“I’ve got a sole proprietorship and a website…do I really need a company?” – Ted – graphics designer in Boston
Ted was a student at one of my business formation classes in Boston last week.
He went on to explain that his vision was to “grow it into a business which feeds my family and I can quit my full-time job. Right now, I have no issues, so far. But, I feel like it will be too much money to start and run a company”.
Ted’s vision was real. He had the basics down to carry on a new business.
Ted also had some serious, limiting beliefs.
In his case, he believed that he couldn’t AFFORD the COST of starting and owning a company.
And, it really sounded like he was singing “Mo’ money, Mo’ problems” in his head because he feared that with more growth, more problems will arise.
What is really happening is that Ted doesn’t believe he is CAPABLE of meeting the challenges and handling the issues that come with growth.
I preach on and on about the profit mindset here – because it really is about approaching it from a place of profit and capability, TODAY. The sad truth is that absolutely no growth happens in comfort zones.
If you believe you won’t have the money to protect yourself and your assets – you’re already limiting your earning potential.
Reframe that to: “How can I find the money to do X & Y for my company?”
If you believe the opportunity cost of keeping yourself small will prevent any future issues – you’re already limiting your growth.
Reframe that to: “What resources can I find now, to prepare me for the next step?”
If you’re coasting with a “No issues so far” attitude, then your current comfort zone will keep you stagnant.
Reframe that to: “What’s new that I can do to push my company to the next level?”
Now, Ted may actually expand his business into a company, but only after his commitment to his vision supersedes his fear of growth, and his attitude shifts to a profit mindset.
At that point, he won’t ask “Can I afford to own a company?” but, rather state: “I am READY to own a company.”
How about you?
Where’s your limiting beliefs stunting your present (or future) company?
How can you reframe for profit?
- If one of your goals is to run a profitable company for 2020, sign up for our START30 Virtual Accelerator for early stage entrepreneurs – You will create a solid legal and business foundation for your company in 30 days.
- Sign up for our virtual, on-demand Contracts Accelerator with contract templates included: NDA, Client Agreement, Contractor Agreement & Website Privacy Policy & Terms of Service. This is on-demand – watch when you want!
- Work with me and my team privately. If you’d like to explore options on how my team can assist your business… just use this link to book a call…tell us about your business and what you’d like to improve, and we can get you options.