My marvellous must-have money-mindset hacks that will get the money rolling in!
Today, we’re talking abut money… in particular, profit; aka the money you get to keep once you’ve paid all your bills.
I know that some of you struggle to make much profit when all is said and done, perhaps, even none at all.
In a recent survey I did with the people on my list and found that over two-thirds of people were making less than a $1000 a month profit. Not much money!
It is also very disappointing if you’re actually working very hard to get to that point and the money you’re left with at the end of the month is nothing more than some pocket money. Far from enough to enable you to live the kind of life you dream of.
I’m on a mission to sort this out!
I’m determined to help women, like you, make enough money in your business which will be worthwhile for you to be out and buy the kind of things that you want to buy and also afford ….like paying the bills or the mortgage; being able to treat the people that you love to stuff like holidays or buy a new car if you need to that kind of thing.
We’re not in this to have an expensive hobby. We’re here actually to make money from our business.
The first thing I’d like to address is our attitude to money, or our money mindset.
I’m not going to preach to you and pretend that I feel completely comfortable talking about money or charging my draft because it’s definitely something I’m working on, but I think there’s a lot we can do to improve our money mindset and stop this awkwardness around money.
Tell tale signs you’ve got money mindset issues:
- You feel funny telling somebody how much your service or product costs
- You feel compelled to offer a discount because you want people to like you
- You avoid sending invoices or doing your finances – putting things off which will get you paid
- You often do things for free
- You feel guilt around charging for your services
- You worry that people are going to think you’re greedy or money grabbing
- You worry that people will see through you and question your pricing
There are a lot of things which might be going on in your mind and also which will impact having run your business.
I’m not immune to this! But, I have developed some simple techniques to help me push through these feelings of guilt and fear. I’m hoping I can share these with you and you’ll be cured of this nonsense forever!
- I find it helps me to think that if I was working for a charity, I’d still get paid. If I did the work I do for a charity, People, who work for charity on the whole, other than volunteers, get paid.
- If you didn’t get paid for what you do, you wouldn’t be able to keep on doing it. Let’s assume that unless you get paid, you won’t be able to pay the bills. You’d have to go and get another job, to survive.
- If you get paid and you have a viable business, you’ll be able to continue helping people. Presumably you’re doing what you do so you can help people. So, turn it into a sustainable income and you’ll be able to help more people.
- I didn’t believe it at first but it turns out that if you give people something for free or at a very low price, they don’t appreciate it. They don’t take it seriously and the less likely to get the results. It’s true. I’ve tested the theory! You know when you go shopping and you buy something which is a total bargain, you don’t necessarily wear it as much, though, you were going to and you don’t wear it as much as say something which is more expensive which you value and appreciate more. You don’t want to be that person who is undervalued and whose clients don’t necessarily implement your recommendations or take action, because that would undermine your skills. If people don’t take your service seriously, it damages your impact and puts your reputation at risk.
- When you’re running a business, giving the people advice or helping them with a particular challenge or problem, you’re setting a bad example by not setting boundaries and by not charging your worth. You’re sending a really messed up message to your clients, showing them that you don’t value yourself.
So what’s the solution?
There are some simple things that you can place in your business to make easier to get paid and ask for money and, therefore, make more money / profit- in your businesses.
- GET SOME SYSTEMS: Now this doesn’t sound particularly glamorous or sexy but having systems in place which ensure you get paid is a very good idea. For example, someone expresses an interest in working with you, you send them a contract. On acceptance of the contract, send in an invoice. The invoice explains that they need to pay half upfront- 50 percent- and the other 50 percent- perhaps on completion of the project. Therefore, you’re safe in the knowledge with the half of the money and the rest is coming later.
- GET LEGAL: Put some terms and conditions in place. All your clients should sign a contract when they start working with you, so you’re pretty sure all things being well, you’ll get paid at the end. This reduces time spent chasing payments, or worse, taking people to court! By sorting the stuff all at the beginning, you’re making your life a lot simpler and a lot less awkward.
- SET YOUR PRICES: Another really simple thing you can do is set your prices. Write them down; have them on your website or when you’re talking to someone about your price, when you feel the urge to give them a discount or undercut yourself, DON’T! Just read the price. Read the price that you owe him down that you decided upon, don’t change it or cut it and just read it out loud. Write on your hand if you have to, do whatever it takes to stop yourself from undermining your own credibility.
- SELLING IS JUST HELPING: Selling is essentially solving a problem for someone. Create products that solve a problem. When I’m talking to somebody whom I’m about to sell to think about the fact that I’m helping them rather than selling to them. And helping feels really nice.
- GET PAID: If like me you subconsciously forget to do the things that bring in money – like sending invoices….. DON’T! Schedule time each week to get paid!
- MONEY MAKING ACTIVITIES: Are you spending time on the wrong activities? If you’re super busy but not making much moolah chances are you’re avoiding the key stuff that’s gonna grow your business. If you often find yourself making stuff instead of selling it, it’s time to get a grip! Stop fiddling with your website, making things look pretty, writing yet another blog. This is often my fall back position too. But once you notice that you’re doing it, you can ensure that your business shifts focus onto the stuff that’s gonna have an impact – like sales calls, building partnerships, talking to key influencers etc etc.
I’ve made you a Profit Planner – it’s a super easy to use printable that will help you shape your week around money making activities. If you’re ready for your first $5k month and you’re sick of working crazy long hours for ridiculously small profits, you’re gonna love this. My Profit Planner will help you focus your time and energy on money-making activities, so you can achieve a bigger income with a smaller to-do list.
It will help you:
- Get focussed on money making activities
- Beat overwhelm and say hello to clarity!
- Set clear goals
- Track leads and opportunities
- Create more ease and flow in your business
- Generate more income!
Sign up now to get your planner and get on the list for my Profit Challenge.