How to avoid the time for money trap

It’s incredible how many business owners are always on a treadmill to earn more money.  Chasing clients, wanting to reach more prospects and bring more cash into their business. Working one on one with their clients and always busy.

And when you are busy, you probably don’t have time to attend networking events, keep in touch with your prospects or connect online.  And then suddenly you find that your diary is empty and you have to start all over again.

Or perhaps you decide to take a holiday or find yourself sick, and what happens then?

When you are in business, you’ll find yourself on a never-ending quest to generate more clients and serve the ones you have already, and that’s OK. But there is a smarter way to behave.

I hate to tell you this, but there are never going to be enough hours in the day to do everything that needs to be done and grow your business too.

When you are providing a service, like a coach, therapist, etc, it can become a vicious circle. You find yourself always trading time for money, so what can you do about it?

1. Have multiple entries into your business 

The most successful service-based businesses have an effective structure of services and products.  They start with something free – an ethic bribe or lead magnet – to encourage people to get to know them and to grow their community, up to a VIP programme or something similar.  Not everyone will want to jump straight into working with you one-to-one so having a range of options will enable them to get to know you first. Plus building a data base and keeping in touch regularly is one of the keys to your success.

2. Watch how you spend your time

I will often work with my clients on developing their products and services, but the most important thing when you are new is to generate clients.  During this time you will get to know your clients and find out what they want.  You’ll also start to generate some income, and then provide them with options other than your one-to-one time.

3. Create products that your clients want 

When you consider creating products for your business, make sure that they are aimed towards your ideal client and what they want!  – the most important part of this point is the word ‘want‘. You’ll get clear on this when you ask them, spend time with them and find out how you can help.  Always sell your product first and build it later, rather than spending weeks or months on something you think that your clients need but then they never buy.

4. Don’t do everything yourself

I often see my clients struggle with technology or get frustrated with systems, and my answer is don’t do everything yourself! Unless you are a tech-geek, outsource the stuff that you don’t do very well. Find a VA or use an online service like fiverr.com that just costs you $5 for activities that could take you hours or days. You may wonder if it is worth it, but doesn’t this free you up for the things you do well in your business? You will be at your best when you do what you came into business for in the first place.

5. Know your financials 

When was the last time you looked at how much you need to earn in your business to achieve your ideal lifestyle and how many clients you need to work to get there?

You have to know your figures, your stats and what you have to do to get there. If you don’t charge enough, have to work with way too many clients to achieve your goals or just can’t see how you can make it work, you can work out what to do differently.

What’s the gap between where you are now and where you want to be?

What is the gap and how are you going to get out of the time for money trap?

Fancy a chat to find out how? Free to book in a discovery call with me this month (5 spaces available) and we can brainstorm what you can do next!