3 Money Making Mistakes You’re Probably Making Right Now-And How to Fix Them!
Did you know that 82% of small businesses fail due to cash flow problems?
Money and funding appears to be a common problem for most business owners. But what if it didn't have to be that way? What if making some minor adjustments in the way you see and operate money could be the lifeline for your business?
Over the past 15 years, we have had experience founding and co-founding many companies, bootstrapping our way to 6 and 7-figure generating businesses. We've learned a lot along the way and would like to empower you and your money story by helping you fix the money making mistakes TODAY!
Mistake #1: Waiting to save more money before investing in your business
Are you saying to yourself "Once I pay off that bill or save (x) amount of money, I'll finally invest in coach!"?
While this might sound financially smart, it could actually be the biggest mistake you make in your business because you're playing the "when/then" game. It can take months or years or maybe at the rate you're going... NEVER pay off bills or save a certain amount of money. You just gave up on your dreams. Boo.
Imagine the amount of time and money you are losing by NOT investing. For example, if your investment could secure just an extra $3,000 a month, you just gave yourself a $36,000 a year raise! Over 10 years, that's an extra $360,000.00.
How to Fix It: Change your perspective using the ROI method. We know what you're thinking and we're not taking about return on investment (although that will help too). We're talking about Risk Of Inaction. Look at the cost of the investment. If it converts it can get you to not only make your investment back, but also give you a raise for the rest of your life.
If you don't have the capital we highly recommend borrowing money and funding your business. We have partnered up with 3rd party funding to help our clients get funding right away!
Mistake #2: Creating a Profit Formula for Your Business
Are you confused about how and when to actually pay yourself? Are you spending more than you're making? The problem with many 6 and 7 figure companies is that even while they are producing a lot of revenue, they are struggling to make a profit.
The Fix: We encourage many of our clients to use the Profit First Formula and it's actually very simple. This formula has you creating separate accounts that are automatically transferred to meet your financial desires. We pay ourselves first every month before making the mistake of blindly spending money on our business.
Mistake #3: No Passive Income or High Ticket Sales
So you get sick and need to take time off or finally want to go on that much needed vacation but you can't because you're trading time for money. We see this everyday. And you're likely working way too f*cking much to not live the life you want. Many business owners are trading time for money. They charge hourly so if they don't work, they don't get paid and it's exhausting.
The Fix: Contrary to popular belief, the key to financial freedom is not making millions of dollars. Financial freedom happens when your passive income meets or exceeds your monthly living expenses. We help our clients create sources of passive income so they do the work once and keep getting paid over and over again. They can finally take that nice long vacay and drink bubbles on the beach.
But what if you don't have passive income yet?
We also encourage you to create a high ticket offer (more than $2,000) and charge for transformation instead of by the hour. This will allow you receive the financial resources you need to free up space.
Which financial fix are you taking on today? Hit reply and let us know.