In this special episode of the Fearless Business Podcast, Robin summarises the idea of a ‘money mindset’ and tells you how you can use it to become more financially successful in your business.
Often, most of our fears around money and finances stem from the negativity we've associated it with as a child. Perhaps your parents couldn’t afford the finer things in life, or you were a witness to some financial turbulence. Either way, what has been installed into you is a negative money blueprint and throughout this episode, Robin shows you how you can start to view money in a more positive light for yourself and for your business.
How often do you find yourself procrastinating when it comes to sorting out the finances within your business? If it is a regular occurrence, then you are not alone. Many business owners, freelancers and even coaches tend to think more negatively when dealing with money. But why does this happen? In this special episode of The Fearless Business Podcast, Robin talks listener’s through what he deems a ‘Money Mindset’, a successful strategy that promotes harmony and wealth within your business.
Having a Money Mindset is about rejecting the idea that people aren't going to invest in your product and/or service because you yourself wouldn't 'pay that much for it'. Its about having the confidence in yourself and your business to be able to charge more for the product without any apprehensions or comparisons.
Robin claims there is a negative psychological aspect that is ingrained in many business owners when it comes to deciding their prices. Amongst various reasons, a popular belief as to why this happens is down to lessons children are taught about money during their formative years. How many times as a child did you ask your parents for specific items for them to turn around and say no because ‘they are too expensive’? Although they probably didn’t mean it with any malice, this heavily influences the money blueprint most people tend to formulate when they are adults. This, primarily, is where the fear stems from. People view something being expensive as a negative exclusionary factor rather than equating it with the quality of aproduct or service.
So how do we tackle this? Of course, you aren’t immediately going to be successful by becoming the most expensive.
For all his clients, Robin recommends looking at the hard facts. Statistics collected from the days of cold calling demonstrate that for every 70 calls business owners would do, they would gain ten appointments and two sales. So a reasonable conversion rate for most business owners would be 1 in 5. After you’ve decided on a new price bracket, Robin suggests going and pitching your product to 10 prospective clients. With this, you’re bound to close deals with at least 2 of them.
Your businesses higher pricepoint will then serve as a buffer until you get regular clientele. That’s when you’ll start to see more abundance within your company. You’ll also notice a change within your self-confidence. The fact that people have invested more money than usual in your business immediately validates you and signifies that you are good at what you do.
Now you have your formula; there are also some precautions you need to be aware of. Of course, it’s very easy to fall into the constant cycle of selling and delivering without taking time to look after yourself and your personal wellbeing. Many entrepreneurs that fail to do so will end up becoming stressed or burn out with their businesses. Robin quotes:
“Through the many years I have spent as a business coach, I’ve seen way too many entrepreneurs get caught up in what I deem ‘The Sales Cycle of Doom’’. They put themselves through the mill because they have to believe they have to show up every day. If I head up to my office and decide my heads, not in the game, I take it as it comes. I’ll take the dog for a walk or book a back massage. If I’m not feeling my best, I know that my results won’t be either, and customers can see that”
With mindset and strategy comes mindfulness. If you do not prioritise yourself as a business owner, how do you expect to produce great results consistently?
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