on-paper entrepreneur with big dreams but don’t feel like you’re living up to your financial potential, you’re in the right place.
Most big-dreaming entrepreneurs would love for their bank account balance to match their lofty money goals. That said, if that’s not yet happening, it might be because they have some bad business behaviors in place that are holding them back.
The way we run our businesses on a day-to-day basis matters–and the actions we take can absolutely reinforce negative beliefs about money, or instill empowering new ones.
Could you use a little more positivity in the money department? Here are 5 behaviors you need to let go of if you truly want to elevate your money mindset & start making more money:
1. Undercharging for Your Products & Services
Pricing your services can feel like quite the balancing act. You might pick a number that feels okay but then question yourself like:
“Is anyone really gonna pay this?”
“Are people gonna think I’m crazy asking for so much?”
I get it. Pricing is tricky–and pricing to ensure you feel valued, make a profit and make your clients’ happy is quite a heavy load.
Unfortunately, most entrepreneurs wind up selling themselves short because they don’t have the confidence to charge what they truly desire. And while it might sound like an okay strategy in the short term–who doesn’t love a good bargain, after all? –it usually winds up leaving said entrepreneur feeling undervalued and overworked–which is a recipe for resentment and burnout. (And possibly even giving up on their business altogether. Yikes!)
If you’re struggling to nail the ‘perfect price,’ take a look around at others in your industry or adjacent industries. What are other similar business owners charging for their products & services? Odds are you’ll discover pretty quickly that loads of people charging what you’d love to–and a lot more, too!–and still landing ideal, happy-to-pay clients and customers.
Try raising your prices incrementally if you need to. Once the money starts pouring in at prices that feel good (or at least better) to you, it’ll boost your confidence (because now you have rock-solid proof people are willing to pay the prices you deserve) and elevate your money mindset, to boot.
2. Negatively Comparing Yourself to Others
Ever look around at other business owners and feel like you’re not doing–or making–enough? When you don’t have a booked out client roster or your latest launch was a flop–and yet everyone on your Instagram feed is having their “highest sales month ever” and sold out launches left and right–it can be a major blow to your confidence.
But what if I told you that you can actually use these experiences to bolster your confidence and create a more positive money mindset instead?
Next time you notice a tinge of jealousy when a colleague you follow launches a new virtual retreat or cringe at how little you did that day when your coach posts her daily routine, recognize it as the opportunity it is. Jealousy isn’t a bad thing–it’s actually showing you what you’d like to achieve. And the fact that it’s in your reality is also showing you that it’s possible for you, too.
You can’t cure comparisonitis overnight, but making a concerted effort to view others’ financial achievements as signs of what you desire–and what’s possible–is a fantastic way to start cultivating a healthier money mindset. And maybe it really is time to launch that retreat you’ve been dreaming about, hmm?
3. Avoiding Your Finances
Do you dread opening your banking app or can’t seem to stick to a monthly bookkeeping routine to save your life? If you’d prefer to ‘just not know’ than deal with the reality of your financial situation, it’s going to be very hard to cultivate a positive money mindset that attracts abundance & clients like a magnet.
Why is that? Well, because avoidance (read: every time you pop open Instagram vs. your banking app) reinforces the idea that money is scary or unpredictable.
Plus, we also can’t gloss over the fact that ignoring your finances can lead to lots of undesirable outcomes like financial disorganization, missed opportunities, and even financial trouble (like debt and missed payments).
What’s the alternative? Instead of hiding and hoping your money ‘stuff’ sorts itself out, you have to prioritize managing your finances–or, even better, outsource it to a professional, like a bookkeeper or accountant. As a savvy business owner, you absolutely need to know where your money is and where it’s going. It won’t just boost your confidence in your “money skills” and your overall morale around money, it’ll also help you make more informed financial decisions–aka, the kind of decisions that will skyrocket you to the next level financially.
4. Being Scared to Take Risks
Of course it’s important to mitigate risk in business. But if you constantly turn down opportunities out of fear or are always so worried about making the wrong move that you don’t make any at all, your money mindset could probably use some work.
What can you do differently? Start saying yes to more opportunities. Instead of shying away from anything remotely outside your comfort zone, build your confidence one tiny step at a time. Start by embracing small risks that could potentially lead to more income before you go “all in” on major, potentially higher-risk opportunities. For example, if a big name podcaster asks you to be a guest but you’re terrified of public speaking, start by hosting a Facebook Live on your business page on a similar topic to get your voice out there.
Do this regularly and your confidence will grow to the point where you’ll be able to agree to the bigger risks–and potentially make lots more money– sans self-doubt.
5. Doing it All Yourself
Do you do it all in your business, from handling inquiries to invoicing clients? If so, you’re not alone. However, this oh-so-common “I’ll just do it myself” mentality is a recipe for burnout–and for having little to no time to work on actual revenue-generating tasks. It’s also a surefire sign that your money mindset could use a major tune-up.
Here’s the thing: When you have a negative money mindset, you tend to focus more on what you’re spending, rather than your potential return on investment. The truth, though? While outsourcing tasks outside your zone of genius might cost you in the short-term, it almost always makes you money in the long-term. Hiring a contractor or subscribing to a time-saving app can massively free up your time and energy so you can focus on delivering incredible results to your current clients and customers (creating coveted customer loyalty) or dream up and create new offers to serve them at different price points–and put more money in the bank.