4 Ways To Make The Money You Deserve When You Own A Business

Photo: Paige Cody via Unsplash
How To Make Money When You Start Your Own Business By Knowing Your Worth And Creating Healthy Boundaries

Many people fall into the trap of believing that they have to work for free as they build up their experience and knowledge in an area or feeling like they have to respond to requests for free work - "can I just pick your brain?" "Could you just...." 

These are some of the worst habits to get into, especially when it comes to building your business and developing your money mindset. 

RELATED: Why You Should Raise Your Rates To Better Serve Your Clients (& 4 Ways To Do It)

Here’s why. 

Working for free or undercharging for your work creates frustration, you don't give your best self, and your client doesn't take the work as seriously as they would if they were paying well for it. 

If you want to attract more money into your life and meet your income goals, then you need to get comfortable charging for your time and services. 

Release the idea that it's awkward or uncomfortable to talk about your fees or to charge for your time and services, because it really isn’t.

In fact, it actually sets an excellent example for those around you when they see someone having strong self worth, healthy money boundaries, and a constantly developing money mindset. 

You are in business to help people and to create a lifestyle that works for you.

Here are some mentoring points to help you get comfortable charging well for your time. 

1. Clients take work they pay for more seriously 

One of my private clients is a personal trainer and recently told me about his frustration around giving friends free sessions and how they didn’t seem to take them seriously.

He felt like his time and energy weren’t being appreciated. 

Have you experienced something like this? 

We coached on this and I explained that people take things seriously when they invest in them and that it’s actually better for the client if they pay for your time and services.

It creates a better energy between the two of you and also means that they are much more likely to take the work you are doing seriously and benefit from it. 

You are actually doing your clients a much better service when you help them to step up, invest in themselves, and take the work they are waiting to do seriously. 

2. You deserve to be well paid for what you do 

If you are good enough to be working with, then you are good enough to be paid for your time.

It’s as simple as that. 

You deserve to be well paid for what you do and to feel comfortable charging for your time, like any other professional does. 

RELATED: Turn Boundaries Into Opportunities For Success

3. You do your best work when you are being well paid

When you feel well paid, respected, and valued for your time and energy and are working with clients who are engaged and proactive, you are naturally going to do your best work and give more of yourself.

4. The best experience in business is real time 

Working for free isn’t actually a good experience, because it’s not work being done in a professional or formally agreed setting, it often gets a bit messy and confusing and one person usually benefits a lot more than the other.

I've had clients lose friends over this and get themselves into sticky situations. 

When you are building your business, it’s important to get into good business habits from the start.

Not only for yourself and your income, but for the clients you are going to be working with as well.

Everyone benefits when there are clear boundaries and money is being exchanged for services. 

You can choose a cause that is close to your heart and donate time, money, or services every month or choose a pro bono client as a way of giving back.

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Joseph James is a business mentor and income coach who focuses on mindset work with practical next steps, advice, and strategy to help clients make changes that are meaningful for them. You can learn more about creating multiple income streams in your lifestyle business in his program 33 income streams for your lifestyle business. If you’d like to discuss private coaching or mentoring, you can contact him.