As a business owner, do you find yourself walking a tightrope between offering what you think your customers can afford and what you know your product or service is worth to them?
If any of the following are true about your business, it might be time to considering raising your prices:
In all of the above cases, your customers are telling you that your products or services are really good value for money. So what's stopping you from raising your prices?
Many of us have limiting beliefs about money stored away in our unconscious mind.
In his book, The Chimp Paradox, Dr Steve Peters refers to these as ‘gremlins’, which we pick up when we’re young to help make sense of the world around us. They are the unconscious knowledge that strangers are scary, or the monkey bars are dangerous because you fell off them and broke your arm once.
Some of them are helpful and stop us hurting ourselves again, but sometimes they served us as a child but they’re not serving us now as adults.
The problem is, if you don't get rid of them, these gremlins are going to cause self-sabotaging behaviours. The unconscious mind will play these limiting beliefs like little programmes in our brains, to stop us from overcoming them.
However, if we can become aware of them, we can work on changing them.
Around the beginning of this year I realised that I had a limiting belief surrounding money that was holding me back in my business...
Having money makes people mean.
As a child I was bullied at school by people who happened to be fairly wealthy. I was told that “wealth brings power” and “power corrupts” so I internalised that as a belief that wealth negatively changes people's character and values. So unconsciously I strived to avoid becoming in any way wealthy because I didn’t want to become that horrible person.
This has made scaling and growing my business an uphill battle because this belief had been running in my unconscious mind and causing self-sabotaging behaviour. I avoided following up with leads and procrastinated on marketing and sales activities. I charged for my time not my value, apologising for my prices and using the excuse ‘I’m too busy’ to justify all my self-sabotaging behaviour.
What are your money blocks?
I know I’m not alone in having money blocks, but I also know that so many people don’t address them. I wouldn’t have addressed mine without coaching, support and hard work.
Here are some common ones. Do any of them resonate with you?
If you’ve always struggled with your pricing, or you know you need to increase your prices, beliefs like these will make it so much harder.
Ask yourself what’s really going on for you when you’re thinking about increasing your prices. Where does that uncomfortable feeling come from? What’s the root of it? These questions can help you identify where it came from and why you believe it.
When you’ve identified it, look for evidence that it’s not true. Reframe it in a different way. For example, a belief that I don’t deserve to be wealthy can be reframed by realising that, no one deserves to be wealthy or to be poor; life isn’t fair and some people just have more than other people. To reframe a belief that making money is hard, look for evidence that sometimes it’s easy.
If you’ve always struggled with your pricing, and it might be your mindset that’s holding you back, book a call with me today so that we can start building you a new, more profitable pricing strategy today.
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