HOW TO DEAL WITH MONEY BLOCKS

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If you’re a new entrepreneur, you might be struggling with one major problem: not making enough (or any) money. It can cause a lot of stress on you and lead you to a point where you’re even obsessing over money. This obsession can have very negative effects on you, such as forgetting your original reason why you started your own business and doubting your ability to succeed. You might even be sabotaging your income potential if you don’t have a healthy relationship with money. We all have some sort of internal money blocks that we developed growing up, and often the first step to success includes clearing those money blocks so that we can move forward.

I recently got on a call with Denise Duffield-Thomas fromluckybitch.com to get her insight on the topic of money for entrepreneurs. Denise is the money mindset mentor for the new wave of online female entrepreneurs. Her best-selling books “Lucky Bitch” and “Get Rich, Lucky Bitch” give a fresh and funny road map to create an outrageously successful life and business. Denise helps women release their fear of money, set premium prices for their services and take back control over their finances. Denise is an award winning speaker, author and entrepreneur who helps women transform their Economy-Class money mindset into a First-Class life.

Here are some of her insightful answers around this very important topic.

So Denise, obviously your main focus in your business is money. Would you say that you’re obsessed with money? Are you always thinking about money?

I used to be very obsessed with money when I didn’t have it. And it’s hard not to be in that case, but it doesn’t help you get it. That obsession isn’t healthy. You have to keep your mindset focused and positive. Be aware that positive thinking is not exactly going to magically bring you money, but positive thoughts lead to positive action and to you believing in yourself. Be vigilant about this and you will make money eventually.

What are some of the most common ways that you see in your experience with new entrepreneurs, in which they totally sabotage their income?

A big one is that they hide away. If you go to their website, you can’t figure out how to work with them. There is no way to give them money. They either don’t have anything for sale on their site or don’t have a “work with me” button for purchasing their services or products. This happens especially with people who focus on giving a lot away for free. This is a big sabotage and comes from a place of “I should just give and not receive in return”. But on the other side, they want the money but there’s a disconnect in how it’s going to come about. They think it’s just going to happen by magic and it doesn’t. People need to know about what they do and what they’re selling.

The other thing that I hear people say a lot is, “I don’t care about the money, I just want to help people” (especially if they’re in a service type industry). It’s okay to care about the money and it’s okay to get paid for helping people because otherwise you get burned out or you have to stay in a job that you don’t like (because you can’t pay your bills). Get used to saying:  “I serve, so I deserve” {TWEET IT}

What advise do you have for new entrepreneurs who are in their first few months of business, working hard and not seeing any results? How can they keep themselves motivated to stay consistent in taking action and not giving up?

The big thing that’s important to remember is that it’s hard at the start of a business and there is no getting away from that. But unfortunately, women (most of the time) start to make up stories about it telling themselves, “Oh it’s hard so it mustn’t be meant for me or maybe the universe doesn’t like me, maybe I should quit and get a job”. But the truth is that’s the reality of business and successful people don’t know anything different than beginners do, they just stay more persistent so they’ve lasted longer. It’s not that everything happened perfectly for them, but they just got up every day and did it despite their fears and despite how hard it is in the beginning when you have no results.

You have to realize that not everyone is going to work with you, so you need to tell more people about your business so the percentages work out. If you tell only 3 people about your business, chances are you’re not going to make any sales.

To keep motivated, it’s good to have friends who are in the same situation. They could be business friends from a forum that you’re part of or a mastermind group. Pull together a few people who are in the same stage in business as you and support each other. It’s not fair to say it never works if you’re trying to make your husband or mom your mastermind, it doesn’t work. They’re not in the same mindset as you and they might just say, “Well if it’s hard, maybe you should get a job”. It’s important to have people in your mastermind who are impartial, but who will support you and who will understand the game that you’re in. Make sure they have similar ambition so that there’s a good energy fit.

So many people have this idea that in order to be successful, they need to work really hard, like 24/7, in the first few years of their business before they can have the lifestyle they actually desire and that sometimes deters them from starting their own business. Do you agree with that?

Yes and no. This could be a money block. They believe this because that’s what they were taught when they were kids and so they carry that belief on. It’s vital to work on your mindset and money blocks that you’ve developed as a kid. Without doing the mindset work first, you could very well be sabotaging yourself and your success. You could be working a lot in your first year of business, but not necessarily be productive. Once you get clear on what you want to be doing, what you actually really enjoy, you can outsource a lot of the other stuff and have more time for yourself. Being “busy” all the time isn’t necessarily productive. It’s best to learn to work smarter not harder.

Do you have any favourite tips for working smarter rather than harder?

First, outsource whatever task stresses you out the most. For me it was email and now I don’t answer any emails myself anymore. I have an assistant do that. For you it might be bookkeeping or something else. Then, outsource the things that you might like but aren’t really making you any money. This clears up space for you to focus on what you like to do the most or what someone else can’t do for you (for me it’s answering personal questions about money blocks on Facebook, for example).

If someone really wants to take the plunge and become an entrepreneur, but are currently in debt, would you advise them to first pay it all off before embarking on a new venture or would you encourage them to go with it?

There isn’t a right answer to this question. It really depends on your relationship with debt. Some people are comfortable with debt and some really aren’t. It’s important to feel safe. It depends on how okay you are with taking risks. You do have to realize that not everybody makes money straight away in business, so you do have to figure out if you’re going to be able to pay your bills if you start your business. Sometimes it can have a very detrimental effect, especially on women, if we can’t pay our bills. We feel really scared when our basic needs aren’t taken care of. I think in this case, it’s important to have one person in a partnership (spouse) that has a steady job. If you know you’re going to be safe, and your bills are going to get paid, you’re going to be able to pay your minimum payments on your credit card and you’re okay with that, then go for it. But if you feel that not making money for about six months will freak you out, then maybe stay in a job for a bit and go into your new business part time for a little bit.

Do you have any regrets about the way you started your own business? Was there something in your journey that you really wish you didn’t have to go through that you would like to say to someone else, “Please don’t do this and save yourself the heartache”?

I think everything you go though is a great learning experience. But I would like to have started working in my field quicker. I always knew I loved to work with women about their money blocks but I was scared to go and do it. I wish that I didn’t waste so much time doing the things that I didn’t really love and started doing what I loved sooner.

Did you ever hire a business coach? What was the experience like for you?

I’ve had several business coaches. I’ve also fallen into the marketing hype at the beginning and signed up for a lot of stuff. It’s important to ask yourself, “What do I need right now?” Hiring a coach can be incredibly helpful, but make sure it’s a good fit. Just because someone is successful doesn’t mean they’re right for you. Make sure to hire a coach that understands you and you’re comfortable working with.

There you have it, hopefully you found Denise’s expertise helpful. If you would like to learn more about releasing your money blocks, Denise has a a special free resource - a 30 minute money audio class where she takes you through 7 common blocks (like bartering or undercharging) and helps you clear it right then with scripts of exactly what to say and do. You can get access to it HERE.

She also has an amazing Money Bootcamp- it's a MUST-DO resource for all female entrepreneurs who want to be successful. Find out more about it by clicking HERE.

Check out those links and share your thoughts on this money topic below.

To your abundant success!

Marta