3 ways to tell if it's money blocks holding your business back
Updated: 6 days ago
I posted an Ask me Anything in my group recently, and a question one of my Money Magnet Collective members asked was a really good one. I wanted to respond straightaway but I knew I could explore it more fully in a blog.
The question she asked was this:
‘How do you know it’s money mindset issues causing your business not to be as successful as you want?’
In other words, how do you know it’s not something else. How do you know it’s your money blocks, and not your marketing technique, your branding or your funnel, for example? And I totally know why she’s asking. As an entrepreneur, you’ve seen it too.
Every post on every networking group and social feed has a different technique you ‘should’ try, according to its champion: you must be on LinkedIn engaging your heart out, you must do eye-catching Instagram reels, you should run a group with challenges that convert, you should do free webinars, paid webinars, guest talks, passive-income courses and downloads, amazing, effortless organic advertising, paid Facebook ads, stories with swipes to subscribe…and…and it goes on.
So many elements can go into running a business, and you can’t possibly do them all, especially as a solopreneur. So instead of spreading yourself so thinly that none of it works you pick up the ones that work and drop the ones that don’t.
By the time you’ve got a bit of experience to speak of, you have a pretty good idea of what works for you so you won’t lose the plot, your partner and kids still speak to you and you get by with the income you make.
So where do the money blocks come in?
If, after all that, you’re still not seeing the success you want, and by that I mean busting through your income goals, it could be not because of what you’re doing but because of how you’re doing it.
You’re saying the right words and doing the right things, but if your mindset is not in the right place it will be worth a look under the surface to see what’s going on.
Below are some questions to help you with that, but to get you started too, here’s a summary of the 3 most common money blocks that sabotage business owners’ income to help you identify yours.
And, if you decide you do have money stuff going on – come and join the Money Magnet Collective group (it’s free) where I’ll be running a 4 day free challenge in September - so you can work on changing the story!
Here are three key questions you can ask to know whether or not money blocks are the problem, so you can check yourself before, well, you know how that ends…
1. Are you discounting often? I honestly see this in most people I speak to. That’s because I work with women who have service-based businesses, and they are often in a ‘helping’ profession. That means they have lovely, giving, genuine personalities and really want to help.
Think of a hypnotherapist, saving clients from a lifetime of stress or even curing a phobia. She knows she can solve the client’s problem in a few sessions, or perhaps even in one. The techniques she learned over years of training, easy to her, so how could you charge full price to this client who says she is strapped for cash? If this sounds familiar and you often find yourself discounting the cost, or over delivering (another way of discounting), the chances are this behaviour is a limiting money block for you, and you need to clear it before it keeps you on an income plateau forever. Be honest with yourself – is the reason you’re not hitting income goals related to the fact you struggle to charge full price on your premium prices?
2. Are you uncomfortable with your prices? Think about your highest price and really dig into how it feels. You might feel it’s time to raise it, and perhaps it’s a little low now. If so, make it a priority to work out how you’re going to raise your prices over the next few weeks. This isn’t something to put off – this is affecting your income. However, if your highest price feels difficult to talk about, or even makes you want to email that thing to the customer so you don’t have to say it aloud, you might have a price-related money block. This behaviour is related to self-worth, your own story with money (how much you would personally spend) and often tied up in impostor syndrome. If you catch yourself thinking “they won’t be able to afford me” before you have the first idea of your prospective client’s ability to pay, the way you feel about your own ‘expensive’ prices is holding you back. Your money stuff is stopping you from being fully confident when talking to people about what you do and how much it is. The reality is you might be selling way less, at a lower cost and making a lower income than you could be if you felt amazing about your price. Ask yourself – how would it feel to have superhero confidence in your own ability and prices? How would you speak to your customers differently if you felt that way?
3. Do you find yourself working more hours than you would like? This is an indication that you aren’t charging enough for the services you have, and that you may have the ‘money= sacrifice and hard work’ money block. (Download this free guide to see if this is you).
Money blocks can look like something else – for example you might think of yourself as a workaholic, whereas maybe you don’t feel deserving of money unless you have worked your socks off.
Are you working all these hours because you love your job more than anything, or is it that you must work this hard in order to justify your life, i.e. make as much money as you feel the business should be making?
If you see this overworking behaviour in yourself and you hate to charge great money for work that only took you an hour of your time, it’s a good indication that your money mindset is stopping you from getting to where you you want to be.
One last thing - You deserve this! Before you go, this is important: there's no doubt that money is complex, emotional and difficult to navigate at times. But, smart lady, I want you to know that you deserve it in a life changing way, and you can make it happen - even without heart stopping reels, a perfect nurturing sequence and slick branding.
Look inside and find out what's going on for you when it comes to money before changing any of the techniques you're using. Then look a bit deeper. You're not alone if you find making money uncomfortable, elusive and difficult, but that can change, as can the story of what women can do when they own more of the world's wealth.
Let's keep changing the story together.
PS - Download my free guide to get in the right mindset so you can happily raise your worth - 3 Steps to Confidently Raising your Prices
PPS - And, if you think your money beliefs are holding you back and you're ready to uncover and release them for yourself, book a free 30 Minute Breakthrough Chat with me.