Money money money money money money: We talk about it, we sing about it, and we obsess about it. Mostly when we don’t have it, which is a problem – especially if you’re an entrepreneur.
As an entrepreneur, making money in your business is your responsibility and your responsibility alone.
When I first became an entrepreneur in 2006, I carried around a belief that I couldn’t pay myself. More specifically, I believed that as an entrepreneur I would never take home a paycheck. For the first several years of my entrepreneurial journey, this is the exact result I created. I couldn’t begin to understand how to make money in my business because my mindset was such that it was impossible to do so.
During that time, I worked a job which paid my salary while my business brought in enough to sustain itself. Yet, I knew I wanted to be a full-time entrepreneur without a job and without an outside salary. I wanted to change my results, so I began by changing my mindset.
Changing my mind about money was the shift I needed to create a successful business which paid both for itself and for my salary. I’m proud to say that, since shifting into an entrepreneurial mindset, I’ve created multiple six-figures every year (and I’m currently working toward my first seven-figure year!).
How did I make this shift into an entrepreneurial money mindset, you ask? I’m going to tell you.
Mindset Shift #1: It’s Easy to Make Money
Our money mindset comes from past generations–those who raised us and taught us–who showed us how they handled money and what they believed about money. We can’t continue to operate from these outdated paradigms, because what you believe becomes your reality.
If you believe it’s hard to make money, it will be hard for you to make money. So, why not believe the opposite? Why not believe it’s easy to make money? I know it sounds simple enough. And it is, if you believe it is. This is a mindset shift you can make at any point. In fact, it’s a mindset shift you could make right now if you chose to do so.
How do you do this? Start with a small amount. If it’s easy to make money, then it’s easy to make money–whether it’s a found penny, a handful of change, folded up bills you forgot about in your pocket, or a $1,000 check for your services. The point is money is money is money, no matter the amount.
You can begin to believe that it’s easy to make money in small amounts now and work your way up to bigger and bigger amounts. Starting with smaller amounts allows your mind to begin shifting. Say to yourself, “It was so easy for me to make that money. It was so easy for me to bring that money into my life.” As you continue to reaffirm this mindset, you’ll begin to build the business and the life you want.
Mindset Shift #2: Invest More, Spend Less
Spending money is like taking a wad of cash, putting it in the toilet, and flushing it. It’s gone, and we never see it again. But when investing money, we know that, eventually, that money will come back to us – plus some!
When we look at spending and investing money in our business, the perspectives are no different. If you are spending money for your business, the understanding is that it will be gone forever. Whereas, if you are investing money in your business, that investment will inevitably return to you – plus some!
One of my favorite ways to invest money in my business is through my team. I have seven team members around the world who help my business run smoothly. I identified the kinds of people and skills I needed to invest in by looking at my Zone of Genius and understanding what activities in my businesses were better done by other people. For example, I invest in a Virtual Assistant who helps me distribute my content through my newsletter, blog, social media, and podcast. The money I pay her is an investment, rather than a spend, because I know the investment will come back to me – plus some!
Look at your approach to spending and investing in your business. What are some areas where you could shift your mindset away from spending and towards investing?
Mindset Shift #3: I Can Create It
If you choose just one of these mindset tips to help you move forward in your business, this is the one I recommend above the others. This mindset shift is the biggest difference I have seen between successful entrepreneurs and unsuccessful entrepreneurs.
Instead of saying, “I can’t afford it,” ask yourself, “How can I create it?”
Looking at things from the perspective of “I can’t afford it” is like looking backwards. When we operate from this perspective it’s allowing past actions to define what is possible, rather than tapping into future opportunities to create different results for ourselves.
Creating new results means being responsible to take different actions, to shift your energy, and to expand your mindset. As entrepreneurs, our job is to be innovators, forward-thinkers, and creators. We create the change we want to see. However, if we’re defining our future possibilities on what has passed, rather than taking responsibility to create new possibilities, we continue to spin in circles within our business and hold ourselves back.
When you can master this shift, literally everything in your business will begin to shift. Because you will be making decisions based on the power you hold to create your vision, rather than being victimized by what has happened in the past.
Mindset Shift #4: I’m Worth the Price
It is common practice among new entrepreneurs to keeping their prices low at the beginning of their journey. However, this is not a valuable habit to be in. You need to charge what you are worth. When you step into your value–when you own the fact that your skills and your expertise are worth a certain amount–your business will shift.
Do not undervalue yourself as an entrepreneur. When you undervalue yourself, everyone else undervalues you too. I don’t know about you, but I would rather pay more for someone who knows they’re really good at what they do, instead of pandering to someone who feels as if they have to prove their worth to me on a regular basis.
Look at your prices and evaluate whether they are in alignment with the value you are providing. If necessary, ask some of your clients and customers about the value they receive from you. Then do the necessary work to ensure you are receiving the same value in exchange for the value you give.
I trust these four mindset shifts will help you the way they helped me. I want to hear from you – which one made the biggest impact for you? Share your answer in an Instagram story and don’t forget to tag @briseeley and @influencive so we can support you in your journey!