You’ve heard the saying that if you want to make money, you have to spend money. It is true. But the real key is not actually that you have to spend money, but that you have to acquire the skills, time, and technology to please your customers and sometimes that means spending money. But in reality, you only need to spend smart to grow big.
It’s easy to quantify this when you have physical inventory. If you sell widgets for 20 dollars profit each, you can easily do the math to determine out how many widgets you need to sell to make the kind of money you need and want to make. This math can also help you determine if you need more products, higher priced products, to build a bigger audience, or something more to build the type of business you want to build based on the monetary goal you just set.
Sometimes when someone has a digital product, they forget that the math is still the same. Profit = Revenue – Expenses. Once you know how to generate sales then you should...
I want you to be able to see that you can make more money. Take this challenge very seriously right now. Set a stretch goal for the income you want to make next month or next year. Then double it.
Write it down and look at it. Your conscious and subconscious will work on ways to make it happen. Want to grow faster? Double that goal again.
Once you have your goals set, start the next step to bring this idea to fruition by setting up the processes and scheduling the action. You can want something all you want, but if you don’t take the action necessary to see it through, you’re only hoping and wishing. To be successful, set goals, be specific, and act. It’s that easy, really.
You Can’t Fail
You must remember that setting a goal is going to help you build your business. You won’t always reach your goals, but you’ll get a lot further and grow a lot faster than with your original goals. You want your goals to be hard to reach. But, ensure that they are...
Holding on to a poverty mentality can ruin your chances of building a successful business long term. A business that not only supports you while you’re working, but due to sound financial investments, is going to support you after you stop working and sell the business. Because smart people have an exit plan too.
Everyone has some type of fear inside that they need to address. Often someone with a limiting mindset tends to have a fear of failure and even a fear of success that manifests itself as procrastination or even self-sabotage. Let’s talk about some of the ways these fears can cause issues for you and how to overcome them and make progress.
Here are some common symptoms of both the fear of failure and the fear of success manifest.
Fearing the Spotlight.
Not wanting to be in the spotlight. You don’t really want to be that successful because you don’t think you will like being in the spotlight. That’s why up until now you’ve chosen to be behind the scenes.
You are fearful of confrontation and you fear if you get too popular, people will come out of the woodwork and be mean to you and bully you. Taking criticism is hard. But it’s all part of the process of experiencing success.
Many people walk around feeling as if they are just...
There is something about a business, especially a digital online business, that is truly amazing in that it will start slow and then slowly build and one day (assuming all positive steps were taken), it will gain momentum and take off and people will think you’re an overnight success.
Some people call it the snowball effect. This is a great example of the idea of momentum. Start rolling the snowball in your hands, then as it grows you start rolling it on the ground, it finally gets so heavy that it rolls down the hill alone getting bigger as it goes without your help.
Business can be a lot like that. You start out with every position being filled by you. You do the best you can, slowly building up the business until you can finally hire a bookkeeper, then you bring on a banker, an accountant, and a lawyer. You incorporate your business. You hire a business manager, you find a couple great VAs, and bring on a landing page expert. And it continues. You hire what you need, and...
Aside from feeling as if you’re taking money from other people who may deserve it more, if you have a problem with limiting beliefs you may also think that it’s wrong to earn money when you didn’t work hard for it. That’s another severely limiting mindset that you can break through. The fact is, some of the least taxing work earns the most money. Think about inheritances and interest on investments and savings.
When you have this limiting belief, you will find that you feel guilty if you outsource work to someone and earn off their labor. You feel guilty if you hire a housekeeper to clean up after you and your family. You feel guilty when you pay your affiliates 20,000 dollars but you get to keep 20,000 too for doing “nothing.”
The problem here is that you’ve judged work by its intensity. You think the harder you work, the more you deserve. While that seems logical, it’s not true. You don’t have enough pride in the work that you...
The very best way to change your mindset about anything is to read books, listen to Podcasts, watch YouTube videos, and educate yourself about the topic fully. Read the things you think you disagree with.
Look at their references. Look at the facts from both sides and especially from the side of successful people that you would like to emulate. Understand why you may have been taught something so erroneous and learn the truth from studying successful people that you can feel good emulating.
Read books that feature people you admire who have achieved what you want to achieve and who come from similar or harsher backgrounds. This is going to help you learn the steps they took to overcome their own blocks to finally experience success. Read books about investing, business finance, and more. The more you can surround yourself with financial books that show you the way to success, the better.
Listen to Podcasts about people’s stories from rags to riches. Those are always...
Spending a lifetime learning about scarcity from every single teacher, from your math teacher to your social studies teacher, it’s hard to rid your mind of that lesson to overcome the blocks this can put in your way.
Scarcity involves the idea that there is a shortage of something. It could be anything from food to water to money. It involves the idea that when it comes to some things, some people will get a lot and some people will get less or nothing. You were taught it throughout your education that some things were finite, and that list included gold, diamonds, money, food, water, and land. All these things can easily be seen as limited, especially land, which helps further the myth of scarcity.
First, the truth is, for the most part, scarcity isn’t true. It may be true that there are fresh, clean drinking water shortages in places, but most of the time there is still a solution to that water shortage if only we have the will to find the solution and to implement it...
One way to mitigate poor financial decisions is to put together a team. There is no one on this earth who can know and do everything themselves. When you stay educated, but also hire a team to help you make good decisions, it makes it easier for you to break through almost any financial mindset blockers with their help.
A good banker can help you with all sorts of information that you may need for your decision-making process. You need a bank that works with the type of business you are in the way you need to do business. Don’t overlook your local banks and bankers. Sometimes local is better and they still have all the technology that online banks have.
Every good business needs an accountant. You may also feel that you need a bookkeeper too although many accountants can set you up with mostly automated accounts which may reduce your need for a bookkeeper but it’s up to you. The more people you have watching the money, the better.
Did you know that most people earn an average of what their five closest friends earn? In fact, most people never earn a single dollar outside of their parent’s class or their friend’s class even if they work hard in school, make good choices, and go to college. That’s kind of depressing but there are reasons this happens. That’s why, if you really want to get over mindset issues that affect your money, you need to make new friends.
Network with Higher Earners
Go to the kind of events that the higher earners go to. Now, remember you don’t want to break the bank and you want to find out ways to do this without putting yourself in debt. But if you budget for networking with higher earners, it will pay off as your income goes up.
Develop Friendships with Higher Earners
As you get to know people in that network, go ahead and make friends. There is nothing wrong with making friends. Don’t be dishonest with them about your position in life but...