Time or Money? Why time is money for most businesses especially self-employed holistic and spiritual service-based businesses. Why many holistic and spiritual businesses fail because they don’t see time is money.
Are You Making Money? Or Too Busy Trying To SAVE Money
Many small spiritual businesses are so focused on saving money they actually don’t consider the time or money concept of losing money through ineffective time management.
They tend to waste a lot of very valuable time and energy trying to be master of all things, failing to see how much time or money is lost.
They can easily spend days, weeks even years trying to do certain tasks that someone trained in that field could do for them highly effectively and professionally in a few hours.
The E-myth a well-known business book explores this very common issue in small businesses. So many self-employed business owners start a business to do what they love and end up doing lots of jobs they are not skilled in and don’t even like. Which can lead to all sorts of mistakes that impact the reputation or professionalism of their business.
The Importance of Managing Time
As individuals we only have so much time and energy in our day to get certain tasks done. When your holistic business or spiritual business is struggling to find enough time in the day to do the things it needs to do to survive and thrive.
It is time to look at the time or money debate from a more objective perspective. Too many of us have so much wounding and distorted perceptions around money we don’t take time to properly look at the time or money dilemma from a healthy business mindset.
Good time management doesn’t just save you time to do what you are here to do and want to do but some forms of time management can help make you money.
For example there is certain types of help in your business that can help double or triple your income and there is certain types of help that can really eat into your profit.
So it is important to look at time management tools and contractors that are more likely to help bring in the money or allow you to do the things that will bring in the money.
Time or Money – Contracting Out Tasks
A healthy successful spiritual business know’s when to contract out certain tasks and roles to someone who is more skilled or an expert in that area and when not to.
Especially in expert areas of work such as accountancy, graphics, logo design, marketing strategy, website design where you can end up wasting not just days or weeks on trying to get right.
This leaves you with enough time and the right energy to really focus on the work you are great at and here to do or even gives you more time to network with your ideal clients and soul clients. It is a far wiser, healthier and productive way to use your time, energy, and resources.
Time Or Money – When You DON’T Have The Money
Yes, sometimes I know you may feel you just don’t have the money or investment . When I first started out in my business, I had been seven years very ill and off work. No bank would give me a loan because I was such a high risk with the rare health challenges I had. But despite being on the lowest level of social security due to having not enough NI stamps, I made all sorts of sacrifices to financially invest in my business.
And there was many tasks I had to learn and there was other things I invested in when I could. Early in my career, my health challenges meant I was easily physically exhausted so I couldn’t do a lot of physical work but could manage more mental work at times.
But I equally have to also state I meet many business owners who do have or could find the money they just choose not to invest. I know I have took part-time jobs during my career to help take my business to that next level.
No Time Or Money
Some business owners just don’t have that level of tenacity, motivation or willingness to make their dreams happen and will use the excuse they have no time or money. Some expect others to fund them, support them, help them for free but are not willing personally to make any sacrifices to make their dreams really happen. It is so important to be honest with ourselves about this as it can help us see wounding or blocks we are avoiding.
Working Smart Not Hard
I knew before I started my business I had to think really SMART look at the time or money dilemma from a business and financial perspective. As I had so many odds stacked against me when starting my spiritual business due to the level of disabilities and health challenges I had that stopped me doing anormal job.
So I invested in learning how to build websites from code and learned everything I could on SEO and online marketing before I started my business in 2000.
Now although I have always highly invested in my own training, skills and business and marketing courses, looking back there were times where I was losing a lot of money, wasting time by not investing in the right experts. Some types of expertise could have saved me a fortune and actually help me be more successful.
Remember a business is an investment, the right investment leads to success.
Choosing Between Time Or Money
As a self-employed business owner prioritising between time or money isn’t always an easy or clear decision. If we have serious limited financial resources it can be difficult to assess the best use of the financial resources we have and often we can’t see the wood for the trees. The key is looking at what will help make you more money not just short-term but long-term.
Time Or Money – Prioritise Tasks
So it is more important than ever to prioritise your real business needs. There is no point in investing in fancy decor, the latest equipment or training, that fancy candle, when you have nothing left to actually invest in advertising and marketing; the things that help sustain and grow your business. Just like life business is about balance, without strong foundations in your business it won’t stay healthy.
Many coaches & therapists spend thousands in their training but forget to budget for the running or marketing of their business. Many therapists go to training schools that imply it is very easy to earn a healthy living. They don’t prepare students for the investments most businesses need to get off the ground. Never mind what is needed to sustain a healthy business. They never advertise how hard running a business can be and the statistics of how few holistic businesses survive.
A Healthy Business Spend’s To Invest
A successful business has to spend to invest. A healthy business knows it has to invest in the right growth tools. It put’s back into the business a percentage of what they are bringing in to keep it growing, it carefully looks at the time or money analyse in different areas of the business.
It tends to know more you can invest in your business in the right things in the early stages of the business and during slow periods the more likely the business will sustain itself enough to get through the initial start up years and challenging times.
You Cannot Be An Expert In Everything
You are probably a brilliant therapist, coach , healer, yoga teacher that has spend years learning your gifts and skills. You are here to shine your gifts not hide your gifts under a bushel or spend most of you week doing other business activities that someone else could be doing far more effectively for you.
To do that effectively we need the expert help so never just choose the cheapest hire or just hire someone you know. Hire the best person for the job that you can afford.
Believe me getting the right help that can help you create, grow and maintain a healthy business can help make you money, just choose wisely.
Getting The Right Business And Marketing Advice
Fresh eyes and the right advice from a successful business or marketing mentor can often seriously turn around a dying business to a thriving business.
But too many self-employed spiritual business owners waste so much time on the wrong things or not investing they end up so deep down the financial rabbit hole that they find themself in dire straits.
Choose A Highly Experienced Business Or Marketing Advisor
But do your homework look for a highly experienced business advisor or business consultant who has actually run a spiritual business over a long period of time not just a handful of years and preferably choose someone in a similar field even niche to you. Business advisors that have walked the talk and know the real challenges of running a business like yours can really make a difference.