Today on the podcast I am joined by Erin Marshall. Erin runs a digital marketing agency that helps coaches and clients automate their sales process by creating sales funnels for them. Erin and I are talking about spending money, charging for our services, and the belief that either of those things can be hard to do.
Charging your worth
Many business owners believe that people will not pay higher rates for their work. For example, when an entrepreneur’s business coach tells them that their service or product is valuable and that they should raise your rates so they can make more money, all the while the entrepreneur is thinking no one is going to pay more than what they are currently paying. So, instead of listening to their business coach, the entrepreneur does not raise their rates.
Because of this, the entrepreneur can’t afford to grow their team, advertise, to pay for higher ticket software, etc. The link between these things is that the entrepreneur doesn’t believe they can spend money because money is scarce so, therefore, everyone else feels that way too. The entrepreneur believes mo one has money to invest in a business and therefore no one will pay higher rates.
Self-perpetuating truth
This becomes a cyclical, self-perpetuating truth because what you believe is what you create. And everything you create, you believe. If you believe that no one will pay more than what you are currently charging, you will keep attracting the clients that will only pay that amount and will never be higher-paying clients.
You end up telling yourself money stories and then believe these stories even though you have never asked anyone to pay more for your products or services. That mindset will also come out in your marketing copy, your conversations in Facebook Groups, in any of the content you put out – which won’t resonate with business owners who have the abundance mindset and who would invest in their business or themselves.
Your mindset attracts people of a similar mindset
The idea that when you pay for things or are investing in something of a higher ticket price should feel good and should not make you feel resentful. How you talk about money and your attitude about money becomes the basis for everything you do in business.
In Erin’s early years, she was convinced that she needed to be really wise about what she did with the money she earned. She thought investing in making her business easier for her to run was frivolous, but in reality, it enabled her to not feel burned out or overwhelmed. By spending money on her business, she can provide better service that results in more referrals, more business, and making more money.
She quickly realized that when she invests in services, tools and a team, the return on those investments are greater than what she puts out, so the money keeps flowing. Many people think they are scooping out “water” from a bucket, rather than seeing that water - or money - as a river that is constantly flowing and moving.
The flow of money
The best way to stop the flow of money is for you to become a dam. You think you’re going to collect more money by not investing it in things, but instead, you end up with a limited number of resources that prevent your business from growing.
There is also a fear of being greedy by charging more. By trying to attract higher-paying clients, Erin felt she was telling the world she didn’t want to help those starting out in business but she quickly realized that wasn’t the case. She needed to work past this perception for the improvement of her business.
Erin realized that she can create a business that allows her to offer assistance to businesses who are not at the same level and cannot invest in her because she has created a framework where she has the freedom to now offer free resources, such as checklists, Facebook Lives, etc. If she was constantly working with numerous low-paying clients as opposed to one or two higher-paying clients, then she wouldn’t have the time to devote to creating free resources that can help entrepreneurs just starting out.
As Money Mindset Mentor, Denise Duffield-Thomas says, “it’s either free or expensive.” More business owners should look at this statement in order to create a sustainable business that allows them to provide free resources to those just starting out or cannot pay your higher-end rates.
Moving past scarcity
Take the fear and scarcity out of making and spending money. Once you do this you can change the way you do business and you can grow your business. Change your rates incrementally so that you are stretching, but also feeling comfortable and confident about charging that amount of money. And then once you become too comfortable, think about raising your rates again.
Don’t feel you can’t raise your rates because no one will pay it. It’s not true. Chances are someone out there is paying those rates right now for the exact same service. There are people out there who will pay your rates – you just have to find the right people.
Once you do this you will find yourself enjoying your business more and being able to grow your business.
To find out more about Erin and how she and her team help businesses grow through automation, visit ErinMarshall.biz
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Podcast editing done by Eric Wellman