Ever feel like you’re “doing it all right” in your biz, but your sales don’t seem to match your (endless, caffeine-fueled) effort?
It might not be (all) you. It might be your ‘money blocks.’
Not sure what a money block is? Simply put, money blocks are those deep-rooted beliefs, formed over time, that subconsciously hinder your ability to rake in the big bucks. While there are lots of other reasons your sales numbers might not be where you want them to be – like an offer, marketing, or messaging issue – money blocks are still worth exploring (especially if you already know you have those other areas on lock).
Today, we’re diving into four uber-common money blocks that could be putting a damper on how many Stripe notifications hit your iPhone every month. Plus, I’ll share a powerful block-busting tip to help you break free from each block and boost your bottom line.
Money Block 1: Fear of Success
Weird as it sounds, fear of success is a real thing. You wouldn’t believe how many entrepreneurs subconsciously block or sabotage their own success because they secretly dread the responsibility that comes with a higher level of success.
It makes sense when you think about it: “Booking more clients” sounds nice in theory, but the reality is “more clients” might just equal more work, tighter deadlines and/or the need to bring on more team members to keep delivering at the highest level. (Especially if you don’t have your biz systems set up and streamlined to actually handle more clients/work.)
This fear can make you put the brakes on your sales without realizing it. It can play out lots of ways. Ever found yourself delaying responses to inquiries or potential clients in your DMs or turning down opportunities (like speaking on a podcast) that could increase your reach and online profile in general? That could be good ol’ fear of success working its dirty magic behind-the-scenes.
How to bust it: Visualize and feel success so it feels ‘safe’ in your body – before you’re actually presented with the opportunities. What does success feel like to you? The trick is to familiarize yourself with how your body/mind reacts to success, so you know how to handle it when it inevitably happens. Another tip if you think fear of success might be stopping you from more sales?
Set smaller, manageable goals that feel reasonable and not super scary – so you’re less likely to self sabotage out of fear of “all the things” that come with success. You don’t have to launch a crazy-big signature course right now. But you can create one mini-digital product and see how the whole process feels.
Money Block 2: Undervaluing Your Skills (and Undercharging)
Repeat after me: ”My work is valuable and worth every penny”. Many entrepreneurs, particularly women, struggle with pricing their offers right. Lowering your prices might seem like a competitive move (because we all love a “good deal,” right?), but it can send the wrong message – that you don’t value your own work. And that’s not the vibe you want to give off to potential clients (or honestly, to your own brain).
How to bust it: Do your homework. Understand how the market values what you offer and then adjust your prices accordingly. And, obvi, when you communicate the value of your work to your clients-to-be, focus on the results and benefits they’ll receive as a result. This will help you realistically justify your price to yourself, and to them – and be less afraid to charge what you actually should charge.
Money Block 3: Not Investing in Your Biz
Let me give it to ya straight: Investing in your business is essential if you want to make more money in your biz. Investing can mean anything from upgrading from Mailchimp to AcitveCampaign or hiring a new dreamy team member (or your first-ever team member).
If you’re hesitant to pour a bit of cash back into your biz, it could be because you’re not fully confident in your business’s potential.
But what happens when you don’t invest? It becomes very hard to grow past your current income level. Because if you keep doing what you’ve always done, you’ll keep getting what you’ve always ‘got,’ right?
How to bust it: Start with small investments to prove to yourself that it’s safe (and necessary). Invest in low-risk areas with potential high returns. You don’t need to snag a $2997 course right off the bat. Instead, you can invest in lower-ticket digital products. Or, you can start outsourcing to a VA for just a few hours a month a la carte, rather than committing to a massive 40-hour-a-week VA package for six months.
Then, as you see positive results, your confidence to make bigger investments will grow. Remember, spending money to improve your business isn’t just a line item in your WaveApps account; it’s an investment in the future of your business (and bank account).
Money Block 4: Fear of Rejection
Fear of rejection is another common money block. When you try to avoid rejection at all costs (because yeah, it does sting), you actually wind up keeping yourself super stuck.
Shying away from rejection also means robbing yourself/your business of the potential to make some major moolah (not to mention cool, aligned opportunities and meaningful and mutually-beneficial relationships).
How to bust it: Reframe rejection as progress. Every “no” you hear is actually a step toward hearing a more aligned “yes.” I really love the mantra, “Rejection is just redirection.” Just because this particular opportunity/client/etc. wasn’t the right fit right now, it doesn’t mean something better isn’t just around the (virtual) corner. (In fact, that’s usually exactly what it means). Plus, the more you expose yourself to rejection, the better you’ll get at handling it. You’ll slowly realize it isn’t the death sentence it might feel like.
Addressing these money blocks and nipping them in the bud, will not only give your sales a massive boost, it’ll also boost your confidence and pave the way for a more sustainable business long-term.
