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 BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! 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 Money Moment 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 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices