Working with women entrepreneurs, especially those in service-based businesses triggers a lot of money mindset issues, including self-worth, charging the value of services and even just asking for money for amazing work.
In Part 1, “How to Shift Money Blocks and Upgrade Your Money Mindset,” we discussed the first, and one of the most common money blocks, trading dollars for hours. We looked at the sneaky ways it shows up in business, and some tips and strategies for upgrading to a premium money mindset.
Complementary to trading dollars for hours, these next THREE money blocks undermine you getting paid your worth.
You don’t believe people will pay for your services because you’re insecure.
This culprit shows up when there is an underlying belief that you’re not enough. You’re afraid to ask for the value you know you/your services are worth and you’re scared to charge what you want because you’re afraid no one will pay that price… especially not to you.
What ends up happening here? Same old story. Under-pricing and over-delivering, which as we saw in Part 1, leads straight to burnout, overwhelm and resentment.
How does this frequently show up? For me, it was simple.
When I first started coaching, I honestly didn’t believe that anyone would pay me to make their life or business better.
I mean, Why Me?
My being was incompatible with wealth. I was riding the impostor roller coaster and enjoying my vow to keep my light dim and play small. I needed permission to charge what I was worth.
After all, there are thousands of other coaches; CELEBRITY/well-known coaches (especially online) who have been doing this much longer, and apparently creating 7-figure empires in their sleep.
I’m not a strategist or a consultant. So why would anyone give me money to do the same thing thousands of others can do. “Everyone’s doing the same thing,” I whined.
Maybe if I just take one more training course. Just get one more certification. Then I’d feel secure enough to coach women entrepreneurs. Why would anyone want to work with someone like me who has enough money blocks of her own to land a plane?
After investing in coaching, I started seeing my blind spots. When I realized just how much these disempowering beliefs were costing me financially and emotionally, I dug deep into my money story and created awareness around my money stories and how they were holding me back from creating the life I desire.
I had to change my thoughts about my worth and money before I could create new and powerful shifts in my business, as well as my life and in my personal and professional relationships.
Do you see the cumulative effect these subconscious money blocks and stories have on how much joy you experience in your business, and your motivation to keep working toward your vision?
How would you measure this in terms of how much this is costing you financially in your business?
Wherever there is insecurity, this THIRD money block often rears its annoying head.
You’re still competing on price because you’re not confident about the value of your services.
Here’s the thing. Competing on price is NOT wise. There’s nothing smart or rewarding about seeing how low you can go. Your competitor has her prices set at $997 so you decide you’ll charge 800. You based your prices NOT on the value you’re offering, but on the goal of undercutting the competition to gain a client.
That’s B.S. You see, your competitor has worked out her pricing, determined her value and created a package directly related to the pain points of her ideal clients.
If you’re still swimming in the whole undervalue proposition – not enough story, then chances are you haven’t put a whole deal of thought into determining prices, other than I want to “beat her.”
Guess what? It’s not a game.
Ask yourself who you want to be for your clients, your business and yourself.
Competing on price just ends up being another avenue to working tons of hours but not making money. It’s not a place of resourcefulness, and it merely reinforces that whole “I’m not good enough” story.
What if you’re more valuable than you think, AND premium prices ARE much better for your clients (more on that in a later post).
What if contrasting, and not competing was an option? Creating your own tribe in your own viable niche AND Getting to know your people – their deepest desires.
How amazing would your business be if you got paid full value for your services without having to discount price?
What will be possible if you know your value, believe you are worth it, and you confidently charge your worth and get paid for it.
What if you could disrupt that money conversation going on in your head and kick those self-sabotaging habits to the curb?
And that leads us to the FOURTH block, which comfortably resides in the same zip code as those already discussed.
You’re scared to charge money, so you claim spirituality or confuse your business with your charity.
Yeah, I know. This doesn’t apply to you.
I’m the only one who has been here.
Few women entrepreneurs admit to fear being the cause of this whole spirituality thing. It’s much sophisticated to chuck it up to being too spiritual to charge.
The line that got me through my intimate relationship with this block was that I couldn’t help people and get paid. In my mind there was something inherently wrong with supporting people to transform their lives and making money from it. It felt yucky.
Anyway, once I dug deep in my prayer life and in the work with my coaches, I realized that I had created this bullshit story that made me appear deep, spiritual, generous, kind and a super good person. I had convinced myself that I felt bad about charging, and continuously gave too many free coaching sessions.
The worse part? My lack of boundaries. Everywhere in my life.
This was costing me more than money. I was drained, mentally, physically and emotionally. I was tolerating all kinds of stuff in my life, business and relationships. All because of fear, aka, too spiritual to charge.
Ultimately, I realized this was just a slice of my whole avoidance of conflict pattern.
As I continue to do the inner work (hint… it doesn’t end), I create new empowering stories that support me to own my value so that I can serve and impact my clients with ease.
A commitment to do the inner work comes with some amazing results. Like the incredible transformation in your mindset and beliefs that support you in attracting ideal clients, making a bigger impact, and making more money in your business.
Money Mindset Tips + Inspired Action to Shift the Money Blocks
In addition to the 8 steps for doing the inner work in Part 1, there are a few other helpful strategies.
- Look around you. Who is in your inner circle? Who and what are you listening to? Who/What influences you the most? If you want to up level your money mindset and create prosperity in your life, relationships and business, then surround yourself with like-minded individuals. A wise person once observed that we’re the average of the five people we surround ourselves with.
- Give up waiting for permission to make money. Take responsibility and be accountable to yourself for your own life and business and make decisions that support your growth and transformation. No one is responsible for your money mindset. Not your spouse, parents, boss, clients, the president, the economy, or your best friends. You’re it!
- Fear is good. For most entrepreneurs, doing business is a little more than scary. Generating business, talking to clients, asking for clients…. The list could go on. The great thing is that with each first step, the thing that scared you the most yesterday will scare you the least tomorrow. You’ll have other things to deal with. It’s an ongoing process and leaning into the fear, rather than running away from it is an option to learn and grow.
- Invest in a Money Mindset Coach. Take inspired action and do what serves you best so that you can make good use of all the strategies you’ve acquired along the way. Investing in another strategy won’t serve you if you’re swimming in bullshit money stories. A money mindset coach will support you to do the inner work and coach you to implement those strategies in the best possible way for you.
Next up in Part 3, we’ll look at the “How to Get More Coaching Clients in Your Business and Transform Your Relationship With Money.”
How to Work with MiMi
When you DECIDE to 10x your life and business,
AND you’re truly ready release these subconscious blocks and limiting beliefs that are holding you back from getting the results, clients, profits and impact you desire,
AND you’re FULLY committed to doing REAL, fun, interesting and transformational (inner + outer) practical work and learning tools and strategies to 10X your business, life and relationships, I am happy to fully support you.
Choose the option you believe you want and contact me to determine which will serve you best:
The 10X Money Mindset Mastery and Wealth Workbook for Women Entrepreneurs & Coaches (Self-Coaching PDF/downloadable workbook to use at your own pace), or
The 10x Money Mindset Circle for Women Entrepreneurs & Coaches (Exclusive Monthly/Annual Membership Site), or
Let’s do this!
Cheering you on to a 10X Money Mindset,
MiMi Dabo, MBA, CPA, JD
Founder, 10x Money Mindset Circle for Women Entrepreneurs and Coaches
Business and Money Mindset Coach
I help women entrepreneurs and coaches create successful businesses without burnout and overwhelm, create ideal clients, signature systems and high premium packages in their viable niche, and get over their money blocks to confidently charge premium prices, and double, triple or 10x their income with less work, less guilt and a bigger impact.