How to Change Your Money Mindset as an RD Entrepreneur
As Registered Dietitians, we’re primed to think holistically about health, right? We don’t just think about nutritional health, but we also think about mental health, emotional health, and spiritual health. But, how often do we think about financial health? Probably not as often as we should. Ask yourself when’s the last time you checked in with your relationship with your personal finances and money mindset? I bet it’s been a while.
When we transition out of a traditional Registered Dietitian job and open our own private practice, our whole relationship with money in terms of employment changes! Instead of negotiating hourly wages and getting paid bi-weekly, you go to setting your own prices and dealing with the ebb and flow of inconsistent profit. It’s a big change and it can bring about all sorts of negative money mindsets that keep us from reaching our full potential as entrepreneurs!
So, today, we’re discussing what a healthy money mindset is and how you can cultivate a better relationship with money as an RD entrepreneur.
How to Change Your Money Mindset as an RD Entrepreneur
If you’re an entrepreneur, you can’t avoid money. You just can’t! It’s laced into almost every part of running a business, even if you don’t want it to be. Because of that, if you don’t have a positive money mindset, it’ll be difficult for you to fall in love with life as a private RD and you deserve to love what you do!
Why Is Money Mindset Important as an RD Entrepreneur?
When you have positive financial habits, viewpoints, and outlooks, you not only unlock the ability to drive yourself to financial success and stability, but you also restore peace and fulfillment into your life. A negative money mindset is consuming, and it’ll not only steal your joy, but it will also prevent you from experiencing the abundance you and your business is capable of achieving!
Here are some examples of negative and positive beliefs about money:
Entrepreneur Negative Money Mindset Examples:
“There are not enough clients or opportunities for me to succeed.”
“People won’t pay that much for my services.”
“Spending money on marketing, training, or tools is a waste.”
“I need immediate results and quick profits.”
“I’m not good enough to charge high fees or grow my business.”
“If I take financial risks, my business will fail.”
“My financial situation is out of my control.”
“Dealing with finances is too stressful, so I’ll ignore it.”
“I can never compete with other RDs and their success.”
“Making money is greedy and unethical.”
“I need to spend money right now to make money.”
“The only person who should manage my money is me.”
“I should give significant discounts to get people interested in my business.”
“I don’t need to worry about money, because my business will always grow exponentially.”
Entrepreneur Positive Money Mindset Examples:
“I provide valuable expertise and should charge accordingly.”
“There are plenty of opportunities and clients for everyone.”
“I can always improve my financial skills.”
“Investing wisely in my business now will pay off in the future.”
“I am capable of making sound financial decisions.”
“Getting financial coaching and assistance is a normal part of business ownership.”
“Consistent budgeting and saving are key to success and stability.”
“Business challenges are opportunities in disguise.”
“Building relationships and collaborating can open new doors.”
“Setting and tracking financial goals helps me achieve business milestones.”
“Providing value to customers drives financial success.”
“I can manage my finances effectively.”
“There’s always something new to learn about finances.”
“I can adapt to financial changes and overcome obstacles.”
“It’s not wrong to earn money and have financial success.”
How To Change Your Mindset About Money as an RD Entrepreneur
Step 1: Take inventory of your relationship with money.
Before you can do anything, take time to reflect on your current beliefs regarding money and personal finance. You can journal about your thoughts, discuss them with a mentor, or just mentally take inventory of anything that comes to your mind. Think about how each of these beliefs drives your financial decisions.
Step 2: Challenge your beliefs by educating yourself on financial principles.
Chances are, you’re going to find your perspective on money isn’t 100% positive. Take those negative beliefs you have and strive to challenge them! You can do this by completing a task you didn’t think was possible (budgeting for a month or hitting a revenue goal) or by learning sound financial principles. (Just make sure you’re learning from a trusted source, not just a random social media influencer. You need expert knowledge to set your nutrition business up for success!)
Step 3: Believe in your value and cultivate self-confidence.
Your negative mindset about money probably comes partially from insecurity. You either don’t think your nutrition background is worth a premium price, or you’re not confident your business skills will cultivate success. Those kinds of thoughts just aren’t true! Identify your value by squashing self-limiting beliefs, practicing affirmations, and building self-confidence.
Step 4: Research other successful RDs in your niche.
If you’re struggling to develop a positive and practical money mindset, separate you and your practice from the business plan for a minute. Research other successful RDs in your niche. Chances are, when you see what they’re charging, you’ll be more convinced that your services are worth a premium price tag.
Step 5: Remember, there is enough room for everyone to succeed.
Don’t get jealous or discouraged by others' success as you’re researching be energized by it! Even the most niche nutrition category has plenty of potential in terms of clientele and growth opportunity. There is room for everyone to succeed!
Step 6: Channel a growth mindset by embracing opportunities.
When you want long-term financial gain from your business, you need to embrace a growth mindset. You need to believe that your business can and will get bigger! Tackle every challenge and opportunity that comes your way and see it as an opportunity to take your practice to the next level and inch you closer to all your goals, including your financial ones!
Step 7: Budget wisely and invest in what’s important.
Yes, your business needs a budget. A budget will help you not only spend responsibility, but also invest strategically. Watching your expenses is just as important as allocating spending toward things that’ll help your nutrition business grow. Think of things like helpful programs, marketing campaigns, digital product creation, and more. A budget will help you make wise financial choices all around that will lead to your success.
Step 8: Stay connected with the entrepreneur community and a business coach.
At the end of the day, it’s easy to doubt yourself and your money moves. This is why it’s a good idea to surround yourself with great support! Getting connected with other entrepreneurs can be empowering and insightful, but the best colleague to add to your circle is a Dietitian Business Coach.
Coaches like me can help you avoid common mistakes and big blunders while encouraging you to spend in a way that’ll give you the ROI you’re looking for. A Dietitian Business Coach gives you confidence in your financial moves and a more positive mindset around money as a whole!
A positive money mindset will be essential to driving your private practice to success!
Becoming a successful entrepreneur as a Registered Dietitian is about more than being a great nutrition counselor and having a wealth of nutrition knowledge. When business is involved, there’s a whole new world of challenges and opportunities. Empower your private practice to grow into the business of your dreams by adopting a positive money mindset!
As I mentioned, I can help you with this as a Dietitian Business Coach, whether you’re just getting started or you’ve been struggling with the finances of your practice for years. If you think working together might be what you need to overcome your current challenges, apply to work with me! We’ll go way beyond the finances of your business, and I’ll help you with everything from authentic marketing and niching down to building a dream team and building a brand. You have all the potential right before you, I just want to help you cultivate it with confidence!