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Cheryl Muir Headshot

New Entrepreneurs Have ROI Backwards. Here's Why.

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There are many aspects of entrepreneurship I absolutely adore. Particularly, I learn something new every single day and it's incredible. But sometimes, my learning or my growth plateaus and that's when I know I need to hire an expert. This is often challenging because it requires me to invest funds that are not yet there.

And, because I spend an enormous amount of time in the online space, I start to notice trends. Right now I'm noticing the trend of new entrepreneurs not understanding this very concept - that they need to put their hands in their pockets in order to grow their business.

I'm not just preaching here. I'm talking from experience. Recently, I hired an assistant and also a renowned mindset specialist. Was the money there? Nope. But here's what happened within one week as an immediate result of my decision - I was able to launch two courses and I had my most financially successful week to date.

I've already made my return on investment, because I was smart and I chose the right people.

It would have been so much easier to wait until I had an extra client or sold another course before I made the investment - but I realized I needed someone else in order to have those things I so craved.

The brilliant Olivia Charlet explained this concisely in one of her recent live streams:

"Sometimes we (entrepreneurs) forget what we need to do to get to the next level. It's not that you get to the next level, and then you hire a mentor, consultant or trainer. It's the other way around. You can't wait until you have X, Y and Z - the clients, the cash in the bank account, the this-that-and-there - to hire that person, when actually that's the mentor that's going to get you where you want to go. My big realization was I'm not going to wait to hire that person. I'm going to hire them now because now is when I need them. I don't need them afterwards when I've already got it all."

So many new entrepreneurs don't understand this. And I hear these rationales all the time:

"I'll do it as soon as I have another client."

"Once my income reaches $xx, I'll invest in it."

Or my own personal favourite:

"I don't feel ready."

You're never ready, by the way. You just have to go for it.

Now look. I'm not advocating getting yourself into a precarious financial situation or making reckless decisions. Of course not. Be smart about it. Do your due diligence. But if you are afraid to invest in services you need in order to grow your business, then perhaps entrepreneurship isn't for you.

It's about choosing the right consultant or strategist that will give you such a ridiculous return on your investment that laying down the cash isn't even a question. That's what ROI is - you invest, and you get a return. It's that simple.

You can't wait until you're "ready" to get help you need.

By the time you're ready, you've outgrown the opportunity.

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