Last weekend we took the ferry to Boston. During our impromptu visit to Faneuil Hall, of course my thoughts turn to freedom. Stage for presidents, founding fathers, contemporary and revolutionary change agents, citizenship ceremonies, Faneuil Hall is where movers and shakers take a stand for what they believe in.
These are people who make things happen, in a BIG way.
As entrepreneurs, we have tremendous freedom. Freedom to chart our own course. Freedom to take time off when we want to. Freedom to charge whatever we want for the work we put into the world. Freedom to choose our clients and how we can help them. Freedom to dream big, and take action to make it happen.
We also have the freedom to stay small. To keep our gifts to ourselves. To work long hours for not enough money. To waste time on things that won't improve the world at large, or even our little slice of it. To waste time or money on things that don't grow our businesses and take time away from the fun things in life.
We have the freedom to choose how our business will grow, how our lifestyle and business will fit together. Our choices and our actions determine our success.
Most of my clients want more time for family and business that makes more money for them. But the real result? Having the money and the time creates peace of mind to fully enjoy both.
Here are some actions to get more freedom in the form of more money in the bank, more time for fun, and more peace of mind to enjoy it all:
- Look at your offers, raise your rates. When you charge based upon the value you provide to solve your clients' biggest problems, you'll make more and they'll get better results because they're more committed to getting results. (Ever have a gym membership that went unused because you didn't show up, but you kept the membership because you might go there? Money down the drain for zero results. Throw in a personal trainer (and their fees) and you begin to make progress toward your goals). Higher rates = Better Results (for your clients) + More Money (for you).
- Ditch the to-do list. It's filled with things you need to do, and likely a lot of things you don't, to make money. Start a new list. To make money in the next day, week and month, list out what you need to do. Next to each task, list the expected income you'll bring in when you complete it, and estimated time to complete it. For each task, calculate the expected hourly rate (total income divided by estimated hours to complete), then prioritize your list by how much money you'll make. You'll make more money, have more family time this summer, and enjoy it more without the cloud of a long to-do list hanging overhead.
- Take big-picture view of your business. Do you know how much money your business actually makes? (Most don't.) Is the world seeing your business success, but behind the scenes you're embarrassed or ashamed about the state of your finances? (In my experience, most feel this way.) Going from cloudy to clear about your finances will reduce boatloads of stress (for you, your business partners or family members). Moreover, you'll know what's making money and what's not, so you can make better decisions with where you spend your marketing time and what offers to market. Make some time to take a hardcore look.
You have the freedom to choose the direction of your business. Which direction do you choose?
Wishing you a safe and fun July 4th!
All the best,
PS - if you're unclear about what's making money and really ready for some peace of mind around your finances, I'd love to hear from you!