The Importance of Giving Value To Yourself To Get Out Of Debt

Why did you want to get into business in the beginning?  What was it about having your own business that appeared more attractive to you than having a regular job?

For a lot of people it is the problems that come from having debt.  But debt isn’t really a problem in the right context.  If you have £30,000 of debt and you are earning £15,000 a year then debt is an issue for you.  If you have £30,000 debt and you are earning £200,000 a year then it isn’t an issue anymore.

This is one of the reasons why so many people start to look at having a business.  Sometimes you have to know what you don’t want, or want less of, to know what you do want.  For others it can be the idea of time freedom or achieving other lifestyle goals.  For today, we’re going to look at having your own business as a way of making debt that you have to be no longer an issue.

One of the great things about having your own business is the fact that you can generate larger amounts of cash, generally speaking.  To be able to get that kind of cash means that you need to be able to change the most critical factor in your life.  YOU!

The mindset that you need to hold down a £15k a year job is a different mindset that is needed to be able to earn, let’s say for instance, £100k a year.  You can’t earn that type of money in a business by thinking like an employee earning £15k.  It’s just never going to happen.

That’s why it’s really important to you that you start to make those mindset shifts straight away and not at some later date.  The later that you leave it, the longer it is going to take and the higher the chance or losing money you face and possibly failing in your business.

Add Value To Yourself By Reading And Listening To Podcasts

read-to-strengthen-gapsSo to do this you need to start looking at adding value to yourself, upgrade your skill set and upgrade the way that you think.  The first route that people tend to go down is to start reading books and listening to podcasts that help to improve the way that you think and give you skills.  This is all very important and by giving yourself discipline in this area you are going to advance much faster than those who just dip their toes in whilst being too afraid of getting wet.

One thing that I can recommend is that you read books about the area of life that you need to improve in and also that you read things that are going to change the way that you think such as “Think And Grow Rich” by Napoleon Hill or “Rich Dad, Poor Dad” by Robert Kiyosaki.  By reading books like this you are going to alter the way that you think and improve how you learn.  Always keep that intention in mind when reading.  If you haven’t subscribed to my podcast yet then you can do that here.  Each podcast I release is giving you something new to learn so that you are then expanding your mindset by listening to it.  this is one of the things that you need to be doing in order to alter your mindset.

Add Value To Yourself By Learning New Skills

job-in-a-call-centreWhen you start to learn more and improve your skill set you need to put those skills into action.  This is because when you are learning something new you learn twice.  The first time is by learning the theory and the second time is when you put those learnings in action.  What you tend to find is that you get to see where your strengths and weaknesses lie in the implementation of these skills.  It is one thing to know how t swim by reading books and watching videos, yet it’s a different skill completely to get into the water and learning how to keep your head above water while moving forwards.

One great way of doing this is by getting a job in the area of your weaknesses.  If you are really weak in sales then get a job in sales.  You can also drill down into specifics with this.  For instance:

  • Issues around cold calling customers – Work in an outgoing sales call centre
  • Issues with face to face sales – Work in retail selling to the public
  • Issues with selling high ticket product – Work with a company that sells high tickets items

The way to think about these jobs is as a kind of apprenticeship.  You are getting paid for learning skills.  You might not be getting as much as you would like to earn but you are still getting cash coming in.  While you are there learn as much as you can.  There are lots of people to learn from and they’ve put things into action while they have been doing that job so learn as much as you can until you can do it yourself and be able to transfer those skills to your business.  You can also learn about how the company gives value to it’s customers and see how that would translate to your own business.

Add Value To Yourself By Hiring A Coach

Another great way of adding value to yourself is by hiring a coach.  This gives you access to their knowledge base and also keeps you accountable to taking actions.  If you want to get results fast then this is the fastest way to do it.  One of the most important things though is that between the sessions you have to do what you’ve said that you will do or you aren’t making the best use of your time and your coaches time.  Simply paying for a coach doesn’t guarantee success if you want to spend all of your time watching TV or playing games.  You have to take action.

One of the things that I do with my coaching clients is that I run a group coaching session once a fortnight to teach them things and to go over what they need to be doing.  This, I have found, is a great way to keep yourself motivated between coaching sessions.  It give you the opportunity to be around like minded people that are on a similar path to you.  They also have access to a private Facebook group as well.  If they have any challenges or want to know anything then they are able to post in there and help each other as well.  If you don’t have a coach yet and you want to grow your business you can click on the work with me tab above.

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Dan Latto

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