What is financial freedom?
When you think about financial freedom in the traditional sense–it simply means that you have enough residual income to live your life without needing to work or that you can retire with financial independence instead of financial worry. However, lately it has become a more relative concept. Financial freedom has transformed into what the individual perceives as financial freedom versus the traditional textbook definition. This means that the very first step to jumping on the fast track to financial freedom is defining what financial freedom means for you and your business.
For some business owners financial freedom might mean having enough of a profit margin to hire employees to take over the majority of business operations without much oversight from the business owner. For others it might mean being able to afford a certain lifestyle or to create an inheritance for beneficiaries. There does not have to be one universal one-size fits all goal for financial freedom. But it does require some soul searching to determine the life you as a business owner would like to lead in the immediate, short-term and long-term.
Once you have determined your definition of financial freedom then it’s time to start making money! One of the best ways to make money is to outsource your work. What makes outsourcing so effective at generating cash flow? Simple, it leverages your time. Using an example from an employee standpoint think about an employee who works their way up the ladder within a company. The employee is recognized as being resourceful with their time and this is rewarded by getting promotions and higher pay. The same applies to business owners the more you can squeeze out of your time the more wealth you will have.
Now that we have explained the principle of making money you might be asking yourself how can and when should this apply to my business? The answer to that question is going to be different for every business owner depending on how established the business is and what their goals are. Nevertheless, if you set your sights on leveraging your time it will expose the areas that can be outsourced.
If you are interested in learning more about when and what to outsource or The Centr’s unique Teamsourcing approach to outsourcing check out our website here.