Is investing in mindset a waste of money?
I’ve noticed that small business owners will happily invest the time and dollars into the how to, but when it comes to working on the business to create the big picture strategy and do the work on mindset, they might be a little less willing to take the time and money to do so.
In today’s episode, I will dive into the strange topic of mindset and explore whether this is something you need to grow your business to the next level.
In this Episode:
- 02.11: Why you should make mindset the ‘thing’ you invest in next
- 07.20: How can you change your mindset?
- 09.44: When is the right time to do mindset work?
I’ve noticed that small business owners will happily invest their time and dollars into the how to, but when it comes to taking time out to work on the business, to create the big picture strategy, and do the work on mindset, they might be a little bit less willing to take the time and money to do so. Today I am going to dive into the strange topic of mindset and explore whether this is really something that you need to grow your business to the next level.
Hello and welcome to the Clare Wood Podcast, where myself and incredible guests share about money mindset, financial successes, and how to manage your money in a fun and practical way, to create wealth and abundance, in both your business and your life. I’m your host, Clare Wood. I’m a business coach and a money mentor. I strongly believe that money has the power to positively change the world. I can’t wait to help you transform your mindset around money, create a love of numbers, and build the business of your dreams, so you can live a life of financial freedom, giving and global impact.
Before I get started on the episode, let’s address the elephant in the room here. I lost my voice again, this weekend. This is the second time I’ve lost my voice this year. So I feel like there is definitely a message coming through, but I feel fine asides from the voice, so I still wanted to go ahead and record this episode and get it out for you guys.
Diving into it, is investing in mindset work a waste of money? I want you to stop for a minute and have a think. What is the one reason why you can’t double yourselves from 2020 into the year 2021? What comes up for you? If time and money were no barrier, what would you do if you could do anything to skyrocket your results?
Why you should make mindset the ‘thing’ you invest in next
From my experience, most business owners have the ‘thing’ they think is missing. The magical ‘thing’ that is going to turn everything around. Let me share an example. A client of mine at the moment is launching a podcast soon and she believes this is the big thing that will take her business to the next level. And don’t get me wrong. I am not disagreeing that this is possible. I mean, creating this podcast was a massive turning point for me in my business. But trust me, when I say that plenty of people have launched podcasts and it hasn’t been the big turning point for them. In fact, many podcasters post a few episodes, and maybe they aren’t getting the listens they had hoped for or they realize the huge investment of time it takes to create amazing content week after week. And so they end up walking away from their podcasts altogether.
Well, perhaps the thing that you were placing on a pedestal is Facebook ads. I know for me personally, that this is a huge thing that I want to focus on in the coming year, but I am also not glorifying that Facebook ads are the one thing that will take my business to the next level. I mean, I’ve doubled my sales this year, and yet my email list has barely grown in size since the start of the year. So while I do agree that running Facebook ads and growing my email list will help grow my business, I also know that undoubtedly, it’s not the only way that you can achieve massive growth in your sales in a short period of time.
So how do you get a big shift? Well, the biggest reason that I personally have seen big, crazy in my business this year and how I’ve supported some of my private coaching clients to double and even triple their sales results, it’s all about mindset. Before I go further into these, I might just go back to basics in case you don’t know what I’m talking about. I mean, what the heck even is mindset? Mindset is what you believe. You can have mindset or beliefs about anything really. Let me share an example. For most of my life, I had believed that happily ever after was possible. After all, my parents had been happily married for 32 years until they weren’t anymore. At the age of 27, I was completely blindsided by my parents’ divorce. My dad had been having an affair. I was absolutely gutted. My faith in marriage had been completely shattered. I suddenly believed that there was no such thing as a happy marriage. It was all a lie. In one moment, my belief system around love and marriage was completely changed.
When I met my husband, I had my walls up big time. I wasn’t looking for marriage, but bit by bit, the walls came down and I opened my heart up to him. And I really believed that we could grow old together and that true love does exist. As you can see, my belief around marriage has changed several times and that’s the thing with beliefs. They’re not a truth. They are how we perceive something.
You can change your beliefs either subconsciously how you perceive something that’s going on around you or consciously. What you believe around money can change too. If you’ve always believed that there’s never enough money or that people in your industry could never run a million dollar business, all that success with young kids isn’t possible. Well, that’s what you’re creating. I used to think that growth in business came from doing the things. From launching a podcast, from the perfect sales funnel, from having a big email list, from having great engagement on Instagram. And don’t get me wrong. All these things are important, but action itself isn’t where the next level growth happens. It is in your mindset.
How can you change your mindset?
Well, like any shift you need to do the work. And I believe the best way to do this is in a supported environment like a cause, working with a coach or in a program. But of course there are ways that you can do it in a lower cost of freeway, such as listening to podcasts, reading books, or spending time and the energy of next level people. But for me, the real changes have happened for me when I’ve invested financially in something and have some real skin in the game. The very first course I invested in, in business was a course around money mindset. And boy, was it a huge game changer for me. I was able to shift my thinking from that of I’m never really going to make much money in business, to having absolute certainty that I will build a multi seven figure business. So even though I’m not there yet in terms of my results, I know that I will be one day. Powerful huh?
A huge part of the manifestation process is of course taking action. You can’t just sit back and think that a business is going to grow itself. Of course, you have to do that things, marketing, strategy, growing your email list. But something I have learned is that the things, the how to, is only a small part of success. Crazy, huh? In fact mindset is where I continue to choose to invest my money over and over again. I shared on this podcast before that I’m actually spending way more on my mastermind and working with my coach than I actually spend on renting the house that we live in. And recently I’ve just invested in another money mindset course. Now it might seem crazy to some people, but I know without a doubt that I wouldn’t be where I am today, if I didn’t have my coach keeping my mindset and my vibe high.
When is the right time to do mindset work?
You might be wondering, when is the right time to do the mindset work? Perhaps in the early stages of business, and you’re thinking, Clare, this is all not relevant to me. I can totally understand why you might feel like that. But I do want to share with you that your mindset is the literally the foundations upon which you build your business house. It is never too early to start laying solid foundations for your business. Sure, if your business isn’t making heaps of money yet, it might not be the right time to join a high end mastermind, but you can still definitely start the journey. It is never too early to begin working on your mindset. In a future episode of this podcast, I’m going to be sharing my plans and my secrets of how I’m scaling my business in 2021. But I do want to share a sneak peek, which is that I’m going to be doing even more investing posts with my time and my money on my mindset in the new year.
So to sum up today, investing in your mindset is absolutely not a waste of money. In fact, I think it’s one of the best ways you can set your business up to scale.
If you want to help to master your mindset, I am still taking applications for the mind to money mastermind that is kicking off in Jan 2021. At the time of recording, 8 of the 10 places available in the mastermind have been taken. And this mastermind is an exclusive high ticket community only for six figure plus entrepreneurs. Although many of them are turning over multiple six figures in terms of sales each year. Inside this community, we do a lot of work on money mindset and also practical strategies such as hiring, launching etc. A really cool benefit of the group is that you get unlimited voice and text message access to me and the group of six figure entrepreneurs so you have a support crew that you can turn to if you ever need help in your business. I’ll pop a link in the show notes for today’s episode if you do want to learn a little bit more about the mastermind.
If you aren’t quite at that stage of your business yet, or if the mastermind isn’t a good fit for you, I also have my signature course, Million Dollar Money Management that you might remember I launched a few months ago. The first round was so incredible and so transformational. I will be running it again in early 2021. So listen out on the podcast as I’ll share when I’m opening the doors to that course again.
Thank you so much for taking the time and listening today. And this week, remember that you have the power to change and it all starts in your mind. Thanks for tuning in and I’ll see you next week.
Thanks so much for listening. If you love this episode, please share it with your audience. And don’t forget to tag me on Instagram at @Clare_Wood_Coach, and also make sure you hit subscribe so you never miss an episode. Have an abundant week. And I look forward to talking to you again next week.
About your host
Hi, I’m Clare Wood – I’m a numbers geek, a travel lover, a reality tv addict, and a passionate business coach. I’m here to empower you to create an extraordinary business and an amazing life; because I believe you don’t have to choose between the two.