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Is your money mindset sabotaging your business?

Let’s talk about a topic that is probably uncomfortable for most creative business owners, Money!   

As a business owner, money influences our lives daily and is at the forefront of what you are doing and thinking about every day. Why do we as creative business owners still feel insecure, guilty, or ashamed of their finances? It’s time to stop being quiet about this topic and discuss how your money mindset could be sabotaging your business. 

What is a money mindset? 

Your money mindset is simply your attitude and set of core beliefs you hold about money. As a business owner, this is important to understand because your money mindset shapes what you believe you can do and how much money you feel you can earn or create. While action and strategy certainly must work for your business to be successful. Knowing how crucial the right mindset is to your business, it would be detrimental to skip this inner work. 

Is your money mindset sabotaging your business? 

If you have a scarcity mindset when it comes to your money you might hold the belief that money is hard to earn or that there isn’t enough money to go around. With this perception, you feel that there is a lack of resources available to you, and your habits around money will be unhealthy and perpetuate your scarcity thought patterns. 

An abundance mindset, however, nurtures the belief that there are enough resources for everyone. This type of mindset creates healthy habits around money and allows you to make decisions from a place of security and stability instead of fear. 

4 signs that your money mindset could be sabotaging your business 

1 – Are you undercharging?  

This is the biggest mistake we can make and one that we all do or have done and will leave you miserable and broke. 

If you are undercharging for your products and making pricing decisions from a scarcity mindset you might tell yourself that your customers will not pay more, they can’t afford more or you add in extra so it looks worth more.  

But It’s never really about the price. People either have the money or will find a way to get it. It is not your job to worry about your audience’s income (or what you think their income is) or to water down your prices. Your job is to charge what you need to charge and trust your audience to figure it out and make the best decision for them. 

2 – Do you invest in your business and yourself?  

You don’t have to have a lot of money to start a business – you just must know where and how to spend it. If you say no to a great opportunity because of money, you are operating from a scarcity mindset and are only perpetuating the cycle.  

Break out of the cycle and take some risks! Keep showing up even if you feel like it’s not working. Invest even when it doesn’t make sense for your current reality. Investing in yourself always yields the biggest return. Trust in yourself enough and know that you are worth it (because you are!) 

3 – Is your income consistent?  

Inconsistent income is the manifestation of your limiting beliefs you have about your earning potential. If you feel unworthy of money, you will attract money struggles and a lack of money. A scarcity mindset will also cause you to struggle to make consistent money without working sixty or more hours a week. If you stay in a scarcity mindset, you will only be perpetuating your unhealthy cycle and habits with money. 

4 – Do you celebrate money?  

How do you feel when you make a profit in your business? Do you celebrate or stress about making more? If you’re in a scarcity mindset, you stress about what to do with that profit and worry there may not be anymore. Don’t do that! It doesn’t matter if it was £100 or £1,000 or £10,000 you need to celebrate it! If you don’t celebrate it, your business is just all business and no fun (which I’m guessing is not what you wanted when you started). Train yourself to stop and feel good about all your accomplishments, no matter how big or small. 

How to fix your money mindset 

If any of these stories resonated with you, it is time to work on your money mindset. Fixing your money mindset is not a quick fix, but rather something you will need to work on daily.  

1. Treat money like a tool 

Quit clinging to money like it’s the most precious thing in life. The more focus and importance you put on money, the less peace you will have around it. Money is just a tool, so use it accordingly. 

2. Trust that there is enough for everyone  

When you earn money, it does not mean that somebody else is losing money. It’s not either-or. Cash flow does just that – it flows. 

3. Know that money is good  

Take a deeper look at your beliefs around money. If you subconsciously think that money is evil or that people with money are bad, then you will be stuck in a negative money mindset. 

You will not achieve a successful business with a scarcity mindset. So, work on changing it to an abundance mindset and get your mindset in top shape for the success you deserve.