Episode 502 – Leveraging Capital for Your Cleaning Business
False Belief – I need to borrow a bunch of money for “supplies”.
False Belief – Because there is a low barrier to entry, I should do this on a shoestring.
False Belief – All debt is bad OR All debt is good…
False Belief – Millionaires all started rich and never borrowed money.
False Belief – It’s really important I have a good credit score.
False Belief – It’s really important I don’t pay high interest.
False Belief – I can be successful without doing anything scary or out of my comfort zone or RISKING anything.
False Belief – As long as I am investing in my business, it’s ok to go into debt.
You STILL want a HIGH ROI. Invest in systems and processes. There is a reason people wait in line to pay hundreds of thousands for a FRANCHISE. It’s the SYSTEMS! Invest in good systems for the BEST ROI! Think about it this way: if college is a “good” deal, investing in proven systems to actually make money and create wealth is the BEST deal for an entrepreneur
Entrepreneurs MUST handle risk and capital! Get this right and you will be successful in life, not JUST THIS business!