Some activities in your business are cash-producing activities. The direct result of doing them is more cash in your bank account.
These include making sales calls, placing ads or sending out emails to your list.
What about learning and educating yourself about business? Is that a cash-producing activity?
The answer is no. That’s not to say you shouldn’t do it, but at some point you need to stop learning and start taking action on what you’ve learned. In this video, I explain why.
DOES LEARNING BRING IN CASH?
I spent almost a year before I made a single dollar in my business, and that was working 10 to 12 hours a day, taking the business seriously.
I’ve learned, through my own experience and through meeting other struggling new business owners, that the reason people go that long without making money is they spend their time on activities that don’t bring in cash.
In 2009, my typical day was spent learning. I learned a lot – how to place ads, how to upload a video to YouTube and embed it on a blog, you name it. I had a lot of knowledge, but no money in my bank account.
I even saw people in the same business make more money in one month than I had made in a year. I couldn’t work out why, because I could tell they had less knowledge than I did. Then, I realized that their tendency was towards action while I was procrastinating through learning.
YOUR MIND PLAYS TRICKS ON YOU
Checking your emails is not a cash-producing activity. Going on Facebook is not a cash-producing activity. Even watching training videos is not a cash-producing activity.
Often, we’ll find it uncomfortable and unfamiliar to do cash-generating activities such as writing an email and sending it to our list, making a short video and promoting it on Facebook, or picking up the phone and calling back a lead.
For that reason, we’ll often procrastinate by learning and gathering information. Then, our mind will play tricks on us. It will tell us that we’re spending our time wisely, that knowledge is power and “the more you learn, the more you earn.”
Gathering information might be valuable, but it does not directly bring cash into your business. Taking action on the information does. Don’t be someone who learns a lot but never implements.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.