But there are many who get stuck just as their business is about to reach the next level. It might be going up an income bracket, or committing to going full-time in the business. It can even be moving from a hobby to a ‘real’ business.
If you’re ready to increase your income, you’ve got to grow your business with the right money mindset.
Spoiler alert: working on your money mindset is a journey. Not a hop, skip and a jump. You can’t do this in “five easy steps”.
But if you really want to grow your business and increase your income, these thought-provoking questions will help you do it. Especially if you’re willing to scratch under the surface and go deep.
What did you learn about money when you were a child?
Our first lessons around money start at a young age. Even before we can speak and verbally express our needs and wants, we’re observing our parents and absorbing powerful beliefs, attitudes and “truths” about money. These money messages get engraved in our subconscious mind.
When you’re growing your business, take time out to explore what you learned about money as a child. Notice how it might be affecting you today.
For example, if you never got to choose how to spend money when you were younger, you might not trust yourself to make sound financial decisions. Or if your parents were always critical of the things you chose to buy with your allowance, you might see yourself as someone who doesn’t know how to be responsible with money.
If your parents were spendthrifts or your family never had enough money, you might not understand basic money management. You might be clueless about how to put money to work for you and how to invest in your business so it can grow.
Our relationship with money can be pretty complex.
Take some time to answer these ten powerful questions so you can unravel your money story and figure out what might be holding you back. I recommend that you write out your answers for more clarity.
- What money messages did you learn from your mother?
- What money messages did you learn from your father?
- How did your parents save and spend money?
- Was money talked about calmly, or was there only tension and fighting?
- Did you have the opportunity to earn money and spend it on what you wanted?
- Were you allowed to keep the money you earned or did you have to hand it over to your parents?
- Were you trusted with money – why or why not?
- How were you taught to save, budget and donate money?
- How might the money practices you learned from your family be affecting you today?
- Did your parents ever tell you that you should work in certain a profession or marry someone from a certain background because that’s what you need to do to get ahead? Or that’s what people like us do?
What does growing your business and income mean?
When you dream about growing your business, you probably think about all of the good things it can bring. More money, more influence, more celebrity status, more impact – whatever it is. But what you probably don’t think about consciously is what else it can bring that might feel bad, scary or anxiety-inducing.
For example, earning more money usually means you’ve got to pay more taxes. So while you’re thrilled with the income, handing over more cash to the tax authorities can feel really uncomfortable. You might feel tightness in your belly or tension in your back. Some people feel nauseous when they write out their income tax checks.
Another possibility is that more income comes with strings attached. If you’re in a close-knit family with certain accepted cultural norms, you might be expected to share the wealth and take care of other family members.
Growing your income can also make you worried that you’re going to have to work a ton more hours and lose the flexibility and lifestyle you currently have.
Take a look at the reasons why you might avoid growing your business. What ideas around responsibility, taxes, or use of that extra money might be holding you back?
Related article: How to bring more money into your business
Are you unworthy of receiving?
This is a biggie. If you don’t feel worthy of money, low self-esteem can show up in your business growth. You might get stuck in a low-level hobby business, even though you know that you could help more people if you could grow.
You might resist raising your prices because you don’t feel like your products and services are good enough. Or you might take on clients who aren’t a good fit for you and who drain your energy.
When it comes to feeling unworthy, there’s always an underlying reason as to why you feel this way. But thankfully, you can clear those self-sabotaging feelings and beliefs when you uncover what they are. And that enables you to receive all the income you truly deserve. When you serve, you deserve!
I love using EFT (emotional freedom techniques/tapping) to help my clients (and myself!) uncover and release what’s keeping them (and me!) stuck.
Are you afraid of looking at your situation?
Do you know where you stand in your business right now? Or have you stuck your head in the sand because it all seems too scary?
I often meet people who are terrified of even looking at their financial situation. If they look at their numbers, they’re worried they might see a reflection of what a loser they are and how terrible they are at business.
Other entrepreneurs will enroll in multiple courses and programs, hoping to uncover the one that’s going to help them increase their income. But they don’t finish them.
We like to look for the silver bullet that’s going to solve all our problems.
But the truth is when it comes to business – there’s no quick fix. No magical way to jump from one level to the next. You’ve got to put your head down, apply some grit, and take action. Imperfect action.
And of course, you grow your business with the right money mindset.
Related article: New to Business? Ignoring Cash Flow Can Kill Your Business
So what about you? What’s holding you back from growing your business? Do you think you’re not good enough? Are your worried that other entrepreneurs are doing better than you right now? Do you believe you need more experience before you raise your prices and grow to the next level?
All of these are just beliefs – not facts. Your thoughts and beliefs can keep you stuck where you are and running in circles for a very long time. If you truly want to build your business and serve more people, you need to clear those beliefs. You’ve got to grow your business with the right money mindset.
If you’d like to get to the root cause of what’s keeping you stuck where you are right now, reach out and schedule a free 30-minute Discovery Call. I would love to guide and support you.