Is Your Money Mindset Sabotaging Your Business?
It’s time to get real and talk about a topic that is probably uncomfortable for most female entrepreneurs. Money is way too essential for us to consider it “taboo” or inappropriate to talk about. As an entrepreneur, money influences our lives daily and is at the forefront of what you are doing and thinking every day. Female entrepreneurs are slaying it in the online business world and have more control over their financial health and success than ever before. So why do 90% of women still feel insecure, guilty, or ashamed of their finances? It’s time to stop being quiet about this topic and discuss how your money mindset could be sabotaging your business.
What is a money mindset?
Your money mindset is simply your attitude and set of core beliefs you hold about money and how money works in the world. As a female entrepreneur, this is important to understand because your money mindset shapes what you believe you can do and how much money you feel like you can earn. While action and strategy certainly must work for your business to be successful, entrepreneurship is about 80% mindset. Knowing how crucial the right mindset is to your business, it would be detrimental to skip this inner work.
Is your money mindset sabotaging your business?
If you have a scarcity mindset when it comes to your money you might hold the belief that money is hard to earn or that there isn’t enough money to go around. With this perception, you feel that there is a lack of resources available to you, and your habits around money will be unhealthy and perpetuate your scarcity thought patterns.
An abundance mindset, however, nurtures the belief that there are enough resources for everyone. This type of mindset creates healthy habits around money and allows you to make decisions from a place of security and stability instead of fear.
Still wondering what it looks like if your money mindset is sabotaging your business? Keep reading to see if any of the following scenarios sound familiar to you.
Are you undercharging?
What’s the fastest way to hate your business and go broke? Undercharging for your services. If you are making pricing decisions from a scarcity mindset it might sound something like this: “My target audience probably couldn’t afford this,” or “Nobody will buy my service at this price.”
Want in on a little secret? It’s never really about the price. People either have the money or will find a way to get it. It is not your job to worry about your audience’s income (or what you think their income is) or to water down your prices. Your job is to charge what you need to charge and trust your audience to figure it out and make the best decision for them.
Do you invest?
You don’t have to have a lot of money to start a business- you just have to know where and how to spend it. If you say no to a great opportunity because of money, you are operating from a scarcity mindset and are only perpetuating the cycle. Break out of the cycle and take some risks! Keep showing up even if you feel like it’s not working. Invest even when it doesn’t make sense for your current reality. Investing in yourself always yields the biggest return. Trust in yourself enough and know that you are worth it (because you are!).
Do you hold back?
Do you hold back when creating freebies for your website or social media content? Do you skimp on the free content and save the “best stuff” for your paying clients? If you do, you are coming from a scarcity mindset. You should never hold back in your free content! Giving away things for free does not mean you are giving away income. Give away all your secrets in your blog posts and Instagram captions. I promise people will still buy them.
Is your income inconsistent?
Inconsistent income is the manifestation of your limiting beliefs you have about your earning potential. If you feel unworthy of money, you will attract money struggles and a lack of money. A scarcity mindset will also cause you to struggle to make consistent money without working sixty or more hours a week. If you stay in a scarcity mindset, you will only be perpetuating your unhealthy cycle and habits with money.
Do you celebrate it?
How do you feel when you make a profit in your business? Do you celebrate or stress about making more? If you’re in a scarcity mindset, you stress about what to do with that profit and worry there may not be anymore. Don’t do that! It doesn’t matter if it was $100 or $10,000, you need to celebrate it! If not, then your business is just all hustle and no fun (which I’m guessing is not what you wanted when you started). Train yourself to stop and feel good about all of your accomplishments, no matter how big or small.
Tips to fix your money mindset
If any of these resonated with you, it is time to work on your money mindset. Fixing your money mindset is not a one-and-done ordeal, but rather something you will need to work on daily. This is not an all-inclusive list, but just a few tips to get your mindset headed in the right direction.
Treat money just like a tool
Quit clinging to money like it’s the most precious thing in life. The more focus and importance you put on money, the less peace you will have around it. Money is just a tool, so use it accordingly.
Trust that there’s enough for everybody
When you earn money, it does not mean that somebody else is losing money. It’s not an either-or. Cash flow does just that- it flows.
Know that money is not evil
Take a deeper look at your beliefs around money. If you subconsciously think that money is evil or that people with money are bad then you will be stuck in a negative money mindset.
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