How Your Financial Mindset Impacts Your Business
If you’ve had many stops and starts in your business, or you’ve reached an income plateau, taking a hard look at your financial mindset could give you the extra push you need to level up.
This year, I’m on track to almost double my income, and none of this happened overnight. The growth has come from mindset work that I started doing late last year. I had to make a few significant changes to my mindset before I was able to start making more money.
Stop Being Cheap — Money is Everywhere
I started blogging about five years ago on the basis that you can live cheaply and still have fun.
While I still believe in budgeting, saving, and snagging a deal, this financial mindset did not serve me in business. It had me thinking that money was scarce so I scrapped for freelance jobs that didn’t pay well, and I toiled away behind my laptop not investing in my business because I was determined to run it as slim as possible. This outlook can make growing a business somewhat challenging.
Not only do you need to invest in your business, but being cheap with yourself means you’re not coming from a place of abundance. It means your mindset will likely attract cheap clients who aren’t willing to pay much. It can be hard to raise rates because you don’t think your product or services are worth the money. When you think opportunities are scarce, it can also be difficult to be creative with offerings and pitches.
When I started spending more money on myself in my personal life and investing more in my business, the money faucet started flowing. I’m not talking loads of money either. I mean going out to get my nails done once in a while and doing other things that make me feel good.
I eventually invested in a coaching program. During that coaching program, I did things like try live video and learn how to create a sales pitch. Succeeding at things made me push myself in other areas like taking on clients with higher paying projects that are more challenging.
Read Books on Improving Your Financial Mindset
Jen Sincero’s book on money mindset was a complete game changer for me. I bought it on audiobook and listened to it each morning. Opening the day up with positive thoughts about money helped me view it in a positive way.
After building my business for years and seeing steady but slow growth, I had a pretty bad attitude about money. When you have a bad view of money, it’s hard to make it. Books such as this helped improved my mindset so I could take steps towards increasing my income like connecting with past clients, asking for raises, and creating new product offerings.
Having an abundant mindset and having the belief that there’s money to be made all around you is key for growing your business. It’s difficult to grow when you have a poor view about money. It impacts every dealing that you have with money including your pitching and negotiations.