You've heard the old adage–"It takes money to make money."
But is that really true? And is money all it takes?
Maybe, and maybe not.
If you've read a lot of my blog posts, you know that I reiterate the importance of constantly investing in your business (coaching, skills, resources, tools for running your business, hiring others for your administrative tasks, and especially self-development).
So if you want to make money from your business (instead of having an expensive hobby), there is investment that is required.
However, this can be minimized when you're starting out. You can accomplish a lot of what you need for free or low cost. I often share no- or low-cost resources in blog posts and all my clients have access to my EXTENSIVE list of such resources as they need them.
But there are additional things that are just as important–or more so–as money, and can help you make up for minimal funds until your business starts becoming more profitable.
1. Time–This is the most important "make up" element you can utilize when you are on a shoestring budget. Early on, you probably have more time than clients, so you'll want to maximize your time by spending it as wisely as you would your money. You'll need to manage your time well and focus on the quickest profit-producing activities for your business.
2. Connections–One of your best commodities in regard to using your time is to use your connections or work on creating more/better connections. This may mean telling everyone you know (emails, letters, calls, face to face) about your business and ask for referrals. Or it could mean networking in person and/or on social media to make strategic connections with people who know and can get you in front of your ideal clients.
3. Know-How–Knowledge applied is power. If you already know how to do certain things necessary in starting/growing/running a business, you'll be ahead of the game and won't have to pay to learn those things or to do them for you. Of course, you can't know EVERYTHING you need to know about running a business starting off (and most holistic practitioners/coaches don't know very much about what it takes to run a successful business). And after a while, there are things you may KNOW how to do but are not profit-producing, and should be delegated.
4. Planning–Taking time to plan what you're doing in the various aspects of your business BEFORE you take ACTION will save you time and money (and stress, frustration, disappointment, etc.).
5. Strategy–Similar to planning, you've got to have some strategy behind the actiosn you're taking. Know why you're doing something. What is the outcome you are seeking? How do you know/or what information have you gathered that this has a likelihood of success? Although success is not guaranteed with anything you do, you do want to do your due-diligence.
6. Work–Similar to time, the more "sweat equity" you put into your business, the less money you'll have to put into it (at least in the beginning–see #3 above). However, this is what I see more newbies doing that keeps them stuck or going in circles or getting burned out. The more you utilize #s 2, 4, 5 & 7, the less time and work you'll have to rely on.
7. Guidance–This is how you can get good strategy; learn from someone who has had experience doing what you're attempting to do. That could be as specific as creating or implementing a particular tool or strategy in your business or as broad as working with a business coach who can help you with the overall and larger picture of what you need in your business. Having expert guidance (someone who has DONE it vs. someone who learned how to do it but hasn't done it themselves) will save you time, money, energy, and heartache.
CALL TO ACTION
Do an assessment to determine which of these assets above you have more of than money right now. Think about how you can effectively maximize those resources to give your business the stimulus it needs to grow until you have more money to trade for some of these precious commodities.
For a quicker, more effective method of building a successful business, hire expert guidance. Trying to do it all yourself and without the knowledge and experience of a mentor/coach is the slow road to building the business you've been wanting. Take it from me. I did it that way for the first 3 years of transitioning to a full-time practice and I paid for it in ways more precious than money. Once I hired a coach (even though I was hesitant to spend the money), it all changed for me!
Get expert guidance by Scheduling a complimentary Business Strategy Session with me. We'll assess your goals, current resources, challenges, and identify what tactics you are missing in the three keys of creating a successful business–Marketing, Mindset and Manifesting–and uncover IMMEDIATE steps to take so you can get more clients and make more money helping people in the way only YOU can do!
Your partner in success,
Marketing, Mindset & Manifesting Coach