If you’re running a business, you already know that being an entrepreneur is no walk in the park, AND if you’re a purpose-driven entrepreneur committed to creating a meaningful and successful business, then you may want to get a handle on your money mindset.
Maybe you’re asking yourself, “What’s my Money Mindset?” or “What are Money Blocks?”
Here’s the simple explanation.
Your money mindset is your relationship to yourself and your self-worth + value, AND your relationship to, and attitude about money.
For women entrepreneurs and coaches, money mindset affects how we create income and what we tolerate in our lives. It governs how we think and feel, and what we believe about ourselves and business.
Money mindset is an important key to creating a powerful vision and mission, setting bold and inspiring goals, authentic branding, effective marketing messages, attracting ideal clients in a viable niche, winning pricing strategies, enjoyable and powerful sales conversations and offers.
Money blocks include your stories. Yes, you have them. Everyone does.
Those limiting beliefs, self-sabotaging habits and negative self-talk that holds women entrepreneurs back from building a lucrative business that lights them up.
If you’ve ever thought, believed or said, any of these statements below (non-exhaustive list), then you have an intimate relationship with money blocks.
Money is evil / I’m not Enough / I can’t afford it / This is too hard / I CAN’T find clients / I feel like a fraud / Nobody is going to pay me that / I CAN’T hold on to money / I never have enough money / It’s impossible / People like me don’t make 6 or 7 figures / I have to work really hard / It has to be perfect / But everyone else is doing that
Yes, we talk about money mindset, but are money blocks and money mindset issues only about money?
They’re part of that big bundle of all our subconscious beliefs, fears, habits and hidden challenges we entertain daily.
In Part 1 of this post, we’ll look at the FIRST of AT LEAST 10 money blocks that may be showing up now in your business and talk about some strategies and ways to heal them so that you can focus on what you love doing most.
Let’s dive into the FIRST sneaky, and most common money mindset saboteur that many women entrepreneurs struggle with daily.
You’re trading dollars for hours in your service-based business.
Many women entrepreneurs end up riding the dollars for hours cycle mainly because they are still unsure of the value of their services, and insecure about asking for money. While there is nothing wrong with this business model, it raises so many issues.
Being afraid to ask for your money leads to underpricing, which in turn leads to overdelivering, which in turn leads to struggles with burnout, overwhelm and resentment. How does this show up in real life?
When I opened my fashion business 14 years ago, I offered styling services as part of a Stylish Makeover package, and I charged $20 per hour. I’d end up working at least 10 hours more than I had told the client, but I was too scared to ask for more money.
Getting those small checks where I was working more hours for my clients than I was getting paid really pissed me off. I was grateful for the work, but I wasn’t enjoying any of it. I was tired, overwhelmed and constantly felt like I was chasing my tail, constantly overdelivering, and never making enough to break even.
This self-sabotaging behavior was so disempowering that I started resenting both my clients and my business. In fact, I closed that part of the business up after just 8 months. Would it have been easier to just shift my way of thinking? Yeah!
But I had no idea what money blocks were or anything about money mindset. I just thought I wasn’t worth it, and that no one would really pay me the value of what I was delivering.
And of course, as long as I believed it, it was true.
Money Mindset Tips + Inspired Action Steps to Shift this Money Block (Self-Worth, Mindset and Pricing):
- Know your money story. Get real about how you feel about money. What is your relationship to money? Is money a tool that supports you to create the and business you want? Or is money some powerful evil force that you subconsciously chase away with a stick.
- Is your money story really your own money story? Or is it based on the inherited sound bites and actions from your parents, or other influential people in your life?
- What part of your money story is really true? What beliefs are you holding up as true? Are they really true? Do they serve still serve you? If not, what new beliefs would serve you at this stage in your life and business?
- How can you collect new evidence to support these new beliefs? How can you let go of the baggage/evidence you’ve collected over the years that is holding you back and has you undervaluing your worth? Shift the impostor syndrome.
- Understand and acknowledge your own worth and value in your business. What is the value of your services in the market. Work through those inner “not enough,” and “I don’t deserve it” beliefs;
- Identify and learn more about the results/intended outcomes that your ideal clients in your viable niche are really seeking. This is one powerful advantage of nailing a lucrative niche in which you get to know and serve your core audience on a much deeper level.
- Create a signature system that gets your clients the result they desire, AND create high premium, high value packages and programs that take into account the time spent working and actual value provided to your clients.
- Focusing on value provided instead of hours worked (especially when you’re afraid to charge for those hours) empowers you to effectively implement all those amazing business strategies you’ve acquired for creating a 10X Business with ease. Without the mindset work and inspired action, strategies DON’T WORK.
- Fall in love with your business all over again.
Next up in Part 2, learn “3 Ways Your Money Blocks May Be Sabotaging Your Business and Keeping You Broke.”
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.