February 9, 2021 • 14 mins
Your money mindset has a huge effect on your ability to show up in your business and reach your goals. In this episode, I'm taking you through one of a simple and quick money mindset exercise to have you bringing some awareness to your feelings around money and expanding your idea of what's possible in your business.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:04):
Everyone hasfeelings about money.
Good, bad; it doesn't matter.
They are complex, but as abusiness owner, it is your
job to get in touch withyour feelings around money
and come to terms with themand maybe heal a few too.
Because as a business owner,you are the one who guides
(00:25):
the ship of your business,so your money stories, your
feelings around money willdirectly affect your clients,
your customers, your team, yourfamily, and obviously yourself.
In today's episode, I'm goingto share with you and incredibly
simple money mindset exercisethat will have you bringing
some awareness to your feelingsaround money and expanding
(00:49):
your idea of what is evenpossible for your business.
Welcome back to 10 minutesto being boss a bite-size
show, offering up tips,tools, and tactics for
helping you do business.
I'm Emily Thompson, and today weare diving into money mindset.
This is going to be a juicy one.
(01:10):
I'm sharing with you aneasy exercise that you
can do no matter whatyou're doing right now.
You can just do it all in yourhead if you'd like, or if you
want to grab a pen and paper,that might be helpful too.
But before we dive in, Ido want to share a bit more
about our sponsor, Podia.
Bosses like you often havean itch to share what it
is that you know, and ifyou're entrepreneurial, you'd
(01:31):
likely also want to sell it.
Podia is an all in one digitalstorefront that allows you to
create courses, memberships, anddigital products and sell them
all in one place, making it easyfor you to create the content
that you most want to make.
You can sign up for Podiaand get a 14-day free trial,
(01:52):
with no credit card required,and get 15% off for life by
going to Podia.com/bosses.
We're going to start thisepisode with a little bit
of story time, if I may.
Back in 2013, I just wantedto make a living wage, a
modest 50K in my business,and I knew it was possible,
(02:14):
but I wasn't really surehow I was going to do it.
At the time I was a webdesigner and I was working
with creatives, helping thembuild online storefronts
for their business.
I love my work very much,but I was struggling
with really hitting thebasic goal of 50K a year.
So I did what a smart businessowner does and I hired a
(02:36):
business coach to help mesee what it was that I was
missing and that business coachchallenged me to think bigger.
when challenged to thinkmade some incredible moves.
I was able to rethink how it wasthat I work with my clients to
repackage my offerings in a waythat threw every single industry
(02:58):
standard out the window,which is where they belong.
And I was able to notonly reach my goal, but
exceed it in that year.
The next year Itripled my revenue.
And the year after that, Ihad the idea of starting the
Being Boss podcast, which atthe time was an avenue for
(03:19):
me to market my business andgrow it even bigger, but as
we may know, Being Boss turnedinto a business of its own.
Within a year or so of BeingBoss, I knew I wanted to
transition out of web design,which was making multiple
six figures a year at thatpoint, and a fully into being
boss where I could make moreimpact with more creatives
(03:42):
with the work that I was doing.
So, what did I do?
I hired a coach who challengedme to think bigger again,
Within a year, I broke myfirst half million dollar
a year and made a fulltransition from working with
clients, to being here atBeing Boss, and it was one of
the most amazing transitionsI have made in my career.
(04:05):
I dare say that without thechallenge to think bigger,
I would likely still bedesigning websites, one at a
time, for my clients as I was.
How many years ago was thatseven years, eight years?
Was that eight years ago?
Geez, Louise.
How the time flies.
So I would totally be whereI was eight-ish years ago.
(04:27):
I imagine I would have brokesix figures, but I would not
have built what I have builtif I had not been challenged
to think bigger and to reallyenvision how it was I could make
a bigger impact, not only inmy revenue, but in the world.
And that is what I want todo with you here today, is
challenge you to think biggerand have you address some money
(04:51):
mindset things along the way.
So, no matter what it isthat you're doing, I want
you to take a pause andfeel free to actually legit
pause me along the way asyou are doing this exercise.
You can think about this inyour head, or if you have
a pen and paper with you,that's going to work really
great for you as well.
Here's what I want you to do.
I want you to write down on yourpiece of paper or think in your
(05:14):
head, how much revenue you wantto generate in your business
this year, it's likely that youalready have a number, if you've
done any planning or make anygoal-setting so far this year.
Think of that numberand write it down.
Once you have that number.
I want you to do acouple of simple lists.
One is list a couple of feelingsthat you have about that number.
(05:36):
Does it feel totallywithin reach?
Does it feel out of reach?
Does it make youfeel kind of weird?
Do you feel likeyou're playing small?
What feelings come upfor you whenever you look
at that number goal thatyou've made for the year?
Now jot down very simplythe things that you need to
do to get you to that goal.
You should have an ideaof some things that maybe
(05:57):
you need to creat, of someconnections you need to make.
Maybe some people you needto hire, whatever it may be
for you to reach that goal.
Take a moment and eitherthink or write down the
things that you need to doto get to this goal you've
already created for yourself.
Once you have created thispicture of how you feel about
the goal and the things thatis that you need to do to reach
(06:17):
it, I want you to look at thatnumber goal, one more time...
Not one more time.
We'll get to that in a second.
You're going to look at thatnumber goal, and you're going
to add a zero to the end.
Add a zero to the end, andimmediately jot down any
feelings that come up for youif you were to 10x your revenue.
Be incredibly honest withyourself and completely candid
(06:41):
with the feelings that come up.
Does it feel crazy?
Does it feel like it iscompletely outside of
the realm of possibility?
Does it make you feelsick in your gut?
Do you feel yourself bunchingup in your shoulders?
Does it make youincredibly excited?
Whatever the feeling isthat comes up for you as
you are looking at this 10xmoney goal, write it down.
(07:03):
Be completely aware of themoney mindset things that
come up for you as youimagine yourself 10x-ing
your revenue goal this year.
Now that you've shed somelight on some of those money
mindsets, I want you to spenda few minutes getting really
clear, or not even clear,getting very imaginative with
(07:25):
the things that would haveto happen in your business
for you to 10x your revenue.
This can be incredibly hardfor some people, but I want you
to take some time and reallythink outside of the box.
Maybe it's going to requireyou taking on a different kind
of client, incredibly growingyour team, transitioning
(07:46):
your offering into somethingcompletely different, or
maybe slightly adjacent.
Maybe it's going to beoperating another kind of
revenue stream or completelyscaling all of your systems.
Maybe it's taking a dealwith a larger client or going
after licensing opportunities.
There are a milliondifferent things, and
(08:07):
that's the point here.
I want you to think about all ofthe opportunities, a lot of the
things that you would have toaccomplish to 10x your revenue.
Try not to let this becomea really overwhelming.
This is just an exerciseto have you thinking
a little bit bigger.
Don't get anxious, thoughif you do, write it down,
(08:28):
just imagine what would haveto happen in your business
for you to 10x your revenue.
Once you've spent a coupleof moments doing that.
Take a couple of deep breaths.
Your brain just did somework and did some hardcore
imagining as to what ispossible in your business.
So give yourself a couple ofdeep breaths because there's
(08:50):
one more step to this exercise.
And that is for you tolook at that revenue goal
and add another zero.
This time I don't necessarilywant you to think that this
is what you're going to makethis year, but imagine that
this is what your revenue doesin just two or three years.
You just 100x your revenuefrom this year to two
(09:14):
or three years from now.
Now, same as the last one (09:17):
I want you to take a few moments
and very candidly jot down orbecome very aware of anything
that comes up for you whenyou think about that number.
When you look at thatnumber, where do you
feel it in your body?
What ideas come toyou immediately?
What feelings come to you whenyou think about a 100x-ing...
(09:39):
Is that how you say that?
Times a hundred-ing?
I have no idea...
your revenue for this year.
It's likely that you're goingto feel a lot of things.
And it's funny, oftentimesenvisioning this brings
up more positive feelingsthan just 10x it.
I think it's because it feelsa little more, a little more
(09:59):
unattainable, that you canactually play with it and have
fun ideas around or releasethe anxiety around it because
it feels a little cartoonish.
But there is some magicand becoming aware of how
your money mindset shiftsin that scenario as well.
So take a couple of momentsand jot down how it is that
(10:22):
you feel around 100x-ingyour revenue within the
next two to three years.
And then as you may know,the next step of this is for
you to brainstorm, to ideatea couple of possible ways
that this could actuallyhappen in your business.
What would have to happen?
(10:43):
Can you even imagine thekind of business you would
be building if a 100x yourrevenue were attainable.
Think outside the box.
Think that faroutside of the box.
And you will grasp at ideasthat you never would have had
otherwise, and that folks isthe magic of this exercise.
(11:07):
Whenever you can take a pauseto just come to terms with, to
bring some awareness to yourmoney mindset, you are able to
work through any issues that youmay have, or really spotlight
the places where your moneymindset is really spot on.
And that is ideal.
(11:27):
Begin doing the work aroundyour money mindset, because
there is nothing to say that10 or a 100x your revenue is
not possible, except for you.
You can say ifit's not possible.
And if you're currentlysaying that it's not possible,
it won't be possible.
Flip that.
Address the money mindset issuesthat you have that make you
(11:51):
believe that anything isn'tpossible in your business.
And use this exercise to thinkabout your business differently.
Think differently about howit is that you gather ideas
and inspiration, how it isthat you weigh opportunities,
how it is that you value yourtime and creativity, and think
(12:11):
about how you can expand thosethings and open yourself to more
opportunities that could haveyou 10 or 100x in your revenue.
And not to say that building,you know, if you just realize
that maybe I just had youmaking yourself a $50 million
a year business, maybe that'snot really what you want
(12:32):
to do, but the magic hereis that you just imagined
what could happen in yourbusiness to make that happen.
And when you do that,you open the doors.
And with that, if you arestill here, I would love
for you to head down intothe comments and let me
know something interestingthat came up for you as you
(12:52):
went through this exercise.
This can be a big oneand sharing money mindset
situations isn't alwayseveryone's favorite, but
I encourage you to do it.
It is the boss way.
We talk about money and wheneveryou can talk about money, you
bring more awareness to yourmoney mindsets, and awareness
(13:12):
will lead you to solutions.
So I hope to see youdown in the comments.
And with that, I'mgoing to leave you.
To sit like a deerin headlights.
As you look at that number,I've done this exercise with
bosses and number of times,and there's always this look,
this look that I get wheneverI tell them to add a zero.
(13:33):
And then the eyes get evenbigger or whenever I tell
them to add zero number two.
Um, but I know from experiencethat this challenge to expand
how it is that you thinkabout your business will
make such good things happen,some things that would not
have happened if you had notbeen challenged to do it.
(13:54):
I look forward to seeing youagain soon until next time.
Do the work.
Be boss.
That sunshine justgot so bright outside.
Sorry, not sorry ifmy light is literally
changing every 15 seconds.
One, maybe I'm the onlyone who's noticing it.
Two, if you're noticingit, we're very similar.
(14:16):
Two, three, cause I can't countthis morning, we're going to
have to get over it becauseI can't control the sun.
I get great lighting in here,the best lighting, but I like to
record in the mornings and theroof over there is just white.
And so every time thingschange the slightest, my
light changes, I never reallyrealized it was that bad
(14:38):
until I started recording.
And I'll change that wordbecause it's not bad.
It's glorious, it's glorious,and I love it, but it
is creating a differentmood at this moment.
Wonder if it'sgoing to chill out?
Everyone hasfeelings about money.
Good, bad; it doesn't matter.
They are complex, but as abusiness owner, it is your
job to get in touch withyour feelings around money
and come to terms with themand maybe heal a few too.
Because as a business owner,you are the one who guides
(00:25):
the ship of your business,so your money stories, your
feelings around money willdirectly affect your clients,
your customers, your team, yourfamily, and obviously yourself.
In today's episode, I'm goingto share with you and incredibly
simple money mindset exercisethat will have you bringing
some awareness to your feelingsaround money and expanding
(00:49):
your idea of what is evenpossible for your business.
Welcome back to 10 minutesto being boss a bite-size
show, offering up tips,tools, and tactics for
helping you do business.
I'm Emily Thompson, and today weare diving into money mindset.
This is going to be a juicy one.
(01:10):
I'm sharing with you aneasy exercise that you
can do no matter whatyou're doing right now.
You can just do it all in yourhead if you'd like, or if you
want to grab a pen and paper,that might be helpful too.
But before we dive in, Ido want to share a bit more
about our sponsor, Podia.
Bosses like you often havean itch to share what it
is that you know, and ifyou're entrepreneurial, you'd
(01:31):
likely also want to sell it.
Podia is an all in one digitalstorefront that allows you to
create courses, memberships, anddigital products and sell them
all in one place, making it easyfor you to create the content
that you most want to make.
You can sign up for Podiaand get a 14-day free trial,
(01:52):
with no credit card required,and get 15% off for life by
going to Podia.com/bosses.
We're going to start thisepisode with a little bit
of story time, if I may.
Back in 2013, I just wantedto make a living wage, a
modest 50K in my business,and I knew it was possible,
(02:14):
but I wasn't really surehow I was going to do it.
At the time I was a webdesigner and I was working
with creatives, helping thembuild online storefronts
for their business.
I love my work very much,but I was struggling
with really hitting thebasic goal of 50K a year.
So I did what a smart businessowner does and I hired a
(02:36):
business coach to help mesee what it was that I was
missing and that business coachchallenged me to think bigger.
when challenged to thinkmade some incredible moves.
I was able to rethink how it wasthat I work with my clients to
repackage my offerings in a waythat threw every single industry
(02:58):
standard out the window,which is where they belong.
And I was able to notonly reach my goal, but
exceed it in that year.
The next year Itripled my revenue.
And the year after that, Ihad the idea of starting the
Being Boss podcast, which atthe time was an avenue for
(03:19):
me to market my business andgrow it even bigger, but as
we may know, Being Boss turnedinto a business of its own.
Within a year or so of BeingBoss, I knew I wanted to
transition out of web design,which was making multiple
six figures a year at thatpoint, and a fully into being
boss where I could make moreimpact with more creatives
(03:42):
with the work that I was doing.
So, what did I do?
I hired a coach who challengedme to think bigger again,
Within a year, I broke myfirst half million dollar
a year and made a fulltransition from working with
clients, to being here atBeing Boss, and it was one of
the most amazing transitionsI have made in my career.
(04:05):
I dare say that without thechallenge to think bigger,
I would likely still bedesigning websites, one at a
time, for my clients as I was.
How many years ago was thatseven years, eight years?
Was that eight years ago?
Geez, Louise.
How the time flies.
So I would totally be whereI was eight-ish years ago.
(04:27):
I imagine I would have brokesix figures, but I would not
have built what I have builtif I had not been challenged
to think bigger and to reallyenvision how it was I could make
a bigger impact, not only inmy revenue, but in the world.
And that is what I want todo with you here today, is
challenge you to think biggerand have you address some money
(04:51):
mindset things along the way.
So, no matter what it isthat you're doing, I want
you to take a pause andfeel free to actually legit
pause me along the way asyou are doing this exercise.
You can think about this inyour head, or if you have
a pen and paper with you,that's going to work really
great for you as well.
Here's what I want you to do.
I want you to write down on yourpiece of paper or think in your
(05:14):
head, how much revenue you wantto generate in your business
this year, it's likely that youalready have a number, if you've
done any planning or make anygoal-setting so far this year.
Think of that numberand write it down.
Once you have that number.
I want you to do acouple of simple lists.
One is list a couple of feelingsthat you have about that number.
(05:36):
Does it feel totallywithin reach?
Does it feel out of reach?
Does it make youfeel kind of weird?
Do you feel likeyou're playing small?
What feelings come upfor you whenever you look
at that number goal thatyou've made for the year?
Now jot down very simplythe things that you need to
do to get you to that goal.
You should have an ideaof some things that maybe
(05:57):
you need to creat, of someconnections you need to make.
Maybe some people you needto hire, whatever it may be
for you to reach that goal.
Take a moment and eitherthink or write down the
things that you need to doto get to this goal you've
already created for yourself.
Once you have created thispicture of how you feel about
the goal and the things thatis that you need to do to reach
(06:17):
it, I want you to look at thatnumber goal, one more time...
Not one more time.
We'll get to that in a second.
You're going to look at thatnumber goal, and you're going
to add a zero to the end.
Add a zero to the end, andimmediately jot down any
feelings that come up for youif you were to 10x your revenue.
Be incredibly honest withyourself and completely candid
(06:41):
with the feelings that come up.
Does it feel crazy?
Does it feel like it iscompletely outside of
the realm of possibility?
Does it make you feelsick in your gut?
Do you feel yourself bunchingup in your shoulders?
Does it make youincredibly excited?
Whatever the feeling isthat comes up for you as
you are looking at this 10xmoney goal, write it down.
(07:03):
Be completely aware of themoney mindset things that
come up for you as youimagine yourself 10x-ing
your revenue goal this year.
Now that you've shed somelight on some of those money
mindsets, I want you to spenda few minutes getting really
clear, or not even clear,getting very imaginative with
(07:25):
the things that would haveto happen in your business
for you to 10x your revenue.
This can be incredibly hardfor some people, but I want you
to take some time and reallythink outside of the box.
Maybe it's going to requireyou taking on a different kind
of client, incredibly growingyour team, transitioning
(07:46):
your offering into somethingcompletely different, or
maybe slightly adjacent.
Maybe it's going to beoperating another kind of
revenue stream or completelyscaling all of your systems.
Maybe it's taking a dealwith a larger client or going
after licensing opportunities.
There are a milliondifferent things, and
(08:07):
that's the point here.
I want you to think about all ofthe opportunities, a lot of the
things that you would have toaccomplish to 10x your revenue.
Try not to let this becomea really overwhelming.
This is just an exerciseto have you thinking
a little bit bigger.
Don't get anxious, thoughif you do, write it down,
(08:28):
just imagine what would haveto happen in your business
for you to 10x your revenue.
Once you've spent a coupleof moments doing that.
Take a couple of deep breaths.
Your brain just did somework and did some hardcore
imagining as to what ispossible in your business.
So give yourself a couple ofdeep breaths because there's
(08:50):
one more step to this exercise.
And that is for you tolook at that revenue goal
and add another zero.
This time I don't necessarilywant you to think that this
is what you're going to makethis year, but imagine that
this is what your revenue doesin just two or three years.
You just 100x your revenuefrom this year to two
(09:14):
or three years from now.
Now, same as the last one (09:17):
I want you to take a few moments
and very candidly jot down orbecome very aware of anything
that comes up for you whenyou think about that number.
When you look at thatnumber, where do you
feel it in your body?
What ideas come toyou immediately?
What feelings come to you whenyou think about a 100x-ing...
(09:39):
Is that how you say that?
Times a hundred-ing?
I have no idea...
your revenue for this year.
It's likely that you're goingto feel a lot of things.
And it's funny, oftentimesenvisioning this brings
up more positive feelingsthan just 10x it.
I think it's because it feelsa little more, a little more
(09:59):
unattainable, that you canactually play with it and have
fun ideas around or releasethe anxiety around it because
it feels a little cartoonish.
But there is some magicand becoming aware of how
your money mindset shiftsin that scenario as well.
So take a couple of momentsand jot down how it is that
(10:22):
you feel around 100x-ingyour revenue within the
next two to three years.
And then as you may know,the next step of this is for
you to brainstorm, to ideatea couple of possible ways
that this could actuallyhappen in your business.
What would have to happen?
(10:43):
Can you even imagine thekind of business you would
be building if a 100x yourrevenue were attainable.
Think outside the box.
Think that faroutside of the box.
And you will grasp at ideasthat you never would have had
otherwise, and that folks isthe magic of this exercise.
(11:07):
Whenever you can take a pauseto just come to terms with, to
bring some awareness to yourmoney mindset, you are able to
work through any issues that youmay have, or really spotlight
the places where your moneymindset is really spot on.
And that is ideal.
(11:27):
Begin doing the work aroundyour money mindset, because
there is nothing to say that10 or a 100x your revenue is
not possible, except for you.
You can say ifit's not possible.
And if you're currentlysaying that it's not possible,
it won't be possible.
Flip that.
Address the money mindset issuesthat you have that make you
(11:51):
believe that anything isn'tpossible in your business.
And use this exercise to thinkabout your business differently.
Think differently about howit is that you gather ideas
and inspiration, how it isthat you weigh opportunities,
how it is that you value yourtime and creativity, and think
(12:11):
about how you can expand thosethings and open yourself to more
opportunities that could haveyou 10 or 100x in your revenue.
And not to say that building,you know, if you just realize
that maybe I just had youmaking yourself a $50 million
a year business, maybe that'snot really what you want
(12:32):
to do, but the magic hereis that you just imagined
what could happen in yourbusiness to make that happen.
And when you do that,you open the doors.
And with that, if you arestill here, I would love
for you to head down intothe comments and let me
know something interestingthat came up for you as you
(12:52):
went through this exercise.
This can be a big oneand sharing money mindset
situations isn't alwayseveryone's favorite, but
I encourage you to do it.
It is the boss way.
We talk about money and wheneveryou can talk about money, you
bring more awareness to yourmoney mindsets, and awareness
(13:12):
will lead you to solutions.
So I hope to see youdown in the comments.
And with that, I'mgoing to leave you.
To sit like a deerin headlights.
As you look at that number,I've done this exercise with
bosses and number of times,and there's always this look,
this look that I get wheneverI tell them to add a zero.
(13:33):
And then the eyes get evenbigger or whenever I tell
them to add zero number two.
Um, but I know from experiencethat this challenge to expand
how it is that you thinkabout your business will
make such good things happen,some things that would not
have happened if you had notbeen challenged to do it.
(13:54):
I look forward to seeing youagain soon until next time.
Do the work.
Be boss.
That sunshine justgot so bright outside.
Sorry, not sorry ifmy light is literally
changing every 15 seconds.
One, maybe I'm the onlyone who's noticing it.
Two, if you're noticingit, we're very similar.
(14:16):
Two, three, cause I can't countthis morning, we're going to
have to get over it becauseI can't control the sun.
I get great lighting in here,the best lighting, but I like to
record in the mornings and theroof over there is just white.
And so every time thingschange the slightest, my
light changes, I never reallyrealized it was that bad
(14:38):
until I started recording.
And I'll change that wordbecause it's not bad.
It's glorious, it's glorious,and I love it, but it
is creating a differentmood at this moment.
Wonder if it'sgoing to chill out?
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