TUNE IN: Spotify | Apple Podcasts | Stitcher
Why did you get into business?
For most of us there are really two reasons:
1. We want to make an impact
2. We want to make an income
But, for many heart-centered entrepreneurs, we can feel bad about #2.
On this episode of the Circuit Sales System podcast, Tony Award winner and 7-figure entrepreneur Nick Demos is sharing how you can reshape your money mindset—those core beliefs you have around money and how money works in the world.
For many entrepreneurs, their money mindset is holding them back by limiting their beliefs in what they can and can’t do with money, how much you’re able to earn, and even how much you’re entitled to.
If just reading that makes you feel uncomfortable, you need to add this to your listening queue now.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[05:50] We typically get into business for two reasons: we want to make an impact and we want to make an income. Money is not the only answer, but it makes a difference. Why do you want money? There’s a deeper meaning. And when you know your why, you can actually gain some clarity.
[07:15] Wealth is many, many things and we don’t start equal. It’s really important that we acknowledge that we start in different places of financial privilege.
[12:05] A money mindset is your unique set of core beliefs about money and how money works in the world. How do you think money works in the world? That’s your money story.
[14:00] We don’t let failures get us down. We turn them into lessons. We know that we can’t solve all the problems, but we need to develop skills and we see room for improvement. It begins with awareness. Getting honest and real about it is the first step in a positive money mindset.
[17:30] Your money mindset started when you were young—and sometimes we don’t even realize the beliefs we still hold. This can be changed. The thing you need to know is that your mindset can shift at and your money story can shift at any time.
[20:20] The second key today is that money is ethical and consciousness. To move to a growth mindset and shift your money story, do you think of money as good or bad? It’s a tool and it can be for good. Write out your story and your relationship with money from your first experiences with money until today.
[23:34] When you undercharge your customers and clients, you’re denying them of valuing themselves. You’re denying them of needing to step up for themselves. You’re creating this circle of scarcity that continues on and on. So, living and working ethical and conscious practices will create abundance.
[26:29] This is your second writing assignment: what is the value of the transformative service you provide? Because when you understand your value, everything shifts. You’re not giving too much or take too much. It feels like a very ethical exchange because money is ethical and conscious when used as a tool for good.
[27:00] The third thing is co-creating through your story attracts money and abundance. Who didn’t grow up with this story: “It’s better to give than to receive.” As writers and as artists, we are prone to excessively give, and you’re not alone.
[30:18] Receiving requires a level of vulnerability. And you can start by practicing and receiving in small ways. A highly effective practice is to start accepting compliments. Co-creation is actually energy exchange.
[31:40] The truth is, no one does business alone. There is no such thing as a self-made millionaire. There is a team behind all of this. There are people that have come in to collaborate. Everyone’s helped along the way and you must be open to receive the help and co-create with the entirety of the universe.
[32:33] You start by sharing your truth. Your customers want to know who you are. They want to know your story. They’re going to come through the connections that you make. It’s about connecting to people. Your story is your superpower.
[34:00] Begin by sharing your story, and you will shift to a positive money mindset. What would be possible for you if in six months, if you started to collaborate with others? By sharing yourself, by sharing your story, by sharing who you are.
[35:04] The third exercise for you is to create a list of potential collaborators. Be open to it not looking the way you expect. Nick shares how, on paper, he and Nicki don’t seem like natural collaborators.
[43:00] Should we be giving some advice away for free on social media to support our relationships and equate that to a marketing expense? You give an amuse-bouche, you don’t give the appetizer. You don’t give the main course. You don’t give dessert. You give a free tiny taste.
Mentioned on this Episode
Related Links
- Ep. 20: Why Value-Based Pricing is One Strategy You Can’t Skip
- Value-Based Pricing Guide for Course Creators & Group Coaches
Must-Hear Takeaways
As with every episode, we highly encourage you to listen to the entire conversation! But, here are a few of the highlights:
“Money is an exchange. You’re trading value for value. That’s how we exchange energy now. Maybe you didn’t use to be that way, but that’s how we do it now in culture. By valuing yourself and your skills and pricing yourself accordingly.” – Nick
“You’re adding value to someone’s life. The money you receive is a value to you. And the support you give the clients is the value to them. This is far from being unethical or even unspiritual or any kind of unconscious behavior. The value exchange is ethical trade.” – Nick
“If you followed having a belief and growth money mindset is important. Living ethically and conscious money and business practices, co-creating with all things and sharing your story collectively, these will begin to shift you into a positive money mindset.” – Nick
“If you’re not at 25 years of experience, don’t discount the time and the effort. If you’re at one month of experience, if you’re at two, at three, you put in effort to learn. No matter what the amount of time is, if you’ve been in business a week, it ain’t free.” – Nick
“I have found in my experience, when I priced too low, people didn’t value it. They didn’t show up for themselves because they didn’t believe it was that worthy ultimately, or they were that worthy for it.” – Nick
“When you share a bit of yourself, people want more. Examine how we think about our income, how we think about the value that we provide and how we show up in calls with our clients.” – Nicki
Watch the Conversation
If you prefer to watch instead of listen, you can catch Nick’s entire conversation with Nicki on YouTube.
Get an *Exclusive* Bonus Recording!
Tell us what you love about the podcast and what you hope to hear next! When you do, you can get access to an exclusive bonus recording with must-hear tips to take your business from 6- and multi-6 figures to 7 figures and beyond.
Plus, you’ll get your copy of the 6 to 7 Figures (and Beyond) Workbook for Ambitious Business Owners, and our team’s suggested reading list packed with ideas to help you move your business further, faster!
Get all the details on how to get your recording >>
About the Energize Your Online Business Podcast
Are you sick of the stress, chaos, and risk of trying to keep up with the next big thing in digital marketing? And what about the confusion of trying to scale, build a team, and still try to make sure your business is worth the effort it takes to run it? You are not alone.
Join Nicki Krawczyk, a 20-year marketing veteran and owner of a multi-seven-figure-per-year digital training company and her co-host Kate Sitarz as they bust through the online business industry echo chamber to talk about how to make consistent, predictable sales and how to scale your business with simple and stress-free systems.
Subscribe now to be the first to hear new episodes every other Tuesday!