How to improve your money mindset and charge your value

Ever struggled with setting your prices or felt uncertain about the financial future of your business? You're not alone! 

But the reality is that your money mindset, money story and those limiting beliefs walking around with you could be to blame. 

So, in today's podcast Justine explores the often-unspoken tales we tell ourselves about money, and how reshaping those stories can revolutionise both our self-perception and business practices.

We're diving into the heart of those financial narratives you might be telling yourself, the power dynamic between fixed and growth mindsets, and how adopting a positive money approach through education and strategic influence can not only avert disaster but also attract prosperity and opportunity.

Finally, Justine tackles how mindset can influence your pricing decisions  and why it's time to say farewell to hourly rates and embrace value-based pricing. It's all about value and has nothing to do with worth!

Let's take your money mindset from a source of stress to a pillar of strength as Justine equips you with the confidence to charge your value, stop trading hours for dollar and shift towards a business model that rewards outcomes over output. 

So if you're ready to step into a future where your financial acumen is a testament to your business's success, this is the conversation you won't want to miss.

Transcript

Speaker 1 0:01

You're listening to the Secrets of Successful Business podcast, your go-to source for business tips, tricks and proven strategies that will help you create a streamlined and profitable business. We chat to the best minds in business about their journey. It's my business and I'll do it my way, how they started, rather than going harder to get more focus on growing more with what you have. What they learned along the way. How long are you going to give this?

Speaker 2 0:29

What compromises are you going to make? Just because you can do it doesn't mean that you should do it.

Speaker 1 0:33

It's really important to remember that it's a long game and, of course, we'll ask them for their secret source for creating a successful business. If you're not failing, you're not doing it right. You should be struggling at times. That is part of the journey. Join us as we take a sneak peek behind the curtain, talk solutions for those business pain points, working smarter, not harder, mindset and the challenges of fitting it all in with the demands of today's busy lifestyle. If you're a business owner, side hustler or just starting your business journey, this podcast is for you. Now here's your host, business coach and content creator, justine McLean from Fawcys Creative.

Speaker 2 1:13

Hello and thanks for joining me on the podcast today. In case we haven't met, I'm Justine, a small business owner on a mission to uncover and share the secrets of creating and running a profitable, sustainable and successful business. I've been in business for over 20 years now and I get to use all that I've learned along the way to help other women in business reduce the overwhelm, gain visibility around their numbers, charge what they're worth and make more money. It's about designing a life you love that fits into your definition of success. So if I can help you create the profitable business you deserve, please reach out Now without further ado. Let's dive into today's episode. Hello, welcome, and thank you for tuning in to today's episode.

Speaker 2 2:02

I've been on the road for the last six days travelling for work, doing workshops, speaking events at big conferences and also working with some of my one-to-one clients, and it's so lovely to be able to sit down across a table and speak to them in person. There's no question about that. But for anyone who knows me, you'll also know that I am definitely an introvert and that home is my happy place, so the idea of getting in my car and driving three hours to the big smoke to do these things can be a little overwhelming and there's a lot of thinking time involved, which is sometimes a good thing and sometimes are not so good thing. But the interesting thing about being able to travel for work and speak to lots of different business owners over several days in these different settings is that it allows me to really take the temperature of business. And we're in March now 2024. And for most business owners, typically now would be the time when we've recovered from that post Christmas fog, we've paid off our credit cards, our kids are back at school, they're settled, we've probably covered off those bills and so things start to pick up, particularly here in Australia. I'm sure that internationally for all our international listeners, hello there'll be a very similar pattern with your businesses, where you have those ebbs and flows, those seasons, if you like, and a lot of them attached are attached to the time of year, but also they're attached to what's going on in the wider community, the wider economy, and also the international events that are happening that may be impacting our businesses, and there's no question that there's been a number of those. But, as I said, by March of any typical year in business, things usually are looking up and people are really positive about the way forward. They're looking forward to what's ahead for not only the year but how they're going to wrap up the financial year, which ends here in Australia at the end of June.

Speaker 2 4:19

But the interesting thing about this trip was that there was a real sense of doom and gloom that was sitting over most business owners. The truth was that, you know, business was slow. People were saying no to services, particularly retainer services, continuing services because there just wasn't the extra money to cover those services, and so a lot of business owners, sort of, were throwing their hands up, accepting. That was just the case and, I suppose, worrying, maybe rocking in a corner, worried about what the next steps were.

Speaker 2 4:58

But interestingly, over the last few days I've also given some talks on money mindset and money stories and how these impact our business. And there's no question that you know what you think about in terms of money. Your feelings, your thoughts, your beliefs and also your money story can impact your business. But when things get a little bit tough, I think it just shines a spotlight back on those money stories that we tell ourselves, on those beliefs that maybe were not good enough to be doing what we're doing. So in today's episode. I thought I would share some of my learnings, some of the aha moments, but, more importantly, share what I believe, or how I believe money stories and money mindset can impact your business and how you know, when things are tough, when times are tough and business is not going that well, that, rather than being in a panic, we really need to lean into this argument of value versus worth. So I'll get into that a little bit more, because I think that's really important.

Speaker 2 6:09

So, first of all, what's a money story? Well, a money story is just like it sounds. It's a story that either we've been told when we were young or that we tell ourselves based on something we've seen or we've heard that we now believe to be true. The interesting thing about money stories is that they're often just that. They're often just stories. So in my case, my money story was very much around scarcity. I remember my mum always saying to me if I ask for something, let me just go down to the backyard, I'll dig up that jam tin and we'll get the money that way. It seemed really silly, but In that one sentence I knew that what my mum was saying was essentially we can't afford it. We barely have enough money for food. We certainly can't afford that frivolous thing that you want. That really isn't important to the scheme of things in the scheme of things, and so you know.

Speaker 2 7:13

As a result, I realised that money was this finite commodity. In our house, it was something that we needed to work hard for, and my mum ingrained in me that work, earning money it was simply about trading dollars for hours. If you wanted more money, you had to work more hours. It was that simple. There were no shortcuts, because money doesn't grow on trees and you know, to be able to spend money on the things that you want and all those essential things, you need to earn money. So you need to work more. And that is definitely a belief that I have carried with me throughout my entire life that to earn more, I needed to work harder. And certainly when I started my first business back in 1994, that is exactly how I thought about money. I thought, okay, well, I want to earn this much, so I need to do this many hours at this rate. And if I wanted to buy something extra or we had an unexpected bill, I knew that meant that I had to trade more of my time for money.

Speaker 2 8:22

My business was absolutely all about trading dollars for hours, and in addition to that, as I'd gone through school, just to add to that money story of scarcity, when we were doing maths at school, which was compulsory at the time, maths was very much tailored for people who wanted to go to university. It still is, I guess, in 2024, no matter where you live in the world but back then it was all about formulas and equations and things that I would never use in my life but that people who were going to uni would use, and also the way they taught maths where I lived. It was very much around maths for boys who wanted to go on and become tradies, where they needed to learn how to measure things. So that made a lot of sense from that point of view, I guess. But as a result, I didn't want to be a tradie. I had hoped to go to university. I didn't get there straight after school, but that's another story for another time. But at the time I barely passed maths, and so I remember my teacher saying to me gosh, you know you're not very good with numbers, are you? And so that story I'm so bad with numbers or I don't do numbers was very much in my head. So again roll forward to when I started that business in 1994. Okay, I'm now trading dollars for hours, but I'm also thinking continuously well, I don't do numbers and I'm really bad with numbers, so I have to make sure I get these invoices right so that I'm getting the money that I deserve to earn for the hours that I've worked. It was a big stressor for me.

Speaker 2 10:05

The point is here that we all have a money story. We all have something that is in our distant or maybe even recent past, something that we've been told, that we've been brought up to believe, that we continue to believe, whether that is true or not. So think about the things that you say, think about the things that you believe when it comes to money and ask yourself what's your money story? Is it saying to your kids, well, we can't afford that, what a waste of money. And then, as you say, you catch yourself and you think hang on a minute, that's something that my parents used to say to me. Or is it that money doesn't grow on trees? Or I'm a creative, I don't do numbers? Does that go back to something that you've been told way back?

Speaker 2 10:55

When and when you start to recognise those stories, those things that are popping into your head that you know are beliefs from the past, maybe things, as I said, that are family beliefs that you've been told, or that you've been told more recently by an accountant or maybe a fellow business owner. You need to ask yourself whether or not that story is true Because, at the end of the day, it's just a story and, in my opinion, we all have the ability to change our story. We all have that ability to change our way forward, for better or for worse, and that's based on the decisions that we make. So for me, as a business owner, it's really important to understand the money story that we are carrying around with us. So I want you to take a moment, reflect on your money story, maybe on the impact that it's having on your business. Write down things as you think about them. If you're not sure what your money story is, and when you've got a few things written down, just ask yourself is that really true? Is it true that I don't do numbers? I mean, I certainly thought so. I certainly thought that I didn't do numbers In 2002, when my husband and I opened retail stores and e-commerce stores and we could no longer trade that time for money.

Speaker 2 12:18

I was in a position where I had to make the business work and I remember going to the accountant that I had at the time and saying well, I don't really do numbers. I want this business to be great, I want us to make money. What is it that I have to do? And she said to me okay, well, don't spend too much, just earn more than you're spending. Make sure you register for GST because that was a thing at the time, still is here in Australia and just get your returns on time. Get your all your tax returns and bits and pieces in on time and you should be okay. And that was it.

Speaker 2 12:51

But it was very much in the context of well, if you don't do numbers, there's probably not a lot of hope for you. Hopefully I can sort that out Now. If you've ever listened to one of my podcasts, you'll know that my I Don't Do Numbers approach in that particular business led pretty quickly to a $42,000 tax debt, one that we had to kind of dig our way out of very slowly and it was really painful. Turned out that tax debt was not my fault, even though I might immediate default because of that money story. I don't do numbers meant that I thought yep, definitely not, you know, definitely my fault. See, don't do numbers bugger it up again. So typical, just kind of telling myself that that story over and over again. But as I say, that wasn't my fault, it was. It turned out that it was an error on behalf of the accountant. But just having that money story in the back of my head back then particularly, it was almost crippling. It almost stopped me going forward. But when I realized that I could no longer tell myself this story because while I had this $42,000 debt over my head and I was in a business now where I could no longer just trade time for money. I was selling toys, so it was very much an outcome based service. You pay the money. The outcome is you get a great quality item for your kids to play with or to give as a gift.

Speaker 2 14:18

I knew that I could no longer wallow in this money story that I've been telling myself, and that something had to give, that I had to do something about it, and so what I chose to do was to get educated, because that was really the only way I could think of that. I could change that story, because when I sat down and I asked myself is it really true? Are the stories that I'm telling myself true? Is money a scarce commodity? No, because there'll always be more money. You can find other things to do that are going to make you more money. So, no, that story isn't true. Is it true that you're bad with money, that you don't do numbers? No, because you can choose to change that. You can choose to get educated and change that. So, as I said, I would encourage you to sit down, have a think about your money story, work out what that story is for you and then how it is impacting your mindset, because your money mindset is almost the manifestation of your money story. It is the way you know, think and feel about money on a day to day basis, and it really does influence how you handle business decisions.

Positive Money Mindset for Business

Speaker 2 15:34

Now, in my experience, there are really two sort of types of mindset. There is a very fixed mindset and more of a growth mindset, and in my opinion, neither one of those mindsets are good or bad. They just are what they are. It's the way you think about your money, whether that's personal money, whether that's business money, it's the money that's coming into your life. So a fixed mindset might mean that you are quite stuck in your ways, that you can become easily overwhelmed when things don't go the way that you expect them to. People with a fixed mindset tend to over-service and undercharge, think that they have to pay their dues before they can earn good money and can be very, as I say, set in their ways when it comes to money, whether that's business or in their personal life, probably not likely to take risks, whereas someone with a growth mindset tends to be a more expansive thinker, probably tends to take risks that are not very calculated often, and someone who has a growth mindset will often see challenges as ways to improve things, ways to make things better ways to overcome those obstacles. So they tend to have a bit more of an open mind about money. It'd be like saying, oh well, that happened, it didn't cost us too much, we can recover from that, let's move on. So whether you fall into the fixed mindset or growth mindset, in my opinion it doesn't really matter.

Speaker 2 17:15

When it comes to business and mindset, the most important thing for me is positivity around money, so that positive money mindset, because it can really be the fuel to grow your business. I think that when you feel positively about money, regardless of what sort of mindset you have, regardless of what sort of money story you've been telling yourself, you get educated, so those financial tasks will become less daunting. You'll feel more confident. You might be in ties to take calculated risks and to make investments that you wouldn't normally make, because you know what's going on. You know and understand the money landscape, that you're working with People who have a positive attitude towards money and to their business, really project that, and so it helps you attract more opportunities, more clients, more partnerships and more money. They say abundance attracts abundance, and I think that positivity is definitely a way of doing that.

Speaker 2 18:22

Having a positive money mindset whether, as I say, whether you've got a fixed or growth mindset as your default, no matter what your money story is, but having that positive mindset can help you make smart choices and these smart choices can lead to really healthy financial outcomes. A positive mindset can make setbacks easier to overcome. I think it's one of those things that's, you know, really important in business. So you will definitely have a mindset, a way you think and feel about money, and so I want you to take a moment and sit down and think about, on a day to day basis, how you think, how you feel and how you react when it comes to money and money coming in and out of your business.

Speaker 2 19:12

I know that in my program, business money magnet, we had a discussion just this week about mindset and how everybody is feeling right now because, like so many other business owners, like a lot of business owners that I've been talking to over the last week, people are really starting to feel that pull of our clients backing away, they're not being as much business around and it does impact your mindset, because I think when things aren't going right, when you do something, when you have a launch and it's disappointing or it doesn't quite hit the mark that you wanted it to hit. When you think that you might have a new client and for some reason, that doesn't pan out, when you don't get the sales that are coming through, the people who are walking through your store, the people who are coming to take advantage of your services, you're definitely going to have a reaction disappointment, upset, concern, worry. All of those things are really normal and natural, but your money mindset is what is going to drive those things and continue to drive those feelings as you move forward. And unless your mindset is positive, in these times when things are not going as well as we'd like them to, it can be really difficult to continually motivate ourselves to move forward as business owners, to keep trying to keep going, because, honestly, over the last 30 years in business, there have been so many peaks and troughs, so many seasons, so many things that have happened in my business, individually and collectively in business, that have meant that resilience and positivity are the things that we really need to lean on to pull through. And so, if you believe that maybe your mindset is letting you down right now, I would again encourage you to grab a notepad as you think of these things, write them down and then ask yourself well, how can I overcome this? Is it worth doing meditation to calm your mind and all listen to a positive money mantra, for example, to really get that positivity back into your life? Do you need to call on that friend, that mate who is in business, who always has a positive and energetic spin on things? What is it that you can do to overcome this time in your business and get that mindset in check?

Speaker 2 21:47

I think the other thing to think about is when we're thinking of mindset and we think of money stories. Money stories and our mindset often start with the limiting beliefs that we're carrying around, because they both inform those limiting beliefs. So whether it is something like I'm not good with numbers, that's a limiting belief. I can't handle the finances. Limiting belief Money makes you greedy, money isn't great another limiting belief. And so mindset, money stories they all inform and feed our limiting beliefs. And quite often it's getting past those limiting beliefs, dealing with those that are also going to help your mindset and the way you choose to move forward, particularly when things are a little tight.

Speaker 2 22:36

And so, to overcome those limiting beliefs and to get your mindset back in check, back on the positive road, some of the things that I would encourage you to do are to get educated, particularly when it comes to money. There are lots of great courses, programs, books out there. Obviously, I have a program which is business money magnet 12 month program. I've got a brand new book coming out in June called Become a Business Money Magnet and tied in with that I actually have a day long learning in June which is going to show you all of the bits and pieces that you need to become you know that business money magnet to really understand your finances. So they're just a few of the things that I do. There'll always be lots of them. So if you need some education, go check out my website, but if I'm not, your girl go and look for someone to help you get educated specifically in the money, who's going to help you tackle some of those mindset issues but, in addition, give you the practical tools that you need to improve your finances so, when things do get tough, that you know exactly what to do next.

Speaker 2 23:52

The other thing that I would say to you particularly you know around this time where things are a little tough and those limiting beliefs start to feed us is to really set a financial goal and lean into that goal. So many of us will go and set goals for the next quarter, the half year of the year, and they'll all be around. The stuff that we have to do in our business generally, the offer that we have to create, the bums that we want to get on seats. None of them are usually specifically tied to a dollar number, but I really want you to think about the financial goal. So, whether it's a dollar number that you want to achieve for your turnover, whether it's a wage that you want to start to pay yourself and the dollar number that is attached to that, whether it is simply getting a handle on the finances and dedicating an hour or week to tackling all of that business money stuff, or it might be finding a new accountant or bookkeeper, someone you can work with on a regular basis who is really going to help inform you when it comes to the business money. That's another way to help you overcome your limiting beliefs and get positive around mindset.

Speaker 2 25:06

Really important to ask for help when it comes to money mindset, overcoming limiting beliefs and your accountant, bookkeeper or a good money mentor are the places to start, and the other one is to celebrate even the small stuff in your business. I think so often we are conditioned to celebrating the big stuff and even then, particularly here in Australia, we don't really like to blow our trumpet too hard because people don't like that generally. But there's nothing stopping you celebrating your wins. Even the small things Got up today, stayed positive. Did the things on your to-do list for your business, got the kids fed and into bed at a reasonable hour? Check Worth celebrating that, worth taking half an hour to watch your favorite TV program, worth having the tomorrow morning off so that you can go for a walk down in the beach or do one of your favorite things? Definitely worth celebrating.

Speaker 2 26:09

Now, all of this talk on money stories, money mindset, overcoming limiting beliefs and how it's important to do those things right now, when things aren't flash in business, are all leading me to this idea of the difference between value and worth, and so many of us have heard the saying. So you know what are you worth? Charge your worth. What's an hour of your time worth? There's lots of sayings that tie back into our worth as business owners, but I'm calling BS on the whole idea of worth Because in my opinion, your worth is simply what someone else decides they're happy to pay you, and that has absolutely nothing to do with you. And I'm going to say that one more time your worth is what someone else decides they are happy or willing to pay you, and that has nothing to do with you. So if you're the person who's charging dollars for hours, I'm sure that you have had a discovery call with someone or a sales call with someone where they ask you so how much do you charge per hour? In other words, what is an hour of your time worth? But I think we need to stop talking about worth, stop equating everything back to what an hour of our time is worth, and start to think about value.

Speaker 2 27:40

So what is the value that you provide to your clients? What is the transformation that you can create, the problem that you can solve, the time you can save, the money that you can save your client by providing the services you provide, the expertise you offer. What's the value of that? Your IP, so your intellectual property, that stuff that you know, that you have collected over many years in business and life what's that you know? What's the value of that? It's that unique perspective that you bring to your business and to the services you offer, the support you share, the network you offer and the impact that you make for your clients, and so they are all the things that go into the value that you provide. And it's time to start talking about value, what you can offer in exchange for whatever it costs you for the service, the product, the offer that you provide.

Speaker 2 28:45

And for a lot of you who are trading time for money, who are still charging hourly rates, you might be thinking well, how do I do that? How do I change that? Because you know well, there's nothing wrong with an hourly rate. In my opinion, if you are offering a service rather than a physical product, I think charging an hourly rate, trading time for money, means a couple of things. You know you only have a finite number of hours in every week that you're working, that you can physically trade that time for money. There's only a finite number of hours because you have to sleep, you have to take care of yourself, you've most likely got family obligations and if you're running a business, not all of your hours are going to be billable. There's all that admin stuff that you need to do in the background, and so, unless you are charging a really high hourly rate and you are getting a fantastic conversion because you've got lots of clients who are prepared to pay you at that high hourly rate. In all likelihood, you are going to have to really hustle to earn the money that you want to earn, to cover the cost of doing business and to pay yourself the wage that you want. However, if you were to embrace the idea of value and to start to charge for an outcome, then again, in my opinion, I think the sky becomes the limit to your earning capacity and what your business can do. So what do I mean by an outcome? Well, as I said back in my toy shop days, the outcome was that you know my customer would hand over money and, in exchange, the outcome would be this beautiful product that they had to give to their kids or that they had to give as a present.

Speaker 2 30:41

The outcome that you offer are the services that you provide. So, for example, if I use a VA as an example, perhaps you hire a VA to keep your social media in check, or perhaps you hire a social media specialist to do that. Essentially, the outcome that you're after is that you want your social media finished, done every week. You want things posted and scheduled. You want someone to monitor your engagement, potentially to make a comment on your social posts. You want a strategy for your social media. The outcome is that you want a positive experience with social media that you don't have to worry about, that you're employing someone else to take that off your hands, and so that is the outcome. If you are employing a VA to look after all the admin stuff, then the outcome might be a zero inbox at the end of every week and every email that has come into the business dealt with. If you are working with me, for example, the outcome would be that you are looking to improve your profit. You're looking to understand how to run a profitable business and to make more money, and so when I help you to achieve that is the outcome that you're after Thinking about outcome pricing.

Speaker 2 32:00

What you're doing is you're no longer trading dollars for hours. You're now trading an outcome for a price, and so that means that there will be no more squabbling over hourly rates. Gosh, how come it took you that long to deliver that particular service thing? It's just. Here's the price. I'm telling you the price up front. For this price, you get this outcome. Here's the value that this is going to offer you and people will either take that or they won't. It's pretty simple, right? So you sell that before you even start. You sell the outcome, you sell the price, and so at the end of it, there's going to be no complaining about how many hours you spent doing the thing that you have been engaged to do, because you've delivered the outcome.

Speaker 2 32:51

If you don't deliver the outcome, well then sure, somebody can scoople and complain over your price, but that's the difference. The other thing is, when you charge for outcome, it's much easier to increase your rates when you need to, because, no matter what price you are charging whether it's an hourly rate or whether it's an outcome based price your pricing has to cover the cost of doing business, has to cover your wages, has to cover your superannuation, has to cover your savings the money that you need to pay for tax and those rainy day savings and it has to cover a profit for your business, that unencumbered money, the money that's left over at the end that you can do whatever you like with. So, no matter how you charge, you need to cover off those things. But if you get to a point in your business where the hourly rate needs to go up and let's go back to the VA as an example.

Speaker 2 33:48

If you've been working with a VA who's been consistently charging $45 an hour and all of a sudden they come to you and they say, look, my rate's going up to $65 or $75 an hour, what I'm offering you is still exactly the same, the work I'm going to do for you is still exactly the same, but now it's worth $20 or $30 more an hour. You're going to look at that person like they're insane because CPI is not tracking that high. Surely their experience hasn't improved that much over the course of 12 months. Why am I paying you all this extra? A couple of dollars, yes, but $20, $30, wow, no way. And so it's almost like a stop to you scaling your business, to improving your business, to improving your profitability, to being able to give yourself a wage increase, because you've tied yourself in to an hourly rate where you're trading time for money and there's often no turning back from that, or when you go to increase, it can just be a marginal increase.

Transitioning to Outcome Based Pricing

Speaker 2 34:50

So if you are currently doing that, if you are currently focused on worth rather than value, think about changing that up. And if you are currently trading dollars for hours, even if that is in the you know, by way of a retainer or a package of five hours or 10 hours of your time, then think about changing that. I know your next question is going to be well, how do I make that change? How do I go from trading time for money dollars for hours to outcome based pricing? And it's actually simpler than you think.

Speaker 2 35:25

First step is to sit down and have a think about what your offers are, what you are typically offering people and those people that you're working with on a regular basis, especially when you're working for them for a regular five or 10 hours a week. You can look at what you're doing for them and say, ok, you know, you're typically paying $450 a week for 10 hours of my time and this is what I am delivering for that. And so you can come up with packages a bronze, silver, gold package that you can go back to that client and say, look, I'm moving to a package based offering or I'm moving to outcome based pricing in my business rather than trading dollars for hours. It's just going to make things easier on the back end with our billing and time tracking and that sort of stuff. And so you know, when I look at your business as it is now and what I'm delivering for you in that time frame, your rate is going to be X and this is what I'm going to be delivering for you.

Speaker 2 36:28

You can still charge a package of $450 for that client, but one would think that after you've worked with them for a while, after you have, you know, been focused on their work for a while, that you would be able to deliver that 10 hours of work in a more efficient way than you did when you first started. So, rather than packing more and more into that 10 hours, if you are simply delivering the same sort of service that you started, you know, with when you first began working with that client, continue to deliver that service, continue to charge $450 now, but realize that by putting together some more efficient systems and processes and really implementing those efficiencies, you can actually deliver that service in eight hours. And so now, instead of getting $45 an hour by delivering the same service in eight hours instead of 10, you've actually just given yourself a pay rise and you're now earning $56 an hour, so an immediate $11 an hour increase. So you can see how that can work. You can simply explain to your client that's what's happening. If there is additional work that that client wants you to do for them, sure you can charge that at an hourly rate, but you can explain to them that you've actually increased your prices since you started working with them. Your new rate is $56 an hour and that you can do that extra work for an hourly rate. There's nothing wrong with having that hybrid.

Speaker 2 38:02

But by moving more of your business to outcome based pricing whether you're a VA, whether you're a coach, whether you are a social media manager, whether you are a graphic designer or a copywriter I think that in the end, everybody is happy. You know, for a start, you get paid, what you want to get paid and in addition to that, I think that the people who are working with you know what to expect every month. They know what they're going to pay, they know the outcome that they will receive and they're happy. You're happy, they're happy. And if the workload increases and you're finding that that package no longer covers that workload, you can always move them up or down a package. So I want you to have a think about that right now, particularly as we are in this time in business where things are a little leaner than they are. They're leaner than they probably were 12 or 18 months ago.

Speaker 2 39:03

Start to think about how your money story and your mindset and those limiting beliefs are impacting your business and how those feed in to your sense of value versus worth, how other people perceive your worth. Do you need to change that so they're recognizing your value? And do you need to change your messaging so that your value, what you offer, the outcome, the transformation, the problem that you solve his front and center in your business? And do you then, as a result of all of that, need to start thinking about the prices that you charge, so that people are paying for your value instead of paying for your worth? Because, as I said that your worth is something that somebody else decides that they're happy to pay you and that's got nothing to do with you. So I would love to hear your thoughts on your money story, money mindset, how you overcome those limiting beliefs, and whether or not you have decided to embrace value based or outcome based pricing and if that is making a difference in your business. So, until next time, keep living your definition of success.

Speaker 1 40:26

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