Your Business Mindset: How to Shift Your Mindset Around Money 

Your business mindset around money might be what’s holding you back. 

Developing a healthy money mindset involves understanding your relationship with money, how you feel about earning, saving, and spending it. 

In today’s blog, we’ll be talking about your relationship with money, the gender pay gap, looking at your finances as data, and paying yourself as a business owner. 

If you’re ready to develop your money skills and take your business to the next level, read our blog: Money Management in Business: 3 Money Skills Every Private Practice Dietitian Should Have

Your Relationship with Money 

Money mindset is such a nuanced topic. Just like someone’s relationship with food, body image, and/or mental health, most people have a complicated relationship with money.

Think about your own relationship to money.

1. Reflect on how you feel about money in general, but also how you feel about receiving money for work.
2. Are you making enough money? What’s “enough”?
3. Do you feel positive or negative about your money situation?
4. Do you avoid bills, debt payments, or logging into your bank account? Or do you feel connected to your finances?

Having a positive relationship with money empowers you to confidently value your worth, comprehend your financial journey, and ultimately generate higher income in your business to enhance your overall quality of life. But it’s not as easy as “thinking positive thoughts about money”. Your money mindset honors your own history with money, as well as your past, present, and future relationship with money.

Let’s Talk About the Gender Pay Gap

Here are some statistics taken from the Census Bureau data in 2021: 

• Women earned *.82 for every dollar men earned
• Women made up about 44% of the total workforce, yet only 41% of managers 
• Estimates from the Center for American Progress show that the cumulative cost of the gender pay gap to women is $61 trillion since 1967. 

Until the 1970s, it was common for women to face significant barriers in obtaining bank loans. Banks often required a male relative or spouse to co-sign for a loan, effectively limiting women’s financial independence. 

Studies have shown that men generally exhibit higher levels of financial confidence compared to women. Men often report feeling knowledgeable and comfortable making investment decisions, managing finances, and taking risks. 

I wanted to take a moment to explain that history because a lot goes into our money mindset. Oppression, trauma, upbringing, habits, limiting beliefs, and self-doubt are all influencing your money mindset. 

We have to honor this history before going forward. 

Declare Your Money Goals 

Think about a number that you want to take home as profit. It could be a yearly amount, a monthly amount, or whatever comes to you. 

Sit there and think about it. 

Now, I want you to double it. 

Sometimes, we declare goals but there’s stuff that’s holding us back. When I say double it, it starts to come to life. 

I believe that you need to build the skills you need in order to make the revenue and profit that your business needs. You need to work on the value and services that you bring and your business strategy. 

I want you to take up space in business. 

Look at Your Finances as Data

Money mindset is not just about your feelings and emotions, it’s also about looking at your financial data and making decisions based on numbers and business strategy. By leveraging your financial data effectively, you gain valuable insights, make informed decisions, and ultimately achieve your financial goals more efficiently.

Here are some steps to help you get started with analyzing your finances as data:

1. Organize your expenses into categories: Categorizing your expenses is essential for understanding how you spend your money. Create categories that align with your financial objectives and start tracking your expenses accordingly.
2. Analyze your income and expenses: Once you have your financial data in order, use different analytical techniques to gain insights. Calculate your total income and compare it to your expenses. Look for areas where you can potentially cut back on spending or find opportunities to increase your savings. Analyze trends over time to better understand your financial habits and make any necessary adjustments.
3. Set clear financial goals: Use the insights gained from analyzing your financial data to establish realistic and achievable goals. Whether you want to save for a down payment, pay off debt, or plan for retirement, having well-defined objectives will keep you motivated and focused on your financial journey.

Remember, keeping track of our finances is an ongoing process. Treating your money as data will give you the knowledge you need to make smart financial choices and build a stronger financial future as a human & business owner.

For more about this topic, check out our blog all about paying yourself as a business owner. 

Boundaries with Finances

Just like your relationship with money changes, so do your boundaries. 

Here are some boundaries with money to consider: 

• Look at Finances: Carve out CEO time to look at your finances frequently. 
• Run Reports: Track your income, expenses, and profit. Some other helpful reports include total profit/loss, monthly profit/loss, balance sheets, and cash flow. 
• Tax Breaks: Take advantage of tax breaks and work with an accountant to save money. 
• Raise Your Prices: There will be times when you need to raise your prices, and it’s important that you honor that. 
• Invest: Invest in yourself and your business, it will come back to you. 

Remember that money is an exchange of value and a renewable resource. 

Nothing bad happens when you make more money. 

You Deserve to Make Money for Doing Impactful Work

In case you need a reminder of the value you’re providing as a dietitian, here are 10 reasons why you’re powerful. 

1. Dietitians help people change their relationship with food from negative to positive. This is life-changing for so many people.
2. Dietitians see people get excited about food, rather than fearful and scared.
3. Dietitians get to the root of the problem of eating disorders, allowing clients the space to heal and find lasting recovery.
4. Dietitians support body image healing and help clients end the war with their bodies.
5. Dietitians see the difference that nutrition makes in a client’s mental health.
6. Dietitians witness the power of hunger and satiety signals returning in clients.
7. Dietitians help clients learn to fuel their bodies for joyful movement.
8. Dietitians continually learn and provide the latest cutting-edge nutrition information to our clients.
9. Dietitians embrace that sometimes there are no “right” answers when it comes to nutrition but that there is always a “next step” in someone’s journey.
10. Dietitians collaborate! If we’re not the best fit for a client, we can almost guarantee that we know someone who is or where to find a referral.

Bookmark this page or write them down so you can come back to these reminders when you need them most. Whether you’re feeling overwhelmed about finances, or something else, these reminders are here for you. 

Your Business Mindset: The Takeaway

YOU deserve to receive money. Your business deserves to make money. 

By shifting your business mindset around finances, you can reach your financial goals. 

Remember to look at the data, pay yourself as a business owner, and treat finances as a boundary.

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Want to work with me to build your private practice?

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