Myths around making money & how to bust them

money-money-money-1237912-639x443It goes without saying that money is just the flow of energy so if that’s the case why do so many small business owners struggle to do more than make ends meet? I have had a number of enquiries from potential clients about helping them with money blocks recently. If that’s you then I hope you find this myth busting exercise and the tips that follow  really helpful.

  1. You have got to have money to make money

What absolute bunkum! In many respects with the internet and technological advances, it has never been easier to set up a business without expending vast sums. What you do need is a moneymaking mindset. I had dinner with a serial entrepreneur last week and he explained how he made his money. He discovered a process that saved insurance companies £300 a time so they all bought it from him. He charged £299 for a solution which cost him 5p to make but it still gave the customer value as it was half what they had been paying.

Such a markup on a service or product may not be possible in your industry but no matter what the marketing funnel says, don’t be tempted to give away too many freebies. What does that say about the value you place on your own product or service?

  1. The cheapest deal offers the best value for money

Not that long ago I needed to do some marketing and someone I knew made me an offer I could not refuse. It all seemed incredible value and in some ways it was in that I paid considerably less than the going rate. This was because they were a start up business so it was a loss leader for them. Unfortunately the whole experience was rather ghastly. I had to go through a “middleman” so to speak to get to the person doing the work. This slowed the whole process up. I ended up getting emails and texts after 10pm at night and at weekends.  This is my switch off time normally so I learnt a lot about being clearer about my boundaries.  The final straw was that I got the wrong sized flyer and it took over 24 hours to get the right size which led to an increase of 30% in my printing costs because it became a rush job. The motto here is you get what you pay for.

This is so true for us personally too. This year we decided to move our daughters into the private education system. It wasn’t an easy decision as I am sure you can imagine and yet I have been quietly impressed by the school. The Friday before their first day, both their class teachers rang up to check if there was anything we needed. That to me is service beyond the call of duty and it is a reflection of the lengths staff members will go to reach out and connect and in so doing smoothen the transition.

  1. Don’t spend what you don’t have

No I am not about to encourage reckless spending and yet one thing I have learnt is that when I invest in myself then it allows the money to flow. When I started out, I said to myself that I wouldn’t allow my bank balance to go below a certain level. I still made money but it was a slog and that was because the choice I made may have felt safe but it was actually damming the flow. The effect was to put the brakes on my potential earnings. It was only when I let go of that artificial ceiling and actually started to invest in myself that I began to see a significant shift. I realised that I needed to undertake some training which was going to cost me around £3,000 and at the point I took the decision I had no idea where the money was going to come. Within a month of taking the decision I won a contract that more than covered the investment. These days I tend to work on the basis of investing about 25% of what I make into developing myself. It pays off because people can sense often unconsciously when you have new insights as a coach and so have more to share and they start knocking on the door.

  1. You need to buy into fancy systems to make money

So many people fall into this trap. They either end up spending a fortune to meet with other business owners once a month and pay a significant fee for the privilege or get seduced into buying software packages on the claim that it will take their business to the next level. The first system tends to offer a range of motivational talks and support from other members when you offer a new service; the argument around the second is that you are taking your business seriously and being more professional. Neither is a prerequisite to success but either can be tempting if you don’t think that you are enough in yourself.

Having outlined some of the common myths around making money, let me give you some tips on what does work. As with most things, it starts with understanding what is happening at the subconscious level. Here’s the thing when you were a child, you got told off by your parents if you did something naughty. As an adult, you become your parent. You punish yourself and the way many do that is by preventing the flow of money. How miserable do you feel if you can’t afford new clothes; if you feel you don’t have the means to go out? See how effective this punishment is now.

If you look at a course and think I can’t afford it; I haven’t got a spare £xyz then the likelihood is that you won’t do it. Here is the thing though your relationship with money is emotional. There will be certain expenses you never question or even feel you deserve. It is amazing what you discover when you go through your expenditure, log it on a spreadsheet and ask yourself if it is all absolutely vital.

Remember the adage you get what you pay for. The person who is running a weekend course has probably invested £1000s into their own training and so what they are asking is a fair price. If you can’t cut back on a lot, see where you can make savings and put aside a regular amount each week for a couple of months beforehand. That way you will raise the money for the course and making the investment will make you feel good about yourself and that will have a knock on effect on your business.

Others have a very strong work ethic. In and of itself there is nothing wrong with this however you are not a machine and cannot go on and on. Like a battery you will run out of juice and you can suffer from stress and exhaustion if you push yourself too far. Very often the driver for this type of behaviour comes from a sense of scarcity. If you had very little as a child then you may feel driven to provide for your family to ensure they have the security you never had.  So learn to pace yourself and take the foot off the accelerator before you have a nervous breakdown!

Finally it is okay to have spiritual values and make good money. That in itself will not make you a greedy capitalist. Become a conscious consumer, appreciate all that you have and you will receive more because you will be living in abundance.

Easy to say and hard to do you might say. It does require a shift in your mindset and this is where I can help. Using colour, which is a visual and kinaesthetic therapy, I can enable you to heal rapidly within a few sessions if you are ready. This is very powerful work as it accesses your deep-seated issues in an incredibly gentle way. Check out the reviews on my facebook business page to get a sense of the results that I have had. Not only have I seen amazing results for others, I have experienced them for myself. Because I believe in it so strongly, I am offering anyone who books a session by the end of September, 20% off the normal rate for an initial introductory session. So get in touch today to claim this offer.

What’s your relationship like with money?

money globeIn this article, Kate Griffiths explores why so many socially conscious businesses are not making good money and what needs to change to transform the world we live in.

Much has been written about money and I know my own relationship with money has changed significantly as I have gone deeper into my journey as a soulpreneur.  I believe I have gained quite a bit of wisdom around this topic and I want to share that with you to help you on your journey.

What I write here is inspired by many of the conversations that I have online with other entrepreneurs and yet I want to give a special mention to the Meaningful Work community, a FB group that I belong to as a thread in there really prompted me to blog about this topic.  Let me start by sharing some myths around money.

You are not truly spiritual if you ask for money for your products and services transparently

Part of the new paradigm has been to react against the greed and self-interest that twentieth century capitalism seems to have spawned.  So often in history we do get these cycles where the pendulum swings from one extreme to the other.  However I really strongly believe that being poor does not make you more spiritual.  We created money and that is part of our current reality.  There is a strong belief in many spiritual communities that to seek money is not being true to your values because the most important thing is to help others.  I contend that it is vital to walk your talk and first off you need to help yourself so that you are really in a position to support others.  If you are still querying this working hypothesis then answer the following questions honestly:

  1. How can you really be of service to others if you are preventing your own success?
  2. To what extent do you really believe that you can make a difference to others?
  3. What value do you put on your own skills?

This year the predominant challenge you will see emerging if you are beginning to do well financially will be around the area of self-worth.  It is absolutely critical that you clear any old beliefs in this area.

In essence money is merely the flow of energy so in essence the more you have, the more you can impact positively on the lives of others.  Having money is not the issue, what you need to consider is how conscious  you are around it.

Investing your money ethically

Recently my company became a limited company and when I informed my bank they told me that I had to open a new bank account.  I was pretty frustrated because nothing had changed in that I was still offering the same kind of work.  I did appreciate that the legal entity of my business had changed and that the bank was only responding to rules put in place by Companies House however I was champing at the bit rather.  This went from bad to worse in that I then discovered that the whole process would take around 45 minutes.  I could not understand why this was the case when I had banked with the organisation for many years and so they knew all about my financial history and had all my key details on their system.  The last straw was when they said that they could not give me advice on which type of account to open. At that point, I was fuming and explained somewhat tersely that I would have to end the conversation and that it was unlikely that I would be remaining a customer of theirs.

Later on I recognised that this was a great opportunity to find a truly ethical alternative as my business bank.  This led to a rich thread on Facebook in which many gave their points of view. As a result I discovered Metro bank, a truly ethical alternative.  It is the first new bank on the high street in the UK in the last 100 years and it invests its money into local communities and local businesses.  It really does put the customer first in that it is open 7 days a week until 8pm. Every branch has a business manager and it is rapidly expanding its reach beyond London.  So far so good.

Spending your money wisely

I am passionate about seeing every soulpreneur earn good money for their services because in that way we will raise the vibration of socially conscious businesses so that spirituality in business becomes the norm.  To that end I am on a mission to bring business into the soul.  It is not either/ or:  business is the life force of society: now it needs to become sacred.  I have started that process through my FB Community Sacred Soul Space and we now have an online directory of soulpreneurs where it is free to register your business.  Do take a look at that.  This is the first step to creating the purple pound.  It is my intention to spend my money with new paradigm businesses as much as possible.

I already do this in so many ways.  As a mentor, one of my jobs is to help those that come to me to make connections with others.  Only this week, I put one of my clients in touch with four other new paradigm business owners and I am eagerly awaiting to see what transpires.

To summarise, too often we simplify things as few people like dealing with complexity.  Actually what is needed here is healing on two levels.  At one  level it is about putting the soul back into business so that we create soulful organisations; and at another it is about ensuring business principles are enshrined in the heart of the soulpreneur.  Only then will we truly create new paradigm businesses.

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Kate Griffiths works with small business owners and leaders in corporates to enable them to grasp what the new business paradigm means so that they can apply it to their own organisations and benefit themselves and their teams by creating the kind of environment that has a positive effect on all who are part of it.