The Cost of Staying Where You Are

Last week, I signed a lease for new commercial space. It was another one of the BIG decisions I have made for my business. More money and longer lease (with $$ consequences if I break it). A lot of thought went into this move.

Ultimately, I asked myself - If I stay where I am, what will that cost me?

My current space has issues (mostly related to water, layout & utilities). As a result of those issues, I slowed down bringing on new wholesale clients in the past few months. I made excuses that led to inaction.

I realized that if we stayed put for another year and passed on the opportunity at the new space, my momentum was going to suffer. My business would not continue to grow at the rate it had the past few years. I would not be hiring more people to join my team.

The cost of staying in the same place was far greater than the cost of moving.

I asked one of my coaching clients the same question when she was deciding whether to enroll in my program. “What is the cost of staying where you are and continuing to figure it out on your own?”

Her business was generating $400 a month and she wants to get to $3,000. She knew that every month she stayed in the same place cost her over $2K in lost opportunity. The cost of NOT making a move was greater than the investment in her business.

The cool thing about momentum - when something lights a fire in me, I will push through anything and everything to keep going. I use pressure to generate momentum.

Yesterday, I brought on a new wholesale account with incredible potential. I let signing the new lease put pressure on me, so I took action. And the coolest thing is that this new account needs me - her adorable store does not have wonderful bath & body products. She was so thankful that I walked through her door and is really excited to have a new revenue stream.

Ask yourself when faced with big decisions:

What is the cost of staying where I am? 
What is the cost of doing the same things I have been doing?

Are You Making Wise Decisions About Your Business?

Most soap businesses are one-person operations, or at least they are at first. When it is just YOU running a business, being thoughtful about your time is CRITICAL.

We all have 24 hours in a day. No more, no less. Each day must allocate time for sleeping, eating, rest, care of loved ones, hobbies / exercise AND your business.

The expression "make time for what's important to you" is a little misleading. You CANNOT actually 'make' time - you simply allocate the limited time you have to the activities that you decide are most important.

You can 'make' money though. Literally - you can earn $100 one day and $1000 the next. That is actually possible.

Considering that you CAN actually generate additional money, but can NEVER generate additional time, which makes sense?

1. Choices that require time but save money
2. Choices that require money but save time

When I first started my business, I was scared of many things. One of my biggest fears was that if I made a bad financial decision, my business would fail. So, I sought every free training, webinar and DIY guide I could find.

A few of those were helpful, but most were not. I wasted an extraordinary amount of time trying to figure out everything on my own. I don't have regrets because I did not know of another option, but I often wonder how much more quickly I could have grown if I were not so worried about spending money.

Ask yourself these questions when you consider choices about your business:

❓Am I trying to save money by spending time solving this problem on my own?
❓If I invested money in the solution, would that save me time and get me to my goal faster?

This is how big businesses scale their production. They invest in equipment that automates steps in their process. They understand that spending money now saves them time, which ultimately is the key to earning more money.

If growing your business is a priority for you, what asset are you most focused on protecting? Your time - which you cannot earn more of? Or your money - which you can earn more of?

If you would like to talk about this idea, and how it applies to your business, let me know. Learning how to think like a successful business owner is a process we all must go through, and it is not an easy one.

Here is the link to my calendar if you want to talk about this one-on-one.