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Self-Monetization: The Key To Growing Your Business

Posted by Gary Henderson on Apr 15, 2021 12:45:00 PM

How much time do you waste outside your zone of genius?

If you’re like most entrepreneurs, the answer is probably way too much time.

When you’re an entrepreneur, it’s easy to feel that you have to know it all to run your business. You probably think you need to know everything from taxes, advertising, marketing, copywriting, and 15 other things. 

But chances are, you didn’t start your business to do all these things. Instead, I’m sure you started because you’re wildly passionate about something.

Whether it’s digital marketing like me, health and fitness or something else, you chased your passions.

But I’m sure you feel the stress of not being able to focus on what you love and instead getting caught up in the other parts. 

So what’s the answer?

Self-monetization. 

You need to normalize transactions in your business with others, just like you do your life to scale and hit your goals. This concept might feel a little strange to some so let me break it down further. 

Self-Monetization 

Let’s step outside your business. Chances are, you pay people all the time to help you out.

For example, each year in March or April, you probably pay your accountant to file your taxes and do the stuff most of us hate.

When things break in your home, you probably hire a handyman to fix it. If your back hurts, you go to the chiropractor or masseuse to get it adjusted.  

You trade money for results and convenience with other professionals. 

Most of us pay so many people for all sorts of things in our life to make things simpler. But then when it comes to running your own business, you watch every dollar that leaves your bank account. And try to do it all yourself. 

The concept of self-monetization seems to go right out the window. 

Does that sound about right? 

Here’s the harsh truth: you aren’t (and can’t be) good at everything! 

Ouch, I know it hurts… but hear me out. 

Instead of struggling with things that are way outside your zone of genius, why not just get help? Why make yourself suffer through something you hate and probably aren’t good at? 

For example, why don’t you hire a copywriter to help you write your email copy? Or, a video editor to help you push out more content that can help you grow your business? Or whatever else sucks the energy and time from your day… 

So many people, especially small businesses that are just starting out, try to do everything themselves.

When in reality, you need to get help where you can or you will limit your growth and likely burnout. 

How to avoid burnout

Context Switching = Burnout 

Here’s why self-monetization is so important; context switching

Context switching, aka multitasking is the hidden brain hack that keeps most entrepreneurs stuck. 

As Rescue Time said,

  • “Focusing on one task at a time = 100% of your productive time available.

  • Task switching between two tasks at a time = 40% of your productive time for each and 20% lost to context switching.

  • Task switching between three tasks at a time = 20% of your productive time for each and 40% lost to context switching.”

Essentially, the more you jump from task to task, the more time and mental energy you are wasting. Over time, this can lead to burnout and maybe quitting your business all together. 

So what’s the solution?

Staying in your zone of genius! 

As super successful digital entrepreneur James Wedmore said, “Focus on your strengths and master them.”

Here’s how to do it… 

How To Stay In Your Zone Of Genius

The goal for every entrepreneur is to stay in your zone of genius as much as possible. 

Chances are, you go into whatever field you’re in because you’re wildly passionate about it. But probably didn’t know you need to do so much else (like marketing, social media, accounting, etc.). 

This is where most entrepreneurs kill their chances of success.

Too many people try to do everything themselves to save money. When in reality, it’s actually costing you a lot more than you’re “saving.” 

Instead, you need to start thinking about how you can stay in your zone of genius more often than not. 

Will this happen perfectly every workday? 

Probably not, but the more time in your zone of genius, the better. 

It’ll make it easier for you to get into a flow state, operate from your highest potential, and likely generate the most revenue.

Here are two easy ways to help you get started:  

Batch Time

How to plan your time

Either you run the day or the day runs you. 

Now that you know the importance of context switching, start thinking about how you can batch your time so that you don’t jump around.

Remember, the more jumping around from task to task, the more time it takes your brain to adjust. 

Which is more energy lost and slower growth for your business.

Do everything in your power to:

  • Plan your days and weeks in advance.

  • Focus on batching tasks to minimize context switching.

  • Minimize distractions so that your time isn’t wasted (the Pareto Principle is one of my favorite time management tricks). 

Outsource The Rest 

Finally, give up some control and hire people to help you grow.

As Peter Drucker said, “Do what you do best, and outsource the rest.”

The most successful companies in the world didn’t get there from a one-person operation. No, they found people who were great in their area of genius and scaled.

When you outsource, it’s easier for you to stay in your zone of genius and focus on the big picture. The less you are in the weeds, the more your mind can stay in the cloud dreaming of the next big thing.

Once I started doing this, everything changed and I found myself with more time and having more fun as well. 

Let’s make self-monetization the new normal.  

When you find yourself doing something you hate, ask yourself what this is costing you in terms of money and energy for not hiring it out?

This is often a big wake-up for most entrepreneurs.

Wrapping Up

It’s time to quit wearing business with a badge of honor. Instead of listening to the gurus that tell you to hustle 20 hours a day, take a step back and reassess. 

Look at what excites you most, what you’re good at, and then focus on that. Then, use the strategies above to stay in alignment with your goals and to get more done without working endless hours. 

If you can take away one piece from this post it’s this - hire help so that you can stay in your zone of genius. So many entrepreneurs try to hustle, hustle, hustle instead of getting help.

Don’t get me wrong, you need a good work ethic to scale and hit your goals.

But if you’re mentally and physically exhausted from trying to do it all, chances are you’ll never make it. Or if you do, the process will feel grueling and probably take a lot longer than you want.

At the end of the day, I want to help you achieve your goals faster than ever. It all starts with making self-monetization the new norm, spending your time in your zone of genius, and outsourcing the rest.

You got this!