Your mindset about money will ultimately define how you approach it, and how much you can earn. Some of our long held beliefs about money can hold ourr businesses back, but if you break past such negative, limiting beliefs, you can have a healthy, positive relationship with money. More importantly, you’ll be in a better position to grow your practice over time. This blog will give you a process by which you can identify, address, and break free from limiting money beliefs through actionable steps.
Let’s dive right into this step-by-step guide so you can get started.
Since we all have mental money blocks, it’s time to figure out yours. These likely formed over a long period and might stem from different sources, such as our parents or culture.
Your money blocks are unique to you and, to get past them, you must first recognize them.
Take a moment to write down how money makes you feel. Here are some things you might write about during this discovery phase. Feel free to address the questions that suit you:
You may uncover some deep-seated thoughts, feelings, or assumptions about money that you didn’t even know you had. This is a step in the right direction since you can’t fix what you don’t understand.
Once you have all of these money beliefs written out in front of you, you can think about how they might limit your success as a solo massage therapist.
For example, let’s say you grew up with the belief that money changes people for the worse and that people with lots of money are greedy or selfish. Even if you feel you don’t believe this as an adult, it could still be a limiting belief to you. How? You might pass a certain earnings threshold in your practice that triggers you to question whether you’re being greedy or selfish. For many people, it seems like they’re conditioned to feel bad about money or about having more than others, or “too much.” So, we don’t want this negative belief to hold you back from reaching your full earning potential.
Thankfully, you don’t have to be stuck with these beliefs forever—overcoming money blocks is possible with the right shift in mindset.
To reframe these negative beliefs, you must challenge each one and then replace them with a positive perspective. For example, instead of associating high income with greed, consider it a reflection of the value you’re offering your clients.
Earning more money doesn’t make you a selfish person. In fact, it should empower you to:
Go ahead and do this exercise across all of your limiting money beliefs. Find ways to create a healthier relationship with money, where you view it as a tool that reflects your dedication and hard work instead of something you should feel guilty about.
Then, write down your positive affirmations so you can reinforce them and repeat them regularly. You could write down phrases like:
When these doubts and anxieties begin to show up again, you can revisit these affirmations or add new ones to reinforce the positive role money can play in your life.
These first two steps are the hardest part, so be sure to make this a consistent practice. This way, you can get into the habit of recognizing your limiting beliefs and breaking free from them.
However, we’re not going to stop there. One of the best ways to create a consistently positive relationship with money is to set up systems around good money habits and management that can propel your business to grow.
Finances don’t have to be boring or overwhelming—planning your financial future should be motivating because you can tailor it to what excites you.
The problem is, that without goals, you lack direction on what you want to achieve.
By setting clear, reasonable goals, you can visualize what future success looks like, and take specific action to get there.
To stay motivated, you can break your goals down into two categories—short- and long-term goals. Of course, you’ll want to pick goals that make sense for you and get you excited about what you can achieve in the future.
Some short-term goals include:
Long-term goals might include:
With your goals identified, you can create a step-by-step plan that provides you with a reasonable timeline to reach them. So, if your goal is to save $5,000 for your business in the next year, you can calculate how much to set aside each month. As you make progress toward your goals, you can also adjust your budget accordingly.
Especially for longer-term goals, it may seem slow at first, but it can be highly motivating to see the needle moving consistently in the right direction. As it moves, it works to gradually reduce the effect of your original limiting money beliefs.
Unfortunately, many massage therapists undervalue their services and wind up charging too little for the valuable service they offer. Over 75% of the MassageBook community has not raised their prices in years. That’s alarming, especially because each year the cost of living increases.
By not setting reasonable rates or raising them each year, it causes a few main problems:
Resistance to raising your rates (or even charging reasonable fees) can be the result of your limiting beliefs, so be sure to revisit that section if you have to. Remember that your price should reflect the quality and value of your work, especially since you are enriching your clients’ lives.
One strategy that makes increasing your rate a little easier (as discussed in our last post) is to add a percentage of your rate to the next new prospect. Let’s say you increase your rate by even 5-10%, say the rate with confidence, and land the client. This is a great quick win, and it really is that simple to increase your rates.
Now, you can go back and revisit your goals. How much faster can you reach them by increasing your rates, even by a little bit?
Again, this is not just about raising your rates, it’s also about building your confidence and finding your own value. Don’t forget to note how you felt about these quick wins in the moment. They can be great reminders if you find yourself in a slump.
Before we get into next-level pricing strategies, it’s essential to understand how to take control of your finances. Eventually, you can automate a lot of this, but you first need to learn how it works. Especially since you’ll be increasing your rates and consistently earning more money in the near future.
Financial literacy isn’t as complicated as many think, and you don’t need to be a money expert to understand where your money is coming from, where it’s going, and how you can grow it. By learning this, you can make more informed decisions (and fewer mistakes) to set yourself up for long-term financial success.
You could use some of your personal development budget to learn about finance, start using simple finance tools (like a simple spreadsheet or easy-to-use accounting software), or hire a bookkeeper.
If you decide to work with a financial professional, take the opportunity to learn from them, at least in the beginning. Once you have a better understanding of how to manage your money, it will help build your confidence to make smart financial decisions to drive your personal and professional goals.
In order to stay on top of your finances, set aside some time each week to review them. Even 30 minutes can make a big difference in keeping you on track. You can assess your income, track your expenses, and update your budget as necessary. By taking control here, you’re not in the dark about where you stand. This will allow you to move past money blocks that stemmed from not understanding finances.
Now, let’s take your pricing strategies to the next level with some ideas to add additional value through more creative offerings.
You may already be using some of these strategies but if you’re newer to this, the goal here is to work on another limiting belief. Namely, you must always think in terms of X service for Y rate. 60-minute massage for this price. Then, you’re stuck thinking, how many bookings do I need to hit my goals?
To move beyond this single-session mindset, let’s look at a few ways to change up your offerings so you can provide a richer experience, justify higher rates, and encourage long-term relationships:
Simply bundling your services together can go a long way towards clients booking more frequently and consistently. Maybe you offer a “Buy 3, Get the 4th Free” deal, or targeted goal-oriented packages like “Athlete Recovery” or “Stress-Relief” that include small elements to make them special. You could offer monthly membership packages for clients that include discounts or exclusive benefits, such as priority booking. These are all great ways to build a steady revenue stream and keep clients coming back.
We’ve seen massage therapists get creative and have fun with creating seasonal packages, as well, like “Holiday Stress Relief” or “Summer Vacation Relaxation” packages.
If you want to build long-term relationships with your regular clients, you can create a simple loyalty rewards system.
Points that they earn for each session (or per dollar spent) can be redeemed for discounts, add-ons, and more. To make it a little more sophisticated, you can create a tier system so they can unlock even more benefits once they reach certain milestones.
A personalized assessment is a great way to examine your clients based on their well-being, stress levels, muscle tension, etc. You can use this assessment to suggest relevant services or put together a customized package deal for them that addresses their areas of concern.
In fact, you could even break these packages into three separate tiers, with each tier offering additional services. You might call this “bronze, silver, and gold” or “premium, deluxe, elite,” for example. This is actually an effective sales tactic that works because you’re helping shift your client’s thought process from “yes or no to services” to “which one should I pick?”
You want high-quality clients. You don’t want fussy, nickel-and-dime clients. While preparing the packages from the last step lessens the likelihood of line item pushback, it won’t stop everybody.
You deserve to work with high-quality clients who are more than happy to pay your rate. In fact, you’ll discover clients who would go out of their way to stop you from discounting them, even if you tried.
Where are these clients and how do you bring them to you?
One answer, interestingly enough, is setting higher rates.
When people see higher rates, they assume they’re getting a premium service. The right clients for you are the ones who look for therapists with higher rates. These clients are less concerned with cost and more focused on getting a rich, personalized experience. As such, they’re typically more respectful, easier to work with, and more open to your advice and expertise.
These clients are more likely to commit to long-term loyalty package arrangements, so in addition to establishing these packages, you should also:
Testimonials are incredibly valuable tools to attract high-quality clients. If you’re setting that higher rate, it certainly helps to have testimonials to back it, so take the opportunity to collect them from satisfied clients who enjoy your services.
Then, share them on your social media, website, and other promotional materials.
You can use social media to showcase your expertise and share knowledge in a way that builds your brand and attracts potential clients. If you don’t know where to start, pick one or two channels you’re comfortable with (or that you can learn), and then share wellness tips, advice on finding therapists, questions to ask their therapists, and so on. Through social media, you can highlight your high-value services such as your assessment offering or seasonal packages.
Everybody has a website today and it’s never been easier to create one yourself or hire somebody to help you. Having a simple, modern, well-made website builds your credibility and allows you a place to share your offerings, the benefits of your services, testimonials, and provide your contact information or booking link.
All of these steps will help you to build your list of high-quality clients, build your confidence, and help you overcome all of your original money blocks.
Our goal with this piece was to give you a ton of actionable information to help you recognize your money blocks, reframe them into something positive, and then build your business so you can grow.
If you follow all of these steps, your mindset will not only shift past your money blocks, but you’ll have an entirely new way of thinking about your business.
The best thing you can do for your business right now is to take one action step to move you in the right direction. If you can take one meaningful step today, take a moment to appreciate it. You are someone who gets things done. Keep going, build momentum, and you’ll have a thriving practice in no time.