In today’s podcast episode I’m going to be talking about three money blocks that are holding you back in business.
Know Your Money Blocks
The first way that money blocks might be holding you back in your business is if you are a ‘giver’. Having a giving relationship with money means that typically your first thought when you have money is how you can use it to help others. That could be your clients, it could be family, it could be friends.
There are many positive things about having a giving attitude; aside from the obvious, it can mean that you wear your heart on your sleeve, and that can be hugely beneficial when attracting clients to work with you. But the flip side of this is that, particularly with women that I coach, you work work work and have very little or nothing to show for it because you’re not charging enough or valuing your business enough. You may not be taking any profits from your business, or you find it really difficult to price adequately for what you are worth. Sound familiar?
So let’s think about pricing for a moment. If you’re forever in burnout because you’re not charging enough money in your business, then you yourself won’t have the lifestyle that you need or deserve. That means that you won’t be working at your peak, and it also means that you cannot serve your clients to the best of your ability or capacity. So if you’re a natural giver, think about how you can give back to yourself.
Give back to yourself
How about creating yourself a giving pot, giving some of the profit back to yourself. If your lifestyle is what you need it to be, you can better serve your clients, serve more people, and feel happier because you’re giving them what they deserve as well as looking after yourself and your own self-worth.
I can really resonate with this myself; earlier this year I was working with so many one-to-one clients that I was working back to back. Sometimes there was no time to even go to the bathroom, and I was feeling really really overwhelmed and quite stressed. I used to feel terrible when somebody contacted me who wanted to work with me, who either didn’t either have the money for personal development or because of their current situation money was just really tight. So what I decided to do was design a few things that these particular ladies could do. Things that they could afford to do either for free or for less than the price of a book each month.
This is one of the reasons I created this podcast and it’s is one of the reasons why I do lots of social media videos. Then I decided to launch out The Money Circle membership, which in actual fact is re-opening its doors in September 2019. I’ve had a few people email recently asking when I’m going to be opening the doors to the low cost Money Circle membership again, so we have decided to re-open intake again in September.
In the Money Circle, for example, women come together collectively to learn about how to manage their money personally and in business, at a cost to them of less than the price of a book every month. So think about how you could design different packages or ways for people to work with you for free or low-cost. Perhaps consider writing a book or launching a podcast – that way you don’t have to feel bad when you can’t work with those clients on a one-to-one basis. Now obviously launching these things will take time and energy and money to create, but then you can confidently charge more for your one to one work, which will enable you to create more time in your business, and for yourself to create these services so that you can help more people.
Understand Your Money Blocks
The second money block that may be holding you back may be if you have a spontaneous relationship with money. Typically when you’re spontaneous or impulsive in business your first thought is all about enjoying the moment. You’ll know if you have this kind of relationship if you’re the kind of person who maybe buys lots of courses, or lots of books without necessarily thinking about what value they may add. Or maybe you just don’t even get round to reading those books or completing those courses. It might just be because you’ve got FOMO (fear of missing out). Does this one sound familiar?
Often this also shows itself in business when you work with everybody and anybody because of a fear of niche-ing down within your market, or because you just need to generate cash flow because you’ve not planned your finances correctly in advance. This was me ten years ago. I didn’t plan for anything in my life, it was all about living for the moment. The reason that I was like that was because I used money to try and fill a void in my life that was missing.
If this feels familiar, think about controlling your urges to spend by finding ways to help you manage that money. Perhaps that could be only using cash to spend, so thinking about using the budgeting envelope system, or setting up a learning pot and only spending a set amount per month on learning new things. Understanding what triggers you in the first place, or finding yourself an accountability partner to hold you accountable to not buying another course when you attend another event can also be really useful.
Control Your Money Blocks
The third money block that could be holding you back is if you are so focused on keeping expenses to a minimum to save a few pennies that you may not be investing enough in yourself to progress your business. Perhaps you’ve been in business for a while now and you’re just feeling stuck; you can’t grow, and you can’t scale. Perhaps you haven’t increased your prices for five years because you’re afraid that your clients will go elsewhere. This block means that money makes you feel so secure that you find it difficult to take risks. Does this one sound familiar?
One tip for all you security business owners out there is to assess the opportunities that you perhaps have passed upon. Grab a pen and paper or journal, and have a think back;
- What did you pass up on?
- What did you say no to that could actually have progressed your business?
- What impact would it have had if you were to be more courageous, more impulsive or to take more risks?
Focus on doing things that could bring you out of your comfort zone, because it’s when you move out of your comfort zone that amazing things happen in your life and for your business. Remember that the world needs your services, so don’t hold yourself back.
If this resonates with you, come on over to my free Facebook community and share in the community what blocks are holding you back. Who knows, perhaps you can find yourself an accountability partner in there.
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Starling bank personal account – ability to create spending pots
Starling bank business account – ability to create spending pots