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As someone looking to build a business, having the right money mindset for entrepreneurs is crucial for success.
There are so many facets to mindset, but a key money mindset for entrepreneurs is moving from “how can I get a bigger slice of the pie?” to “how can I make the pie bigger?” In any money making pursuit, it’s so tempting to do everything yourself in an attempt to save money. But by doing so you may be costing yourself in the form of missed opportunity.
By aiming to make the pie bigger, you can grow to levels you never thought imaginable.
Move Away from Saving Dimes and Towards Making Dollars
When you’re starting a business, it’s so easy to focus on how much things are costing.
Getting a business up and running can be expensive, and even as you become more established, seeing money go out is never a good feeling. But when you focus on cutting costs, you’re eliminating your ability to pursue opportunities to make more money.
As a business owner, cutting costs means that you’re either doing the task yourself, or you’re paying for lower quality work. Let’s imagine you have a coaching business and you want to set up a website. You could take hours and hours to set everything up, but is that the highest value use of your time? No, you’re best use of your time is to develop relationships and do what you do best – coaching. By building a website yourself, you are likely ending up with a lower quality product and are not doing the actions that you’re best suited for.
By outsourcing activities you may be paying money in the short-term, but you’re likely ending up with higher quality and allowing yourself to focus on the highest value use of your time. Recognizing and taking advantage of your unique talents will allow your business to grow immensely, dwarfing the cost of this outsourcing. Strong businesses are not worried about investing to expand the pie.
Think about the tasks that you could outsource to focus your time on what’s most important.
What’s in it for You?
Why do you need to make this mindset shift?
It Makes Your Job Easier
Chances are your unique skills are the ones that you are best at. By outsourcing or hiring people to do the things you aren’t good at, you allow yourself to eliminate these items from your to-do list. And these are likely the things that you struggle with most.
It Makes Your Work More Fun
When you focus only on the items that you are best at, you can have a lot more of an impact. It’s fun to be good at stuff and feel that you’re an expert. By outsourcing, you allow yourself to focus on what you’re best at.
It Can Increase Your Overall Earnings
By focusing on your unique offering, you can focus on the true things that will expand your business. Imagine you were a salesman who had to fill out order forms for customers. As a salesman, your highest value use of time is building relationships. So spending a bit of money to hire an assistant to fill out order forms frees you up to make more sales than ever.
How to Change to a Money Mindset for Entrepreneurs
If you want to change your mindset here’s what you need to do:
Recognize the Value of Your Time
As mentioned above, you need to identify your unique skills that are the true difference makers in your business. What are the activities that can expand your business? What are the activities that you are uniquely qualified to do? Think about what your time is worth.
Make a List of the Activities You Do In a Week
Make a note of all the things you do in a week, and think about if they’re high value or low value. Start thinking about the items you dread doing in a week, and the ones that feel like a waste of your time.
Identify the Things That Are Highest Value and Can Only Be Done by You
These are the activities that you should be focusing on. Look for activities that will move your business forward.
Eliminate the Rest
Wherever you can, outsource or hire someone to complete the low value activites, or the ones that suck your energy. This is not something that can happen overnight, but you can slowly chip away to maximize the time spent on high-value activities.
Expand This Money Mindset For Entrepreneurs into Other Areas of Your Life
This money mindset for entrepreneurs is a way of thinking that can expand into other areas of your life.
The value of the activities may not be financial, but instead meaningful time with family or taking care of your physical health. As you become more financially free, you’ll recognize the highest value commodity is time. This technique can be used to take back your time.
Think about what you’re doing that you can outsource to increase time spent doing valuable things.
Having a strong money mindset for entrepreneurs is key to success – make sure you have the right ones.