Getting Past Your Fear Of Money
August 21, 2007 by Michelle Waters
If you’ve started a business selling physical products online, you probably aren’t thinking that you have a fear of money.
However, you may learn differently the first time someone asks you how much you charge for your item at a trade show — or the first time someone questions the amount you charge.
I’ve heard many women talk about how they struggle to price their products or services fairly — and I have had my share of these battles.
My friend Carrie at Natural Moms Talk Radio shared similar stories on her blog recently in her post about money and the natural mom.
Still, money and personal finance IS an important topic. People who don’t “deal” with their money well are generally less happy than people who are smart with their money. Their lack of attention to good financial savvy causes them much unhappiness. Money is like your teeth - if you don’t take good care of it now and prefer to ignore it, it will come back and cause you a lot of pain and rottenness later! I am even of the opinion that being a good steward of money is one way to show God how thankful we are for his blessings (remember the illustration Jesus spoke about the talents?).
Right on, Carrie! If people are trying to make you feel bad for wanting to earn some money — don’t let them. You deserve to be paid for the products and services you provide.
Someone once said that money is the root of all evil. Well, this is not true. The LOVE of money is the root of all evil. Make you have your priorities straight and are treating money as a tool and blessing given to you by God, not as the goal for your life and business.
Make sure that the products and services you are providing enrich the lives of the people who are buying them, that you are using honest business practices and you’re following the plan God has for your life and business. You’ll then have nothing to fear from those who wish to tear you down.
Michelle, I had a definite fear of success when I started my business - which translates into a lack of money LOL! I didn’t want to be held responsible for anything ‘big’ out there. Does that make sense? I had to work through that in order to take my business to the next level and enjoy financial breakthrough
Wow, what an interesting point of view. That last paragraph really hit me. I actually am the opposite. If a client asks me how much something would cost, I sometimes feel bad having to give them a price. I provide a service and I work with my customers on an ongoing basis. I end up getting to know my customers pretty well and I start to feel like I am charging a friend for a service. I guess the fear of money part for me comes when I give the price quote. I think that someone I am starting to like will think that I am charging too much or taking advantage. So, I end up doing some of the easier jobs for free. I guess that would be considered bad business too! I should take your advice… “You deserve to be paid for the products and services you provide.”
Renee, the way I feel about that is, if a friend of mine is selling a product or providing a service for me, I want to pay her for it. I see her work and time as valuable and I want her to be rewarded for it. I feel that it is best to pay for what she is providing me — or setup an equitable barter arrangement that can be revisited often. Communication is the key here in making sure that no one feels like they’re being taken advantage of.
I also think it’s very important to set very clear boundaries in your business. If you are wanting to give a gift to a friend or even all your customers, that is fine. But you should know exactly what you are giving, what you are capable of giving and do it with a cheerful heart.
However, if you fail to setup a clear boundary, you can end up in a situation where friends will continue to expect more from you, while you start feeling like you’re being used. But this is a friend, so you don’t want to say anything, and she continues to think that everything is sunshine and roses. Yet, you continue to feel used up and angry. This cannot go on forever, and pretty soon, the resentment will come out. This can ruin relationships and could kill your business.
To avoid this situation, it’s best to determine exactly how much free work or products you’re willing to provide, and to whom. Everyone else, in all other situations, will need to pay you for your products or services. If someone isn’t willing (as opposed to unable) to pay you what you are worth, are they really your friend?
Either that, you’ll need to setup a non-profit and start taking donations. LOL!