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Episode 99: Money Values

Today we’re going to talk about how your money values affect the quality of clients you attract and how to hack your own brain to improve both!

Today‘s episode is a short one, but a powerful one.

There is a pile of research that shows the old adage – that ‘like attracts like’ – is true.

An article in the Huff Post, written by PhD Margaret Paul, provides a great summary of how and why this occurs in relationships.

This is very relevant to today’s episode, because let’s face it – your life and your business are FULL of relationships, including relationships that are based around money.

I want to read you a direct quote from the article:

“While no one deliberately seeks out someone who is closed, negative and needy, if this is you, this is what you will attract into your life. If you want a loving relationship, then you need to do the work of learning how to take emotional responsibility.” 

Dr Paul’s antidote for attracting the wrong kind of people into your life is to take stock of the way you treat yourself, and to work on your own mind, thoughts, feelings and actions.

Who Are You Attracting?

Start by looking at the types of clients you typically attract.

Are they penny pinchers? 

Are they fearful of spending money? 

Do they find it hard to say no?

Do they see spending on themselves as wasteful, or a risk?

Let’s first acknowledge that this is NOT a sustainable business model.

But further, if your clients behave like this then it is a pretty good indication that your money values are similar and you’ll continue to attract people like this.

What you say to yourself repeatedly is both an instruction to your body on how to act, but also, it creates or reinforces your beliefs.

If you don’t value yourself, if you find it hard to ask for money, or if you just want to help people who have nothing, then you’ll remain stuck in this space and it will be difficult to build a business, let alone a viable one.

So, what’s the answer?

It’s that you’ll need to work on your thoughts so you can change your own beliefs.

What you say to yourself repeatedly is both an instruction to your body on how to act, but also, it creates or reinforces your beliefs.

The first question I’d invite you to ask yourself is – is business really for me?  I recommend thinking long and hard about whether you are willing to do the mindset work required to run a successful business.

This means actively working on your self-talk and your self-worth, so that you can start to change your money values over a period of time – perhaps a few months.

If you feel that this is definitely what you want – not to work for someone else but to truly run your own business, then let’s talk about what you can do in the meantime to start shifting your money values.

Becoming Buyable

Even if your money values need a bit of work, there are some things you can do right now to help you communicate value to your clients – and yourself – more easily.

1. Describe services as affordable and set prices that feel good to you, right now.

The word affordable has a positive ring to it and creates openness around pricing for both you and your client.

Now, to get your pricing right, I developed something I call the goldilocks pricing method, and it works like this.

If your fees are too high in your own mind, you’ll feel scared to ask for the money and it will block you from selling. Your clients will sense the doubt in you and it will transfer to them!

If your fees are too low in your mind, you’ll feel resentful about being paid too little and it will show up as negative energy around your product.

Remember that this pricing is relevant right now, and that you can revise and increase it whenever you like.

2. Communicate value, not price

When we focus on talking about price, we draw attention to the price, and it becomes the main event and the main factor affecting someone’s decision to buy or not.

It’s WAY better to prove the value of what you offer.

To do this, you can talk to potential clients about the value of what you’re doing in terms of:

what it will save them e.g. they’re no longer going to spend $100 per week on wine

  • what they might be able to let go of e.g. no more toxic relationships, or may be able to come of medications with doctors help
  • the value of tangible elements e.g. physical resources that are included such as a welcome pack, a journal etc
  • what it’s worth e.g. testimonials, where clients gush about the value of working with you and how it’s changed their lives
  • what they will gain e.g. typical results from other clients, outcomes they wish to realise that are valuable to them.

3. Make charity a longer term goal

I have seen people start businesses with the sole aim of helping those who are less fortunate – and not wanting or being able to charge very much – then failing in business because they couldn’t meet their income needs.

Quite simply, it’s better to make your money first, then you are way better positioned to help people who are less fortunate!

Summary

Today we discussed the fact that like attracts like – it’s a proven phenomenon.

That means if you have poor money values, you will probably attract those kinds of clients into your life and it will hinder your ability to build a profitable business!

The first thing to ask yourself is whether you are really cut out for business – whether you are prepared to do the mental or mindset work required to do it justice.

And if you are, then changing your self talk around money will be a priority for you. 

In the meantime, how can you attract clients who are willing to pay?

Coaches help people accumulate good habits that will help them achieve. 

Firstly, by describing your services as affordable, and setting a price that is comfortable to you, using my goldilocks method.

Secondly, by shifting the conversation away from price and onto value.

Thirdly, for those of you who want to help the disadvantaged, it will probably be easier if you create profitable business first, then make charity your longer term goal.

Coaches help people accumulate good habits that will help them achieve. 

Ready to change your money values?

You can change your relationship with money by changing the way you think! If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 95: Validation and Profit

This episode shows you why and how validation using rigorous, high quality data is your secret weapon for helping your clients to get better results and make long lasting change, and to create more value, more sales, higher prices and better profit.

Today’s episode is called validation, and I’m talking in relation to results that your clients get in your coaching business.

In my last episode I talked about how to sell more coaching programs with the inclusion of monitoring data, and that’s the backstory for today’s episode.

I’ve chosen the title ‘validation’ because I want to show you why and how rigorous, high quality data is your secret weapon for helping your clients to get better results and make long lasting change, and to create more value, sales and higher prices.

What is validation?

Let’s start with a simple definition.

  • The action of checking or proving the accuracy of something.
  • The recognition or affirmation that something is valid or worthwhile.

 Change is hard for our brains, and data gives our brains the validation they need to decide a habit is worth continuing.

Why Validation Matters

Let’s start by talking about why validation is important.

Let’s say that your client is living a stressful life, and she quite likes the idea of regular meditation and wants to start up a regular habit to help her relieve stress.

To create a consistent habit, you know she’ll need to convince her brain that it’s worth it.

That’s because the human brain prefers to run efficiently, on autopilot, doing the things it already knows how to do well, so it can focus on threat, survival and fun stuff.

Therefore, according to your client’s brain, having to bring focus on developing a new habit is a chore and possibly a risk. 

Change is hard for our brains, and data gives our brains the validation they need to decide a habit is worth continuing.

Aside from learning how to do the habit, her brain requires a process of ‘learning’ a whole bunch of micro habits and rewiring entrenched behaviours that happen before and after the meditation, before it can get the habit to happen automatically.

For example, she’ll have to learn to stop what she’s doing, say no to people, set aside time, stop saying she’s too busy, and then do the darn 10 minutes of meditation.

As she juggles her competing priorities and her already entrained habits that create stress, her brain will start to realise that starting a simple habit like 10 minutes of meditation is actually hard to fit in, commit to, and do consistently. 

That will probably feel uncomfortable. She’ll have the urge to continue with her ‘more important’ stuff.

And a day after she meditates, she may feel totally stressed again, so her brain will question how effective it really is, because the results may not be huge or immediate. 

Her belief system could jump on the bandwagon. She might start telling herself that this is too hard. She might tell herself that I might as well give up, because I am probably going to fail anyway.

This is why validation with evidence-based data is so important.

It does more than just prove to your client’s brain that a habit is safe and worth the effort. 

It also provides tangible evidence that your client is capable of change and that the results are worth pursuing.

This is especially important for habits that have little to no visible, immediate impact.

For example, there are habits like physical exercise where you feel the endorphin rush and sweat afterwards. There’s a tangible impact.

Compare that with deep breathing exercises to lower your blood pressure and stress hormones. Those are two pretty invisible measures that your habits had a gradual, positive impact. No immediate reward there.

That begs the question – how do we help our clients monitor and measure progress? What kind of data are going to be meaningful?

Let’s look at two types of data – qualitative, and quantitative.

As she juggles her competing priorities and her already entrained habits that create stress, her brain will start to realise that starting a simple habit like 10 minutes of meditation is actually hard to fit in, commit to, and do consistently. 

That will probably feel uncomfortable. She’ll have the urge to continue with her ‘more important’ stuff.

And a day after she meditates, she may feel totally stressed again, so her brain will question how effective it really is, because the results may not be huge or immediate. 

Her belief system could jump on the bandwagon. She might start telling herself that this is too hard. She might tell herself that I might as well give up, because I am probably going to fail anyway.

This is why validation with evidence-based data is so important.

It does more than just prove to your client’s brain that a habit is safe and worth the effort. 

It also provides tangible evidence that your client is capable of change and that the results are worth pursuing.

This is especially important for habits that have little to no visible, immediate impact.

For example, there are habits like physical exercise where you feel the endorphin rush and sweat afterwards. There’s a tangible impact.

Compare that with deep breathing exercises to lower your blood pressure and stress hormones. Those are two pretty invisible measures that your habits had a gradual, positive impact. No immediate reward there.

That begs the question – how do we help our clients monitor and measure progress? What kind of data are going to be meaningful?

Let’s look at two types of data – qualitative, and quantitative.

Qualitative (subjective) data

Normally coaches use tools that are subjective, that is, where the client rates themselves.

We use various quizzes, questionnaires, 1 – 10 rulers, sleep diaries, logging sheets and other self-rating tools to help clients understand what they feel, who they are and what’s changing for them.

They use these to rate hunger, energy, mood, stress, sleep quality, response to food and similar types of information.

Qualitative data is very important because it captures how the client feels at any given moment. The problem is, that information is subject to bias.

A client who self-rates may feel exuberant one day, and miserable two days later, so their mood will skew the data.

Even the more high level, scientifically validated questionnaires can be influenced by bias.

I had a client do a quiz several times because she wasn’t sure that her answers were accurate and she got a different answer every time.

How would you feel about the data if that was you? 

How much would you trust it? 

Could you rely on it?

That’s why coaching programs can be bolstered by rigorous data collected in an accurate way.

This kind of data provides the validation our clients need to believe that they can do something, and to believe that their new habits are ‘working’ and ‘getting results.’

Quantitative (objective) data

This is essentially what quantitative data is – objective data that is measured accurately using numbers.

Even better, using calibrated devices to measure physiological data that shows the impact of our habits on our bodies and minds.

One of the best examples is the bioimpedance scale which measures body composition – in other words – bone, fat, muscle and water. 

While not as accurate as a Dexa scan, bioimpedance is an easy and accessible method to quantify body weight, muscle mass, bone mass, hydration and body fat percentage.

Obviously the more expensive models give more accurate data, and a Dexa scan is the most accurate.

I used this scale early in my business – from 2005 onwards – as a marketing tool. At health expos I had lines of people out the door wanting to get their body composition measured, while other vendors stood at empty stands, wondering what was going on.

 

Data provides tangible evidence that your client is capable of change and that the results are worth pursuing.

I used this scale in my coaching program to help clients see tangible changes in their bodies – inside and out – in conjunction with other qualitative and quantitative measures.

These methods gave my clients plenty of evidence that their bodies and minds were changing and, it gave me a huge data set that could be used to demonstrate typical client outcomes in my marketing.

For example, I could specify that 99% of my clients lost weight during my program, ranging from 3 – 15kg, and with the majority of that being body fat based on the numbers recorded.

These were all things that they measured during the life of their program, so they had great awareness of what had changed.

They loved the physiological data as it proved their lifestyle changes were having an impact and it validated how they felt.

You can imagine what that did for my marketing!

My clients would say things like – “there is real science behind this”, and “I have gotten so much more out of this program than I ever expected!”

That’s just with a simple scale.

More recently, some higher tech options have come up to get even better quality data.

One that comes to mind is the heart rate strap and watch that measure exercise performance.

There are a variety of wearable watches that measure various physiological data. 

I can imagine what my clients will say in future when I use these devices as part of their coaching program and I’m very excited about the value, precision and accurate response measurement that can be developed.

It will help us to add tangibility to our somewhat intangible services.

It will help your clients to quickly identify which of their habit based interventions are having the greatest impact, and help them pinpoint where to focus their energy.

They will have a greater appreciation for the effectiveness of habit-based intervention, and a greater awareness of their own best solutions for managing physical and mental health.

And finally, it will give coaches a competitive advantage over others, help them to sell more programs, at higher prices and retain clients for a longer period, as has been my own experience in my own coaching business.

I am excited to share some new research in this area in coming months.

For now, if you would like to know more about monitoring and measuring, please get in touch at melaniejwhite.com/contact.

Ready to use data to improve your coaching business?

Knowing howto use data effectively can make all the difference. If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 65: Discover and Communicate Your Value

This episode is dedicated to the people out there who do amazing work but struggle to sell it because they have trouble describing the value of their work.

It breaks my heart to see skilled, talented and passionate people with so much to give, but finding it hard to get people to engage with them or buy from them.

I want to dig into this and give you some tools to discover and communicate your value.

Why Is Knowing The Value Of Your Work So Important?

FIrst and foremost, I think it’s pretty obvious that if you believe in and truly feel the value of what you do, then you will have the confidence to do it well, promote it and talk to people about it.

Your words will flow with ease. 

You feel sure of yourself and confident to describe your services.

Secondly, understanding and believing in the value of what you do will help you to 100% nail your marketing.

When you understand the value of your work, it will be EASY to develop very, very clear and compelling the words, messages, connection statements, elevator pitches, advertisements.

So, why do we get stuck?

We Are All Professionals

When we become skilled professionals, we all get stuck in this world of our own jargon. 

What I mean is this, when you learn how to do something and the methodology behind it then those are the things that stick in your mind and those of the things that you communicate. 

I remember driving on a holiday with my parents and boyfriend once. I’d just finished a university assignment on banksia woodland.

Your audience isn’t as educated as you are on those subjects and they might be 2, 5 to 10 years behind you and experience. 

And as we drove toward our holiday spot, I looked out the window and said something like, “wow, look at that low, open banksia woodland with a shrub understorey.”

Of course, my parents and boyfriend all laughed out loud. They even cried with laughter. I was SO mortified. But you get the idea. 

I was talking in my language about the bush, and they had no idea what I was going on about.

University Versus Kindergarten Knowledge

So here’s the lesson for you. Your audience isn’t as educated as you are on those subjects and they might be 2, 5 to 10 years behind you and experience. 

They’re not a scientist. They’re not a practitioner. They’re not heavily geeking it up on your area of interest.

It’s like you’re at the University level of knowledge in a particular area and your potential clients are at the kindergarten level in terms of their understanding and knowledge of that subject area. 

That’s a big reason why you’re struggling to communicate your value.

What that means is that you have to take a step back to the old you. 

You have to go right back to where you were five or 10 years ago or at least to the absolute  beginning of your journey and explore what you are feeling and thinking then, to reflect on why you were studying that, and what you needed and wanted. 

This segues into the second reason you’re finding it hard to communicate.

You Need Emotion, Not Logic

When you are in your geeky learning brain, university knowledge mode, you are using logic and jargon to talk about what you do.

But 90% of anybody’s buying decision is based on the emotion they feel when they interact with you.

You need to get out of your logical thinking and onto your passionate, emotionally heightened and ranty soap box to get people interested, engaged and believing that you are the person to help them.

This is known as ‘sharing your why’ and it’s the most powerful driving force in marketing.

That’s because your why contains your values, motivators, beliefs, and possibly life experience – all wrapped up in an emotive story.

That’s what you need to tap into.

If you believe in and truly feel the value of what you do, then you will have the confidence to do it well, promote it and talk to people about it.

Tapping Into Your Why

My friends, the value of what you do is in the result that it gives the person who’s buying it. 

Right now, I invite you to cast your mind back to the person you used to be and what you were desperate for and how much value that brought to your life. 

Think about how you would describe that value, how you would define it. 

Go back to the reason why you studied this in the first place.

That’s where your ideal client is right now, and doing this will give you some clues as to the value THEY are looking for.

Now I want to talk you through a little two-part exercise to help you to get the words right for this. 

A Two-Part Exercise

I want you to imagine that you are your customer. 

I want you to imagine that you are the you of a few years ago. 

Part 1 – Reflections

Now imagine that you are about to buy your service as a customer what is the value that you want to get out of buying your own service. 

  • Why are you buying that service? 
  • What would it mean to you if you could get the result that you wanted? 
  • What is that result? 
  • What will that allow you to do in future? 

That’s the first part of the exercise. Now let’s go to the second part. 

Part 2 – Reflections

Imagine that you have just finished using the service that you’re selling. Pretend that you’re the customer and you’ve completed this program or whatever it is.

  • How are you feeling right now? 

Write that down. 

Imagine you are giving yourself a testimonial.

  • What were you doing before the program? 
  • What did you achieve in the program? 
  • How is your world transformed now, because of that?
  • How do you feel? 
  • What have you gotten rid of? 
  • Describe the sense of accomplishment that you have? 

You noticed that I’m asking a lot about feelings here. And that’s because 90% of any buying decision is based in strong emotions. Logic makes up only 10% of the buying decision.

People buy results that they want and they want to feel a certain way. 

So our goal in marketing is to listen to what our customers are saying and to reflect that back. 

Summary

Hopefully there’s two part exercise has given you some ideas on the value of what you do by putting yourself in the customer’s shoes and by asking yourself how you felt before and after using the service, what you truly wanted and what you got from it. 

I hope this has been useful and if you are a coach who needs some help to dig into this and figure out how to clarify the value of what you do, so you can more effectively package, describe and sell the value of your services, join my new Facebook tribe – CoachingSuccessAccelerator. Doors are open, I’m so excited!

Ready to recognise and communicate your value?

Honouring your own journey is the key to communicating your value. If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 50: The Importance of Measuring Actions

This is an important conversation of me to have with you, if you have ever given up on yourself for not getting the results you want.

There is little point in setting a goal if you never know whether or not you will achieve it.

That’s where the saying “what gets measured gets done” comes from.

I know this topic well. Around 95% of the clients I’ve seen in the last 10 years of coaching have come to me for this specific reason – because they say they have tried everything and failed and they have lost confidence in themselves. They want my help to succeed.

To succeed in anything you need to do a few things.

You need to define a very specific outcome.

You need to articulate the specific steps you will take to get there.

You need to measure your actions compared with the result you want  – 

You need to persist for long enough to see if you are taking the right actions.

You need to be prepared to fail, and to tweak what you are doing.

And you need to be agile enough to get back on the horse, change your approach, and try again.

Measuring your habits and actions are just as important as measuring the result.

What most people do is measure their results and progress toward them, and that’s it.

But you also need to measure your actions along the way, so you can monitor the ‘How’ part of the equation.

After all, your actions are the things that create your results. 

And monitoring them means you can see what’s working, what’s not, and what needs to be tweaked and adjusted along the way.

Let’s look at an example.

Think about a weight loss goal of 15kg. 

Most people think that the weight is the goal and they measure it relentlessly.  I lost 1kg. Now I’ve lost another 1kg. Oh, now I’ve gained a kilo. I’m a failure!

No wonder you get disappointed – measuring weight doesn’t tell you anything about which parts of your approach, your how, your method, is working. So you start losing belief and give up at your apparent failure.

For example you could gain 1kg because you’ve put on muscle at the gym, and muscle is the main fat burning powerhouse in your body. So it’s a good thing to gain muscle mass, it’s the primary vehicle for losing weight.

The thing is that there’s a lag time. You gain muscle first, the a week or two later, the weight sees a rapid drop.

But if you are only measuring weight, then you won’t see any of this. You’ll only see the gain and you will feel like a failure.

Now imagine you are that person trying to lose 15kg. How you would feel if you understood this important point about strength training? 

Let’s say you could out your emotions aside and see this fact. 

What if you had correlated 1kg weight gain to your first two weeks of sessions at the gym doing a strength training program? 

Chances are you’d feel excited because you could see how your actions are creating your results, and you’d want to persist for long enough to see that happen.

That’s why measuring your habits and actions are just as important as measuring the result.

Measuring actions is important for three reasons.

  1. Measuring actions and habits gives you intrinsic motivation – what YOU are doing is working. You don’t need to rely on someone else for your self belief.
  2.  Measuring actions also gives you a sense of achievement along the way. How important do you think this is for a goal that will take a long time to get a result? Imagine for example, writing a book. It could take a year to do that. But if you were measuring writing 500 words per day, you’d feel motivated and proud of the micro goals you were achieving, knowing that they would take you to the bigger goal. 
  3. Measuring actions allows you to correct your course if you are not getting the incremental results.

Let’s  go back to the weight loss example. Depending on your specific body type, there might be 10 different approaches you could take to losing weight.

Perhaps you try two specific things; for example to eat vegetables and protein at 80% of your meals, and weight training four times per week.

For some people this will create weight loss. For others it won’t. So if you are in that second group, and you saw no results in the four weeks following and your body showed no changes, you’d need to tweak the specifics of those two habits, or try something different. 

You could only know this if you were tracking those habits to know a/ if you were truly being consistent or not, and b/ whether there were other factors that needed attention, such as portion size, stress or alcohol.

In other words, just because you’re taking action, it doesn’t mean that you’re going to get the results you want.

Even if the process you’re following is proven, and has worked for somebody else, it doesn’t mean that it’s going to work for you. 

You are a unique person with a unique body and mind and personality, so you have to find your own formula for success, for whatever you’re trying to succeed at.

The more specific the action that you are taking, the more likely you are to be able to adjust the habit to succeed in getting the result you want.

Pursuing a goal is highly individualised. If two people want the same result, the way they get there might be entirely different. 

That’s why your commitment to measuring and tweaking the process to get the results you want is as important as a measuring your progress to the result at self.

And finally, the more specific the action that you are taking, the more likely you are to be able to adjust the habit to succeed in getting the result you want.

Ready to get the results you want?

You can measure your habits and actions to help you achieve your goals. If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 48: What’s Behind Your Time and Money Beliefs?

Have you ever wondered what’s behind your time and money beliefs?

When you become aware of a limiting belief, have you rushed right into positive affirmations, or have you been curious about the origin of that belief?

I love affirmations, but I think a brief exploration of the things going on behind the belief can give you a lot of clarity as to how to resolve the belief.

I’m not talking about going back into your deep dark past and excavating all the terrible things that happened to you.

I’m talking about getting some clarity so you can figure out the actions you need to take to move forward.

This is how I problem solve everything.

When something is wrong, I go upstream to the source of the problem as this helps me to truly and effectively solve it.

This episode has come about after a recent conversation with a fellow coach about time and money. After we chatted at length, I thought more deeply about what sits behind time and money beliefs, specifically.

And it was such a rich and eye opening conversation for me that I want to explore the topic with you today and ask some questions to get you thinking about where your beliefs come from, to help you direct your own reflections and create self-talk that will generate healthier beliefs.

After all, if you have blocks around time, or blocks around money or both, it’s going to impact your success in business.

Thinking about your beliefs about money or time.

Write down three things main ones that come to your mind right now – don’t think deeply, just trust that the right answers will come out.

Now let’s look at where these beliefs might come from.

I am going to share the three common categories of beliefs that coaches tell me they struggle with and see if you can hear yourself in these.

Then we’ll talk about some really simple ways you can overcome them.

A simple way to start changing any time or money beliefs that are based in self-worth is to get really clear on your values and to find the reason behind them. 

Figure out what you stand for and what is important to you and why.

Money beliefs based in self-efficacy and self-esteem

The first category I’ve created is money beliefs don’t directly discuss money, per se. But they go something like this.

  • Who am I to be a coach? I’m not the best role model/people won’t pay.
  • I don’t know enough for people to buy from me
  • I’m not experienced enough for people to pay that
  • I am not looking after my own wellbeing, how can I help others?

On the surface, these sorts of thoughts seem to be about a lack of belief in the value of what you do. 

But look deeper and you’ll notice that the feeling associated with them is usually a sense that you lack skills and experience more than anything else.

I think these types of money belief comes from a lack of self-efficacy – our belief in our ability to do certain things – or self-esteem – or how we evaluate our qualities and attributes.

In either case, I notice that people who feel too inexperienced find it’s hard to ask for money. 

They feel like you can’t charge anything, or very much, because they’re not a very good coach (yet).

Ok, so let’s look at the second category.

Beliefs based in self-worth

The next category of beliefs are more directly about money, and they are beliefs based in self-worth. They include things like:

  • I hate sales
  • I hate marketing
  • What if they say no?
  • I don’t want to be pushy
  • I’m not comfortable asking for money

Are these the kinds of things you say to yourself?

To me, these beliefs seem to be more about whether people like you or not. 

They could include some of the self-esteem or self-efficacy type beliefs mentioned earlier, but notice the language here. 

It’s more about you and how you might be perceived or judged.

That’s why I think these sorts of beliefs seem to be based more in your sense of self-worth – what you as a person have to offer – more so than your skills or experience as a coach.

The fear of being disliked is a real challenge for a lot of people. I struggled with this for many years so I know it well.

And I think what accompanies these types of beliefs are a lack of boundaries. 

You find it hard to speak up for yourself, you might want to please clients no matter what, schedule sessions on any day at any time, and give sessions for free or heavily discounted so that you can say you have clients and feel like you’re helping people. 

You give yourself away.

Now let’s look at my third category of beliefs and these are more about time.

Time beliefs based around boundaries

If we look at beliefs around time, we may see other types of patterns emerging. 

There are some beliefs that are more about effort, like:

  • I’ll have to work hard to earn that much
  • I’ll have to give up my weekends
  • I’ll get stressed
  • It’ll make me too anxious
  • It’s too much work

To me, these beliefs are also about boundaries and ultimately self-worth as discussed previously.

Think about it, if you valued your time you would find a way to manage it. You’d be committed to learning how to do that.

And if you felt that you could charge enough, had confidence in your ability to organise your time, and trusted yourself to stay focused and on track, the time, energy and stress wouldn’t be part of the equation.

At the core, these sorts of beliefs seem to be about backing yourself and believing in yourself – your ability to pull it off.

Some Simple and Effective Solutions

Knowing that these sorts of beliefs exist, let’s consider how to resolve them for good.

Self-efficacy

Think about the negative money or time beliefs that revolve around your ability to do something – your skill – also known as self-efficacy.

A good analogy for these sorts of beliefs could be thinking about what it takes to become good at playing the piano.

You could study piles and piles of books, learn the theory, watch YouTube videos and the like. But understanding that theory will never make you a good piano player.

You actually have to play.

And in the beginning, unless you are a natural at it, you are going to be shit. 

Or you are at least going to make mistakes.

But you need to persist and keep going and practicing if you want to become good.

And the second part to that is to write a reflection on how you went after each coaching session. This is how you learn to see the good as well as the areas that need work. This is where you see tangible shifts in your own professional development.

So to build self-efficacy and self-esteem, you need to practice, but you also need to reflect on each session and watch yourself grow.

These two critical pieces will help you move forward and recognise your ability – it will double the rate at which you become accomplished because you will learn so much from doing this.

Find practice clients who are ready, willing and able to be coached, and start there.

Then practice and reflect, practice and reflect, practice and reflect.

From there will come your sense of accomplishment.

Self-Worth

A simple way to start changing any time or money beliefs that are based in self-worth is to get really clear on your values and to find the why behind them. 

Figure out what you stand for and what is important to you and why.

This includes some of the reflection work mentioned earlier; reflecting on your practice and recognising the value that you offer through coaching; reading your testimonials, noticing the shifts, seeing the aha moments.

Then, start a practice of upholding your personal values and standing by the value of your coaching skills in your everyday life and in your business.

To uphold your values, you will need to need to set and maintain some boundaries.

That is to say, you can only maintain boundaries when you know what is important to you.

It will feel a little uncomfortable at first if you have to say no, I’m not available on weekends.

You might feel squeamish if you say, that is the price for the program, I can do a payment option or an up front payment, those are my options. 

It might feel like you are rejecting the other person, or being unfair or letting them down.

But you are actually sending a message that says ‘For the right person, I am worth it, and I can truly help them.’

If you can shift this around you’ll start attracting clients who are prepared to pay because they will be drawn to your confidence, energy and sense of worth. 

Ready to reshape your narrative around time and money?

It’s time to find value your self worth! If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 45: Why Value Creates Money

If you want to know how to make money in your business you might have to think about things in a slightly different way.

This is especially the case if you come from an employment arrangement where you have been previously trading your time for an hourly wage. 

It is also the case if you think that discounting is the best way to sell your services. 

Both of these are unhelpful ways of thinking about time and money and I’m going to invite you to consider a different perspective that will help you to create more money in your business. 

Busting Two Money-Making Myths

The first myth that I want to bust is that people are paying you for your time. This is 100% false. 

What people are actually paying for is the value that you offer in your services or product that will help them get the result they want which transcends the time that they actually spend with you.

And consider this – if they get a lot of value from their session then they should be able to get the result they want and continue to get that result long after that session is over.

It’s the same for a product. Let’s say that I spent $9 99 on a plunger. The value is not in just the plunger it is in the unblocked sink or toilet that I can get with that plunger. I’m buying long term solutions – not a piece of rubber with a bit of wood attached.

The second myth is that discounting is a good pricing strategy for a service based business. In about 99% of cases it’s not. It’s ok if you’re a big warehouse selling mass-produced products. 

Considering that your aim is to sell value, not time, the quickest way to train your customers to value service is to price appropriately. 

Discounting your services simply serves to diminish the value of what you do, and as a pricing strategy, it trains people to think less of what you do. 

It’s really important that you understand the value of what you do because time is a finite resource and yet money is infinite. 

In other words, if you deliver a lot of value then the money you can make transcends the time that you spend on delivering that value.

What Does Value Look Like?

Considering that it’s value that brings in money, not time, you want to maximise the value of what you offer.

To make this happen, you must believe in what you do and know the results you can create.

Here’s an example of what value looks like in a coaching business. 

Let’s say you do a session with a client, and they have a massive epiphany that could transform some part of their life and or last many years.

I had a coaching client once show up to her second session after working on her vision and her why. The first thing she said was “That vision created lightbulbs for me. I lost 110 kg this week. I realised most of my problems come from a toxic relationship I’ve been in for many years and now I’ve broken up with that person and I’m finally free.”

That conversation happened in 2015, and that client lost 10kg through her coaching program and has maintained that. She is also much happier and making choices that support her in other areas of life.

Do you think she cares about what she paid for the coaching sessions? What she self-discovered is still delivering value to this day.

If a client like that was to refer someone to me, she’d talk about her amazing transformation and the result she got. She would never say, ‘the sessions only cost $80!’

Value has longevity and it is almost immeasurable.

Time is valuable but for a different reason, it’s finite. The only way to make money based on time is to charge a very high hourly rate – or to leverage your time through working with groups or selling memberships or DIY programs.

The message is this – if you think about hours for dollars and being cheap enough, so will your clients. If you think about the value of what you do, so will your clients.

 If you think about hours for dollars and being cheap enough, so will your clients. If you think about the value of what you do, so will your clients.

How to Create Value

Now that we’ve talked about value as the commodity that you’re actually selling in your business, let’s talk about how to create value. 

Just like beauty,value is in the eye of the beholder.

There are four things that you can do to create value in your coaching business.

The first thing you can do is to become a good coach through good old fashioned practice. 

This means being totally present with your client, making space for them to discover their own answers, hearing what they really need and letting them drive the agenda.

The second thing you can do is to surprise and delight your client by drip feeding them useful resources to help them to learn, become more self-aware and facilitate change.

I call this, know content, grow content, and change content.

These could include blogs you’ve written articles you found, recipes, podcasts or any other sort of thing that will help them to learn more, generate hope or solve a micro problem. 

When you unexpectedly send them a useful article (something that boosts self-awareness or helps them problem-solve), or a cheerleader text, or a surprise gift, your client will feel you truly want to help them and will feel a sense of value in what you do. 

The third thing to do is to think of your services in terms of the value you offer, and to ONLY talk to people about it in that sense.

The fourth thing to do is to stop trying to convince people to buy from you. If you can help your clients get a result that they desperately want, they will find the money. 

If they can’t see the value, it could mean one of two things: firstly, maybe you didn’t position the value right. Or secondly, they are not ready to buy right now, or to buy from you. In that case, you can go back to your messaging, or target a different type of client.

Your clients are actually incredibly resourceful. I have had clients say they’re saving up to work with me. This communicates that they see the value in the result they can get, and it is more important to them than either time or money.

A coach I know once tried to sell a $600 coaching program and the client said they didn’t have the money. The very next day, the client bought a musical instrument for….$600. What does that say about their perception of value, or perhaps, their readiness to change?

So to recap, the four things you need to do to create value are: 

  1. Practice your coaching or craft to become good at it, 
  2. surprise and delight your clients, 
  3. talk about the results you create, not the cost, and 
  4. remember that clients are resourceful if they want something badly enough.

Ready to earn money for value?

You can shape the way your work is valued. If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

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Episode 43: Changing Beliefs About Money

Episode 43: Changing Beliefs About Money

Have you ever wondered why you can’t seem to earn more? Or do you ever wish you could find a way to earn enough money, some day, somehow?

Our society places a strong focus on money and the perceived benefits it gives us. We’ve been socialised to adopt certain beliefs and judgements about money and how much people have.

Today, I want to invite you to blow all that BS out of your paradigm so you can get on with creating the money you want.

And when I say that, I mean that how much you want and what you earn is totally, 100% up to you. Maybe you WANT to create $25K per year and that’s enough. Maybe you WANT to create $200K per year and that’s enough. Whatever your situation, the most important thing is that you feel confident and capable of creating exactly what you need, and you enjoy the experience of money regardless of how much you make.

And that’s what I want to talk about today.

I want to explore with you how to start changing your beliefs about money so you can develop a healthier relationship with money and start giving and receiving it in a balanced and healthy way.

First let’s consider what defines your experience with money, then your values around money, some examples of beliefs that might prevent you from earning more, and finally, a simple method to shift your beliefs.

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What Defines Your Experience With Money?

Have you ever wondered how some people can be thoroughly content and happy, even when they have little money? Or why others, who have all the money in the world, are stressed and miserable?

The idea that money can’t buy happiness is certainly true. But that doesn’t stop us from having a fixation about money, whether it’s how to get it, having enough, or wanting more.

I think it’s so interesting that money itself is a benign object. It’s just paper and metal, and in the examples I’ve just given you, it’s pretty clear that it’s our beliefs about money that affect the value we place on it and therefore, our experience of money and how much we create for ourselves. 

Remember that a belief is a sentence that you tell yourself repeatedly until you are convinced. So when you have a certain belief about money – and a mantra that you repeat regularly – it will shape the actions you take and the results you get.

Your beliefs are what defines your experience with money. Your beliefs are what you need to change if you want to earn more. And the beliefs you have right now are often shaped by your long-standing beliefs which are also known as values.

Values Around Spending Money

Think about that for a moment in the context of spending money – and what something is worth to you.  

Let’s say that you are in a shop and you see a shirt that you like the look of. You check the price tag and then make an instant value judgement on whether that thing is ‘worth it’ or not. If you say to yourself – “That’s too expensive” – then your feeling will be disinterested and you will walk away. The result is that you won’t buy the shirt.

What about a different belief?

What if you felt that looking good and dressing smartly could make or break your business because it affected people’s perception of you? That $100 shirt would be a no-brainer for you in that case.

And so what we are looking at here is not the cost of the item, but the perceived value attached to it.

I believe that our personal values have a strong influence on our relationship with money. For example, if community and fairness were strong values for you, you might have no hesitation in sponsoring a child in a third world country. To you, this is an important contribution that you want to make.

Or, if health and wellbeing were strong values for you, you might want to have the best dentist, the best specialist and the best doctor working with you and spend money on regular checkups with these professionals.

If wealth and security are strong values for you, you might live very frugally and work hard to earn more income.

As you can see, what we value and believe has a massive influence on how we spend money, but also, how we make it.

If you place a higher value on yourself or your work, then you will find it easier to receive money. If you find it hard to see the value in yourself or what you do, then it will feel harder to receive money.

Values Around Receiving Money 

What happens when you put yourself on the receiving end?

If someone gave you a pile of money – say a prize winning or an inheritance – how would you feel about receiving that?

What if you were given money as a salary in exchange for work that you did for an employer? How do you feel about that?

What if the money came as a result of a service you personally delivered to someone in your own business?

What if the money came from something you created, like an artwork?

As I go through this list, notice that the method of earning becomes more and more personal. Some of you might notice that you started feeling more and more squeamish as I progressed. To me, that simply illustrates that, just like spending money, receiving money has it’s own set of values and emotions.

If you place a higher value on yourself or your work, then you will find it easier to receive money. If you find it hard to see the value in yourself or what you do, then it will feel harder to receive money.

Whether or not you are aware of your thoughts and beliefs around money, you can look to your body for clues about what’s going on in your brain.

When I work with coaches around price-setting, I ask them to start with their physical reactions to money to get their pricing right.

  • If your pricing is too high, you will feel squeamish and uncomfortable; it will be VERY difficult to ask your potential customers for money and it will impact your sales process.
  • If your pricing is too low, you may feel resentful and frustrated; your attention to detail and ability to deliver value to your clients will be low and it will impact your customer experience and therefore, your sales process.

This is a really simple way to work out how you feel about giving or receiving money. The values or long-held beliefs you have strongly influence what you believe right now about money. Your values form your ‘starting position’, if you like, and then you tend to build beliefs around those values that are aligned with them. 

You may like to complete the VIA character strengths test to work out your top 5 signature strengths and reflect on how they influence your spending and earning beliefs. 

Money beliefs

A belief is simply a sentence that we have said to ourselves repeatedly. It’s something we are convinced is true.

And what you believe about money and your relationship with it is the key to unlocking wealth.

My first real experience with money beliefs was in the 90’s and naughties when I was the GM and director of an environmental consulting company. Our company paid staff slightly above market rates with plenty of time and flexibility benefits, shareholding opportunities, extra earning opportunities and a bonus system. And we had 40 staff and we completed performance reviews every six months, where staff self-rated performance and growth, and we talked about progression and salary. Out of those reviews came some very interesting conversations about money based on totally different values and belief systems. Some staff member would walk into the review every six months with a well-prepared case as to why they should be given a pay rise and they pursued that assertively. 

Some staff members flustered and anxious about their pay rises because they felt they weren’t worth that much money, and they made it mean that they would have to work harder and stay back on weekends to be good enough to earn that much money. One of them came and said they’d prefer a pay cut!

Since consulting is a leverage model, we were rewarding their ability to build teams and deliver exceptional service to clients which bought integrity, reputation and greater earning capacity to the business as a whole.

They saw it as something else.

What does that tell you about money beliefs?

Limiting Beliefs about Money

The common beliefs that hold people back from earning what they’re worth, in a job or a business include things like:

  • I’m not good enough or I’m not worth that much
  • I don’t deserve it
  • I have to work hard to earn that much money
  • I’ll have to give up my personal life for that
  • People won’t pay that
  • People will think I’m greedy
  • People will compare me with X, and they’re better than me.
  • I can’t afford it.
  • I can’t earn any more, I’m at capacity.
  • I need someone to support me financially – I can’t do it on my own.
  • It’ll raise the bar and then I’ll have to maintain that.

What results do you think those sorts of thoughts create? They keep you stuck in a lack mentality, and what I call a pattern of pursuit. You keep doing the same thing over and over again, afraid of taking a risk or challenging your beliefs. So it’s pretty hard to reach the outcome you want.

One of my favourites that I’ve heard time and again from small business owners – “Oh, I’m not doing this to make money!”

What?

I have to call that out as total BS. The reason you run a business is to earn money. Sure you want to help people but you are also aiming to earn an income, right?

Your beliefs are what defines your experience with money. Your beliefs are what you need to change if you want to earn more. 

Affirming Beliefs about Money

So what WOULD you need to believe in order to create more money?

More affirming beliefs are things like:

  • I love money
  • There are lots of ways I can make money
  • I am learning to manage money
  • Money is paid where value is offered
  • I am worth it
  • I can learn skills that will add value to what I offer
  • I am good enough
  • What I do truly helps people
  • Money is just a numbers game
  • Money makes it possible to help more people.
  • Money is not about me.

Someone I know has gone from broke to millionaire about three times in her life already.

I find it very interesting to hear her beliefs around money. I have heard her say with confidence, ‘making money is EASY.’ I have also heard her say, ‘I’m not good with managing money.’

Can you see how those two beliefs link to her results?

She is always on the move, meeting people working out how to bring her products into the world, doing research and investing in her ideas. She believes that what she is doing will help people, and that it will be easy to sell.

And so far, she has proven herself right.

Then fears set in, things go wrong and the business folds; nothing do to with what is being sold, but always about how the money is managed.

Changing Beliefs About Money

If you want to create more money, you will need to start changing your beliefs about money.

You can also look at the four levels of money and from a logical perspective, get a handle on how to tweak your personal financial situation.

Then you need to look at ALL the things you are saying to yourself and rewire those mantras.

The easiest way to do this is a three step process.

First, you can journal an experience you have around money each day.

Second, you can write down the limiting beliefs that come up around the experience.

Third, you can challenge and question those beliefs, and re-write them in a more factual way.

Writing them down by hand makes it quicker and easier for your brain to ‘see’ what you want and to plug that into the reticular activating system – your brain’s GPS.

It’s essential that you truly believe your re-written statements. Otherwise you won’t adopt them.

Doing this as a daily process will subtly shift your perspective over time and open up new opportunities to create wealth.

Just like brushing your teeth, the rewards are not immediate and obvious, but over time, they will have a massive impact on what you think, feel, act and achieve.

 

Ready to change your beliefs about money?

You too could earn as much as you want! If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here: