391: Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS
Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself.
Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice. She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love.
And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI, one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy!
In This Episode We Cover
The slow path to financial freedom and why you DON’T need to race to retire early
Small businesses, side hustles, and when it’s worth quitting your job to pursue your passion
Outsourcing and how to take the most menial tasks off your plate so you can focus on making more money
Websites, referrals, and other marketing tactics to bring in new business
Auto loans and the “gray area” of interest rates that EVERY listener should be careful of
Unit economics 101 and what all solopreneurs need to do to grow a full-on business
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
How to Outsource Your Way to Multiple Streams of Income
The 3 Main Stages of Scaling Your Small Business
Buying and Growing a Small Business With Little to No Risk
21 Ideas for Part-Time Gigs & Side Hustles
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-391
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