How to make a profit in business

how make profit business

This is the second in a series of interviews to help you redefine what success means for you and take that ONE STEP towards your goals. I’ll be talking to other experts who will share their advice on how to get what you want from different areas of your life.

We kicked things off last week with Michelle Cooper, talking about how we can set up our business to be profitable. Today we’re sticking with the money theme and focusing more on our mindset. It’s such a big topic and so critical to both our business and anything else we want to achieve in other areas of our lives.

Amber Berry is the founder of FeelGoodFinances.com and is a certified money coach, working with clients both on the behavioural side and on the practical numbers side.

Watch the full interview here:

 

Amber BerrySo what are the biggest issues when it comes to money mindset?

Amber warns against decisions that are based on fear: instead of finding ways to make more money, we’ll often focus on not running out of money. We’ll cut back on expenses out of fear of not being able to make more. This is not a sustainable plan without plans to bring in new money, and eventually you’re going to get to zero!

When you’re trying to do something that is very different to what you’ve been doing so far, it’s also easy to feel alone and you may face resistance from those around you. People might say, “Oh she thinks she’s better than us now”. You need to give yourself permission to make changes without judgement (of yourself or of those other people who don’t understand the changes you’re making).

Failing to address such mindset issues may lead to undervaluing your products and services and therefore under-pricing and preventing yourself from being profitable. This can be a particular challenge for those of us who are used to being an employee, automatically awarded a set salary almost regardless of what value we’re creating.

When it comes to the actual financials, this can seem very overwhelming and complicated – but it doesn’t have to be!

Where are these mindset blocks coming from?

A lot of these issues stem from our upbringing and our experiences as children. Your parents haven’t necessarily been explicit – e.g. “Rich people are evil!” – but the comments they make can create a perception that you then internalise as being the truth. With that example, you might end up sabotaging yourself and holding back from earning a lot of money, due to the belief that this is a bad thing.

It can be difficult to understand what’s really best for you and what fits with what you’re trying to achieve for yourself, but once you do that you’ll be in a much better position to succeed.

Amber also mentions the “starving artist” philosophy: especially when it comes to creative work, people can feel that it’s somehow more pure and admirable to create something without any focus on payment. But you’re creating value for someone, and that has a price.

What can we do to address these behaviours and beliefs?

The very first thing Amber recommends is working out what your core values are. For example, do you want to be able to donate to a charity or give back to your local community in some way? What’s really important to you?

Next, what are the ideas, feelings and beliefs about money that you have underneath it all and do these align with your values? You want to be making your money decisions based on your values rather than based on that fear that we were talking about.

“If your beliefs don’t match your values, figure out what you need to change to make them match!”

If you get stuck, seek support! Contrary to how it may seem, successful people did not wake up like that one day. It’s taken a lot of time and a lot of help from other people.

Comparison can be a dangerous thing, also when it comes to pricing your products and services. Bear in mind that others don’t necessarily have the magic numbers! Consider who you’re serving and the value that you’re creating for them.

What’s the ONE STEP you can take?

Work out your values and what you’re comfortable with – other decisions will become much easier as a result.

“Staying true to what your values are, what’s important to you, what you like and what you don’t like, really helps you to filter out all that information and know which people to listen to and who to follow.”

Get your free “6 Keys to Money Mindset Mastery” resource here >>

Amber BerryAmber Berry is the California-based millennial behind the personal finance blog FeelGoodFinances.com. As a Certified Money Coach and Certified Financial Education Instructor, she’s passionate about working at the intersection of personal development and personal finance. Her work as a coach helps her clients understand the unconscious behaviours driving their financial decisions and helping them ignite their own inner power, so they can truly feel good about their finances.

 

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