5 money mindset blocks that impact business growth

Want to know 5 money mindset blocks that impact business growth? The fact is you can have an amazing business growth strategy created for your business, but if you’ve got money mindset blocks then following that strategy and achieving your desired goal is going to be very difficult. That is why it is so important to identify what your money mindset blocks are and then address them. Keep on reading to discover 5 money mindset blocks that impact growth.

 

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5 MONEY MINDSET BLOCKS THAT IMPACT BUSINESS GROWTH

No one will pay that price

As you become more experienced, become more confident in your expertise and can see the results your clients are getting it is usual for your prices to go up. I’m not one to just tell my clients to raise their prices for the sake of it, but you should at least once a year review your prices. And sometimes that reviewing will result in you realising that you need to raise your prices.

 

All too often when I talk to business owners about raising their prices they’ll say ‘No one will pay that price’ or ‘No one will pay that much’. At the point of saying that they usually have no evidence of whether someone will or won’t pay that price. Instead, it is just their belief. A belief that is usually rooted in the fact that they wouldn’t pay that price.

 

Now I understand that when you raise your prices it can be hard to believe that someone will pay that price until someone has paid that price. But you know a sure way to ensure your assumption that no one will pay that price comes true – you never put the price up.

 

Don’t let your money mindset and whether you would or wouldn’t buy at that price impact what you decide to do in your business. For every price there is a buyer. Just because you wouldn’t buy something for that much money doesn’t mean someone else wouldn’t.

 

I can’t charge that much for doing something I love or find easy

Pricing services can be so much harder than pricing products for one reason – your self-worth. When pricing a service that you deliver it is easy to let your self-worth impact how you feel about a certain price. This is especially true when you love the work you do or you find it easy.

 

Lots of business experts talk about ‘charging your worth’ but that isn’t my approach. The focus is entirely on your client or customer. You should be pricing based on the value you provide for the client or customer. It doesn’t matter if it is easy for you to do or it is something you love to do or even that you’d do it for free. You have to take yourself out of the equation and think about the value you are providing for the client or customer.

 

Imagine that you were pricing a service that someone else was going to deliver and think about what you’d say they should charge. You are likely to find this easier than imagine you are delivering the service. Pricing for a service someone else will deliver is usually much easier, as your self-worth doesn’t get mixed up and you can be quite rational with your pricing. That’s why working with an external person, like myself, to help set your pricing is so useful.

 

CREATE YOUR ANNUAL PLAN IN JUST ONE DAY! Setting new prices is one thing, but if you want to find clients who are willing to pay those rates then you need to ensure your branding, pricing and marketing are aligned. An annual planning strategy day is designed to help you with just that.  You set your goals for the next 12 months and then I’ll take you through my tried-and-tested process around your services, pricing, marketing and sales so that you have one plan to follow with everything working together in order to achieve your goals. For more information and to book a 2023/24 Strategy Day click here.

 

Crossing a tax threshold

A very common money mindset block that impacts business growth is crossing a tax threshold. Let’s be real most people don’t like paying taxes and no one wants to pay more tax than they need to, but it is crazy how many business owners end up stunting their business growth because of not wanting to pass a tax threshold and having to pay more tax.

 

For example, in the UK business don’t have to charge VAT until they have generated a rolling revenue of over £85,000 in the last 12 months. As a result, lots of business owners will purposefully stunt their business growth so they stay below that level. It is such a common block that I did a whole interview series to encourage UK business owners to stop purposefully holding themselves back and to aim to increase revenue and cross the VAT threshold. You can check out my #SmashVAT interview series over on YouTube.

 

Purposefully holding back your business in order to stay below a tax threshold is crazy. In most cases yes you are paying more tax, but what people seem to forget is you are also making more money.

 

Seeing all business expenditure as a cost rather than an investment

So far the 3 money mindset blocks that impact growth have all been focused on mindset blocks around money coming into the business. However, you can have money mindset blocks around the money leaving your business that stunts your growth too.

 

In order to grow your business you are going to need to invest in your business. This could be anything from investing in technology, branding, mentors, coaches, your knowledge, your skills, a team, advertising etc. Investing is essential for business growth and that can be hard if you see all business expenditure as a cost rather than an investment.

 

When making a business investment yes you are paying for something, but you have an expected return on investment. For example, you could invest in a piece of technology, like Kartra. It can cost anywhere from $99 to $499 per month, but it will enable you to go from only offering one-to-one services to offering one-to-many services and passive income products. Making that investment can enable you to easily make ten of thousands, hundreds of thousands, or even millions more in annual revenue. Therefore, the potential return on investment is massive.

 

Another example is working with a business mentor like myself. You are likely to pay thousands of pounds per month for a mentor, but with their knowledge, support, and accountability you could make changes in your business that enable you to make tens of thousands or hundreds of thousands in annual revenue. And that is just in year 1 when you think about the potential return on investment in subsequent years it is enormous.

 

Sometimes the investment will give you back time rather than money. For example, investing in a team member or deciding to run social media adverts instead of creating organic social media content can give you back hours. However, you getting that time back will enable you to be able to use that time in other ways, which hopefully will bring more money back into the business.

 

The key when spending in your business is to think about what you are getting in return. If it is helping you to save time or make money then you should be viewing it as an investment, not a cost.

 

ONE-TO-ONE BUSINESS AND MARKETING MENTORING Small business is personal, which is why I offer 1-to-1 business and marketing mentoring. If you are an online business owner that wants to increase your revenue,  make a bigger impact in the world and have a business that you truly love running then I would love to help you do just that. I specialise in helping solopreneurs and micro business owners to achieve success on their own terms, by being strategic with their services, pricing and marketing. You can think of me as  marketing strategist, business mentor, accountability partner and cheerleader all rolled into one. To find out more about my business and marketing mentoring click here.

 

I’ll have to work twice as hard to double my income

 

Another very common money mindset block, especially for business owners that are providing a service, is “I’ll have to work twice as hard to double my income”. You might be saying something different because you don’t want to double your income, but at the heart, it is about feeling you’ll need to work harder to make more money.

 

Usually when this is said the business owner is already working hard and they can’t imagine being able to put in more hours or more energy. Therefore, they think they’ll have to just settle with the business income they are generating because even though they desire more money they can’t face the additional work.

 

However, the reality is you don’t have to work twice as hard to double your income. In fact, many successful business owners will openly share how they work less now than in the beginning. That is for a number of reasons.

 

Firstly, as their business has grown they’ve been able to outsource or delegate some tasks. This can mean they are working the same amount of hours, but they are now able to focus solely on income-generating activities so can make more money in the same amount of time. Secondly, as your business grows you are likely to put your price up and be able to make more money from the same amount of work. Thirdly, as your business grows you’ll have other opportunities for revenue streams that will require different levels of ‘work’ from you.

 

 

That’s it. You now know 5 money mindset blocks that impact business growth.

As a business owner, your money mindset has a major impact on the success of your business. Personally, I’ve been working on my money mindset since 2017 and it is life-long work because as you take your business to the next level you are likely to encounter new blocks.

 

Let me know in the comments if you resonated with any of the money mindset blocks mentioned in this blog post.

 

WORK WITH ME Want to take your online business to the next level? Making changes to your business doesn’t happen overnight. However, with consideration, strategy and action you can achieve anything. My one-to-one business and marketing mentoring programme will ensure you have the strategy, training and accountability to make those changes and build the business you truly desire. For more information, and to apply, click here. Looking for fast results? Check out a Strategy Day instead.