Becoming an entrepreneur is not for people who are scared to step outside of their comfort zone. Taking risks and facing fears are a necessary part of being an entrepreneur, but even though most of us are aware of that, we still avoid taking some risks we need to take in order to be successful, especially when it comes to money.
When we spend our money, we want something in return. When it comes to thing like groceries, for example, we can spend our money knowing that we are going to get something physically rewarding from it. But, when it comes to our business the results may not be as clear, which can easily cause us to make excuses as to why we should not spend the money.
As an entrepreneur, it is important to trust yourself when it comes to money decisions. Listen to your inner guidance and go for what you think will help you and your business grow.
The Downside Of Being Afraid To Spend Your Money
There are three things that every entrepreneur needs to invest money in, and when you avoid investing in those three things there can be negative consequences.
1. Tools That Will Help Your Business Grow
A business cannot run on hope alone. You have to put money into the mechanics of your business, because, even though it would be nice, you can't start up a business for free. You need certain things in your business to get it off the ground. Website design, business cards, and an online shopping cart may all be things you NEED to invest in if you want your business to run smoothly and gain momentum.
When you are reluctant to invest in tools for your business, you may be exhibiting a fear of growth or success in the business, since tools are what help you develop a business that is professional and capable of handing a large amount of business. Tackle your fear of handling a successful business and you will tackle your reluctance to pay for the tools you need.
2. Mentoring That Will Lead You Down The Right Path
Mentors cost money, but they are worth every penny. Anyone who has found success has also found a mentor in their life.
No matter what you do in life, someone else has been there and done that on some capacity. Seeking out people who know how to succeed, and know the struggles and issues that you are likely to face, will help you gain the confidence you need as you move forward with your business.
When you are reluctant to invest in a mentor, it is often because you feel that it is not the most important thing in your business and that the money would be better spent elsewhere, or not at all. However, a mentor is so important in a business that having one can speed up your success dramatically, and in some cases ultimately makes the difference between success and no success.
3. Outsourcing Some Of The Business Duties
When you are an entrepreneur, you are the boss, the employee, and everything in between. (Sounds like being a mother!) You do all of the work, and if you don't outsource some of that work, then it can become very exhausting. In addition, trying to do too much at once can take away from important tasks that would really benefit your business. When you outsource some of the smaller (but necessary) jobs out, you can put more of your focus onto the really important things.
When you are reluctant to spend money on outsourcing, you have one of two mentalities.
First, you may think that no one else can do it as well as you. In this case, you will be surprised at how well people can perform the tasks you need done as, often, it is the only thing they do in regards to work.
Second, you may think that spending your money on something that you can do is ridiculous. But the fact that you will have time to put your focus on other areas of your business, that can help it grow faster, makes up for the small amount of money you have to pay when you outsource.
In the end, if you want your business to be successful, you have to move past the fear of spending money on important things such as tools, mentors, and outsourcing. These are necessary expenses in any successful business, and in the long run you will make more money in your business when you invest in these three things.