“Why Focusing on Your Budget Will Not Bring You Wealth – and What Will”

By Marcia Bench
Every day, you see them – a program to help you coach better, a new software, a social media marketing program, or how to use video in your marketing – as well as prospective mentors you would LOVE to work with… and then the “b” word comes up: “But…I don’t have the money.”
Sound familiar?
Yes, part of this is B.S.O. syndrome – not getting distracted by Bright Shiny Objects that are good, could add value, but too often end up being another download you don’t read, or another info product that sits on your shelf.
But there is another issue here that we each need to look at carefully: the role of our budget in determining what we do or don’t make commitments to or purchase/invest in for our businesses.
We’re trained to (a) set a budget, (b) keep our spending within that budget, and (c) save up for extraordinary expenses.
But here’s the problem: when you’re starting a business, waiting until you have saved up to fund things like the V.A. help you need for that next launch, or the software that will let you deliver your previews at multiple times, defers your return on investment – to your detriment!
As many as 80 percent of new businesses don’t make it past the first year – and one reason is because they never let go of this way of thinking.
Yes, you need to be financially responsible with your income and expenses – I’m not saying not to keep an eye on the bottom line!
But when you decide you want to say YES to an investment that’s needed for your business growth – a virtual assistant, a mentor, or a software program – the first place to look is NOT your budget!
Instead, here is the successful entrepreneur’s way of approaching these issues: I know I need an additional $400/month to pay that V.A. to support me. So what program can I create, market and fill between now and their start date so that I can pay for their services?
In other words, most people have it backwards!!
FIRST you make the decision to have the thing you need – knowing it will yield many times its cost in dividends over time. THEN you decide how YOU – through your business – will generate those funds. It’s amazing how the money shows up!
That’s the ONLY way I could have paid triple my normal rent this summer (being in Oregon while paying for Arizona rent too), hired a new coach for the new year, and paid for the first two trips to the east coast. If I hadn’t thought it was possible, or waited till I had saved the money, I’d still be waiting…but the experiences are happening, we’re thriving – and it’s all due to this mindset.
Try it on this week with the next step YOU want to take – and let me know on my Facebook page how it’s going, ok?

“Marcia Bench publishes the widely circulated ‘Inspire!’ ezine biweekly to over 8,300 subscribers. If you’re thinking about becoming a coach, or are a coach who wants to add a new specialty or reach more people with your passionate message and services, join Marcia atwww.inspiredbusinessinstitute.com.

This entry was posted in Uncategorized and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s