Does your money mindset prevent you from getting paid what you’re worth?
You’re in your office and have just answered the phone, with the voice on the other end asking:
“ Hi, I’m just enquiring about your services. How much do you charge?”
If you’re anything like me several years ago in my career consulting business, that question has just caused your throat to go dry and your mind blank.
Talk about feeling awkward and being tongue-tied.
I was out of my depth – big time.
I felt so uncomfortable that I even began to dread the sound of the phone ringing. The thought of having another sales conversation where I’d be put through the third degree to justify my prices – was just plain Scary (with a Capital ‘S’).
Fast forward to today and thankfully I can say that speaking with a prospect and having that sales conversation is something I’m much more comfortable in doing.
I wrote about the process I use when speaking to a prospect in my article: 3 simple yet powerful steps to address that dreaded “so what do you charge?” question which I’m sure you’ll find helpful too.
However, for long lasting positive changes so you can go into any sales conversation with confidence and certainty, you’ll want to address the beliefs and mindset you have around the topic of sales (money and your self-worth).
One of my favorite sayings is: Change your mindset; change your outcome.
And the outcome in this case is more sales. Does more sales sound good? [I hope (and assumed) you answered ‘YES’!]
To become more comfortable in having a sales conversation you’re going to have to address any disempowering beliefs around money and the services you offer.
Because your beliefs create a self-fulfilling proficiency, and any disempowering beliefs you have around sales (and money) will stop you from reaching your income and business goals.
Have a look at this diagram and read (clockwise) each of the statements.
You’ll notice how the belief “I’m not worthy” can impact your thoughts and the actions you take (or don’t take in some cases). This impacts your ability to communicate with your prospect and ends up with he/she not making a purchase. Which leads to you confirm your belief to be true that “I’m not worthy.”
One of my mentors once told me: “You will seek out the evidence you need to confirm your belief is true,” which this diagram shows.
Pretty powerful stuff, yes?
Here are three of the most common money mindsets (beliefs) around selling that keep many service-based entrepreneurs stuck and unable to reach 6 (or even 7 figure) businesses.
Unhelpful Money Mindset 1: All sales people are evil
Really? ALL of them? That’s a pretty big generalization isn’t it?
I probably would have agreed with you if you were talking about a car salesperson.
However last week I purchased a previously owned 1-year old car. The sales person my husband and I dealt with was extremely personable.
He told me that his reputation and his business was on the line each time a car drove out of the lot, so the vehicles he represented were all mechanically sound.
If they weren’t – he wouldn’t take them on.
“The cars I represent – sell themselves,” was his motto.
After doing a little homework about the model of the car and taking it for a test drive – both my husband and I felt comfortable with making the decision to purchase it.
No pushy sale tactics here.
Now I know there are some pushy, underhanded sales representatives out there.
However just because they choose to operate that way, doesn’t mean you have to.
You can choose NOT to be dishonest or pushy but rather provide honest, high level service to your prospect as they continue to find out more about your products and services.
Unhelpful Money Mindset 2: If they say ‘no’ – it means I’m a failure
Hearing a ‘no’ to your proposal doesn’t mean that you are not worthy of being hired, nor does it mean you are a failure.
I’m going to repeat that because it’s important you understand and believe it:
Hearing a ‘no’ to your proposal doesn’t mean that you are not worthy of being hired, nor does it mean you are a failure.
THEY may not be ready ‘yet’ to make a decision. So it’s important to be there when they are.
I had the pleasure of interviewing Meridith Elliot Powell (sales extraordinaire) on my podcast – the Ambitious Entrepreneur Show. She explained that it could take between 8 to 12 touches (communications) before someone came to a decision to invest in you. And, in a shifting economy, it could take twice that amount.
This may have been the first time your prospect has reached out to someone, so they are still in the early stages of their decision-making. This may also be the very first time they have heard of you or spoken to you, so have not had the opportunity to get to know, like and trust you yet.
It’s up to you to now nurture the relationship.
Make sure you have a keep-in-touch system in place so that you can continue to strategically and intentionally remain top of mind with your prospect.
Then, when your prospect is ready to make a decision – YOU are the person he/she contacts.
Unhelpful Money Mindset: There’s no way they’ll pay that amount
Presupposing what your prospect will or won’t pay is often clouded by our self-judgment.
And, as many of us are really good at devaluing our strengths and talents (be honest here) – of course it means that we’ll assume our clients can’t or won’t pay us what we’re worth.
A few years ago in my career consultancy, I was speaking to a prospect about one of my higher end packages.
I’d told him what the package included, explained the outcomes several of my other clients had achieved, and confirmed the benefits he could expect through investing in my services.
I then stated my price (which was a few thousand dollars) – and held my breath.
“Great! If I pay today, how soon can we get started?” was his response.
He didn’t flinch at all and wanted to pay me on the spot.
So, if I had originally presumed that he could not or would not pay me what I was worth, I would have been tempted to lower my prices.
Thank goodness I didn’t.
- Stick firm to your prices.
- Create a list of your package and relevant pricing and have it close at hand so that you can read the information straight off the page when speaking to a prospect.
Remember, this information is just information if you don’t take action. [In fact these money mindsets are 3 ways you are leaking money out of your business. Find out what the other 30-odd money leaks are here in my free Money Leaks Report.
What actions are you going to take this week to start shifting your unhelpful money mindset so that you can grow your business to a 6- (or 7-figure) business?
I encourage you to continue working on changing these beliefs so that you can finally break through the income barrier and starting charging appropriately for the amazing services you deliver your clients.
After all, you’re worth it aren’t you?
Let me know what you think in the comments section below. It’s always nice to hear from you!
It seems that experimenting in this regard in my own businesses has certainly helped me to value my own time and life in further degree.
Before, you’re just working for pennies – with no real value coming from your efforts or work. And no, I’m not saying you shouldn’t give. I try and give as much as I’m able to, but then charge for the services that are really worthwhile and beneficial to others.
When you have your prices set, and have a few people say no, it’s okay. You’ll find that client who fits perfectly with you.
Amen to that Christian. Attracting your ideal client who respects you for the value you offer is what you should aim for. The others who are not willing to pay, are not your ideal client. As you say, it’s ok. Find the clients who will value you! Thanks for stopping by and sharing your insights! Appreciate it!
So true! That is why I insist on starting my clients with educational workshops. Many people don’t understand how time-consuming proper social media marketing can be.
You’re absolutely right there Sherry. So many people don’t realize the commitment required to do this properly. However, if done well – it can have amazing results.
Great points, Annemarie. In the end, all salespeople are NOT (necessarily :-)) evil, a new definition of failure is needed, and as long a you’re adding a bunch of value, why shouldn’t you be able to charge a “high” price for your services? I agree with you on all counts. In fact, I think overcoming stereotypes about selling is very important for any would-be entrepreneur. I also think that entrepreneurs should adopt the Edison mindset when it comes to “failure” — he said, “I didn’t fail; I just found 10,000 ways that won’t work”. This is one of my all-time favorite quotes. Finally, as you point out, most people undervalue their services. They don’t have the confidence to price them based on the value they’re offering. It’s very important to think in terms of value and not absolute numbers when you’re drumming up the confidence to charge what you’re worth! Also, you NEVER want to compete on price. This is the last straw, in a commoditized world, where if you can help it, you don’t want to compete. Excellent post. Thanks! Paul
Hi Paul, I love Edison’s mindset when it comes to failure too. In fact one of my mentors once told me: “there is no such thing as failure – only feedback.” It was so liberating to hear her say that. And, it gave me hope that when something didn’t quite work out the way I expected, it wasn’t an indication that I failed, but rather just needed to go back and tweak things so that next time, my expectations were met. Thanks for sharing your insights – appreciated!
What a great article Annemarie! I must say I have come a relatively long way from the wrong mindset space, but find I still have to work on it. I will read your report and the other article you referenced eagerly.
My pleasure Sherry. I think working on our mindset is something each and everyone of us needs to do and be reminded of. That little voice of doubt or fear (or whatever surfaces for the individual) can pop up every now and again so we need to be mindful of where we let that thought/mindset lead us. Nip it in the bud immediately I say!
Hi Astra, thank you! Glad you found the article helpful!
I think if you have low self image in your personal it can negatively impact your professional life. I remember working really hard, to the point of even permanently damaging my legs for minimum wage. I never even thought that I was worth more. I wish I would had read articles beforehand.
Hi Dianne, you are absolutely correct. Your personal life does and will impact your professional life and if you have low self-esteem in your personal life, this will impact how you portray yourself in your professional life. I think we all can be reminded of the fact that we all have amazing skills and talents AND that we do have value we offer our employers and/or clients. We need to believe that first.
I’m pleased you found the article helpful. Here’s to recognizing you as the amazing woman that you are and will continue to be!
Thank you for sharing the ‘3 Money Mind shifts’! We must remember that economically nothing happens unless some widget sells…this is at the retail, wholesale and manufacturer level! …Great article, Hughie
Thanks Hughie – glad you enjoyed the article. You’re absolutely right – this IS at retail, wholesale and manufacturer level just as it is for solopreneurs, entrepreneurs and small business owners.
What we believe we will receive whether it is our level of success in business or relationships with our children, it all begins within our own mindset. Great article to help us fine tune our business mindset! Thanks, I need these kind of articles! 🙂
Thanks Denny, it’s a great reminder for us all about how our mindset can affect out outcomes and something I remind myself of, on a daily basis. Here’s to empowering mindsets.
Sad that people under value their worth. The mindset is so powerful. Even when it comes to buying groceries. My friend is visiting from Poland. He’s lived in US for a while. He looks for free or cheapest when feeding his body. Great post Anniemarie.
Thanks Carol, unfortunately many people continue to undervalue their worth and this impacts their lives and their businesses in unfortunate ways. Hopefully they read this article and start their journey’s to change this!
Absolutely, Annemarie. Great article. Mindset is so very important! I also find that energy work in releasing any blocks to one’s abundance works well for me when combined with restructuring my mindset. I have been working on this a lot lately and I want to share that in a recent client consultation, when ClareShale and I were discussing possible packages with our client, the one that resonated costs around $1500 – and I felt really comfortable saying the price out loud to the client! You know this has felt challenging in the past for me, and I was so excited that it felt a lot smoother this time – and I wanted to share the news with you! I remember you gave me support with this topic on a webinar recently and I wanted to say – Thank you again, so much! Love, Astra
That’s wonderful Astra – congratulations!! I’m so pleased to hear that you are now finding the ‘sales’ conversation flowing more smoothly and that you are getting comfortable with it. Well done!!
Changing your mind set about things can really help you improve your business. Believing in yourself is one of the keys to success because no one will believe in someone who is not confident.
Fantastic, Annemarie! Definitely sharing this one. 🙂
I’ve made MASSIVE changes to my own “money mindset” over the years, but there’s always room for improvement.
Still waiting for you to write a book on this (and marketing/branding). Nudge nudge; wink wink.
Thanks Lauren – great to hear you are making BIG changes with your own money mindset. And, the book is still in progress 🙂