24 Jul Why You Need A Wealth Team
In creating wealth you need to understand that you simply can’t do everything on your own. You’ll be spread too thin and set yourself up for failure. Having a team behind you that will help you achieve your goal of creating wealth will free your time to focus on the “meat” of your cash machine. You must recognize that you can’t do it on your own. What I see time and time again is people wait too long to build a support team.
The most successful entrepreneurs have all had a team behind them. The term self- made millionaire doesn’t necessarily mean a person made their millions all on their own. It means they had a vision, made proper goals, and enlisted the help of others.
Let’s face it — not all of us can do everything. For example, if you’re looking to start a catering business, you will need the help of a marketing person, an accountant, tax advisor, attorney, and others. These people are indispensible in establishing your cash machine with a solid foundation.
Once you’ve created your vision and set your goals you’ll need to sit down and write out who you will need to help you through this process. I recommend making a list with two columns — one side for those that need to work on your business and the other for those who work in your business. In doing so you will be fully analyzing your cash machine concept, which is essential.
This means that you need to take a very close look at what your personal skills and strengths are and what you need help with. I always say focus on your skills and hire out what you need to make it happen.
“On the business” team members are people who work from the trust level down. They support you with your entity structure. They are your coaches (like me), your strategists, financial planners, etc.
Those that are “in your business” help in the daily tactical functions. These are the folks that are your bookkeepers, personal assistants, marketing people, etc.
At Live Out Loud we talk everyday about the importance of having a team behind you. Unfortunately this is one aspect of wealth building that is dangerously overlooked. Take the time to find out who you need to help you build your cash machine. We have a formula that will help you to determine the criteria of these people.
The best laid plans can, and often do, fail if there isn’t sufficient support. It’s okay to admit you can’t do it on your own – few if any people can. I certainly could not have done it on my own. I built my team and I am living my dream today because of it.
Remember, we have a step-by-step process that will help you build your Wealth Team and your Cash Machine and the create life long wealth you deserve.