When starting a home baking business the way you view money is very important. We might not be aware of the subconscious ideas we have about money. When we become our own boss and start making money for ourselves it is crucial that we uncover any negative money mindset ideas that we have.
Uncover them and create new ones. Having a bad money mindset can be the thing that holds you back in your business. Here is how you can uncover your money mindset and replace them to help your home baking business thrive.
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How do I identify what my money mindset is?
Uncover those thoughts
Where do these thoughts come from?
Our core beliefs about money are deep beliefs that we think to be true about ourselves, money, and the world we live in based on our childhood experiences and stories we were told.
They are ideas that are repeated over and over again until we no longer view them as ideas or thoughts but as simply the way it is.
Some common ones are:
Money is the root of all evil
Money can't buy happiness
The best things in life are free
A penny saved is a penny earned
While all of these might be true to some extent they can all hold us back if taken as a truth we live our lives by.
What are your money thoughts?
Answer these questions and write down what comes up for you:
How do you view people who have a lot of money?
How do you view people who do not have a lot of money?
How do you feel when you get money unexpectedly?
How do you feel when your bank account is low?
How do people “get” money?
Take this quiz if you want to dive deeper into what your money mindset is
What do you think of when you see this?
Love her or hate her she is a billionaire. Now the self-made thing can be debated but never the less she is a billionaire.
When you heard about this cover did you think things like:
Well yea, her family is rich and famous it’s easy for her!
Self-made?? She is only rich because of who he family is.
Or did you think:
Wow that's amazing congrats to her
She worked hard to get there
Honestly, I thought hmm self-made really?? But then I started thinking about this guy.
You would think a man born in the same family would be better off than all the others. But nope his net worth is $10 million compared to the whopping $750 million of his youngest sister.
They both had the same resources, same connections, and family. Yet one rose and the other didn’t.
We all have resources and connections it is how we use them that makes the difference.
The way we viewed this situation is based on our money mindset
Our money mindset can either push us back or push us forward.
How can it hold us back?
If you have negative feelings about money then you will avoid having it.
If you think rich people are greedy, you will avoid looking greedy.
If you think people like me don’t have a lot of money and can’t be successful then you won't even try.
Let's look at those common money saying and unpack them:
Money is the root of all evil
If you think money will only bring evil you are not going to try and get more money! More money in this sense is more evil in your life. Yes some people can be currported by money.
Money also allows us to enjoy our lives with our families (going to Disneyland, vacation, getting presents on Christmas, even just paying for food for a bbq). Money also allows us to give to those who don't have the resources and help those in need.
Money can't buy happiness
No our main source of happiness can't be money and more money doesn't equal money happiness. If we take this as truth why would we try to make more money if it won't make us happy anyways.
But like I said before having money can allow us to create some amazing memories with the ones we love. Having money also allows us to take time off with out being stressed about how we will pay bills.
I love to give gifts to people and I know that gives me and the receiver happiness.
The best things in life are free
The best things in life are free, family, love, God etc.
But everything I said above applies again here.
A penny saved is a penny earned
You should not be wasteful with money. This saying teaches you to save all the money you can.
But this is often not true. When I was younger I used to buy $15 jeans at forever21. I had to buy them all the time because they would always get worn out so quickly. In the beginning I saved money but in the long run I wasted money. If I would have bought a high quality pair I wouldn't have needed to buy them all the time.
As a business owner you have to invest in yourself. i think it is so funny that college is an easily acceptable investment but investing in courses, coaches and books and met with doubt. We have to be willing to invest in ourselves and our business in order to grow.
Whenever I am questioning if I should invest in myself or my business I ask these questions:
Is this going to make me more money
Is this going to save me
If the answer to either of those is yes than it is a worthy investment
How does your money mindset affect your home baking business?
If one of your top goals isn’t to make money, you won't make a lot of money
If you are not looking at the income and having it be a goal you are never going to make the necessary adjustments to make more money.
If you are scared of charging a high amount you will never be paid what you are worth
In the beginning, it is easy to feel guilty about “taking” people’s money. Because of that, you will charge less than you should. In reality you aren’t taking anyone's money you are allowing yourself to be paid what you are worth for the amazing service you are providing for them.
My mindset shifts
I grew up in a low-income single parent household of 4 children. My idea of success was going to college and getting a job.
I have literally said out loud I just want to be comfortable. Meaning I want my kids to be fed and for the utilities to never be turned off. Because those were things that I had to worry about as a child. It makes me sad to think that “ being comfortable” height of my dreams.
It was hard for me to imagine success past that point. I honestly thought the only way “people like me”, or “people who come from neighborhoods like mine” can make a lot of money is through somehow becoming a singer or an athlete.
I didn’t have plans for any of that so I went to college to be an elementary teacher. I had no interest in making money. I wanted to help kids and have a stable income.
It wasn’t until I met my husband that I found out there was more out there for me. That I could be my own boss, make money without a boss writing me a check and still impact peoples lives.
In order to have a successful home baking business we need to make sure that we have a positive outlook on money. If you want to dive deeper into your
money mindset I recommend that you read You Are a Baddass at Making Money! All of her books are so good and easy to follow. You have to check it out.
As your day goes on try and identify how you deep down feel about money. Are these thoughts true? How could this idea be holding me back? When have they been proven false?