G-BLLC06DBK9 520165642414387 7 | Mastering Your Money Mindset as a Coach - Women in The Coaching Arena

Episode 7

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Published on:

27th Apr 2023

7 | Mastering Your Money Mindset as a Coach

In this episode of the Women in the Coaching Arena podcast, Jo Lott, a business mentor and ICF accredited coach, discusses the importance of developing a healthy money mindset as a coach. She emphasises that our beliefs and attitudes around money can have a significant impact on our business, well-being, and how we value ourselves as coaches. Jo provides practical ways to cultivate a healthy money mindset, including understanding our relationship with money, charging for transformation rather than the number of sessions, and releasing limiting beliefs.

Money Mindset for Coaches [00:00:27" rel="noopener noreferrer" target="_blank">00:00:27

Jo discusses the importance of understanding your relationship with money, charging for transformation, focusing on abundance, releasing limiting beliefs, and celebrating successes.

Childhood Experiences with Money [00:02:34" rel="noopener noreferrer" target="_blank">00:02:34]

Jo encourages coaches to reflect on their childhood experiences with money and how they shape beliefs and attitudes around money.

Shifting Your Mindset [00:04:41" rel="noopener noreferrer" target="_blank">00:04:41]

Jo outlines practical ways to create a healthy money mindset, including believing in the value of coaching services, charging for transformation, focusing on abundance, releasing limiting beliefs, and celebrating successes.

  • Believing in the value of your coaching services: 00:05:53" rel="noopener noreferrer" target="_blank">00:05:53
  • Charging for the transformation, not for the number of sessions: 00:05:53" rel="noopener noreferrer" target="_blank">00:05:53
  • Focusing on abundance: 00:07:08" rel="noopener noreferrer" target="_blank">00:07:08
  • Releasing limiting beliefs: 00:08:09" rel="noopener noreferrer" target="_blank">00:08:09
  • Celebrating your successes: 00:09:11" rel="noopener noreferrer" target="_blank">00:09:11

Developing a healthy money mindset is an ongoing process: 00:09:11" rel="noopener noreferrer" target="_blank">00:09:11

Importance of cultivating a healthy money mindset for building a sustainable coaching business:00:10:20" rel="noopener noreferrer" target="_blank"> 00:10:20

Useful Links

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Transcript
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Hello and welcome to Women in the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor and ICF accredited coach, and I'm on a

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mission to help brilliant coaches build brilliant coaching businesses.

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In this podcast, I'll be sharing honest, not hype, practical and

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emotional tools to support you to make the difference that you are here for.

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Hello and welcome to the seventh episode of Women in the Coaching Arena.

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I'm so glad you are here.

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Today we are going to talk about a really important topic,

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money mindset for coaches.

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And this is something I see come up time and time again with the

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coaches I work with and especially those I talk to on discovery calls.

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As coaches, we already know that how we think creates our outcomes.

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We'll see this with our clients that we work with, and we hear their

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scripts and encourage them to explore different perspectives, and we are

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well aware of the power of these stories that we tell ourselves and the

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limiting beliefs that they include.

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We hear the term money mindset thrown around a lot in the industry, but today

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let's take some time to really explore it and your future self will thank you

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for doing this work that helps you to create a prosperous coaching business.

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Because how we think about money, all the stories we tell ourselves

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about money can have a huge impact on our business, our wellbeing, and

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how we value ourselves as coaches.

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So the first step to developing a healthy money mindset is to understand

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your relationship with money.

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So ask yourself these questions.

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How do you view money?

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Is it something that's abundant and flows easily into your life, or is it something

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that's scarce and hard to come by?

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Do you feel comfortable charging for your services, or do you

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feel guilty or unworthy of receiving payment for your work?

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I know I certainly felt extremely uncomfortable when I first started

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charging for my services as a coach.

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And when I was thinking about a call with me on an hourly basis, it felt like a

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huge responsibility and a huge amount of money for a hour conversation with me.

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So if you are still charging by the hour, do look into creating an offer.

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So you start to see it as a journey and a process that you're gonna go on with your

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client rather than just seeing what feels like a lot of money for one call with you.

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Because it's not about that one call.

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It's about the journey that you are going to go on and how it's gonna

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impact that client's life and how much that transformation is worth to them.

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One way to explore your relationship with money is to reflect on your

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childhood experiences around money.

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So did you grow up in a household where money was abundant or did

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you experience scarcity and lack?

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Did you learn to value hard work and sacrifice, or did you see

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money as something that was earned through passion and creativity?

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I wish I had have seen the second version of that.

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For me, it was definitely all about hard work and sacrifice

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is what brings you money.

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And what were you told or what did you think about people with lots of money?

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These early experiences can shape our beliefs and attitudes around money and

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impact on how we view our own worth and the value of our coaching services.

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I know that money was something to be fought over from my childhood.

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It was something to grab and hide as quickly as you can before

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anyone else took it, and it was earned through hard, sheer work.

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Twenty four seven, three hundred and sixty five days a year of hard work.

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It certainly didn't come easy, and it certainly wasn't down to creativity.

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It was all about the more you work, the more money you can earn.

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So it's been a huge journey that I've personally been on since

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starting my coaching business.

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When you start to realize that the value that you create will

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bring money into your life.

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So it's not about the hours, it's about how can you create something that's

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extremely valuable and help more people access that transformation through you.

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So once you've gained some awareness around that relationship with money, let's

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have a think about shifting your mindset.

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So here are some practical ways that you can create a healthy

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money mindset as a coach.

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So first, let's start with believing in the value of your coaching services.

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You have a unique set of skills and expertise that can help your clients

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literally transform their lives.

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So believe in the value of that work and the impact that it has on your clients.

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Take time to reflect on how you have been able to support them on their

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journey and stay in that value for as much time as you possibly can.

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So I would encourage you to.

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List out 20 ways that your coaching can change the lives of those you

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coach and pull that list out often, anytime your money mindset is wavering.

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So second, charge for the transformation, not for the number of sessions.

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It's too easy to undervalue your service, especially as a woman who's perhaps been

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brought up to believe that if you are a good person, you would care for everyone

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else and not expect anything in return.

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So work with someone to logically set your prices based on the value that

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you provide, not on your emotions and what you think people can afford.

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Third, focus on abundance.

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Believe that there is enough money to go round and that you can

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attract abundance into your life.

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So notice the abundance of leaves on the trees and blades

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of grass and visit a city.

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So anytime I'm feeling in lack mentality, I literally go to London and look

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around and see every restaurant is full, there are people walking around

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with all of those fancy bags in really expensive shops and they are all

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queuing to pay for things at the till.

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Like we hear constantly on the news about the recession, but actually go

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out there in the real world and you will see that there is money everywhere.

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So in my area, there are millionaire houses everywhere.

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There are private schools left, right and center.

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There are people with money out there.

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So fine.

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There may be also people without money out there, but there are people that

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are buying and there are people out there that want to buy your coaching.

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So let's keep focusing on the fact that those people exist.

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They are out there and they do need your help.

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So fourth release limiting beliefs.

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So let go of limiting beliefs around money that might be holding you back.

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Easier said than done, I realise, but do write them down.

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You cannot think your way out of a limiting belief in your own head,

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so write them all down every single thing so money doesn't grow on trees.

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I can only make money through really hard work.

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Like what thoughts come up for you when you think about money and write them

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down and really logically explore them.

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And the fifth point is to celebrate your successes.

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Celebrate every success, no matter how small.

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Recognize the progress that you have made and the abundance

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that's already in your life.

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So do you have enough food to eat?

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Do you have a warm home?

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Do you have beautiful furnishings?

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Do you have some nice clothes?

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Like what do you have?

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Focus on this more than what you don't have.

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And if you're like me and I've read a mass of books on Money Mindset,

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you'll know that developing a healthy money mindset is an ongoing process.

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All of the books I've read are like, Write down the limiting belief.

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Explore if it's true, and just keep doing that every single time your mind thinks

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that belief, write it down and explore it.

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There is no magic secret.

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It's consistency, time, effort to shift those beliefs and attitudes around money.

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But little by little, you will shift those beliefs and you'll look back

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and think, wow, I can't believe I used to charge that much for my coaching.

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Because when you are past that point, your mindset starts to

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shift and you won't go back.

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So do this work.

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It will support you, your goals, and help you to build a thriving coaching business.

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So let me summarize today's episode.

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As a coach, it's important to cultivate a healthy money mindset

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if you want to build a sustainable coaching business, and by understanding

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firstly, your relationship with money.

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Second, the value of your coaching services and charging for the

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transformation versus the session.

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Third, focusing on abundance.

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Fourth, releasing limiting beliefs, and fifth, celebrating your

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successes and celebrating them often.

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So you can shift your money mindset and create a prosperous future

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for yourself and your clients.

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And please promise me that you will do this work your future self

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will thank you for taking the time.

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If we don't do this work, then less people will be able to actually do coaching

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for a living, because you need to be able to charge a good high price to be

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able to actually sustain your business.

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So this is super, super important for those clients who need coaches to help

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them in the world because if the coach can't support themselves, then there

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will not be enough unique coaches that they need in particular, and that

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is you, to be able to support them.

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So thank you for listening to this episode.

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I know your time is valuable and I truly appreciate you being here.

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I hope you found this discussion on money mindset for coaches helpful,

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and like I always say at the end of every episode, trust yourself, believe

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in yourself, and be the wise gardener who keeps on watering the seed.

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Microphone (Samson Q2U Microphone): Thank you so much for listening to this

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episode of Women in the Coaching Arena.

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Please come and say hi to me on LinkedIn or Instagram and let me

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know how you are getting on in your coaching business and how you are

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gonna go for your dreams this year.

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My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, and

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I'll also put links in the show notes.

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Let me know if you found this episode useful.

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Share it with a friend and leave me a review, and I will

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personally thank you for that.

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Thank you so much for listening.

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About the Podcast

Women in The Coaching Arena
Helping compassionate coaches to grow their coaching businesses with practical and emotional tools so that more brilliant coaches build brilliant coaching businesses
Are you a coach who's passionate about making a difference and building a thriving coaching business? Join Joanna Lott, a business mentor and ICF certified coach, as she shares practical and emotional tools to help you succeed in the coaching arena.

In each weekly Thursday episode of The Women in the Coaching Arena Podcast, Joanna provides valuable insights and actionable advice on various topics, such as business strategy, marketing, mindset, energy and entrepreneurship. Whether you're just starting or have years of experience, this podcast is for you.

You have a gift that needs to be shared and Joanna is here to help you do it.

About your host

Profile picture for Joanna Lott

Joanna Lott

Joanna Lott helps coaches stand out and get clients - with honesty not hype.

She has 20 years’ experience of working within HR and Governance in trade unions and financial services.

After qualifying as an ICF Executive Coach she set about learning everything she could about business, sales and marketing and quickly built a profitable career and executive coaching business around her young family.

Other coaches started asking her how she did it, so she’s supported 35 coaches in the last year alone to help them to build their business and get clients so they can make a living doing work they love.