Mindset madness: Money, energy and self sabotage
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Transcript
Money mindset is the subconscious saboteur of solopreneurs everywhere. It doesn’t matter how passionate you are about what you have to offer, how good you are at what you do, or how incredible your product is. If you can’t ask for money in exchange for it you’re going to struggle as a business.
This podcast has a previous interview series with a money mindset coach Dennis Harhalakis. It’s episode 65 + 66 Taming the money lion and Unpacking your money baggage. I highly recommend going back to review those. The focus there was really on changing our behavior around money.
It’s such a big topic for most people that I wanted to revisit it. What we believe about how much we’re worth and the value we bring to the world is rooted in what we believe about ourselves. Money mindset is tangled up in all that first chakra survival stuff. Our financial survival is our physical survival and in this modern day it reflects our self worth and right to be who we are and have what we have.
Be Do and Have. it all comes back to that.
One of the things that comes up again and again for wellness entrepreneurs and creators is the question of pricing what you sell. What is what you offer worth? Many fit pros and especially Yogi’s tend to undercharge for their courses, classes and memberships.
Part of this is because we want it to be accessible. Part of it is because there is so much free content out there we think we can’t compete with higher ticket prices. And part of it is because, for whatever reason, we really don’t believe it’s worth that much.
Now if you ask an instructor, you won’t get them to say out loud that they don’t think it’s worth that much, but their behavior tells a different story.
Today I want to talk about how to adjust your thinking around pricing. I’ve done all kinds of exercises around setting higher priced programs. And I’ll tell you that you can set those high prices all day long but if you don’t believe you can receive that price it’s just not going to fly. Simply charging more for something doesn’t fix the mindset behind it. And here’s why.
There’s an energetic connection between you and what you offer. And if the price of your program makes you cringe on the inside, I can guarantee other people won’t touch it with a 10 foot pole. That internal cringe comes off to other people that you don’t believe in what you’re offering. And if you don’t believe in it, why should they?
Pricing your programs can be really difficult. It’s very vulnerable. After All this is what you do and so often what we do is tangled up in who we are. So rejection hurts just a little bit more. But that also means acceptance and sales are going to feel just that much better too.
So how do you get over that? How do you set your prices so that people want to say hell yes every time?
Let’s start by reframing the issue a little bit. Back before there was money we exchanged energy. Maybe it was energy in the form of work, maybe it was chickens. I couldn’t hunt and you couldn’t cook, You could hunt and I could cook and we could both eat. And we’d both be grateful for that exchange. No one felt taken advantage of. There was no shame in that exchange of energy.
Nowadays our skills are very different but the key is finding the people who need your skills and are willing to exchange energy in the form of money. If you don’t put a value on what you do no one else can either. It’s your energy after all. And that energy is worth something.
Whatever price you choose to place on your program, you need to feel really good about it. You need to be able to picture people signing up for it. You need to be able to see that money coming into your bank account and enjoying it. If you can’t do that then adjust the number until you can.
Start with your program or class. Design it to have just the right amount of stuff included. Only keep the things that you are really excited about. The things that really light you up so it’ll be that much easier to talk about.
Then choose the price. Think about the things you’ve purchased that you were most excited about and why. When you really want something you make it happen, right? So think about the perfect client and the experience they are craving. What is it worth to them? Then decide what are you willing to receive?
In the fitness studio world as you probably have seen there are lots of payment models. Punch cards/Class passes, sessions, drop in classes, membership models, and any combination. As a student when I look at studios to join I look hard at their schedule. My questions are always, Can I even make it to those classes? How many can I realistically get to per week/month? Even when they offer 7 days free or first month free it’s challenging. Some of the studios around me have a monthly fee that’s set so high I would have to go to class every single day to make it worth it to me and the schedule isn’t all that flexible. This is the challenge for all studios and students.
Personally, I’m exploring more special workshops and themed sessions rather than pushing ongoing memberships. These are things that get my attention as a student and I’m not all that different from my students.
As far as what to charge for your offerings, it might be a straight up math problem. This is what it costs me to do this and this is what I need to make. Boom. Math can be simple. In my experience this hasn’t worked as well for me because it’s so hard to put a number on time and let’s face it some things can take hundreds of hours to create. That’s why thinking about what your client values is so important. But you have to stand behind those numbers with the courage of your convictions. It’s an energetic charge. You have to believe in them. And more than that you have to believe in yourself. Love what you do and what you’re offering and other people will too.
Thanks for joining me for this week's Work IN. Next time we’re going to talk about marketing and self promotion and how to do it shamelessly. If you like what you heard and are curious to see some of these things in action you can follow me on Instagram at @realsavagegrace or on Facebook @savagegracecoaching And I would be forever grateful if you would give The Work IN a like and share or a 5 star review on Apple or spotify. You can find links to everything we talk about on this podcast in the show notes and the easiest way to get to those is to visit savagegracecoaching.com/theworkin
Thanks everyone and I’ll see you next time!
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