This topic came from one of my free monthly Ask Me Anythings for self-funded founders. To join the next one, make sure you’re on the list: www.thejilljames.com/ama
As the word “recession” ping pongs every more frequently around daily news reports, it’s a good moment to check with yourself on how it’s impacting your abundance mindset.
Even finance people can’t live in Los Angeles for 15 years without picking up some woo. As much as I believe in knowing your profitability, performance, and pipeline, I also know self-funded entrepreneurs need to believe at their core that there is enough wealth and success available to each of us.
So how do you keep your abundance mindset when the news is screaming scarcity?
Earlier this month, I hosted my first live Ask Me Anything for my newsletter list. I was asked for abundance tips for self-funded founders. Here were my two suggestions:
Remember you are worth what you’re charging.
Do you feel worthy of the price you’re asking for and backing it up? Backing it up means not providing backdoor discounts. It’s believing that the customer you are calling to you in marketing will come to you with full willingness to pay what you’re asking. It’s saying no as a complete sentence when the terms or client don’t work for you.
The first piece of abundance is holding the line on your pricing and knowing you are worth it. In a niche business, what you’re asking for is your price — you don’t have to validate it to anyone in any way. But you do need to ask with confidence.
For more math-free pricing tips, check out this Instagram post.
Decide when it’s the right time to compromise.
When it comes to abundance, the question I get most often is: “Do I take on this client that I don’t feel 100% about?” or “Do I sell this thing I don’t feel 100% about?”
When cash flow gets tight, or when your pipeline doesn’t have enough qualified leads, we all have moments where we consider compromising. The truth is, the answers to these questions are personal, based on your own tolerance for risk.
Check in with yourself: are you feeling trust that you’ll find an opportunity that’s more aligned? Does your gut say to walk away? Or is your gut telling you to lock in the security and longer runway?
The important part is to pause between feeling and action. Growth will make you feel uncomfortable. What do you want to do about it? Have you been reactive in the past and regretted it?
You may take that client or deal because you want to keep the excellent team you’ve assembled and trained, need to get through seasonal slowness, or pay your own bills. It might not feel like the right time to use your credit line or reserve.
Only you know what’s right for you and your business. If you’re in a situation like this, I encourage you to take a beat and check in on how your feelings are affecting your decisions.
Got more questions? My next AMA is Monday, November 7 at 11am Pacific (we host these every first Monday of the month). To join, make sure you’re on the list: www.thejilljames.com/ama