3 Common Money Fears for Entrepreneurs
** The 10th in a series of 10 blogposts for entrepreneurs**
Being an entrepreneur is one of the most rewarding and challenging experiences a person can have. On this path, a person gets the opportunity to encounter fear, in new and profound ways. Perhaps the most prevalent of the fears, is the fear around money. After all, we've given up a dependable paycheck in order to become dependent on our own talents to provide income for our household.
As an entrepreneur, the terrain is a perfect petrie dish for the money fear monster to come alive, with a mission to take you down. I know this personally, because it happened to me.
I left behind a lucrative six figure income when I started my coaching practice. When I first discovered that coaching existed, I knew for certain that it was my next career. I had no idea how to create clients and a lucrative practice, and as I figured it out, all my money stuff came forward.
Here are the 3 biggest areas where the fear lived:
1. I won't be able to create enough money to sustain my life and will have to give up and get a job that sucks my soul away every single day. I will let my family down. I will become a failure because I couldn't make it work. I will not be able to pay my mortgage and will lose my home.
See how this avalanche of fear happens? One crappy belief leads to another and then another. All of this fear is in the future. None of it is in today. What I learned is that money IS a creation. I can literally create services that meet people's needs, that they are willing to pay for. Not just sometimes when I'm inspired, but as a PRACTICE. There will always be enough if I stay in creation.
Also, failure is not a personality trait. It's an event. And it's subjective.
2. Even though I need to outsource the areas of my business I'm not good at, I am afraid I can't afford to do it.
I learned the degree of damage to my psyche, to my business, and to my bottom line doing things I'm not good at can cause. When I outsourced my accounting, my productivity in the areas I AM good at dramatically improved. I stopped beating myself up for ignoring it. My business grew. Outsourcing was a very smart move.
3. I'm charging too much money and people won't write big checks for my services.
I learned that as long as I am providing value, the right people will hire me. I will never earn more money than I believe I'm worthy of receiving. Setting fees for services is an art, not a science.
These have been very real fears for me, and for most entrepreneurs I've had the honor of coaching. I'd love to hear some of yours, as we can all grow by expressing our fears and understanding that we aren't alone in them.