Episode 413 – Money or Freedom?
Everybody thinks that what they should be thinking about as their company grows is how much money they’re making, but the reality is that your time and freedom should be your top priority. So many owners of cleaning companies start their business with the intention of it helping their life prosper, but just end up a slave to their own creation. It’s important to box your time, and make sure that when you’re doing something, that it has your full attention.
A lot of entrepreneurs set goals along the lines of ‘if I Just had a million dollar business, life would be great.’ However, setting goals like this isn’t the best idea. You want your goals to be more specific, you should always have your goals for your personal life first. The best way to set your goals is by working backward. You should start with the lifestyle you want to live, figure how much that would cost, and then use that to figure out how much your company would have to make to make that lifestyle happen. The second goal that you’ll need to set is how much of your time that you want to invest in your company.
A great way to help you complete your goals, is by attaching emotional value. Instead of thinking ‘I want a million dollar company so that I will be rich.’, you may want to focus on more specific things, such as the smell of the leather in the new car you want, or the quality of the new television that you can afford. This helps you stay focused on why you’re doing what you’re doing.
When starting a business you generally have to have periods of time when you allocate tons of your time to your company, but it’s important that you know when enough is enough. Mike has found three different rules to help negate this. First, set a timeline. You should have a goal in mind of when you want to cut back on the time you spend in your business. Second, you should have a specific goal that. Third, you need the support of the important people in your life. Make sure that you choose a good time that works for you and your loved ones.
It’s also important that you value your time. Everyone is bound to the same 24 hours in a day, and a lot of people have the misconception in their mind that the amount of hours they put in will directly correlate to the amount of money they get out. Which is true for a lower value, hourly work, but the reality is that there are systems that you can have in place to deal with the day to day work in your company, that can allow you to focus on your company, and in turn allocate more time to your personal life. While you may not be able to control the quantity of time that you have, you can control the quality of the work.
If you enjoyed this and would like to schedule a complimentary one on one breakthrough session with Mike, head over to www.GrowMyCleaningCompany.com/talk and schedule an appointment today!