Every small business owner I’ve worked with has dreams of success and growth. However, despite their best efforts, many struggle to achieve their goals, with one of the most significant barriers to growth being their limiting beliefs around money.
Many of us have deep-seated beliefs about money that can hold us back from taking risks, investing in our business or seeking out new opportunities.
Whether it’s a fear of failure, a lack of confidence in our abilities or a belief that we don’t deserve financial success, these limiting beliefs can keep us stuck in a cycle of struggle and prevent us from reaching our full potential.
How do limiting beliefs about money hold us back?
One of the ways our limiting beliefs about money can hold us back is by making us reluctant to invest in our business. Whether it’s investing in marketing, research and development, outsourcing specific tasks such as bookkeeping or even hiring new employees, these investments require a significant financial commitment.
Let’s take a look at shop owner, Jane…
For the last 8 years, Jane has run her boutique clothing shop in her local town. She’s always dreamt of opening a second shop in the next town, but her limiting beliefs about money were holding her back from taking this dream any further.
One of Jane’s limiting beliefs was a fear of failure. She had invested a lot of time and money into her current shop, and the thought of opening another one and it not being successful was scary. She was afraid of losing the money she had invested to date and the reputation she had built locally.
Jane had a belief that she didn’t deserve financial success. She had grown up in a modest household, and her parents had always told her that money was hard to come by and that it was something that only a lucky few were able to reach. She had internalised this belief and felt guilty for wanting to be financially successful.
These limiting beliefs prevented Jane from taking any concrete steps towards opening a second shop. She didn’t seek out opportunities to expand her business or invest in marketing efforts to attract more customers. Instead, she focused on maintaining her current store and only made minor changes to the stock she sold.
If we are fearful of taking risks or lack confidence in our ability to succeed, we may be hesitant to invest in these areas, even if we know they are critical to the growth and success of our business.
And herein lies the Money Paradox.
Investing money in both your business and personal development is essential for achieving growth in any business. However, if you hold limiting beliefs regarding money, you may struggle to make the necessary commitments to get to your desired level of growth and success.
There are many people just like Jane, who, even when the signs are there to show them how well they are doing, the limiting beliefs hold them back from moving forward.
Another way that our beliefs about money can hold us back is by stopping us from charging what we’re worth. A common trap that many business owners fall into is undervaluing their products or services, believing that they need to offer lower prices to attract customers.
However, this can lead to a cycle of low profitability, where we struggle to cover our expenses and make ends meet. By believing that we are not worth more, we may be inadvertently holding ourselves back from the financial success we both want and deserve.
Here’s how Samantha struggled…
Samantha had always known that she wanted to be a life coach. She had a passion for helping people and was confident in her abilities. However, when it came to charging for her services she struggled because she didn’t really know her worth.
Samantha had always believed that helping people should be her top priority and that making money was secondary. She was afraid that if she charged more, she would be seen as greedy or selfish and clients would choose cheaper options. So, she set her prices low, hoping to attract more clients.
However, this strategy backfired. She found that she was attracting clients who were not serious about making changes in their lives. They would show up for sessions unprepared, cancel at the last minute, or fail to follow through on the action steps she recommended. This made it difficult for Samantha to deliver results, and it was frustrating for her to see her clients struggle.
Samantha also found that she was struggling to make ends meet. Despite working long hours, she was not earning enough to cover her outgoings. She was forced to take on part-time work to make ends meet, which left her exhausted and burnt out.
It was clear that Samantha’s limiting beliefs around money were holding her back. She believed that making money was selfish and that charging too much would drive away potential clients. However, by undervaluing herself, she was not attracting the right clients, and she was not earning enough to sustain her business.
Again, Samantha’s issues are very common and pretty much the same issues I was working on with business owners 20 years ago.
Limiting beliefs about money can also impact our mindset and how we approach our business. If we believe that financial success is elusive or out of reach, we may be less likely to take the actions necessary to achieve it.
This can become a self-fulfilling prophecy – where our beliefs about money become a reality and we struggle to grow and succeed…
As Pete found out…
Pete had left his job as a bookkeeper for the accountancy practice he had worked for since he left school. For a couple of years before he left, he’d been dreaming of starting his own bookkeeping business.
He took the plunge, worked hard and took a lot of loyal clients with him; they’d appreciated his attention to detail and his commitment to providing excellent customer service. Very soon he’d achieved a business that was paying his bills each month and left him enough to save a bit too.
Despite getting this far, Pete had a deep-seated limiting belief about money. Growing up, his family had always struggled financially, and he had always believed he had to work hard to pay the bills each month. To him, financial success was something very few people would ever achieve. He felt that no matter how hard he worked, he would never be able to achieve the level of success that he wanted.
This limiting belief was holding Pete back. He became hesitant to take on new clients, fearing that he would not be able to handle the workload. He was afraid to raise his rates, thinking that his clients would not be willing to pay more for his services. He was constantly second-guessing himself and doubting his abilities.
So, how can we break free from these limiting beliefs and achieve the financial success we desire?
Examine your beliefs about money
One approach is to examine what we believe about money and identify where these beliefs come from. Often, these beliefs are based on past experiences, social conditioning or messages we received from our family or community.
By understanding the root cause of our beliefs, we can begin to challenge them and develop a more positive and empowering mindset.
Another approach is to surround ourselves with people who have a positive and abundant mindset.
Connecting with other small business owners who have achieved financial success gives us the opportunity to learn from their experiences and gain valuable insights into how they overcame their own limiting beliefs.
Learning from others who have been there before us can be especially helpful if we are feeling stuck or uncertain about how to move forward.
Investing in ourselves
By far the most effective option to break free from limiting beliefs about money and achieve financial success is investing in ourselves.
When we invest in our own growth and development, we increase our skills, knowledge and confidence, which in turn can lead to new opportunities and higher income potential.
There are many things we can do for ourselves, to understand what our limiting beliefs are and what we can do to deal with them, such as:
- Self-reflection: Take the time to reflect on your beliefs and values. Ask yourself where they came from and if they are serving you well. You may want to write your thoughts down in a journal to help organise your ideas and gain clarity.
- Mindfulness: Practicing mindfulness meditation can help you become more aware of your thoughts and feelings. By paying attention to your thoughts, you can identify limiting beliefs and work to replace them with more positive and empowering beliefs.
- Seek feedback: Ask trusted friends or colleagues for feedback on your behaviour or performance. This can help you identify patterns and beliefs that may be holding you back.
- Read self-help books: There are countless self-help books available that can help you develop a better understanding of yourself and your limiting beliefs. Look for books on topics such as personal growth, mindset and self-awareness.
This is the approach Jane took…
Over time, Jane started to challenge her beliefs by attending business workshops and networking events, which helped her gain more confidence in her abilities.
She also surrounded herself with other successful business owners who had overcome similar limiting beliefs. Jane found mentors who helped her work through her fear of failure and encouraged her to take calculated risks. She also worked on her mindset by practising positive affirmations and visualisations to shift her beliefs about money.
As Jane continued to invest in her personal and professional development, she became more confident in her ability to run a successful business. She started to take calculated risks by investing in marketing and hiring new employees to manage her current shop while she focused on opening the second one.
Three months later she opened her second shop and three years after that, she’s thinking about opening her third!
Another way to invest in ourselves is to work with a business coach or mentor. A coach or mentor can provide guidance, support and accountability as we work towards our goals.
They can also help us identify and overcome limiting beliefs that may be holding us back and develop a more positive and empowered mindset.
Samantha went for coaching…
Working together, Samantha was able to see the value of her services and the impact that she was making on her clients’ lives. She realised that charging what she was worth was not greedy or selfish, but necessary to sustain her business and continue to deliver results for her clients.
Through the coaching, Samantha was able to raise her prices and attract more serious clients. She was also able to create a sustainable business model that allowed her to work with fewer clients and still earn enough to support herself.
Today, Samantha is thriving as a life coach. She has a number of committed clients who are making real changes in their lives. She no longer struggles to make ends meet and she has the energy and passion to continue helping people.
By challenging her limiting beliefs around money, Samantha was able to break free from the cycle of struggle and create a successful and fulfilling business.
And so did Pete…
Today, as a result of coaching, Pete’s bookkeeping business is thriving. He has a growing list of clients who appreciate his attention to detail and his commitment to providing excellent customer service. He is no longer limited by his beliefs about money and success, but empowered to achieve his goals.
Investing in ourselves also means taking care of our physical and mental well-being. As small business owners, we often put our work ahead of our own health and well-being.
The problem is, neglecting our health can lead to burnout, reduced productivity and even financial difficulties. By prioritising our physical and mental health, we can increase our energy, focus, and resilience, which can have a positive impact on our business.
Finally, it is essential to take action towards our goals, even if we don’t feel entirely confident or certain about the outcome. By taking small steps forwards, we can build momentum and gain confidence in our abilities. Over time, this can lead to significant progress and help us break free from the limiting beliefs that have been holding us back.
Struggling with limiting beliefs around money is more common than you think!
There are many reasons why people struggle with growing a business but limiting beliefs around money and the Money Paradox it creates is up there as one of the most common – if you are struggling, you are not alone!
By challenging these beliefs, surrounding ourselves with positive influences, and taking action towards our goals, we can break free from the barriers that have been holding us back and achieve the financial success we desire.
If anything in this post resonates with you and you want to improve your mindset around money, then The Wealth Within – Transforming Your Relationship With Money Through Meditation programme can help.
Take a look and see if it’s the right fit for you.Much love xx
Featured Image by John McArthur – Unsplash
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