Are you struggling to get your business off the ground? Do you struggle with money guilt, insecurity, and fear of failure? It’s time to change that!
It’s crazy how many of us entrepreneurs stay broke because we have these 5 money mindset blocks that keep us and our business broke. We need to change our thinking if we want to make more money and be financially free!
Some people think the only way they can make more money is by working longer hours, but there are ways you can start making a little bit more now. You just have to break through your destructive thoughts about your finances so you can see the possibilities for yourself!
Let’s work together on getting rid of them today.
Money Mindset Blocks That Keeps You Stuck
1: Chasing Shiny Objects
I know some things are almost impossible to resist! There’s always something new to try or learn. New technologies, training methods, group coaching programs, and even business models might have a strong pull on you if you aren’t careful.
Instead of getting pulled into shiny object syndrome, try this two-step technique:
- Make a strategy for earning a good return on your investment before you accept any “too good to refuse” offers. Don’t buy something if you can’t find a (realistic) way to make the purchase pay for itself.
- Make a “someday” list for innovative business opportunities. Make a rough sketch of your concept and then return to work. Now that you’ve had that brilliant idea, and written it done somewhere, it won’t go to waste; but it will also avoid joining the ranks of half-finished business plans on the internet.
2: Falling for the Sunk Costs Fallacy
You’ve fallen for the sunk costs fallacy if you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price, and now it’s a lot more!”
The sunk costs fallacy is when people spend more money or time on something because they have already spent a lot. It can be hard to stop spending money or time on something once you have already put in so much.
This is why we’re compelled to fix the car one more time (after all, you just put new tires on it), eat a meal we don’t want (because you’ve paid for it), and yes, continue to pay for tools and resources that aren’t being utilized.
Take a look at your present business costs for a few minutes. What are you paying month after month for that you aren’t utilizing? Make a plan to utilize them or cancel them, as appropriate. Stop falling for the sunk costs fallacy.
3: Scared to Invest In You & Your Business
You expected that all we’d talk about today was how to avoid overspending, didn’t you?
Here’s the rub: Spending too little is just as harmful to a businesses performance.
When you are always looking for free tools or working 16 hours a day because you don’t have enough money to outsource, then you are not doing your business any good.
Yes, you’re working hard to make something from nothing. However, you’re digging a hole that will be very hard to climb out of. But you can stop it. You can think about what you have and not just what you don’t have.
Learn to spend money wisely rather than being cheap. When you need something, buy it. Invest in high-quality items and programs rather than low-cost, half-baked solutions.
The same holds true for services and software. Quality goods, cars, and furniture last longer and function better than low-quality versions. Good business tools will also repay themselves over time.
I’ve found that making strategic and small investments has been a fantastic tool for overcoming my money mindset blocks. I began by investing in a course costing $497; the returns were good, so I invested in the next course, which was a little bit more expensive.
I always aim to earn a return on my investment whenever I invest in a course, and now that I understand how it benefits me and my business, I have no doubt that I’ll spend more on training because I now know the value.
Did you intend to apply for that high-end coaching program but miss the deadline? Maybe you were going to submit a proposal to a possible new client, but you waited too long. Or perhaps you just missed using an incredible sale price on a hot new app that everyone is talking about because you delayed making a decision.
These and other missed opportunities are frequently attributed to simple procrastination, which is one of the most harmful vices we have. Procrastination is what causes us to work late at night to meet a deadline, results in financial penalties owing to late fees, and even jeopardize our business.
Try these methods to quit procrastinating if you’re a chronic procrastinator:
Recognize your fear
Simple fear is usually what prevents us from moving forward. We’re scared that even with that amazing coach, we won’t be able to achieve our goals, so we put it off.
We’re concerned that when compared to other bids, we’ll appear bad, so we avoid submitting altogether. However, if you want to be successful, you have to get comfortable with being uncomfortable.
The best way to do that is through good old-fashioned hard work. Commit yourself to the process of achieving your dreams and goals by doing something, anything!
Take small steps every day toward making your business the best it can be.
Action will take you closer to your goal than fear.
Give yourself deadlines
Most people are chronically late, so give yourself firm deadlines to avoid delay. Set a deadline that’s earlier than necessary so you have time to do something if you miss the first one.
Chronically missing deadlines will make you look unreliable, which is not the way to win clients or customers.
Work at a set time every day
Plan to work for one hour each morning before anyone else is up (if you work from home) and you’ll see yourself making more progress than if you sit around all day waiting for inspiration to strike!
Inspiration does not make money; hard, smart work makes money!
Visualize The Life And Business You Desire
Consider how wonderful it will be to have that fantastic business you’ve always wanted. Imagine your dream working day, daydream about your ideal vacation, and imagine special days with your ideal client.
It’s fine to offer yourself a little push in order to accomplish things. Take yourself out to lunch, buy a new pair of shoes, or take an afternoon off as motivation. Whatever is most likely to encourage you to face your fears and go forward is the way to go.
5: Failing to Complete Your Projects
Be truthful. How many half-written novels, half-done programs, and unfinished items are currently resident on your hard drive?
If you’re like many entrepreneurs, the answer is most likely yes.
You began each of them with great gusto. You planned out the modules or chapters, created the presentation decks, and maybe even outlined the sales page. And then you just stopped working on it.
You may believe that you’re just not organized enough. Perhaps you tell yourself that “I need to do some more study” or something similar. Maybe you simply grew weary of the task. But the fact is, none of these is actually the case. This self-sabotaging behaviour is frequently a symptom of low confidence for many people.
The next time you get into that particular kind of funk, take a good look at what’s really going on inside your head. And ask yourself these questions:
- What do I find difficult?
- What things are causing me to feel uncertain about myself?
- Is it the idea of writing this book or program, selling it online, or marketing it?
If you think the answer to any of these questions is yes, there’s a good chance that your lack of forwarding momentum has a lot more to do with your inner demons than your outer development.
You probably built this project because it filled a need. You may have been looking for a better way to get customers, or you wanted to build something that would finally make you proud of yourself.
Whatever it was, try to remember those feelings next time you start thinking about abandoning your work. And then think about the part you play in procrastination and what fear and uncertainty are really holding you back from completing this project and getting it out there for the world to see.
Don’t let your lack of confidence, perfectionism, indecision or basic fear stop you from finishing your project. Until you do it, you’ll never know if it will be a success or failure.
Consider this: You can’t estimate the effectiveness of a program you haven’t completed, and doing so is pointless.
Rather than keeping half-finished projects on your hard drive, power through and release them – no matter how unpolished or unlikely to sell they may seem.
Remove Your Money Mindset Blocks
We all know that we should invest in ourselves and our businesses, but it’s not always easy. Sometimes the fear of failure or uncertainty can stop us from making progress on any project – big or small.
It’s time to stop letting your money mindset blocks holding you back.
If you’re tired of being broke and want to finally take control, these 5 money mindset blocks may be what’s holding you back.
The process of investing in yourself may seem daunting at first glance, but there are ways to make this a more attainable goal for you and your business so you can start living life without financial worries!