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Business Owner Mindset without Becoming a Finance Bro? (lemmy.ca)

submitted 2 months ago by archipherous@lemmy.ca to c/nostupidquestions@lemmy.ca

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I need some advice on making the psychological shift from being a business employee to a business owner. I started a couple of businesses five years ago, and I'm surviving as it is, but I'm right on the lower limit. I can feel that it's my own psychology that is holding me back. I don't struggle with the practical running of the business, my problem is feeling like an exploitative schmuck because I'm charging people money for stuff. I can push just enough to let myself survive, but after that I freeze. It's a big block for me, and I just can't seem to get past it on my own.

I know there are tons of business self-help books out there, but I don't have the time/money to sift through all of them to find the non-icky diamonds in the rough. And I figure there have to be at least a few people out there who have made this transition and faced the same problems. So:

Have you confronted this problem for yourself? How did you approach it?
Were there any resources you found helpful to wrap your head around the transition?
Do you have any experience with business coaches and/or associations, and were they helpful (ie. worth the money)?
Are there any Lemmy/Reddit/Discord/other groups you found supportive/helpful?

Thanks much in advance,

~Archie

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[–] seathru@lemmy.sdf.org 1 points 2 months ago (1 children)

Is there an emotional cue that makes it difficult to stick with it?

If there is, it's subconscious. But entirely possible.

Because I've been told (though I struggle to accept this myself, obviously) that a lot of people actually like paying good money for good work. They don't like to get ripped off, but they also get a positive feeling from supporting you,

That I fully understand tho. I am that same way. I recently needed a part that is not currently available in the US. I found a guy local that refurbishes them out of his garage. Did a stellar job and charged me next to nothing. I left 3x what he asked and walked out completely happy. Because I thought it was still fair at that price; and because I wanted him to still be there if I needed their services later.

I realize now we're doing the same thing (offering a quality niche service in the middle of nowhere), and screwing up in the same way (not charging for what our services are realistically worth). I'm sure some of my customers feel the same way, but it's hard for me to comprehend.

Something I've found helpful with my service-based business (as opposed my sales-based writing/music one) is that I'm legally required to have a contract before I can start working with someone. And, of course, a part of the contract is the service fee...

That's true. But also where I sabotage myself. I'll try to quote the cheapest possible price first instead of adding extra for the unknowns that are bound to pop up. And then when the inevitable happens, I just eat it up until the point I'm not profiting anything and tell myself I wont do that next time. Until the next time, lol. Definitely something I need to work on.

And, weirdly, charging them money feels like I am causing them pain, or harming them in some way.

That is exactly what it feels like. Even tho almost no one complains about the price.

But like the example above, It's easy for me as an outside observer to see the value in someone else's service. But when he wrote out my invoice, he probably thought like I do, "they know this really only took me 30 minutes so I can't charge that much". Even tho it's years of experience, training, and thousands of dollars in tools that made it possible to do in that short of time.

Appreciate you talking it out. Also some other good advice in this thread. I will make a better effort at evaluating and charging what I should. Best of luck with your businesses!

[–] archipherous@lemmy.ca 1 points 2 months ago

You too :) Getting feedback from real humans is super helpful.