Money is so often considered evil – so many people are without, we often hear of the 1% of super wealthy people, and there’s so much greed associated with all of that.
Because of this, you may feel guilt or shame towards earning something. Can you make money and do good? Your beliefs around this question may cause you to hold yourself back in business and in life!
Yet with a slight shift you could see the other side of money – the freedom, the ability to give back and empower others, and to use money as a force for good.
And this is exactly what I was chatting on Twitter about earlier this week with the #ethicalhour tribe where we got really honest about money matters and what it means for all of us.
it’s a mixture of emotions
The word ‘money’ brings up a range of emotions for most people. For many in the ethical business and social enterprise space, it can cause a lot of confusion. You may understand that you must charge something to run your business and yet feel guilty asking people to pay for it.
For others it causes extreme anxiety because to think about money also causes thoughts of being without and the impact that has on their lives.
And for others still, they’re scared to say their making money for fear of looking bad.
But ultimately, if you’re not earning what you need to support yourself and your obligations in life, you won’t be able to keep going. And without you…without your business…you can’t make any impact.
can you make money?
The general consensus from the #ethicalhour tribe is that you CAN make money and do good at the same time.
Money is a way for you to continue to do what you’re passionate about. It’s a way for you to reinvest back into your business and grow with new ideas.
But you can, of course, be conscious in how you go about earning it, be selective in who you choose to work with, and make decisions that represent what you stand for.
Making money isn’t selling out. You don’t stop caring about all those other things just because you’re looking after yourself in the process. But people aren’t paying you to care. People pay you so that you have the capacity to care.
Ultimately to do good, you have to earn something.
It really is that simple.
do you know what you’re worth?
The conversation then shifted to valuing one’s worth.
And this is one the strikes a sore spot for me. Once we start attributing a worth to ourselves as business owners, a lot more emotion gets wrapped up into it. Professionally you can be ‘worth’ a lot based on your education or expertise. But low self-esteem and other beliefs around money can cause you to devalue yourself.
Then once you start to hear “I can’t afford it” from your prospective clients / customers, it can be easy to just take it at face value.
You either then do nothing and end up losing SO much business. Or your drop your prices and then struggle to make their own ends meet.
And the ironic thing is that if your prices are too low, you may lose even more business because people then perceive you as being cheap or not as good as your competition.
how do you set the ‘right’ price?
Consider how many hours a week you are working for free already. Include all admin, marketing and professional development time. Then add on travel travel, any freebies you’re currently offering, networking, social media, blogging, preparing your strategy. The list goes on and on.
No one is paying you for any of that. And it all needs to be factored into what you’re charging for your products and services.
And then you also need to factor in all the other costs of running your business.
If you’d like some one-to-one help sorting out your finances for FREE…
All entrants into my Money Matters competition will also immediately get my startup pricing calculator. So not only do you get a chance to win free coaching, but you’ll also finally start charging the RIGHT prices for your business.
catch up on all the action
If you missed the #ethicalhour conversation on Monday night, you can see more of it from my Storify board here.