Money Mindset & Money Blocks

I’ve had a few podcasts and chats with other business owners on money mindset and all that, and I thought I’d scribble a blog on the subject, because it’s never going away.  Theres always going to be issues around money, especially in new and small businesses.

And there are blocks both ways.  There are issues receiving money, which prevents us from pricing properly through fear of scaring off customers.  And there are also issues with spending money - and I mean spending money on the business.

So let’s chat about this….

What is this fear of exchanging money we go through? 

Why does it happen and where does it come from?

It’s a proven fact.  When you have fears around money, the effect on your achievements can be quite significant.

Coaches, like me, who talk about money mindset have all experienced money mindset issues and have seen the growth in our businesses as a result of breaking through these blocks.  

If you’re charging very low for your service, and maybe getting some work as a result, the very thought of increasing your prices is actually terrifying.  It’s really scary!

Our money mindset seeds are sewn from very young and they generally continue throughout our lives.  Money has been demonised for centuries.  

“Money doesn’t grow on trees”

“Do you think I’m made of money”

“I can’t afford that because I’m saving for a rainy day”

“Why do I have to pay so much Taxes”

“I can’t charge those rates because I’m not that good”

We don’t usually get to hear the positive spin on the complaint about paying so much taxes. The fact being that so much money has been earned to enable the payment of so much taxes. Just saying….

Money tends to be associated with the negative. As a reason why something cannot happen. As a reason why we just cannot do things.

The truth is, if you charge very little to the point where you’re actually paying for your client to have the service - and trust me, you’ll be surprised at how much this happens - you’re not providing for yourself.  In other words, are you earning enough to go towards your bills, food, etc etc.   

If you’re not, then you’re restricting yourself from doing the job for your clients.  You won’t be able to show up fully for your clients, because you can’t afford to.  

When you examine the linkage from your money mindset issues through to your clients, everyone actually loses out.  Nobody wins when you under charge.

Undercharging is a personal mindset issue of yours, which then becomes an issue to your clients and anyone else you’re supposed to serve.

I urge you to do your sums.  What do you need to earn? How much photography can you do? And look at your costs, like your software, your kit, the platforms you’re paying for.  It all adds up.  When you off-set these figures against each other……you’ll figure out what you should be charging. 

No good can come from hopping on the back of what someone else is charging.  Other photographers charges have nothing to do with you.

You could be looking at a photographer who runs a massive studio and has assistants running around that he has to pay, or you could be looking at someone who is quite simply undercharging themselves.  

You have to figure out your own gig in your own way.    And be at peace with it too.

Ok.  That’s the receiving money thing talked about.

What about spending money on your Business?

We all spend money.  But when it comes to your businesses….how much do you really spend.

How much do you invest in your business?

I know, I spent a long time hopping on and off freebies on Facebook and instagram.  So much advertising was coming across me and I’d think, “yeh I need that”.  I’d read through the info just to see how much it cost, and if there was a price, I’d close it down.  I didn’t want to spend.

And at the same time, I’m worrying about why my business wasn’t getting off the ground.

I remember when I saw an Ad for paid Facebook ads.  I hit the ‘learn more’ button and it cost something like $47.  I closed it down immediately.  

I then ended up wasting money (again!) by paying someone a few hundred pounds to run a Facebook Ad for me…..I got nothing from it and I suspect this person hit the infamous ‘Boost’ button.

Anyway, this Ad kept showing up in front of me for $47 dollars to learn how to do Facebook Ads.   In between times I was picking up bits of free advice here and there and not quite getting it.

But then one day I did the maths.  I thought, hang on a minute - I’m dodging $47 dollars.  Why am I doing that.  

This goes back to money being associated with the negative right?  We shouldn’t spend.  

It’s not like I didn’t have $47…..that’s about £35!  I’d spend that in a heartbeat on an item of clothing or whatever, but what the hell……am I not prepared to spend that on my business?

So I decided to put a positive spin on it.  I’m going to spend this $47 and do the course, and know that it will open doors for me to be able to earn so much more.   

I also woke up to the fact that this person giving the course has to earn a living too.  She’s got to earn a living, just like I’m trying to do.

So I did the course.  I spent the $47 and learned how to do Facebook Ads…….with purpose.  

I learned about targeting, I learned about my Facebook pixel, I learned about re-targeting.  It was a massive door that opened in front of me.  And yes, it enabled me to earn so much more from it.

And that right there…..was a massive shift in my money mindset.  It was about knowing WHY I’m going to part with this money.

Once I’d done that, I used that thought process on so many other things.  I’ll share with you…….I spent £6000 (that I truly wouldn’t have done if I didn’t believe) on training to really bolster up my wedding photography business.  And I used the same thought process.  I’m going beg, steal and borrow to spend this £6000 so that I can earn a lot more.

And I did.

So Why am I Preaching about Money Mindset & Money Blocks?

It’s important that you charge for your hard work and your skill.  Just because the person around the corner won’t pay you, that doesn’t mean that someone else won’t.  

You’ve seen other photographers who charge 3, 4 even 5 times more than you.  Someone’s paying them.  So do YOUR maths and figure out what it is you should be charging. 

And I also say this all the time.  You are your businesses first and most important client.  If you’re not willing to spend on your business, why should your clients.  If you value your business, just as your want your clients to value it, then you must invest.

Go out and spend money on your business; and receive money into your business!

I know you’ve got this.

Until next time!  Dee xx

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