Is Your Money Story Helping or Hindering Your Business’s Growth?
This week I was reading an article that both shocked and saddened me.
The topic was about women in Australia and how they were being paid significantly less than their male counterparts, despite being as skilled and experienced, and doing the exact same work.
The article included a quote from Mara Olekains – a professor at Melbourne Business School where she said: “Research consistently shows that women are more reluctant than men to initiate negotiations, and when they do, they undervalue their work.”
Olekains went on to say: “Women set lower targets for themselves before they even start a negotiation. And, they tend to accept the first offer and are hesitant to negotiate a better deal.”
What shocked me was when Olekains stated: “In anticipation of a woman’s lower expectation, their negotiation opponents also offer less than they offer to comparably qualified men.”
I don’t know about you – but this really disturbs me.
Not only are women devaluing themselves – key decision makers realise that they will devalue themselves and therefore tend to offer them less because they know they aren’t going to say or do anything about it.
Women therefore accept being undervalued and underpaid.
Sadly, I’ve seen this first hand with a number of my colleagues and clients.
Women who were tired of butting their heads against the glass ceiling with promotions and pay increases being given to less experienced and less skilled male colleagues, so they opted to start up their own business.
Unfortunately, the same reasons that kept many of them stuck followed them into their businesses, resulting in them struggling to attract new clients, devaluing their work and finding it hard to get paid what they’re worth.
So what is it that keeps them stuck?
The money beliefs that are blocking you from charging what you’re worth and building the business of your dreams is what I call your Family’s Money Legacy or your ‘money story’.
The beliefs and stories you tell yourself about how much you are worth and about money in general, which has a direct impact on just how much (or little) income you can earn.
Just like my client – Joan.
She opened her own Wellness Coaching business however was frustrated that despite her many certifications and vast experience, she attracted clients that just couldn’t afford her services. Or they didn’t see the value she had to offer.
And, so she continued to struggle.
When going through my Money Mindset Breakthrough Secrets to Increased Self-Worth, Sales and Savings Program, Joan realised that the money story she grew up with was:
“Women don’t need to worry about earning a living. They get married, have a family and their husbands will take care of them.”
While that was the reality that Joan’s mum experienced, little did Joan’s mother realise the negative impact she was to have on her daughter’s adult life by constantly reminding her that ‘women didn’t need to worry about earning a living’ as Joan was growing up.
As an adult, Joan realised that this money story was totally ridiculous and more importantly that this unhelpful belief had been keeping her stuck from ‘earning a living’ in her business. However, despite how hard she tried – her belief was so embedded in her psyche that she continued to struggle to earn a living and she continued to attract the wrong type of client that drained her of her energy and continuously overstepped their boundaries.
So what’s your money story?
I’ve heard dozens through my work with clients, including:
- We’re only middle class so will never be wealthy
- You have to work extremely hard to make money
- As soon as you make it, it slips through your fingers
- You work hard, and then you die
- What’s the point of building wealth – they’ll only take it from you anyway…
… and sadly, on it goes.
The money stories we create for ourselves through what we see and hear as we grow up, can and will impact just how much money will flow (or not flow) into our lives as adults.
So what can we do?
You need to take the necessary steps to change your unhelpful money story into a new empowering money story that will drive you forward.
Here are 5 simple steps to help you on your money transformation journey:
- Identify your money story;
- Recognise that while this belief may have been the case for your parents it no longer serves or supports you;
- Let it go;
- Recognise what you do want and rewrite your new money story;
- Continue to take the action steps that proves your new money story to be true…
…and as you continue to take daily actions and remind yourself of your new money story – it WILL become your reality.
My client Joan worked diligently through the steps in the program and with some ongoing breakthrough money mindset coaching she was finally able to release the emotional shackles that had been keeping her stuck.
And, with her new money story, it wasn’t long before she reported that she had generated the most income she had ever made in a week, which is pretty amazing.
And, so can you – by rewriting your old Money Story that’s keeping you stuck into an empowered new Money Story that will drive you forward to increased clients who value and pay you what your worth so that you can finally build the business of your dreams.
Are you ready?
Struggling to build a successful coaching practice / business? Feel undervalued & underpaid? Find it hard to get new clients?
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