Rich or Poor? You get to choose

• 0:00-Introduction
• 2:00-The Money Mindset Thermostat
• 4:10-My Early Money Lessons
• 7:00-Scarcity vs. Abundance
• 10:00-Recognising Limiting Beliefs
• 13:15-Pricing and Value
• 15:45-Fear of Price Increases
• 18:10-Investing in Yourself
• 20:15-Quantum Energy and Money
• 21:30-Final Thoughts and Takeaways

[00:00:00] Katie Bell: Hello, my lovely listeners. Welcome to this week’s episode, where I’m going to be unearthing a little bit more on your money mindset, because this is something that has cropped up quite a few times in the last few weeks when we’ve been coaching with our fabulous, fabulous members. And this one thing just keeps returning that we’re having to work on, deal with support them with and Change.

[00:00:31] Katie Bell: And we are going to be talking about your money mindset, and I want you to imagine your money mindset is like a thermostat in your house, okay? It sets the temperature for your financial life. And just as a thermostat determines how warm or cool your environment feels, your money mindset shapes your beliefs and attitudes about wealth and abundance.

[00:00:52] Katie Bell: So it can range from scarcity, where money feels very elusive and fleeting, to abundance, where opportunities and resources seem plentiful. And I want you to take a moment as we dive into this episode to think about where your thermostat is set. Because often when we get Panicky emails off members, or we get conversations around they can’t possibly change their pricing, or nobody’s going to want to work with them, or why would they choose them over all the other osteopaths in the same village, or how can they move away from pay as you go to programs of treatment.

[00:01:28] Katie Bell: A lot of that is coming from a scarcity. rather than an abundant mindset. Like adjusting a thermostat to change the climate in your home, shifting your money mindset is really essential if you want to increase Slash change your financial well being. So without further ado, let’s dive into this week’s episode.

[00:01:52] Katie Bell: I grew up with a dad who was self employed and he took over my gramps’s plumbing and building business and I witnessed him working five days a week and every Saturday morning. He would be what we used to call in the house on the tools. I used to walk into my dad’s office then in the evening after he’d worked like a 12 hour, 10, 12 hour day to hear him answering calls and faxes because that’s how old I am.

[00:02:20] Katie Bell: Customer questions and my mum who has the unbelievable ability to type at the speed of light. whilst telling me various things that happened in the day or things that I needed to do or whatever it was that I needed to hear. And she was dictating my dad’s customer quotation letters. Hearing when I was young that you never buy anything that you can’t afford.

[00:02:46] Katie Bell: So we, we didn’t have as far as I’m aware, like credit cards, we didn’t buy anything on like loans. Every car that my dad bought was like an out and out purchase of that car. And I heard a lot that money definitely does not grow on trees, and so these, what I heard, what I saw, what I witnessed, what I experienced, formed my money mindset and my beliefs.

[00:03:10] Katie Bell: And a lot of those money mind that money mindset and beliefs are around hard work. To make money, You have to work really hard. In fact, when I was little, I used to set up a shop at my Nana and Gramps’s house and I would sell the entire contents of their own house back to them on at least a monthly basis.

[00:03:31] Katie Bell: God bless them. Why do I tell you all of this? Your money mindset is something you were given. Good or bad, it has shaped how you run your clinic and how you run your business today.

[00:03:47] Katie Bell: It was based on your experiences. It was based on your conversations. And what we know through research is that usually nought to seven years are noted as the most influential years, where you are like a sponge and you are just taking in all of this from your environment. Every one of us, every one of you listening to this has your own unique experience with how the world works when you were growing up.

[00:04:12] Katie Bell: So all of you, me, everyone, go through life anchored to a set of views about how money works. For you as clinic owners, understanding and reshaping your money mindset is crucial. It’s one of the deepest roots we have to look at when it comes to making more money. Often, we hear from you, we just need to do more marketing, Casey.

[00:04:39] Katie Bell: I just need to know how to market my business. I just need to know how to get more clients. I just need to know, like, how to, um, improve my retention rate. And yeah, you absolutely need to do all of those things. But this is one of the things that is buried in our subconscious brain. It’s like below the surface that we never look at when it comes to growing a successful business.

[00:04:59] Katie Bell: Your money mindset directly impacts how you price your services. how much money you will attract and hold on to, and ultimately it will impact the success of your clinic. Having spent literally months and months of time on calls to clinic owners across the UK and Ireland, this is what I hear on practically every single call.

[00:05:25] Katie Bell: Clients can’t afford to pay anymore. They will all just go to a competitor if I put my prices up. I only change my pricing every now and again. I offer discounted appointments. My pricing is based on how things have always been done in this industry. I put my price up by 2 last year. I’m really annoyed that my hairdresser charges more than me.

[00:05:48] Katie Bell: I don’t make enough profit. How familiar do these words sound? Whether you think these words or say them out loud, we seem to have an ingrained Perspective in the industry. That physios, osteopathy, sports therapy is a low cost service and perhaps it should be free. And that it does not hold a really high value to people and therefore we cannot possibly charge a high rate for our services.

[00:06:14] Katie Bell: A complete contrast to other professions like vets or consultants, even hairdressers that have a long established or they have a long established the expectation of paying for expertise and for quality service. I’m going to say this a lot, and I’m going to say it until it finally sinks in, but you transform people’s lives.

[00:06:40] Katie Bell: You offer an invaluable service to your community. You have spent literally years training, practicing, doing more and more CPD courses to stay up to date and offer top level service, putting the hours in, earning the stripes. This has to be reflected in your charges. So the good news is if you, like most people, have a troubled or conflicted relationship with money, and I don’t say that with judgment like many of us do, you do have the ability to change it and you can become great pals with it so that one day you wake up and you are living the life you always wanted.

[00:07:23] Katie Bell: We’ve been raised to believe, haven’t we, I was, that you have to work hard to make money and certainly there are definitely times when this is true but the real secret is taking huge and uncomfortable risks. You have to do the stuff you have never done before.

[00:07:39] Katie Bell: I’d really love for you listening to this podcast right now to pause me whilst you’re driving because I know you all listen to it on a Wednesday morning on your way to the clinic. I’d like you to just take a moment, like a minute or two minutes for you to really just be aware of anything that comes up for you when we talk about money.

[00:08:01] Katie Bell: We need to like, bring it up to the surface. And I would encourage you to only do this if you’re really serious about making more money. But do you think, when I say, what does money mean to you, do you think I don’t have enough of it? I always save it for a rainy day. I think no one has any money in this economic crisis.

[00:08:19] Katie Bell: I’m worried about what the budget’s going to say, so I don’t want to like, change my pricing. I don’t believe we could charge any more. Just really take note of how you are running your business right now, and how your money mindset is impacting how that business is running. Pause me now. Okay. So hopefully you paused, you took a moment, but thinking about reflecting back our thoughts and beliefs is really interesting, isn’t it?

[00:08:48] Katie Bell: Because guess what? They are shaping your reality right now. The car you drive, the hours you work, the price you charge, the profit you make, the house you live in, the shoes you wear, the food you eat, is a direct reflection of your beliefs. and your thoughts. Your external world is a mirror of your internal world.

[00:09:11] Katie Bell: And one of the biggest obstacles to making lots of money is not a lack of good ideas or time, although I know that you feel like you’ve got no time right now. It’s not because you are not good enough at running a business, it’s that we refuse to give ourselves permission. To make a Oh, I was gonna swear.

[00:09:27] Katie Bell: I’m not gonna swear. I’m trying to swear less. We refuse to give ourselves permission to make lots of money and become rich.

[00:09:38] Katie Bell: I speak to so many clinic owners every week. It’s I love you all. And the standard they set for themselves, for personal income, never fails to make me feel slightly depressed. Hence the need for me to record this podcast. Why have we Conditioned ourselves all. While we’ve been conditioned to think that owning a clinic means that we can’t be rich, I know some of you are going to be saying it’s not all about the money.

[00:10:12] Katie Bell: I know you want to spend more time with those that you love. I know that you want to give your time to people who need it the most. I know that you want to spend time lying on the grass staring up at the sky and not writing patient notes at nine o’clock. All the things that money can’t buy. But here is the problem.

[00:10:24] Katie Bell: When did it become an either or situation? If you become rich, it’s not like you will never be at another family party, or you’ll never be able to give an hour of your time to a food bank, or, lie on the grass and meditate or whatever you want to do. If you do it correctly, you can do more of this stuff.

[00:10:45] Katie Bell: And do it in style. Rich in my eyes is about being able to afford all of the things and the experiences required to fully live your most authentic life. While the amount of money you need will depend on who you are and what you desire, we exist in a world where nearly everything costs money. So a healthy desire for wealth is not greed.

[00:11:10] Katie Bell: It’s a desire for life. And we’re all in this industry because we want to help people, because we are caring we are caring. Helping people lights us up, but you cannot give what you have not got. Your business must be profitable for you to live the fullest version of your life and for you to help others on a much, much bigger scale.

[00:11:32] Katie Bell: Our world needs people like you, as many compassionate, creative, big hearted people to be as rich as possible. It’s really important to be aware of any negative beliefs that are, hovering under the surface around money. You are meant to thrive, and by thriving, you automatically help others thrive, too.

[00:11:55] Katie Bell: No apologies for the pun. What are the most common money mindset barriers that I certainly hear? First of all, there’s scarcity mentality. Believing that there’s never enough money. Leading to underpricing of our services. Fear of rejection. Worrying that higher prices will push our patients away, which will often which often stems from actually undervaluing our own expertise.

[00:12:20] Katie Bell: Comparison trap. Comparing our prices to NHS services or low cost competitors, instead of aligning with the value and the quality that you provide. So I hear you. I’m starting to see why these beliefs are shaping my reality, Katie, but how the heckers do I change them? Philippa, and myself, you know who Philippa is, she’s fabulous, she’s our mindset and success coach on the programme.

[00:12:49] Katie Bell: We would need days with you on this, okay? Days and days. But, for a starter, you’ve got to value your expertise, because if you don’t, nobody else is going to. You’ve got to recognize that your skills and your knowledge are worth a premium price. Your years of training, your years of experience, your, the results that you provide are valuable.

[00:13:14] Katie Bell: You’ve got to adopt an abundance mentality and this is literally just deciding, okay, that you need to shift your belief that there are plenty of patients willing to pay for quality care. An abundant mindset attracts opportunities and it attracts higher paying clients. Catch yourself every time when you’re making a decision from a place of scarcity, from a place of what could possibly go wrong if I make this decision right now, instead of what are all the great things that could go right.

[00:13:45] Katie Bell: Number three is focus on your value, not your time. So shift from charging based on time spent to the value provided. Consider creating packages or programs that reflect that amazing comprehensive care that you deliver, rather than the just single session mentality. Educate your patients. Communicate the benefits and the outcomes of your services in a better way.

[00:14:11] Katie Bell: This is something that we’re working really hard on in our clinic at the moment, about that whole journey that they’re going to go on with us. So they’re willing to invest in their health. And number five is to invest in you. Just as you ask your patients to invest in their health, you need to invest in your own growth and development.

[00:14:35] Katie Bell: And this, for me, is one of the key ones. If I’m not prepared to be coached, how can I expect people to want to be coached? It makes complete sense. If you’re sitting here reading this book, or listening to this podcast, or attending one of our masterclasses, and you don’t value yourself at the top of the priority list, If you are at the bottom somewhere, like you, you are last in all of the decisions, you spend nothing on yourself, you don’t value yourself enough to invest in yourself, then here lies the problem in attracting clients, attracting money and attracting time.

[00:15:19] Katie Bell: This is like a quantum shift and I’m going to just talk about quantum physics for one second. I’m not going to talk any more than one second because I’m nowhere near intelligent enough, but in the realm of vibrational energy, the principle of attraction is paramount. Because what you emit, like what you resonate out, you will draw back into your life.

[00:15:41] Katie Bell: The law of attraction, the universal law, you cannot dispute it. So if we neglect to invest in ourselves, whether it’s through personal growth, self care, professional development, you are inadvertently sending a massive big signal and a radar out to the universe and those around you that you are not worthy of investment.

[00:16:03] Katie Bell: So this lack of self prioritization diminishes your free, your vibrational frequency. So it repels the very opportunities and support that you seek. So therefore, to attract others, we need to, whether others investment, whether it’s the financial investment in us, whether it’s an emotional or professional, we must first embody that commitment within ourselves.

[00:16:32] Katie Bell: And I know this can be a bit weak for some of you. If you don’t value and prioritise you and your growth And elevate your sonar that is going out there, that vibrational energy. How on earth do you expect to attract that into your life? Okay, I said I would speak about it for one second, that was 30 seconds, but I am at my, I’m at my peak now on quantum physics.

[00:17:00] Katie Bell: Let’s get back to earth. This is what I would really encourage you to do. Look at your pricing. Take a hard look at your current pricing structure. Are you undervaluing your services? What would it look like to change what you’re truly worth? And identify some of these beliefs that I asked you to pause earlier on in the episode.

[00:17:24] Katie Bell: I hope you did that, but write them down. Put, get Siri to put them in your notes as you’re driving. The, and acknowledge where they’ve come from, acknowledge who has given them you, and challenge them. Replace them with different ones. You get to choose. This is the game. You can hold on to those old beliefs.

[00:17:45] Katie Bell: Or you can choose some different ones that’s gonna support your success and set financial goals, clear goals for your clinic and your life. Know your numbers. How much do you need to earn to cover expenses, to reinvest in your business to pay yourself a fair salary and communicate your volume?

[00:18:09] Katie Bell: Articulate the value of your services to patients at every possible place you can. Develop clear messaging that highlights the benefits and the outcomes they can expect. Stop playing it down. Now, we’ve unearthed some of this mindset that has been holding you back. And addressing and shifting this, changing the thermostat, Means you’re going to create a really strong financial foundation for your clinic.

[00:18:40] Katie Bell: And this is so crucial to do before you go headlong into marketing strategies and all the other tactics that sit at the top of the tree. When you value your services appropriately, you set the stage for sustainable growth, because that’s what we’re going for, and huge financial success.