Break the bootstrapping cycle :: to make more money, quit cheapin’ out on your business

This is a guest post by the brilliant Tara Gentile. Tara empowers passion-driven entrepreneurs to find the profit in producing the work of their true spirit. She is the author of the forthcoming guide, The Art of Earning. To find out more & read her musings on building the New Economy with you at the center, visit her blog.

When you're not making as much money as you'd like (or hardly any!), it's really hard to think about business expenses. They seem like something to be avoided at all cost.

I can do this myself.

I'll figure out how to get it done for free.

I'll keep trying until I get it right.

I don't need that yet. 

When you're smart, crafty, and downright tenacious, you can't imagine spending money on things that appear easy. But just might be ready to take control of your own time.

What do you need right now? More time? More energy? More clarity for your creative vision?

Just how much time & energy is being sucked up by finding the cheap way to do it? How much time & energy is being wasted on tasks that don't have to be done by you? How much money does that cost you?

At some point, you have to break the bootstrapping entrepreneurial mindset to liberate your own creativity.

Spending Money to Make Money

You've heard it before, although many will tell you it's not true - and they're right in some ways. But at some point, your situation changes and spending money becomes a key way to grow your income potential.

If you could hire someone at the half the rate you pay yourself to slide art prints into plastic sleeves, mail catalogs, or cold call boutiques, would that pay?

If you could pay someone the same or more than you pay yourself to do work you're not good at, freeing you up for more of income generating work, would that relieve some anxiety?

If you could spend less time doing routine work & more time stretching your creativity, how would that affect your bottom line?

Investing in people & products that improve your productivity makes you a more creative, engaged, energized, and vision-driven business owner.

I recommend you consider three categories for investment. Maybe you would only benefit from one now - or maybe it's time to go whole hog. You get to decide but let's make it an educated decision!

Better Platforms & Tools

When I'm looking to get a big bang for a little buck, I opt for some new tools.

There are many areas in which I'm working too hard for too few or poor results. In the online space, that might mean opting for a better email service provider to handle your emails or a better content management system to handle your website or a better shopping cart to make customers happier. Offline, it might be time to have your catalogs printed out-of-house or to opt for a new sewing machine that helps you stitch faster & stronger.

Purchasing tools and platforms should always be done as an investment. It's all too easy to spend because the money is there and not because the product you're purchasing will make that great of a difference.

Hiring Specialized Help

Is customer service a strong suit? It's okay to admit that it's not. It might be time to find a team member to take on answering the phone & general email inquiries.

Still trying to manage your own website? Cut yourself some slack & gain back productivity when you hire someone who really knows what they're doing.

Tired of hemming the dresses after you've created your signature technique on the bodice? Allow yourself to push your creativity further by hiring a seamstress to concentrate on routine sewing.

Hiring help - generally independent contractors, to start - is not as scary as it sounds. Look for tasks that you dislike, are routine, and can be easily captured in a set of instructions or video. Also look for opportunities to build your brand image by bringing in talent to work on things you're not doing well right now.

Assistants, web designers or developers, customer service reps, project managers, videographers, photographers, copy writers, conversion specialists… there's a person for every need. Hire those that will make a big difference for you.

Getting Personal Help

You won't find this suggestion in every business manual: to reclaim energy and creativity, get help at home.

If your business is still growing & changing rapidly, you may not know what platforms or specialists could truly help you grow. Instead, consider what help at home help you indirectly invest in your business.

Lawn services, housekeepers, dinners out, laundry services, and babysitters can make an enormous difference in the way you approach your work and reduce the possibility of burnout. You can even use these service providers in an extremely limited way - once per week or month - to help you push just a little further when needed.

The drawback from this third category is that, most often, these types of expenses are not business expenses that affect your tax burden. That said, the space they create for your own sanity can have serious return on investment!

So what would help you take the next step? How much does it cost? How quickly would your recoup the fee?

Before I leave you to ponder these game-changing questions, let me leave you with one caveat. I had the pleasure of sharing some sangria with Laura Roeder, a savvy million-dollar-plus entrepreneur who runs a business with a full support team. She gave great advice for starting to build a team from the ground up but the greatest thing I took away from her guidance was an important & necessary mindset shift:

When you bring on a team, it's your job to take on the role of manager, sharing your vision with those around you and creating a culture of collaboration & empowerment.

As an entrepreneur, you're used to finding inspiration and dealing with all the crap that you generate for yourself. As a manager, it's your job to support your people.

How will you use a business expense to create additional income opportunities for yourself this week?

Photo Credit :: Tara Gentile

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