The 3 Mindset Traps That Are Stopping You Doubling Your Income - CASE STUDY

Wouldn't it be nice if life was plain sailing?

Last Year I worked with a pretty amazing guy... he was already running his own business and from the outside, he was living the dream... the Range Rover, the exclusive home, numerous holidays abroad, beautiful wife, 3 amazing kids, spare money, but yet he wasn't feeling like he had created a life that worked for him... he worked for it.

So whilst it might seem to many people that he was living his dream, the reality  was very different... he was working 80 hours a week, was not able to delegate his work because of his perfection paralysis and was finding that he was so distracted, his children were starting to complain that he 'never listened'.

When he came to see me, he decided that enough was enough and it was time to deal with his headfog as despite trying to figure it out himself, he wasn't moving forward.

This guy was cool, smart, funny and would score high in a Mensa test, so why would someone like him need a Mindset Coach?

Want to know his answer?

It was this...

"Yvonne - I want to double my income and halve my hours!"

Whoa... before you run off and say it's not possible (PS - That's a Mindset Trap), I looked at him and told him he was in the right place.

Whilst it might sound HUGE, with my profit formula of 50% process and 50% passion, I knew that he could be my next super hero (just an average day, in the life of a Mindset Ninja!)

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The solution was more simple than he thought...

We ALL have mindset traps that ensnare us and keep us captive until we ...

a. Recognise that something is holding us in status quo

b. We get help from someone who can move us forward quickly

I want to share with you 3 mindset traps that had him a headlock...

1. I just need to do it all myself

 

Yes, I knew he was amazing at what he did, yet, if he has to spend every waking moment working on it and rest of his time thinking about it, then that is not smart!  (He might have lost a few Mensa points here).

I had to have a fairly frank conversation about his ego... this was dangerous territory for him to choose to be in, unless he wanted to work tirelessly until retirement and then his business wouldn't be able to continue as it was ALL about him. 

He conceded that what he was doing now didn't work and we made a plan to bring an equally qualified professional in and instantly we had managed to halve his hours with delegation alone. 

Task 1 sorted!  (I can feel my super hero cape flapping as a soar around Mindset Mountain with this one!)

Now, this brought us onto the second issue... remember, he wanted to personally double his income... stick with me here as this one is a little gem of advice...

2.  Keep your spending to the ABSOLUTE minimum

 

Sounds  like good advice at first... but any seasoned entrepreneurs knows that this is shrinking thinking.

Did you know that if you look back in time, some of the most wealthy people were generous givers and philanthropists. Even in our own time, we've got some pretty stonking examples of willful giving demonstrated by the likes of Mark Zuckerberg, Melinda and Bill Gates, Bono and the late Michael Jackson and Paul Walker.

Let me help you out here... you are out with friends for a meal and you notice that your mate Anna didn't order a starter, she ordered the cheapest item on the menu and then when the waiter pops the bill on the table, she swiftly dips into her hangbag and starts adding up her elements to the bill on a calculator... doesn't feel great as it is like Anna is being cheap and not fully enjoying the experience with you as her friend.

It's the same in business... if we worry that treating our clients to an unexpected bonus and going the extra mile will only take from your profits... you are wrong... it is squiffy thinking.

When we discussed it, my client was worried that was going to take even more away from his potential salary, I showed him how he could make a great impression for a very small percentage of his total investment... and he got it... so he chose 3 things he would do that would cost him money but wow his clients.  The more we talked the more excited he became about being generous and thinking about how his 'gifts' would be received.

Which brings me onto the last Mindset Trap we worked on...

3.  I will get clients by being the cheapest

Just prior to coming to see me, he had been given some advice that resulted in him lowering his prices ...  OMG!!!  I was shocked that the advice came from a self titled business coach - please don't get me started on that one (pffft!)

We talked through his logic and it was birthed by the arrival of a new competitor in town... he didn't want to lose business on price, so he made his prices slightly cheaper than the new kid on the block - (I now have my teacher face on as I look him in the eyes).

His argument was that he would prefer to be SUPER busy than missing out on work due to a lack of clients.  This is surely a mindset trap and leads to SOOOO many business owners being busy fools and undervaluing their knowledge and experience.

When we looked at his business model, he would need at least another employee doing the same job to double his income (in addition to the one we'd agreed to). 

The thing is, he had been working with some of his clients for many years, without a price increase and they loved what he was doing and he had gained the majority of his new clients by word of mouth.

The truth was that his fears about pricing were HIS fears and NOT his clients fears.

After a bit of a power struggle with me on this one, he started to see he was running in the scarcity mentality and that he needs to tame that monkey before it took his shirt.

We agreed that in order to increase his income, he would now choose who he wanted to work with.  Those who didn't value him could go to his 'Cheap as chips' competitor down the road and he would work with the ones who valued his expertise.

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I assume that you want to know what happened?

Then I'll keep you in suspense no longer...

He went away and we continued with coaching...and we grappled with quite a few more mindset traps.

He actioned ALL the things we'd talked about. (Like any superhero in training would!)

Last week, it was his annual review and I am pleased to share with you that HE DID IT! 

He doubled his income and halved his hours in a year...

He showed up, got clear on his plan, simplified his systems and mindset map and got a new zest for his business and life.

If you want to do the same, then let's talk.  I have a number of intakes throughout the year for people who want to Clarify, Simplify & Energise their business and life. 

If that is you, please apply for your FREE discovery call by completing the form on this link.

Big love and to Mindset Freedom!


M

Yvonne Williams is the UK's Leading Mindset Coach and has worked with FTSE 250 CEO's, celebrities, household brands, internet marketing experts and millionaires, all of whom wanted to either 'Step Up' or 'Step Out' of corporate.  She has appeared on ITV and in the National Newspapers and is heralded as the go to person for all things Mindset and Mindset Coaching.

 

Yvonne lives in her Grade II listed Georgian Hall in Lancashire along with her husband Denis and cats; Ruby and Ziggi.

 

 

 
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