* Today we have Donna J Thomas appearing on our blog once again - this time she is offering some fantastic budget advice for business owners in a 2-part article here on our blog. Part 1 was published on August 15th.
-- Tips To Stretch Your Business Budget --
Tip #3. Make Every Cost an Investment, Not an Expense
Every networking meeting, coaching program, training course, marketing system, supplies and equipment you spend time or money for should give you a good return on investment (ROI). Many health entrepreneurs are not clear what return they expect or they don't get their money's worth by implementing what they're learning.
When I enrolled in high-cost coaching to help me develop and market The Prosperous Practice, I promised myself that I would implement everything I learned. I continually looked for ways to maximize my return in every program and product I invested in. Sometimes my ROI was tangible, such as a website and a tech assistant. And sometimes it was more abstract, such as more confidence or a more positive mindset, which helped me, emotionally and energetically, move to the next level of success. By investing at higher and higher levels, even when finding the money to pay was challenging, I was able to steadily move forward and create a flourishing business.
Tip #4. Mind Your Mindset!
Would you be surprised to learn that 90% of business success is based on mindset, while only 10% can be attributed to marketing? This is especially true for health practitioners. As a group, we seem to have more mindset issues than entrepreneurs in other fields, especially around charging money for our work. We may doubt our potential for really big success or our ability to handle rapid growth. So it makes sense that overcoming these limiting beliefs and habits will help you grow your practice more quickly and easily. Working on mindset will help you avoid the stress of overwork, overwhelm and underpay that many practitioners commonly experience. Fear and doubt are more costly than financial investment to grow a prosperous practice.
Tip #5. Don't Let Budget Limit Your Success
A limited budget does not automatically mean limited success. With a new practice, don't spend money that you can't comfortably afford right now. Take a closer look at what you really need and what you can do without for a while, and apply these tips. See how many other ways you can be creative in stretching your budget until you can truly afford the bells and whistles. Remember, this is your business! So don't let anything - especially a low budget - limit your professional and personal success, satisfaction, and achievement!
* Part 1 was published on August 15th.
Award-winning authors Dave and Lillian Brummet: