Where Should You Take the Most Risk?
Most service-based business owners like doctors and chiropractors are trained in their expertise but not in business.
You love your clients and profession, and when it comes to building wealth may have had the thought, “My practice takes a lot of work to manage. What can I do to create passive income so I don’t have to work so hard?” You fall into the trap of looking for alternative investing methods, maybe through stocks, cryptocurrency, or even real estate. Compound your curiosity with an eager financial planner who actively directs you to invest in the market and a CPA who guides you to lock up your money into a 401K or IRA plan.
It turns out that these alternative investments distract you from the real potential, which is your practice! Your business is the best investment you can make. Your business is an asset that can be sold in the future. Your cash flow is really dependent upon the success of that business. Any surplus that is created can be used to grow your business. (And you may not even want to expand! Honestly, you can be happy and enjoy a business life that’s just a solo practice while making $200,000-$300,000 a year. You don’t have to expand.)
Most financial planners direct their clients to invest in the stock market to increase their wealth.
When a company sells you its stock in exchange for a sliver of ownership, they receive new cash flow. Behind the P&L statements you get, what does a company do with that cash? Some use that cash flow to buy more equipment, hire employees, increase inventory, and launch new product lines. Cash is used to hire consultants, advertise products, or host live events. Money is planted, nourished, and harvested as profits.
If you had the opportunity to do the same thing for your business, why wouldn’t you?
With your business profits, would you rather take the risk with someone else’s business or on your own?
As a business owner, I want you to stop and think about generating wealth in a new way. Stop investing in other companies’ growth through buying stocks and other financial products, and instead invest in your own business.
I’d like to challenge the very common notion that financial growth happens outside of your control, compared to the potential of investing in your own business for increased prosperity.
I like to give my clients permission not to have to do things.
You don’t have to be in the stock market. You don’t have to invest in other people’s businesses. You can do it on your own. Boring is okay.
Investing in your own business growth can look different for different owners. Here are a few options to consider.
- Go to trainings
- Read books
- Hire mentors
- Hire practice management specialists
- Learn how to hire
- Learn how to communicate
- Learn to be a leader
- Buy more inventory
- Launch a new product
- Hire new employees
- Onboard a new consultant or coach
- Launch a new program
- Offer online sales in conjunction with your in-person practice
One of my favorite mentors, his name was Jim Rohn, he’s passed, but he always used to say, “Work harder on yourself than you do on your job.” Invest in yourself. Be willing to, instead of investing $10,000 in the stock market, invest $10,000 in a mentor who has skills that you don’t yet have so that you can accelerate your progress. People often forget that their earning power is built into their skill set. Create a broader, deeper skill set, giving you more earning power.
Take the leap of faith and choose to invest in yourself and your business. It’s the greatest potential for building true wealth available as a business owner. Schedule a free consultation with me today and let me help you take advantage of all of the financial opportunities available to you as a business owner.