Are you an entrepreneur? Are you constantly trying to balance time and money spent on your business?
When you work for yourself, there are no resources more valuable than time and money.
Watch my YouTube video to get the gist!
Setting the stage:
When you start out as an entrepreneur, time is what you’ve got.
You start off with ample time, but not a lot of money. It’s at this stage that I recommend working HARD and being smart with your time.
Use your time to take on free projects as a way of generating testimonials and leads for your business.
Once you’ve been utilizing your ample time, you start to see a shift.
As money starts to flow in, it becomes less of a critical resource. Your time starts to be what you need more of in order to grow your business.
Doing the dance:
When you start feeling like the money is coming in but you need more time, that’s when the delicate dance has started.
I call it the time money dance because it’s a constant attempt to balance these two critical resources.
You probably reach this stage when you’re a year or two into your business.
You’ve got your processes down and money is coming in; in fact, money isn’t what you’re struggling with anymore.
Now you’re struggling with time. It’s at this stage that I recommend outsourcing some of your work.
At this stage, you need to learn how to manage people. You want to find an assistant or freelancer to pick up some of the work that you no longer have time to complete yourself.
By doing the dance, you constantly find ways to shift and balance the two resources that will allow you to grow your business.
Have questions? Think about this differently?
Share your thoughts in the comments below!