Unearthing Your Money Mindset: Setting the Thermostat for Financial Growth

Hello, lovely readers! This week, we’re delving into the mindset around money, a topic that’s come up again and again in recent coaching sessions with our fantastic members. One recurring theme has been the money mindset — that invisible thermostat that regulates our financial world.

Imagine your money mindset as a thermostat in your home. It controls the temperature of your financial life. Much like a thermostat determines your comfort at home, your mindset around money shapes how you approach wealth and abundance. Does it lean toward scarcity, where money feels elusive? Or does it embrace abundance, where resources and opportunities feel plentiful?

If you’re a business owner who feels hesitant about changing pricing, worries about competing with others in your area, or struggles to transition from a “pay-as-you-go” model to more comprehensive service packages, then your thermostat might be set lower than you’d like. Just as you’d adjust your home thermostat for comfort, you can shift your money mindset to enhance your financial well-being.

I grew up watching my dad, who was self-employed and took over my grandad’s plumbing and building business. Hard work was his norm, and the concept of “money doesn’t grow on trees” was frequently emphasised. Our family didn’t rely on credit cards or loans; we bought things outright. My money mindset was shaped by seeing the effort my parents put into their work and the importance of making careful financial choices.

As clinic owners, your money mindset — whether inherited from family or shaped by life experiences — influences how you manage your business today. Research tells us that our most formative years, from ages 0 to 7, have a huge impact on our beliefs about money. These beliefs often become the invisible script by which we run our business and make financial decisions. Recognising this mindset is crucial if you want to break out of old habits and move towards financial growth.

Many clinic owners believe that they simply need more marketing to make more money. And yes, marketing is essential. But your money mindset, often buried in your subconscious, plays an equally significant role in your success. This mindset influences how you price your services, the amount of revenue you attract and retain, and ultimately, the success of your clinic.

Think about it: Are any of these beliefs familiar to you? “Clients can’t afford higher prices.” “If I raise my rates, everyone will go elsewhere.” “I feel pressured to offer discounts to compete.” “I only adjust my prices every few years.”

These sentiments reflect a scarcity mindset and are common in the healthcare industry, where services are often undervalued. This contrasts sharply with other professions like vets, consultants, or even hairdressers, where expertise and quality come at a premium.

As a healthcare provider, you transform lives. You offer a service that profoundly impacts people’s well-being, and your skills and knowledge are invaluable. You’ve put years into training, and your dedication shows in the quality of care you provide. It’s time that your pricing reflects that value.

If you, like many, have a conflicted relationship with money, know that you can change it. Many of us were raised to believe that making money requires endless hard work. While hard work is essential, true financial growth often comes from taking risks and making bold choices. Expanding your money mindset might feel uncomfortable initially, but it’s the first step toward living the life you envision.

Take a moment to examine what money means to you. Does it bring thoughts like, “I never have enough” or “I should save for a rainy day”? Reflecting on these beliefs can reveal a lot about how they’re influencing your business decisions. For instance, if you consistently believe clients won’t pay more, this belief will show up in your pricing structure and may limit your business’s growth.

My advice to you would be, value Your Expertise. If you don’t believe in your worth, no one else will. Your training, experience, and the results you provide are incredibly valuable and worthy of premium pricing. Adopt an Abundance Mindset. Shifting your belief that there are plenty of clients willing to pay for quality care can transform your approach. An abundant mindset attracts more opportunities and clients willing to invest in their health. Focus on Value, Not Time. Consider moving away from charging per session and instead focus on the overall value you deliver. Package your services to emphasise the comprehensive care you offer. Invest in Your Growth. If you’re not willing to invest in yourself, it’s challenging to ask clients to invest in your services. Professional development is not only a sign of your commitment but also boosts your skills and confidence. Communicate the Value of Your Services. Help clients understand the journey they’re on with you and the results they can expect. This not only sets you apart but also justifies your pricing as an investment in their health.

Now that we’ve unearthed some of the beliefs holding you back, it’s time to make changes. Examine your pricing and consider if it truly reflects the value you provide. Recognise and challenge outdated beliefs, replacing them with new ones that support your growth and success. Set clear financial goals for your clinic, understand your expenses, and don’t shy away from investing in yourself.

Why not take a deeper look at your business health and take my business health check quiz here. In 2 minutes find out how well your business is performing AND what you need to take to move it forward. It’s 100% free you’ll see how well your business is performing in 5 different areas (Numbers, Sales & Marketing, Systems, Team Performance and Mindset). I cant wait to see your results!

Time to set your thermostat to abundance, allow yourself to embrace financial growth, and create the success you envision!

Katie X