You are not that far away from building a million dollar per year business. It is actually within your grasp. But there are a few things you need to change in the way you think about a few things in order to make them happen. As a matter of fact, once you make these simple mindset changes, you will be amazed at how easy it is to run a million dollar per year company.
Most people that start a business fail within the first year. Most businesses fail within the first 5 years. These are the statistics that have been released by most government statistics. One day, I read one of these statistics, and wanted to find out for myself why. After a lot of research, I worked out some common differences in the way people think about money, and the relationship they have with money.
Money is not the issue. As a matter of fact, money is only a bi-product. Your relationship with money is entirely up to you. You can fear the loss of it, or you can marvel and the growth of it. Money is not the root of all evil, your mindset around it, can be.
Money is nothing more than currency. It has no feelings at all. It is in abundance, if you have a good relationship with it, and can avoid you when you don’t. Here are some top 10 things you need to adjust regarding your relationship with money. Before I dive into this, I will mention that money is everywhere, and there is more of it to go around than you think. You just need to tap into it, and stop fearing it. More to the point, you need to stop fearing yourself, and your ability to attract it. You have to go through the exact same process to make $1000 as you to $1 Million dollars. The process doesn’t change. It is the same.
Time. It is the one thing more people want. When was the last time you heard a business owner saying he/she wanted a business that took 16 hours a day, took them away from their family and friends, only to make a little money? Those people just have it plain wrong.
Here are the top 10 ways to adjust your relationship with money, and build your business. Before I dive into the details, let’s get a few things straight.
- Assets are things that make you money.
- Liabilities are things that lose you money.
- Costs of assets make you money are not losses.
- Profits you make that lose you money, are liabilities.
So let’s dive in. Remember, Assets make you money, and Liabilities cost you money. Something cannot be considered an asset if you DON’T make money from it.
- Money is in abundance: Once you realise that money is all around you, and in abundance, and you stop fearing “losing” money, you will find more money than you need. If you paid $1000 for something, that could make you $5000 in one month, would that be a cost or liability?
- Focus on assets: An asset is not something like your home or car. It is something that makes you money. If you consider your primary home as an asset, then you are thinking like 80% of people out there. The bank you finance your home with sees your home as an asset. Why? because they make money every month in interest in your mortgage payment. And if you default, they will get your house, and make money off it’s sale. Your home is not an asset, it is a liability. However, If you own a home as an investment property, where the rent you charge covers your mortgage, and all the upkeep, then and only then is it your asset.
- Money is in the list: The money is in the value you provide, and through that value, the list you build. If you provide value up front, and people start to see your value to them, rather than just “what you do” or “how you do it”, they will give you money based on the value you can provide to them. Most people start with what they do, then to how they do it, and don’t even mention why they do it. This needs to be reversed. Once people know your passion for something (and it is not about you, but them), then they will become interested in what you do and how you do it. It isn’t just about the size of list you can build, but in the value you provide and the relationship you have with your list. Your list, and relationship with that list is an Asset.
- Outsource as much as you can: Building a business is not just about some idea you have. It is about the team you build, all sharing your passions, and all considered “assets“, even if they come at a monthly cost. These team members are your greatest asset, as they bring their own ideas to the table, they work the business for you, and provide what you really want: more time. Once you see the value of people as an asset, and are personal with them for them to be successful as you, they will invest in themselves to greater the cause.
- Your business is an asset, but stay on TOPIC: the quicker you can make your business self sustainable and making you more time/money to spend on your family, friends and other things, the more successful your business will be. The more you invest in your people, and find ways for them to get more time/money, the faster your business will create a profit. Your people are your assets, and the people they find are their assets. How many business owners I have spoken to that are nailed down to the business nearly 16 hours a day, begrudge their business, and feel trapped by it, you have no idea.. and most of them go back to their J.O.B. (just over broke).
In order to implement these top 5 mindset shifts, click this link and get started to your new future being in the top 1% rather thank just like anyone else. Be different.