Money mindset is often overlooked in terms of business success until already successful entrepreneurs want to uplevel their game or an entrepreneur gets stuck and they release it’s their money mindset that’s keeping them stuck.
Most entrepreneurs will first look at their marketing, pricing, offers & funnels before money mindset. Don’t get me wrong we all know these things are important. However, when you improve your money mindset, it’s the foundation for taking all those areas of your business to the next level.
What is Your Money Mindset?
Your money mindset is the way you think about money both consciously and unconsciously. It dictates your behaviour with money and the actions you take (or don’t take) to make and keep money.
Your money mindset has been developed through a mix of your experiences and what you were taught as a child about money from your parents and family. You can change it, but until you understand why you think the way that you do, you can’t change it.
Have you got a scarcity mindset around money?
You may be beginning to suspect that you might have a poor money mindset and you’d like to change that. But first, you have to get to the root of your money mindset. There are four common reasons you might be struggling with a poor money mindset:
- Your parents had poor money mindsets.
For better or worse, families impact our relationships with money. If you grew up in a home where money was scarce, your attitude toward money may reflect that.
- You’re bitter about your financial hardship.
Sometimes, people experience financial hardship because someone else made poor choices or because of their own decisions. No matter what your struggle is, it can be overcome.
- Your friends have poor money mindsets.
The people you surround yourself can help you achieve all of your financial goals or they can hinder you. Which do your friend help you do?
- You lack self-confidence.
Sometimes, a poor money mindset can be traced back to a lack of self-confidence. Rather than tackling these issues, you try to avoid money altogether, so you worry that you’re spending it wrong. You don’t think you have the intelligence to set up a budget or save for retirement.
How can You Improve Your Money Mindset?
It’s time to take control of your money and develop a healthy money mindset. You can start this process by discovering what’s holding you back and actively working to let go of your toxic money beliefs.
If you suspect your lack of self-confidence is affecting your money management, then you need to reach out to someone else. Don’t be afraid to buy a book on budgeting or taking an online course about retirement funds.
Surround yourself with people you have a healthier money mindset than you. Join Facebook groups and masterminds that have 6 & 7 figure earners.
Never think of yourself as a victim, especially when it comes to your money. You can make better decisions when you fill your brain with better information. Read books, take classes, and get coaching to improve your money mindset.
Start to invest strategically into your business. I get it. You’re a solopreneur. You’re proud of the fact that you’ve bootstrapped your business from the ground up, tackling every task that comes your way.
However, too many small business owners are working too many hours, suffering from burnout and frustration—not because they’re not good at what they do, but simply because they’re unwilling to truly invest in their business.
They’re letting a scarcity mindset prevent them from taking the steps—and making the investments—that will have a massive impact on their business. And maybe you are, too.
3 Strategic Business Investments You Should Be Making
By far the biggest objection to outsourcing you’ll hear is “I can’t afford it.” Perhaps you’ve heard—or even said it. But the fact is, if you’re a serious business owner, you can’t afford not to outsource.
The time you free up by not doing those mundane, everyday tasks is time you’ll spend more profitably, by:
- Creating new coaching programs.
- Upping your content marketing game.
- Recording video and audio content.
- Connecting with your audience through email and blogging.
- Working with clients either one on one or in a group setting.
- Or just enjoying your life!
Outsourcing should never be looked at as an expense. In fact, if you’re not getting a return on your outsourcing investment, take a hard look at what you’re outsourcing and to whom, because there is likely plenty of room for improvement.
You can start by using platforms like Fiverr to outsource tasks like graphic design, website maintenance or social media management.
Most online business owners start out using low-cost tools with limited features. This means they spend more time trying to connect incompatible pieces of software or end up doing too much manually.
While that’s an acceptable solution when time is easier to come by than money, you’ll quickly outgrow it.
Not only is trying to “make do” with a pieced-together system costing you sales, but it costs actual dollars, too. You (or your VA) will spend extra time simply getting it all to work, rather than letting the tools do the heavy lifting.
Recognize when it’s time to uplevel your marketing tools to include true funnel automation, and watch your income increase dramatically!
It’s possible to build your business solely on your own. You can pay attention to what others are doing and reverse engineer their systems. You can read books and blogs and maybe invest in a few carefully chosen training programs.
But there will come a time when your growth will flat line, and you’ll struggle to reach that next level. That’s when it’s time to invest in coaching. And yes, even coaches have (and need) coaches. A coach can help you see past your own blind spots, work through the blocks that are holding you back, and build a business you love—on your own terms.
Don’t be afraid to invest in your business. Wise investments such as coaching, automation, and outsourcing will pay for themselves many times over.
The 1 SMART Business Audit You Must Do
Pricing, Pricing, Pricing!
As a solopreneur or small business owner you should be looking at your pricing at least every quarter to ensure you’re not pricing too low.
This is where money mindset really comes to play. That’s why so many entrepreneurs price way too low. So much so they struggle to maintain their business.
How do you know you’re undercharging and need to increase your prices?
- Look at the types of clients you attract for your 1:1 or in person work? Are they always asking for a discount or trying to get some type of deal? If yes then you’re charging too little, which is why you’re attracting deal seekers.
- Do you have a signature system that you know provides results? If yes, are you charging based on the results or on the features? i.e: hours coaching or consulting, the length of the course, number of modules in the course, the number of workbooks etc.. You should be charging based on results.
- Do you have clients who have already experienced transformations, getting results and are happy? Then again yes you should be charging based on the results you know can be got.
The Last Thing You Need to Know About Improving Your Money Mindset
Your money mindset is the operating system you use when dealing with money in every area of your life. You can improve your money mindset by reading books, taking courses and getting coaching on the areas of your money you need help with. This will help increase your confidence in making and handling money.
You can also surround yourself with others that are making more money than you are to learn how they deal with money.
Then to start to grow your business and make more money you need to invest strategically in your business by outsourcing, getting & upgrading the tools you use in your business and getting coaching for accountability.
Do you want to know the 5 Money Mistakes new & struggling entrepreneurs make and how to avoid them then grab the FREE report below!