We tell ourselves stories about money all the time — and when it comes to receiving money in our businesses, we tell ourselves even more of them. Stories like “no one can afford my services,” or “no one will pay that much,” or “I only need to do my bookkeeping at tax time.”
Let’s break down these business money myths for what they really are, and swap each one for the truth. See how many you’ve been telling yourself.
Myth 1: “No one can afford my services”
First, you don’t get to make that decision for someone else. If someone wants to buy from you, they’ll find their own way to pay for it.
Second, you should be charging for the transformation you help your clients make. Charging “your worth” is the wrong frame — don’t price yourself on how you feel about your value; price on the change you create.
Myth 2: “No one will pay that much for that product or course”
Just because you wouldn’t pay that much, or don’t have that much money right now, doesn’t mean everyone is like you. Look around the internet — people buy courses, products, and services at every price point, every single day.
If you can think it, create it, and sell it, people will buy it. Just make sure you clearly show them the value of the transformation they’ll get.
Myth 3: “I wouldn’t buy that, so why would my followers?”
So what? Have you ever stumbled on something on Amazon or in a store and thought, “that exists?” There isn’t much people won’t buy. It doesn’t matter whether you would buy it — there are people out there who will.
Now, if the quality is poor and you don’t actually deliver what you promise, that’s a different conversation. But the people reading this over-deliver and produce quality work. You never get to disqualify a potential buyer based on your own budget or preferences. The people who want it will find a way.
Myth 4: “I only need to do my bookkeeping at tax time”
You couldn’t be more wrong. Your bookkeeping should be done monthly at the very least — honestly, weekly, if not daily. You need to know where your money is going and watch the trends and patterns in your business.
I don’t care if you hate this stuff and think it’s the hardest thing on the planet. Get it done regularly, and if you won’t do it yourself, hire someone. When your numbers are current, you know whether you’re making or losing money, and you know what you’ll owe in taxes before tax time. Wait until tax season and you’ll be stressed beyond belief, forget receipts, forget purchases (losing deductions), and pay someone more to untangle it than you’d have spent keeping up all year.
Myth 5: “I can’t raise my prices for existing clients”
You can always raise your prices — having existing clients doesn’t take that off the table. And you get to choose whether the increase applies to current clients or not.
If existing clients don’t want to pay the higher price, they’re making room for new clients. Or you can grandfather your current clients at the old rate. It’s your business, your call. For every client I’ve helped raise prices, their existing customers embraced the change.
Myth 6: “I’m an artist/blogger/creative — I don’t deserve to make a lot of money”
Everyone is worthy of and deserving of making money, no matter their profession. Some people believe creatives shouldn’t charge much for their work — but do likes and comments pay the bills? How else will you cover your costs if you don’t charge for what you create?
It doesn’t matter what you do or what you sell — you are always worthy of being paid for your work.
These are just beliefs — so change them
Every one of these myths is a story you’ve been telling yourself, and none of them help your business. In fact, that kind of thinking is exactly what can make a business fail. I want yours to succeed — so start changing these beliefs and watch how your business changes with them.
This article is for general educational purposes only and is not legal, accounting, or tax advice. Always consult a qualified professional about your specific situation.