Money blocks show up in so many ways, but I’ll limit this article to 3 of the most common and sneaky ways (The Money Blocks Special Report will be available for download later).
In Part 1, we defined money blocks and their egalitarian essence. In Part 2, we will discuss the first of the 3 blocks and how to shift them.
If you’re a coach, service-based entrepreneur or business owner, you may be familiar with these 3 blocks.
Money Block No. 1: Under Pricing – Not Charging What You’re Worth
What’s the number 1 cause of overwhelm and burnout with coaches and other service-based entrepreneurs? Under-charging and overdelivering!
During the height of my self-sabotaging moments, a client offered to pay me, and I told her, “It’s ok, I’ll do it for free.” She said no to the freebie and wrote a check for the payment.
She later told me she felt completely disempowered and disrespected by my assumption that she didn’t think highly enough of herself to pay for her own personal development.
It wasn’t like I was swimming in business. I had only two paying clients. She was my third. But I was coaching 10 other women for free to get the experience and critique myself.
I was exhausted, overwhelmed, and disillusioned with my coaching business because I was giving so much time and energy, and practically doing cartwheels for so little money. But I convinced myself “I’m a giver. I’m serving. I’m making an impact. Even if it kills me.”
Self-care and my wellbeing were the last things on my list.
So where did all these blocks come from?
What were my disempowering stories?
“I must work really hard to earn to make 6 or 7 figures.” Making 6-figues meant I had to work my ass off. I told myself that people who made a lot of money did it in one of two ways – either corruption or overworking.
I was proud to be a workaholic. At my lowest point, I billed over 3400 billable hours in 1 year as a private practice attorney.
The higher the bonus I would receive, the longer and harder I’d work. In my mind, I had to prove to myself that I was worthy of the amount of money I was earning.
Even though I had already earned the bonus when I received it, I convinced myself that I had to prove myself worthy again.
I routinely failed to delegate, and procrastination was my secret sauce. I notoriously spent nights in the office just to make up for three weeks of procrastination.
I convinced myself that the adrenaline rush I got from writing a brief that was supposed to take three weeks, in 5 hours, was nothing but brilliant. Yea, I was an idiot.
The failure to delegate and the procrastination game did not end when I quit my job to start my fashion and coaching business. It only got worse.
I’m grateful that I was honest with myself that being my own boss and a successful entrepreneur wasn’t going to work well without coaching.
Thankfully, with powerful coaching tools and strategies, I was able to work though my all my disempowering relationships and create a fresh, empowering money mindset – shifting my beliefs and actions to create new exciting results in my life and coaching business.
Thanks to this experience, I created my signature system, 10X Your Business and packaged my services, gifts, talents, skills and training in a way that serves me (physically, mentally, emotionally and financially) and makes a bigger impact for my clients.
“Who is going to pay me when everyone is coaching on the same thing?” Insecurity was my best friend. I mastered this disempowering story so much that I quit working with my first business coach because I was afraid to narrow my focus and create my niche. How dare her put in me in a box, right?
Wrong! It would have been a good investment of my time and money at the time to stop worrying about what everyone was doing and just focus on who I wanted to serve and what I wanted to create.
That insecurity led me to working with clients who were not my ideal clients.
Thanks to coaching around my owning my worth, my essence, branding, niching and my own unique marketing message, I created an awareness around this limiting belief. While blocks never go away, knowing their triggers is a powerful way to crush them when they show up and attempt to derail me.
What was it costing me financially?
It was making me broke and miserable. I wasn’t making any money and my soul was dying inside.
It’s not a unique story.
Many women entrepreneurs who create multi-6 figure and 7-figure businesses work crazy hours riding the “ball and chain” belief that the harder you work, the more money you make. Not only do they work harder than they need to, they also put a ceiling on the amount of money they earn and limit their visibility.
What is the disempowering story?
If I charge premium fees, then I have to deliver more, give up my freedom and worker harder than I’m working now. I just can’t do it. Thoughts of delegation go out of the window and the limiting belief that premium service = hard(er) work takes over.
What is the financial cost for women entrepreneurs?
Hundreds of thousands of dollars, new ideal clients and their ability to scale their businesses.
What about you?
Do any of these disempowering stories resonate with you?
So how do we shift our money blocks and prevent them from sabotaging our businesses?
With powerful coaching tools and strategies that heal your relationship with money and create empowering new stories. The first step is an owning that you have money blocks.
Creating an awareness and then distinguishing the blocks from other things, like outside factors that may affect your life and business is key. You can’t control the stock market crashing or Toys R Us going out of business.
Consider your money blocks or stories and dig deep to identify the disempowering stories that support them.
What gift are you getting from this money block?
Does it serve you or your business?
What would you have to believe for your money story to be true?
What do you want? Are you willing to shift this limiting belief?
What belief would you have to let go of to create an empowering mindset?
Who would you have to be?
What would you have to say yes to?
What would you have to say no to?
Finally, work with a coach to get to the root of the stories so you know where they are coming from, and learn tools to heal your relationship to money AND shift the beliefs, especially when they show up in other relationships in your life.
After all, how you do money is how you do everything.
Choosing to read personal development books and self-help work to transform money blocks and create an empowered money mindset is tempting.
But I’ve learned the hard way that even with my best intentions, reading all the personal development books in the world, watching all the motivational and inspiring YouTube videos from my favorite coaches, and speaking “I AM Enough” mantras, were not enough to shift my disempowering stories on my own.
Trying to shift limiting beliefs with the same mind that created them (and has subconsciously practiced them for the last 20 or 30 years) is like chasing your tail.
The bottom line is that if you have a limiting money story that people can’t afford to pay for your services or products, then your business vision will be limited to something that does not create money, profits or the impact you desire. And you’ll inevitably attract clients who don’t want to pay you.
Next Up, Part 3.
I love hearing from you! Comment below and share your thoughts.
Want to connect? Email me at mimidabo@lifecoachforwomen to share your story, your perspective, your comments or your questions.
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Peace and Love,
Your Life and Business Coach
MiMi Dabo, MBA, CPA, JD
I help women entrepreneurs, coaches and business owners create successful businesses without burnout and overwhelm, create ideal clients in their viable niche, get over their money blocks to confidently charge premium prices for high-end programs and packages, and double, triple or 10x their income with less work, less guilt and a bigger impact.
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