Freedomway.ca - Stefan Aarnio's Blog
  • Who We Are
  • Blog
  • Book
    • Money People Deal: The Fastest Way To Real Estate Wealth
  • Resources
    • Recommended Books
  • Bring Us Deals
  • Awards
  • Completed Projects
    • Completed Projects
    • The Benefits Of Hands Off Investing
  • Press
    • Winnipeg Free Press
    • Canadian Real Estate Wealth February 2013
  • YouTube Channel
  • Interviews
  • Art & Philanthropy
  • Strategic Partners
  • Contact
  • Exclusive Investor Club
  • New Page

8 Reasons you are not earning what you are worth - with JT Foxx

10/17/2012

3 Comments

 
Picture
By Stefan Aarnio
Freedomway.ca

Every single person who ever goes into business "for themselves" has felt the feeling of not earning what he or she is worth. Often this feeling is what employees feel at their jobs every day. This feeling is often strongest when good employees open their paycheque to see relatively meagre earnings every 15 days.

When these same people get fed up with their wimpy paycheque, they quit their jobs, become self employed and charge higher rates per hour (the rates that their employer was billing out to clients) to earn more money. However, the next part of the cycle is one of two things:

1) They either run out of time and hit their new earnings ceiling with escalated risk of being self-employed. 

-OR-

2) They begin to lose clients because they raised their prices and earn the same amount as they did in their job but work less hours.

I know this, because I have been in both scenarios and know the crushing feeling of not living up to my potential. So many  Real Estate investors, Self employed small business owners and all business people get the feeling of not earning our potential.

JT Foxx is one of my teachers and mentors and he has identified the "8 reasons you are not worth what you should be worth at this point":

1)   Time management – so many people who become self employed think that they have earned a holiday - every day. They are still in the "time is money" mentality and trade time for money on a 1:1 ratio. Time management is something that really separates the top earners from the bottom earners. Most people waste huge amounts of time because they are programmed to work on the clock. Time needs to be budgeted and leveraged the same way that money is to grow your business and earning potential exponentially.

2)   Fear - Fear of failure or success is a crippling disease. I have often been stopped in my tracks many times from fear of failure and even more frozen by fear of success in other cases. Fear of prices and fear of spending can often hold entrepreneurs and investors back from moving forward in their businesses. Warren Buffet says "Price is what you pay, value is what you get." Remember: It’s not how much things cost, it’s how much value that your purchase produces that matters.

3)   Procrastination- Top earners are action takers who implement everything at amazing speed. Procrastination ties in with time management, it comes from not having a specific blueprint or plans for success. Often a coach can remedy this and build a specific blueprint for you to remedy this common problem.

4)   Lack of Focus- This is something I personally struggle with. Often, effective entrepreneurs have a mild to severe case of A.D.D. and try to implement everything across the board. Richard Branson has been nicknamed "Dr. Yes" by his investment teams because he says "yes" to every opportunity and needs help with focus. Branson has actually hired specific investment analysts to shoot down his ideas and screen the bad ones. He is very happy to pay people to reject his ideas and maintain his focus. In the words of the wise: "do 1 thing 5000 times instead of trying to do 5000 things 1 time."

5)   Accountability- We are often very bad at identifying our own mistakes and punishing ourselves when we don't hold ourselves accountable. People who do not have coaches often have little to no accountability and this makes it easy for us to allow failure and abandonment of goals to occur. Accountability coaches are brilliant for "checking up" on us when we are about to give up. Hire a coach to check on your goals and ensure that you follow through with your intent.

6)   Lack of Funds- Every entrepreneur, business person and investor needs funds to "run the machine". Many times when we start out, we are WAY undercapitalized and as we grow, we need to raise cash. A common myth in business is that funds are hard to come by. However, in reality, it's talent and business acumen that are much more scarce than funds. If you can prove your skills, you will NEVER be without funding.

7)   “I can do it myself”- This is one of the worst sins a person can utter as a business owner or a self employed entrepreneur. "Doing it yourself" is extremely destructive because it keeps you from building the systems and teams required for a saleable business. People who do everything themselves do not have businesses, they have glorified J.O.B.'s and they ALWAYS BURN OUT. It's a fact. I've had the "DIY" disease for the past few years and am extremely liberated to ditch the dirty habit. "I can do it myself" is the battle cry of an ignoramus and a phrase for self enslavement.  It keeps you pinned as a self employed slave and prevents you from becoming the CEO of your own organization. Another common phrase by a chronic DIY'er is "I’ll do it after I’m successful." This is like saying "i'll purchase fire insurance after my house burns down". You have to build your business right from the beginning, otherwise, it becomes exponentially harder and more expensive to demolish it and rebuild it later. You will get trapped if you try to "DIY" it after getting the business running.

8)   "'I'm not sure what to do" - Most people, especially people who have been conditioned to be employees, have trouble figuring out what to do. We are programmed to take orders, not question authority and execute other people's orders like robots. Once you pull the plug on the J.O.B. and come into the real world, you suddenly have to think for yourself. The two things you can never pay an employee or contractor to do are:

1) Think and
2) Do things in the right order

In the land of the free, you are now the #1 thinker, you drive the ship and have to make the calls. Do not let your ship smash up on the rocks. Of course if you're not sure what to do, you will need to find a coach or a mentor to navigate you on your journey to freedom.

When you look at the 8 reasons why you are not earning what you are worth, the same list can be used to identify why people will not do business with you. Go over the list one more time, take an inventory of the reasons why you are not earning your maximum potential and focus on improving your weak categories. Remember: Where focus goes, energy flows and if you can eliminate your weaknesses and change your mindset then you'll eventually be earning what you are worth and you will be pleasantly surprised.

Thanks for reading,
Stefan Aarnio
Freedomway.ca

P.S. Please share if you enjoyed this article!


3 Comments
Aaron Jones link
10/17/2012 07:28:43 pm

Truer words were never spoken Stephan! Another killer of ones opportunities is the sheer lack of automation in our businesses and lives. Every time I automate something in my business, I know that I've made an important investment in the future as it frees my time for new opportunities. (and many of those opportunities are automating even more processes that soak up my time). One can quickly see a perpetual return on investment once they realize they push a button that takes the place of something they would spend hours doing before!! :-)

Reply
Stefan link
10/18/2012 05:23:23 am

Hey Aaron,

Yup, automation definitely kills off the "Do it myself" attitude. Kudos.

-Stefan

Reply
HVAC Contractors Lorain link
8/25/2022 09:24:57 am

God bless

Reply



Leave a Reply.

    RSS Feed

    Stefan Aarnio

    Stefan Aarnio is a Real Estate Investor, entrepreneur and artist based out of Winnipeg, Manitoba.His real estate website is Freedom Way Joint Ventures  His art can be seen at http://stefanaarnioart.com

    View my profile on LinkedIn

    Archives

    October 2013
    September 2013
    July 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012

    Categories

    All
    Amateurs
    Art
    Authors
    Billion Dollar Business
    Branding
    Business
    Business Building
    Buyers
    Cash Flow
    Change
    Charity
    Coaching
    Connection
    Contractors
    Deal Partners
    Deals
    Decision Making
    Distributors
    Dragon's Den
    Dreams
    Economy
    Education
    Email
    Emotional Value
    Emotions
    Enthusiasm
    Entrepreneurship
    Evolution
    Fashion
    Fears
    Franchise
    Fundamentals
    Grit
    History
    Identity
    Industry
    Instant Equity
    Instant Profits
    International
    Intrinsic Value
    Investing
    Jobs
    Joint Ventures
    Leadership
    Marketing
    Missed Opportunity
    Money
    Mould
    Needs
    Negotiation
    Net Migration
    Networking
    Outsourcing
    Passion
    Passive Income
    People
    Persistance
    Philanthropy
    Power Team
    Producers
    Professional
    Professionalism
    Profits
    Raising Capital
    Real Estate
    Recession
    Return On Effort
    Return On Learning
    Return On Relationships
    Return On Time
    Risk Mitigation
    Self Employed
    Selling
    Shark Tank
    Social Status
    Speed
    Strategy
    Success
    Tactics
    Team
    Time Managment
    Traitors
    Unlimited Cash
    Value
    Venture Capital
    Vision
    Wages
    War
    Weakness

    RSS Feed

Powered by Create your own unique website with customizable templates.