6 Mindset Issues That Will Derail Your Business
I spend a lot of time talking about the practical things you need to do to grow your business. Developing a business model that will help you serve your clients in the best way possible while also helping you hit your revenue goals. Determining your niche and knowing exactly what they need and how you can help them. Being visible and consistent. All those things are incredibly important as you’re laying your business foundations and building a solid client pipeline.
But when it comes to running a business, there are some little (big) things that can derail you and your business, and they fall under the mindset umbrella. Now, I know what you’re thinking… “Not another blog post on mindset.” And normally, I’d agree with you.
Most of the time, mindset conversations feel super blah, but I feel compelled to address this because I’m seeing more and more businesses declining. The issues, in this case, are not business mechanics, and that leaves mindset.
Before we dive in, let me be clear here that mindset is more than meditation, affirmations, and having a positive attitude. It’s more than motivational quotes and posters hanging in your office. That takes me back to my corporate days when those brightly colored pictures with empowering quotes were hung on the walls.
Mindset, according to Very Well Mind is “a set of beliefs that shape how you make sense of the world and yourself,” and it directly affects what you believe you can and cannot achieve. It shapes the way you show up in the world, what you believe about others, and your own abilities.
When you take the time to work on your mindset, just like you would any other piece of your business, you shift into a place where you can show up as the best version of yourself. Someone who’s confident, an expert, and the leader of their business. When we ignore it, when we assume it’s just a bunch of woo woo magic pixie dust, we allow those beliefs that we grew up with and that have been reinforced over time shape how we show up.
The challenge, of course, is that it’s hard to see your own blindspots, and the work required isn’t always fun or easy. But it is worth it.
Here are some powerful notes from the Entrepreneurial Mindset Study 2020: The Mindset of Successful Consultants that highlights the financial and professional impact of working on your mindset as a business owner. In this study, they surveyed 36,000 consultants globally, and here are some of their key findings.
Consultants who consistently work on their mindset make $150K+
Consultants who work with mentors or coaches earn a higher annual income compared to those who don’t.
Consultants who work on their mindset reach out to have conversations with ideal clients much more frequently.
Consultants who don’t consciously work on their mindset are less content with their lives.
Common Mindset Issues For Business Owners
Imposter Syndrome - I wrote about this a few weeks ago (read it here), but this is when you doubt what you bring to the table, when you downplay all your skills, experience, and expertise when clients come your way. “Why would they want to work with me?” and “It was luck.” are a few examples of Imposter Syndrome come to life. There’s a lot to unpack here, and when you do, it’s POWERFUL. You start to see yourself more clearly, and own your value, and more importantly the value and results you create for your clients. THAT’S when you truly embrace yourself as the CEO of your business.
Confusion - “I can’t figure it out.” “I’m confused.” “I don’t know how.” I hear these phrases a lot, and I call BS. People choose confusion because they don’t want to make a decision, especially if they believe that there is only one right answer. The truth is, there are very few wrong decisions you can make in your business, and even fewer that can’t be corrected. So, simply make a choice. Decide on the next step, and go!
Fear of Failure - I’ve seen this mindset block prevent countless women from doing what they truly want. “What if I make the leap and it doesn’t work out? “What if I launch this group program and no one buys?” But what if it DOES work out? What if people DO buy? Don’t let this fear keep you from stepping into the arena and doing all the goodness you want to do in the world.
Fear of Success - This is a tricky one, because on the surface, who doesn’t want more success? But the reality is, success does create changes in your life and business. We’re creatures of habit. We don’t want things to change, especially if we have carefully crafted things the way we want them. I often hear people say, “What if my business grows too much and I’m working all the time?” Having success in business means you get to decide what success looks like and what’s required of you. Success in business means you get to create a team and allow them to shine. Success in business means you’re no longer the only one doing all the things, and that’s a change that’ll probably be a pretty welcome change!
Low Pricing - If you’ve been around me for a while, you know I’m passionate about pricing your services properly. Believing that no one will buy your services unless they’re “affordable” or wanting your services to be accessible to everyone is not serving you. Low pricing communicates a question mark about you in buyers’ minds - “Will I really get what I want and need?” At the end of the day, people are paying you for a result, and when the struggle your potential client is facing is painful or costing them time, energy, or money, they’re not looking at the price. They’re looking for the result. Set your prices accordingly.
Money - This one can take a bunch of different forms, but it shows up in thoughts like, “Money is evil.” “I only need to make… “ “Rich people are bad.” “I never have enough.” “I’ll keep my prices low, so I’m not excluding people.” And the list goes on. Taking the time to tackle your own money mindset issues - and yes, you have them - will go a long way to shifting what you think about making money, increasing the possibility of making more of it, and best of all, help you see that you’re worthy of it. It also makes pricing and sales a lot easier when you do the work to uncover how this shows up for you.
These are just a few of the mindset issues I see as I work with clients, but I can say with certainty, the data and my own experience has shown me that business owners who are willing to tackle these issues head on are more likely to succeed in their business. Yes, the mechanics - your niche, your marketing plan, being consistent… - are all important, but it’s these mindset issues that will truly hold you back.
Do you have mindset issues? Join me inside The Empowered Entrepreneur Community and ask for help. I’d love to know which mindset issue is impacting you and your business and help you build a plan to move forward with gusto!
