The way you think about money matters to your coaching business. If you have a money mindset steeped in scarcity, fear, and thoughts of “never enough,” those beliefs will negatively impact every area of your business, driving clients away and keeping profits at bay.
If you’re constantly strapped for cash, drowning in debt, or just can’t seem to find that sweet spot where your profits outweigh your losses, it could be attributed to a bad money mindset.
Our beliefs about money are ingrained in us from an early age. If your parents or primary caregivers were always stressed about money, you could be unconsciously creating situations that cause you to experience that same kind of stress.
The key to creating a positive money mindset is identifying the limiting beliefs you have about money, questioning those beliefs, and looking for more positive perspectives to replace them.
Here are some of the most common ways coaches self-sabotage when thinking about money, and how to make a money mindset shift to increase profits exponentially.
#1: “I should take whatever clients I can get”
This thought plagues many coaches, especially when they’re first starting out. Working with clients who…
- can’t afford to pay you
- complain about your rates
- are always late on payments
- ask for special discounts
…isn’t just bad for your bottom line: it’s bad for your confidence level as a coach.
While you don’t necessarily need to target wealthy clients who could buy and sell you twice over, it is important to choose clients who are happy to pay what you ask.
Instead of accumulating as many clients as possible, be more particular about who you choose to work with. Doing so will guarantee reliable income from clients who feel you’re worth every penny.
New money mindset: “I only accept clients who value my work.”
#2: “I can’t afford to outsource”
Outsourcing is another key money mindset area where many coaches get hung up. If you’re strapped for cash, you may be hesitant to hire an assistant or contractor to help with things like social media, graphic design, email marketing or blogging.
Instead, you spend hours doing everything yourself and end up exhausted, overworked, and stressed out.
The truth is that every hour you spend formatting email campaigns or answering blog comments is an hour you could have spent coaching. As long as you hire an assistant who charges less per hour than you do, you’ll still make a profit by outsourcing.
So find a VA who’s $25/hour, and fill the time you used to spend tweeting working with clients at $100/hour. That’s $75/hour more than you were making before you started outsourcing.
New money mindset: “I can’t afford NOT to outsource.”
#3: “No one will ever pay me that much”
Beliefs about what our clients will or won’t pay are directly linked to our beliefs about ourselves as coaches.
If you truly felt you were offering each client incredible value, you would have no problem charging increasingly higher rates. The problem here isn’t with the client, but with your confidence level.
Don’t believe me?
Try this experiment: quadruple your hourly rate and see what happens.
A client of mine did this because she wanted to focus on group training sessions instead of one-on-one coaching. She figured if she charged an astronomical sum, no one would pay it and she’d be home free.
Imagine her surprise when the very next day, after upping her rate from $100/hour to $500/hour, she had five requests from prospective clients who wanted to work with her.
When people see higher prices, they associate it with higher value. Don’t be afraid to charge as much as your experience and confidence level will allow.
New money mindset: “The right clients always pay what I ask.”
#4: “There’s a limited amount of money in the world”
This limiting belief is held by a lot of people, not just coaches and trainers. The idea of scarcity gets handed down between generations and becomes deeply ingrained in the psyche.
But the truth is that money isn’t finite. There isn’t some fixed amount that exists in the world – money is energy that is constantly moving, flowing, shrinking, growing, and changing hands.
This means that at any given time, money can flow to you if you’re willing and ready to accept it.
New money mindset: “My capacity to make money is unlimited.”
#5: “People won’t be able to afford me”
Who are you to say what people can and can’t afford?
Everyone pays for what they think is most important. When people say “I can’t afford it,” they don’t mean they don’t have the money; they mean they don’t find the product or service valuable enough to prioritize above other products or services they want to buy.
If you provide enough value and give your clients exactly what they want, they will find a way to afford you – no matter the cost.
New money mindset: “Considering the value I offer my clients, I’m insanely affordable.”
Armed with your new money mindset, you’re ready to reassess your value as a coach, raise your rates, and work with clients who’ll happily pay whatever you ask.
Are you ready to adopt a success mindset and launch the coaching career of your dreams? Download your FREE Entrepreneur Jump Start Kit by clicking here now: http://johnspencerellis.com.