In the leadup to our next Money Mindset workshop, this week’s focus is on some of the common stumbling blocks for entrepreneurs when it comes to manifesting the right money mindset. Whether it’s a fear of failure, knowing your worth or concerns about raising investment – we are here to help you outgrow old habits and transition into a positive and productive money mindset.
With over twenty years working across varying different sectors, Lifetise co-founder Caroline’s entrepreneurial know-how is second to none. With that in mind, we have drawn upon her range of experience to recommend four ways in which you can upgrade your money mindset to fast-track your entrepreneurial goals.
Get comfortable selling
Experiencing an increase in revenue has to be one of the most rewarding experiences in business – so why is it sometimes so hard to achieve? More often than not, one of the greatest roadblocks to entrepreneurs is a fear of selling – and hey, we get it! It can be easy to let all of the ‘what ifs’ that cloud our brain hinder our ability to self-promote.
Frequently, this relates back to having a fearful money mindset; we worry that our product or service might not perform to expectations, or we waste time catastrophising about failure and the fear of negative perceptions.
We want to help you break this cycle – and that’s why we’re suggesting a change of perspective.
One of the quickest ways to stop fear in its tracks is to turn it on its head. Perhaps you’re deterred from selling because you worry about how others might perceive your product – if so we recommend that you strive to be as authentic as you possibly can. Whilst ultimately the end goal is to boost sales, one of the easiest ways to sabotage your own progress is to oversell, or provide inaccurate information that could come back to haunt you. So stick to the facts! Millennial and Gen Z customers in particular continue to fuel a new demand for brand transparency. Instead of working overtime to promote every possible benefit of your product/service, recognise that customers will appreciate an authentic focus on the strengths of what you’re selling.
Another common pitfall is struggling with anxiety-inducing thoughts before a sales pitch – we’ve been there, we know it can be overwhelming. So why not fight that line of thinking by channelling the very passion that led you to believe in what you are selling in the first place? Remembering exactly why you had the vision that you do, can do wonders to generate genuine confidence and help bring you back to the opportunity at hand.
If you truly believe in your product or service – there is no one better equipped to represent and sell it than you.
Learn how to set your prices
Knowing what you’re worth is a more common pitfall than you might think, particularly when running your own business or freelancing. Whilst there is space for a lot of flexibility when pricing products or services within these roles, this also means that there is no one-size-fits-all approach. Do your homework – be aware of what your competitors are charging for the same work in your marketplace. Ensure that your prices are reflective of both your industry, but also your individual level of experience.
Do not undersell yourself – your time is valuable! There is little point in setting low prices in order to make yourself more appealing, when ultimately the goal is always to be commercially successful. It’s also key to consider what kind of brand you are trying to be. How you price your services sends a core message about what kind of business you are running.
Be ready to negotiate in order to be paid what you are worth. We know this can be intimidating, but with her background as a qualified lawyer Caroline has had ample experience working to negotiate agreements with people, and will be sharing some of her key techniques in the upcoming workshop.
Deliver the Perfect Pitch
Meeting with possible investors? Remember that as easy as it may be to feel intimidated, they were once where you are now. So we recommend moving away from the over-rehearsed hard sell and focusing on telling a story about your journey, and painting an exciting picture of what you could do with the right funding.
Try to view every meeting as a chance for relationship-building with people that could become invaluable to your business. Know who you are pitching to and be ready to prove that you are aware of their work. Researching a potential investor’s journey, product or portfolio demonstrates that you understand what they do, and that you view them as a great fit to support your business.
In the previous Money Mindset workshop on careers, Caroline touched upon some of the gendered difficulties that come up for women entrepreneurs. Addressing the fact that men are often asked questions about the potential of their businesses, whereas women are asked prevention questions. There are ways to overcome this, based on research from Dana Kanze. If you’re a woman entrepreneur looking to raise money, our Money Mindset workshop can help teach you those techniques.
We also recommend that you practise pitching to your friends, family and colleagues – feedback is a gift! An aura of confidence and self-belief can transform the way that investors perceive you. So spend time rehearsing until it becomes second nature.
Know Your Numbers
Think Dragon’s Den. You know the moment we’re talking about – the Dragons ask the businesses pitching about their sales projections and profift…and the business owners can’t remember their numbers. As obvious as it might sound – there is no better ammunition against stumbling mid-pitch than having an excellent grasp of your numbers. Whether this is predicted sales, revenue, profit or your cash flow. Talking the talk is always great, but having demonstrable, data-driven knowledge of your business plan is the best possible way to showcase your potential to achieve more.
If any of these roadblocks are resonating with you – don’t stress, you are not alone!
We’d love to virtually e-meet you in our next entrepreneur Money Mindset Workshop, to gain a better understanding of how we can best help you upgrade your entrepreneurial mindset.
The session is interactive, and you can participate (or just listen in) however best suits you. Numbers are kept small, so you can be confident that we’ll give you the time that you need. Links to purchase a ticket can be found here – get ready to level-up your business know-how and transform your money mindset!