10 Signs Your Baggage is Hurting Your Business

 A while back, I attended a “sold out” women’s networking event. The room was packed full of energetic women business owners all eager to learn more about attracting clients and growing their business.  During the presentation portion of the meeting, the speaker enthusiastically revealed the “secrets” to creating a successful business:
  1. Focusing your marketing efforts,
  2. Taking action,
  3. Having a positive mindset.

You’re probably thinking, “there’s nothing new here, I’ve heard this before.”  You’re absolutely right. There is nothing new here. There’s no magic bullet to be found.

These are the same things I tell my clients every day. Along with mastering the art of sales, these three simple things are absolutely critical to your success as a business owner, yet mastering these areas doesn’t always come easy for women entrepreneurs.

On the surface, growing a profitable business sounds easy, but it’s actually quite complicated.  It is so complicated because we make it that way.

Over the years, I have found that many women entrepreneurs carry a lot of money “baggage” that keeps them from having the businesses that they love and earning the income they desire (and deserve).  In essence, they have a dysfunctional relationship with money.

Unfortunately, no matter how much you market, get into action, and try to think positively, if you have a poor relationship with money, it will negatively impact your business.

Here are 10 signs that your money baggage is hurting your business:

  1. You hate hearing the question, “So, how much do you charge?” If you get butterflies every time you state your fees, your clients can sense your uneasiness and are more likely to feel uncomfortable with the price.
  2. You are bartering and trading services with others.  If you’re just starting out it’s perfectly fine to take on a couple of clients to get some experience and gather testimonials, but make sure you have clearly outlined the terms of service so that you and your client know what to expect.  No matter how much value you get from bartering and trading, cash must flow into your business if you are going to be successful.
  3. You are undercharging for your services.  If you’re working hard and not getting the income results you desire, you’re probably undercharging.  If you routinely discount your services, you are likely undercharging.  How you price your offer lets the world know how much you value your own services.  If you don’t value them, why would anyone else?
  4. You bring in revenue but have very little profit.  Some folks make money but blow through it like air.  No matter how much money you bring in, if your business isn’t profitable, it will not survive.
  5. You avoid looking at your numbers.  It’s fairly common for entrepreneurs to be totally unaware about how much money they are bringing in and how much is going out of their business.  This is the equivalent of ignoring your money, which definitely isn’t healthy for you or your business.
  6. You equate time with money. People who think “time is money” tend to charge by the hour.  While time and money are undeniably linked together, they are not the same and do not have the same value.  If you’re holding onto the belief that time equals money, it will stunt your business growth and leave you burnt out.
  7. You avoid offering your services.  Do you avoid telling people about your services or avoid inviting them to do business with you?  Do you fail to include a call to action in your marketing pieces? Many women entrepreneurs avoid asking for business because they feel uncomfortable asking for money.  For some reason they associate asking for money with being pushy or sleazy.  In truth, money is necessary for you to be able to serve the people you are meant to serve.  This is true even if you own the most “golden-hearted” non-profit in the world.
  8. You avoid investing in yourself or your business.  It’s incongruent to avoid investing in yourself and still expect your clients to invest in themselves through you.  It’s extremely difficult to hold the space for your clients to grow if you are not willing to do the same.
  9. You tell yourself “I’m not in it for the money.”  All of my clients are mission-centered entrepreneurs.  They really want to make a difference and help others.  The most successful business owners understand that you can help so many more people if you actually make good money in your business.
  10. You have negative feelings when thinking about or discussing money.  This is a huge clue that you have money blocks that are impacting your business.  If you have a negative relationship with money, you can’t expect to enjoy more of it.  Think about it, if you have negative feelings toward your next door neighbor, how likely will it be that the two of you will spend a lot of joyful quality time together.  It won’t happen unless you change your mindset.

If you can identify with even one of these statements, your relationship with money is impacting your business.

This is, by no means, an exhaustive list.  I could keep going all day about the different ways that your money baggage impacts your business.  I didn’t even touch on debt and guilt.

In order for women entrepreneurs to truly be successful in business they have to heal their relationship with money so that they can breakthrough their own self-imposed glass ceiling, increase their income, and serve the clients they are meant to serve.

If you know you need help mastering the money, marketing and sales side of your business, click here to apply for your complimentary 30 minute Flicker to Flare Sales Assessment.

About Tiffany deSilva

Tiffany deSilva is the founder, CEO, and visionary leader of BrightFire Women’s Business Network, LLC.

BrightFire Women’s Business Network is the premiere sales training and coaching resource for service-based women entrepreneurs who want to increase their sales, serve more people, and change more lives.

Feedback & Comments:

  1. Love this post! I find so many small biz owners do not see themselves in a position of power with money and that mindset affects EVERYTHING! Great questions, Tiffany.

  2. Tiffany I always enjoy your conversations here about money because it’s forces me to address the subject head on myself! Thank you.

  3. Well put together list.
    It is also a function of low self-esteem across the board.
    Fear of failure triggers as well.

  4. There are business owners out there who say, “I’m not in it for the money?” Then why do they have the stresses of a business? Just give away your services.

    Great article Tiffany, even if it irked me that you had to address the “I’m not in it for the money” people.. I’ll stop writing before I rant…

  5. Tiffany,

    I always say “your values equal value.”. If someone is constantly price shopping, it’s usually a clear indication of a lack mentality. That’s not to say that being a smart shopper isn’t a good thing, but when it comes to your business, it’s important to invest in the best, most valuable support you can get. That often means the investment is bigger.

    Write on!~

    Lisa Manyon

  6. Great list. So many of these applied to me when I first started out in my business. As I read through I realized that I wasn’t doing “that” anymore. What a good feeling! Thanks :-)

  7. “There’s nothing new here” Can be a dangerous thought. Tuning out advice because you may have heard it before can rob you of the opportunity to revisit things in your own business, reassess their effectiveness, and look at how you can continue to improve.

    I love your suggestions of what to look at and examine that causes people to let their baggage interfere with their business.

  8. Heidi Alexandra Pollard says:

    Awesome list and so many of us can probably tick one if not more. Many of the female entrepreneurs I work with often have these money – value issues – surprisingly they didn’t when they were formerly working for a corporate earning six figures and more. I wonder what the shift is they experience that changes things when they start out on their own. Love to know your thoughts Tiffany!

    • I think part of it is looking at yourself as the CEO of your business rather than an employee of your business. When you make that mindset shift, you tend to look at your time and investments differently.

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