If you think you can save money by DIY-ing your business, think again. I have learned my lesson on that front!
When I first got going in business, I didn’t realise there was any other option than DIY-ing. I remember sweating over “How-To” Wordpress videos on YouTube for three whole days trying to get my website up and running. Eventually, I got one functioning, but it looked ugly and amateur.
I’d just lost 3 days of my time (holiday days I wouldn’t get back) and the first thing I had to do was shell out over $500 to get a professional to come in and sort it out!
On top of the huge cost of your time in having to learn everything yourself from scratch, you also waste money making expensive mistakes. I made silly investments like hiring a PR agency because I thought I “should” – another $500 a month down the drain!
The worst part is - it’s not only about wasting time and making expensive mistakes. Lost time is also lost money. The longer you take to get the basics set up, the longer you take to start earning from your business too.
While it might seem “sensible” or “frugal” to DIY each component of your business, you’re adding 12 months of time (minimum) to the day when your business can start earning money. Considering my mentoring helps women build businesses that can earn $5-10k+ per month, if you waste 12 months that’s $120,000 you’ve lost!!
Entrepreneurs fail because they run out of money, or time, or both. They waste time trying to learn from scratch things other entrepreneurs have already tried, tested and refined.
What I didn't realise, is that successful people choose the easy route. They work with a mentor who can show them the way and help them avoid all those expensive mistakes and time wasting activities. Now, I’ve been around the block a few times with mentors. These are the 3 things I’ve discovered you need to create a powerful mentoring relationship:
1. Find someone who is doing what you want to do
If you want to run a restaurant, find an expert in the restaurant business. If you want to run an online business, find someone who has already had success online.
2.Find someone who is doing it the way you want to do it
Don’t forget that people have very different approaches to life - if you’re all about freedom (like me!) don’t work with someone who will make you work 100 hours a week. This is obviously key if you still have a full time job right now too.
3. Align yourself with them - i.e. pay them to help you
Finally, and this is most important - understand the flow of money and energy. Yes, you could meet up with a successful person occasionally for free, but how much impact would that really have? (Remember, if they are that successful, it’s doubtful that they have tons of time). Instead, create a proper relationship - invest money to receive time, attention and effort on a consistent basis. You will need a lot of support to get your business going - more than a coffee here and there. Contract with a professional mentor - and pay their fee - to ensure you get the attention you require to succeed.
When I stopped DIY-ing my business and invested in a mentor, I sky-rocketed my success. I went from earning $70 a month in cookbook sales, to replacing my corporate salary working with high end coaching clients in just 3 months.
There’s absolutely nothing “special” about me that allowed me to have success - anyone following a structured process can enjoy a profitable online business. This can happen for you too.
P.S. Did you know - you *don’t* need to quit your job before you start a business - if you build your business a certain way. On the next page, I’ll explain how you can start your business alongside your job in just 5 hours a week!