How is your money mindset

I know there is so many different angles and areas that could be discussed when it comes to money, so I will try and stick to one aspect today and then we can delve in on another topic in future blogs.

We all have a money mindset, it forms in our early life and is influenced by many contributing factors, such as our parent’s mindset, our upbringing and how available money was to us in those formative years.

Having a negative money mindset is quite a common occurrence and forgive me for throwing in my opinion but I think a negative mindset towards money is quite a British trait. We often shy away from discussing money with others as it’s considered rude.

Piggy Bank. Photo by Fabian Blank on Unsplash

This can create a few challenges when starting your own business. I know my own mindset made some aspects of setting up much more daunting. One of those struggles that stuck in my memory was deciding on my own pricing structure, I know this is a common cause of strife for many business owners starting out.

I feel lucky that my Other Half has a much better money mindset than me (possibly created by running his own business in an industry with the highs and lows created by mother nature).

He gave me the advice that you must value what your time/product for what its true worth is correctly. If you price yourself to low out of fear, then others may assume what you are offering is not worth any more so is no good for them. This was the first piece of advice that really got me to reassess my own money mindset. Previously I always based all my thoughts on my own cautious budget in life.

This brings me to my next point to consider. Don’t make assumptions about what others are willing to spend. This type of thinking has a negative effect on how you value yourself. A client that values what your services appropriately will not question your prices.

Photo by Siora Photography on Unsplash

My third thought for today is that money mindset works on both sides of a business relationship. You as a business owner have a money mindset, you may even have worked hard to change your thinking, but your customer too has a money mindset. Now I believe approached with care and respect you can influence a customer’s way of thinking of money. For example, if I was talking to someone who earned £60 an hour doing their core role (e.g a consultancy fee or therapy appointment) but they are struggling to grow their business due to time taken up in the “running “ of the behind the scenes element. By outsourcing those tasks to a assistant who charges say £20 an hour it frees up those man hours to go out and get more £60/hour slots, whilst the business is still achieving the behind the scenes objectives whilst that happens!

Meaning if outsourced correctly the business should not only have more time but also attract more clients too. Not bad for just a 1/3rd of their hourly rate. When presented the right information can create a lightbulb moment that makes the decision so easy for the client too.

So the big message today is take some time to consider how you think and talk about money, by doing so you might just be able to make more of it without spending a single penny.