Today, we’re continuing a special 3-part series dedicated to improving your relationship with earning.
(Last week was for those of you want to navigate a pay raise at your traditional 9-to-5 job. If you missed it, you can catch Part 1 of the series here.)
Today, in Part 2, I’m offering an elixir for the self-employed, especially those of you who feel like you are putting in the time and effort, but still aren’t earning what you deserve.
Oftentimes, we leave the “chains” of a desk job only to realize we’re now in our own prison—held down by our unresolved work and earning issues.
And here’s how it may look in your business:
- You chronically undercharge, afraid that if you share your real hourly rate, no one will come.
- Or, you avoid pricing conversations with clients, dreading the question, “How much do you charge for X?”
- Or, you’re running up your credit card debt, with no clear idea of how much it costs to operate your business.
From my experience working with hundreds of entrepreneurs, these behaviors are signs of an underlying issue with earning and your relationship with money.
If you want to be successful, and turn a profit doing what you love, you must adopt two key mindsets…
#1 See Your Work as a Business
Many service professionals undercharge, or have difficulty collecting fees. Their sliding scales sometimes slide too far, or they end up doing work for friends at little or no charge.
If you have skills that people want and they are willing to pay for, it’s very appropriate to put a fair and competitive value on what you offer.
How do you come up with this number? Here are a few quick ideas:
- Do competitive research to see what your competitors are charging. (Take note of your skills and how you differ—you may need to charge less or more depending on your expertise.)
- Divide your ideal monthly income by the number of hours you’re willing to work per week. That number will give you an idea of your preferred hourly rate.
Obviously, these only scratch the surface of what’s needed to fully understand and accept your worth. That’s why the second mindset is essential…
#2 Apply Financial Recovery Principles to Your Business
The money issues you have in your personal life will almost always play out in your business. That’s why understanding your deep-seated beliefs around your worth, your needs versus wants, creating a spending plan and tracking your money are extremely important when you are an entrepreneur.
When you are empowered with a healthy mindset around your value and your business financials, it will become dead simple to identify the jobs that are profitable from those that are not worth your time, energy, and money.
If you are an entrepreneur struggling with money issues in your own business, do not miss my brand new 6-month LIVE course,“How to Run a Business that Feeds Your Soul and Pocketbook”. It’s designed to help you get your finances on track, so you can start enjoying your business and earning what you deserve. Hurry, class starts October 11! Go here to learn more and register.