business mindset Apr 16, 2020

If you missed my recent Facebook Live about the money blocks and mindset issues we experience at different stages of business, you can check out the video here and see the notes listed out below.

To find out more about the seven most common money blocks faced by female entrepreneurs click here.

Here are the different stages of business and mindset issues you might face.

Stage 1

  • Courage to own what you do and call yourself a “XYZ”, for example, a coach or an author. Action – put your job title (or desired title) on your email signature. You’ll see it every day and start to believe it yourself.
  • Maybe you’re still in a job, so it’s tough to juggle everything.
  • Stressing about getting your first client – or charging people.
  • Making the transition from free to paid can be tricky, but just pick a number and try it out.
  • Procrasti-branding – getting stuck thinking you need a website to get started or proper business cards – just focus on getting your first client.
  • You might still be on your practice business – and that’s okay. It’s all good practice – and it all counts.
  • Be confident that your previous work experience or your practice (or even failed) businesses all count as experience
  • The roller-coaster of terror (this is SO SCARY) and elation (OMG, I LOVE STARTING MY BUSINESS)
  • Say YES to everything – it’s all expensive. Throw everything at the wall and see if it sticks.

Stage 2

  • Fear of being visible – worried that if you blog you’ll get haters, or if you do videos, people will criticize you. The fear stops you doing more things in your business (the reality is that it probably won’t happen for a while anyway)
  • You might struggle being consistent in your marketing because you’re still figuring out your target market, or you might make some shifts to refine it further. Just keep going – and pay attention to what resonates. If you do nothing, you won’t be able to figure out what your audience really wants
  • Boundaries might start to be a problem with clients, because you’re so excited to even HAVE them, so you’re overdelivering like crazy and telling them things like “call me anytime” or letting them message you at all hours of the night. This is PRICELESS learning by the way
  • Procrastination and fear of creating passive income products, even though you know you should (because you’re starting to see the limitations of only doing 1:1 work.
  • You’re still learning everything yourself – so you’re thinking you could start to delegate some stuff out.
  • You start to invest in yourself more with maybe a coach or masterminds
  • Start to say MAYBE to everything – think about if it fits into your business before you say yes to opportunities

Stage 3

  • You’re thinking about more systems and processes – feeling like a grown up!
  • You want to hire out more – and you start to think about what it means to be a CEO – and it doesn’t stand for “Chief Everything Officer”
  • You’re getting momentum – time to raise your prices to make sure you have the right clients.
  • Boundaries with clients make you realise you need to tighten up some of your legal processes. Now is the time to make sure you have contracts sorted, and Terms & Conditions. You’ll learn this by trial and error – maybe through nightmare clients. Again, these are priceless lessons.
  • Start outsourcing things that stress you out – maybe your customer service inbox, graphic design or technical website stuff.
  • You start to tighten up costs – maybe you got a little too excited about earning money that you got crazy with spending on personal development.
  • It’s time to start paying yourself a salary.
  • Put on your big girl panties and talk to your accountant about your biz structure – is it time to upgrade? Save for tax?
  • Start to say NO to things that aren’t in your zone of genius, or things that don’t work for your business anymore.

Stage 4

  • Loneliness  – at this stage, it might be hard to find the right groups or masterminds for you. You need to be upgrading and making sure you’re surrounding yourself with people who have similar energy, ambition or mindset with you.
  • Copycats might be a problem here – people are noticing what you’re doing, so you’ll get people flat out or “accidentally” copying you, including old or current clients. Either don’t take it personally, or get legal.
  • Tighten up legals even more, including business insurances, contracts and trademarks.
  • Fame! You might get fan girls who LOVE and adore you. This can feel great, or overwhelming, depending on your personality. It can even feel a little isolating when people put you on a pedestal.
  • Burn out – some people get super burnt out at this stage and wonder how they’ll keep going at this pace forever

Stage 5

  • Embracing your role as a leader and being willing to take on that role in your communities
  • Be willing to hold the space for people – set rules in your business in how you want to interact with people
  • Your motivation might change from money to other things in your business – for example, you might build more philanthropy into your business.
  • Some people get bored and “break” their business by thinking they’ve done everything, instead of deepening.
  • You start to get more brutal with your time and evaluate opportunities with a more business like eye – for example, instead of going to conferences as an attendee, you speak on stage or become a sponsor, so you can leverage your time.
  • You learn how to manage your money better – with financial advisors or accountants. Learning to be a “rich person”
  • Some people look to retirement – what’s next? Maybe you don’t hustle as much.
  • The momentum is hard to switch off here if you’ve been consistent for many years – the years of layering in boundaries, products, services, passive income products, etc.

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