Money Mastery Mindset Coach
If you have issues with your money mindset or even if you don't think you do take a listen to today's episode of the Wedding Pro Cast UK. On the show we have the Money Mastery Business Coach Lesley Thomas. Known for her Holistic Whole Business approach to money makeovers. Lesley works with entrepreneurial women who under-charge and over-deliver to help them find their niche, create a new compass and crack their money code!
Having already created a very successful family business over fifteen years ago, she understands the intricacies and financial responsibilities involved in owning your own business.
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Which Money Mindset Do You Have?
In order to know where you are you need to know where your money mindset comes from. The ability to plan for the future is often contingent on changing that mindset so it's important to understand what has shaped your mindset around money.
Mindset is a choice so by understanding where your mindset comes from you can choose to change it if you wish. When you have the knowledge you can choose to own your money story and not own the money story of your parents for example.
There are two main money mindsets the mindset of abundance and the mindset of scarcity.
Abundant Money Mindset
An abundance mindset doesn't mean you have loads of money. Instead it means you have the mindset that should you need money it is there to be had, you just have to work out what you're going to do to obtain it. The abundance mindset is secure in the knowledge they will be able to do that. Concern around spending money isn't there because you know there is more than enough and that you have the ability to make more when it's needed.
Scarcity Money mindset
A scarcity mindset doesn't mean you don't have money. Instead it refers to someone who is concerned that if they spend money they won't be able to replace it. We have all heard stories of the old lady who passed away and didn't look like she had 2 pennies to rub together. Who actually had a fortune under her mattress that was all left to the Cats Protection. She had money but she was fearful of spending it incase she couldn't replace it.
So which sounds like you where is your Money Mindset at the moment?
Knowing where you mindset is allows you to know what you need to work on to get where you want to be. An abundant mindset doesn't worry about money, so this is where we all need to try to be. Worrying doesn't allow you to take action and plan then you're in overwhelm. When you're in overwhelm you become paralyzed and then you become a self fulfilling prophecy. When you have an abundant mindset when funds run low you don't worry, you take action. What can I do to change that? This year the number of businesses that have pivoted has been an amazing example of how the abundant mindset works for us to bring more money in.
Create a Plan
Where are you today? Where do you want to be in three years time? By knowing this you can then look at any blocks that are in the way that would prevent that plan coming to fruition. You can look at what you need to do and what you need to stop doing to enable you to meet that future self.
Example: We know that these days you need to be very visible with your business if you're not visible then you are invisible to your audience. In turn that makes your competitors highly visible. So you are almost gifting clients to your competitors.
A negative money Mindset equals a lack of self worth and a lack of self value. So when you are living in scarcity your mindset isn't allowing you to value who you are , what you contribute and what your gifts and abilities are. With this you compare yourself to other unfavourably. You suffer imposter syndrome, you come from a place of lack and I can't. I can't go live on facebook, what if I say the wrong thing. What if i mess up, what if my competitor is watching.
But think about this. What if your ideal clients hears you, what if they resonate with something you say. What if they choose to book you because they can see you're a real person.
Don't let your subconscious sabotage you give it something else to work on.
Our Money Mindset comes from Words
Words are so powerful not just the words but the tonality of how they are said. How many of you have heard 'Money doesn't grow on trees,' or 'Your spent how much?' These terms alone have you thinking there isn't enough and I shouldn't be spending.
It creates a lot of guilt around money and spending it. It puts money in this negative place so rather than celebrating wins and spending freely. We feel guilt around our failures so we go to buy something to cheer ourselves up. Then we feel guilt around spending money we haven't got and the cycle perpetuates
Don't Discount Your Services KNOW YOUR WORTH
Discounting and giving mates rates isn't where you want to be. Your family and friends should be supporting you in your journey and that means paying you what you are worth. They are in fact getting a better deal by doing that because they already know they can trust you to do what you say your going to do that is worth full price.
We need to stop being embarrassed to ask for what we charge. We are providing a result, a transformation, a great experience and we are worthy of being compensated appropriately for that.
If you over discount and undercharge people form an opinion on that. It it not really worth the full price, can they really provide what they say they are going to provide, are they desperate for business?
Offer more value to get people to the price point you want them at. Give them three prices, they'll usually go for the middle option. This should be the price you want on average from each client. Then you could offer something extra, free thank you cards, 2 parent albums for the price of one, 20 mini cupcakes for kids with the wedding cake if they move to your top end package. Wherever they land at the lowest or middle price offer them something to move them to the next bracket. Make it something they want, this is where listening to there needs and desires for their day comes into play. Work with them, for example:
If your top package has 2 parent albums and they don't need or want them offer to exchange them. Give them extra pages in their own album or a digital reel of their album to display in a digital frame. Something of equal value so they can have what they want without you discounting the package.
With there being a surge of business coming our way stand firm in your pricing let's not make it a race to the bottom. To stay in business you need profits and they don't come with discounting everything you do. Know your worth and stand proud in that value.
Focus on the Experience you provide
Rather than trying to educate your couples on why you charge what you charge focus on the experience they will get from you. How will it make them feel, how will it work as part of their day and what will the experience of working with you be like. Tell them a story of how their day will unfold with you in your role or how the experience of working with you will make their choices easier to manage. How you'll take away the overwhelm, how easy it will be to create their vision. Put them at the centre of what you do. By doing this you'll resonate with them and get them emotionally engaged. Then the reasons behind your pricing wont matter because they'll pay you what your worth because of the experience they will get.
Money Mindset Book recommendations
Connect with Lesley here:
An accredited Money Breakthrough Business Coach and Sacred Money Archetype practitioner, Lesley blends business principles and money mastery techniques, to bring financial freedom to female entrepreneurs. Her passion and drive to help her clients achieve extraordinary success, is evidenced in her credentials - and her ability to be collaborative, is matched by the emotional investment she constitutes with her clients, cheerleading them at every turn! As she affirms, “Doing what you love and being well-compensated for it, only materialises once you’ve transformed your relationship with money, concentrated on your niche and created a brand that captures your unique spirit!”
Website - www.lesleyathomas.com
Email : firstname.lastname@example.org
Free download: https://lesleyathomas.com/moneymindset/
Facebook Group: www.facebook.com/groups/themoneymasteryhub
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