Having a positive relationship with your finances helps you feel confident and secure in your business and personal life. That’s why cultivating a money mindset matters!
As an entrepreneur shifting to an online business model, you’ll have the opportunity to open yourself up to way more opportunities (and to generate more revenue). But in order to be successful in your business and set attainable goals, you need to focus on building a positive money mindset.
Most of us have to put in serious work in order to achieve a positive money mindset. But it really does pay off—you’ll have a better relationship with your pricing, money, revenue, and business as a whole.
Why Is A Strong Money Mindset Important?
Financial health is something that’s always on most of our minds. And for good reason—your relationship with your money is SO important.
When we’re thinking about pricing our online courses, shifting to, and scaling a profitable online business, our relationship with and thought patterns about money will inevitably pop up.
Both unconscious and conscious thoughts, habits, and beliefs will be present. They’ll influence the way we make decisions, find confidence, and navigate the shift from offline entrepreneur to online educator.
That’s why understanding your financial story and building a money mindset is so important. The truth is that your financial health will really impact you (whether you realize it or not) in every area of your new business model.
Think about this: are you willing to claim your ambition, your desire to earn lots of money, and your dream to have a lucrative, profitable business?
That’s what your money mindset is all about. And when you work to create that essential mindset, you’ll set yourself up for real success in pricing your course and making decisions that open you up to growth rather than limiting yourself.
As you work to create online courses and shift your expertise online, you ultimately hope to be profitable enough to support the type of lifestyle you’ve always dreamed of!
So if you have hidden stories, beliefs, or thoughts around money, they could really impact your potential, confidence, and ability to achieve those goals.
To avoid underpricing your course, setting lower revenue targets than you should, or undercutting the value of your skills, you need to address your money mindset. This is something you should focus on NOW in order to move forward.
5 Steps To Improve Your Money Mindset
Now, you fully understand why a money mindset is important. It allows us to not self-sabotage. Instead, we believe in ourselves and work towards achieving our biggest goals.
So how do you actually improve your money mindset? Here are five steps you can take starting now.
1. Set Realistic, Specific Revenue Goals
As you start to set launch goals and revenue goals in your business, it’s important to know what’s happening with your money mindset. That way, you’ll avoid being unrealistic, and you’ll be able to set super clear goals aligned with your overall business vision.
When you are just starting out shifting your business online, you might not have any idea how to set revenue goals. Whether you’re afraid of being disappointed or of setting a goal that’s too low, there’s a lot of uncertainty.
Here’s a secret: when you’re brand new to an online course model, target 1% conversion for your whole list size. Of course, there’s lots of variation here depending on if you have an engaged, active audience, if you’ve nurtured your leads, and more, but it’s a great place to start.
I recommend setting three goals:
- Minimum Goal: lets you know the effort was worthwhile
- Medium Goal: the most likely goal you’ll achieve
- Stretch Goal: a number you’d love to achieve, but is higher than you expect
This system helps you avoid the potential of being disappointed by how your goals work out. And when you start to overcome the insecurities around your revenue goals, you’ll start to improve your money mindset as you move forward.
Related: Upsells, Downsells, and Pricing with Confidence
2. Reflect On Your Past Financial Circumstances and Current Money Mindset
To understand your money mindset, you’re going to need to do some journaling. The first real area you need to reflect on is your past circumstances surrounding money.
As you were growing up, was your family’s financial situation easy or hard? Did your parents or caregivers have a healthy money mindset, or did they pass their negative beliefs and opinions on to you?
You likely don’t realize just how impactful your childhood was in shaping your money mindset.
3. Imagine What Financial Success Looks Like For You
If you’re ready to develop that positive money mindset, you have to have a vision for what that actually looks like in your life. What would true financial success look like for YOU?
Don’t just think about numbers here. Think about the emotions and lifestyle changes you’d experience when you found your ideal version of financial success.
4. Reflect On How Ambition and Success Make You Feel
The next thing you’ll want to consider is how the idea of financial growth makes you feel. When you imagine having a lucrative, highly profitable business, how do you feel? How does being able to live the kind of lifestyle you’ve always dreamed of actually make you feel?
For some of us, there’s a lot of shame inherently built into the idea of financial freedom and success. We’re afraid to be seen as greedy or selfish as we work to build businesses that we love. Knowing that those thought patterns are affecting you is one of the first steps in shifting your money mindset.
Whether you’re worried about what others think or you’re self-conscious about your ambition and big dreams, you have to know what’s happening in your brain around money. This is so important because when negative thoughts and beliefs go unchecked, we start to self-sabotage and procrastinate.
Remember: you have the right to earn as much money as you wish, to spend it the way you want, and to achieve your biggest goals. As you shift your business online, you’re opening yourself up to a whole new world of revenue opportunities….so it’s time to claim it!
5. Know Your Numbers and Use Data To Back Your Decisions
One of the best ways to change your money mindset is to rely on your numbers and use your data to make decisions. This can be through your digital marketing analytics, social media metrics, and more. Specific metrics like click-through, open, and conversion rates will help you know what’s working and what you need to shift.
When we make emotional decisions around money—especially those based on fear—we experience self-doubt. If you use your numbers, you’ll feel confident and strip the emotion out of the situation.
If you ever start to panic, take a step back and evaluate your metrics one by one. This helps you take action in a strategic way while improving your money mindset.
Your money mindset helps shape so much of how you run your business—and how you experience your life. These five steps will help you move in the right direction towards having a more positive money mindset!