Building a business can be tough! Especially when it may start as a side hustle…
Money is complicated – not just how to make it, spend it, track it and all those other quantitative things that are important as business owners — but also about how we feel about it.
Pricing yourself/your business more or less than what YOU think you are worth (rather than considering quantitative factors like what you need to charge to run your business) can cause anxiety and feelings of shame (internally focused) and guilt (externally focused). Pricing yourself/your business too low can cause cash flow issues and even contribute to attracting the wrong type of clients for you and your business. Pricing yourself/your business too high might price you out of your target demographic or industry.
Learning to separate your worth as a person from how much you charge for your product or services is the first step to dealing with the complex emotions around money. Remember, in the long term, your mental health is more important than your cash flow.
Tips to improve your feelings about money
Here are some things to consider if you experience feelings of shame or guilt around making money:
- Explore your underlying beliefs about money. If you grew up struggling with money, you may have a lot of energy and feelings around money. Think back to your earliest memories about money and try to approach the situation with compassion for yourself and the other people involved.
- Start talking about money! Money can be a very taboo topic. Talking about how much money you made in a night or how much things cost can be very upsetting, especially if you compare yourself to others. Try to talk honestly about money. The more you practice this skill, the easier it will be.
- Know that mistakes will happen. Give yourself compassion as you start to change your feelings and your actions around money. You may make some decisions that don’t help you long term, and that’s ok!
- Get comfortable making or receiving money! This one can be a tough one that also gets better with practice.
- Practice makes perfect. Like just about everything in life, practice makes perfect. You likely won’t see a linear improvement in your feelings about money. You’ll have times when you feel worse before you feel better. Keep practicing!
Know when to ask for help
Shame and guilt around money can be a very complicated and multifaceted issue. Consider looking for a professional who can help you with these feelings so that you can continue to grow your business with a healthy mindset.
If you’re not sure where to start at all with your prices, check out the pole industry survey response for guidelines of what other people are doing. Remember, your product or service is unique, this can give you some additional data to consider as you make the decisions that are best for you and your business.