6 Facts About Being Cheap & Why It's Stalling Your Business Growth & Your Dreams

I hear about people's dreams all the time. I listen to their goals and their aspirations about what they want to do in business, in life and in their relationships and their success almost always boils down to ONE thing: Are they cheap or are they intentional with business and dream purchases? Let me be clear. Being cheap is about spending less, swindling other business owners out of their own worth, and having a mentality that stunts growth and financial gain. Being frugal is about being intentional and wise with how you spend and how you allocate you finances for the most powerful business impact. Here's a list of things that happens when people operate in a cheap mindset. 

1. Being Cheap Will Cost You. It's just the truth. If you're currently broke it doesn't mean you're cheap but if you stay broke...it may be time to reevaluate how you approach businesses and vendors when it comes to building your own business. When you're cheap, you get results that are subpar and you don't attract the money you want to see. Example: If you hire the super inexpensive and inexperienced graphic designer to create your logo and you get a tacky logo and use it to brand your business, guess what? No one is going to buy into your products or services because it's not attractive and you just wasted money on something you can't use. Being cheap has a domino effect. (Note: A good graphic designer knows their worth and won't charge a ridiculously low price unless they simply don't know their own worth) 

2. It Hurts Business Relationships. Let's face it. If you've dealt with a cheap client then you know they're annoying. They call you up and want to see how many free services they can milk out of you before, during or after the services you provide them. They over negotiate before agreeing to hire you and nitpick every little bit of their contract and try and convince you to continually lower your prices while trying hard to maintain as many services as possible. Would you deal with this client again? Most people wouldn't and this is why cheap people usually burn bridges and anger would-be business partners, vendors or future customers. 

3. You'll Be Kept Out Of The Loop. Knowledge is power and there are a lot of things that cheap people will never know because they aren't willing to pay to learn. We can talk about why knowledge and learning should be free and access to information should be more readily available but the fact is we live in a society where it is not. There is Google however, I'm not just talking about academic or concrete forms of information. I'm also talking about insight and influence. It could be a masterclass, a conference with a top influencer that will share a wealth of knowledge, a private consultation with a business coach, etc. Maybe it isn't the knowledge you need, but the networking opportunity. If you aren't willing to pay the price for it, you won't get the access. Why should Warren Buffet tell you all of his secrets to wealth and not charge? All forms of knowledge and access cost something. Are you willing to pay the price? 

4. You Lose Credibility. Cheap people lack credibility because they usually are forced to fake their success to attract relationships they need to actually make them successful. You shouldn't trust someone who's cheap. They are looking to gain, not give and chances are they are in a business they don't even care about because they believe it's lucrative. They love to be in the presence of credible people in hopes to, somehow, shine in the light of credibility. Cheapness is a mindset so realize that people who are cheap are usually the only ones who don't realize it. They usually look silly trying to convince people of business ventures or half baked business relationships they have with successful people and they don't even know that people can see through the pretense. It's better to be genuine, honest and invest in your business or dream. 

5. Cheapness Causes Depression. I think I've made it pretty clear how cheapness crushes dreams. With that being said; when you kill a person's dream you kill that person. People without dreams or goals are people with crushed spirits. If you've ever talked to someone who has no hope for realizing their dream and they haven't found a new dream to believe in then, you've spoken to someone who is alive but, not living. Dreams that are not realized or replaced with a new passion lead people into deep depression and depressed people are simply not successful. 

6. It's A Never Ending Cycle Of Disappointment. You will NEVER be happy with the results of your business or brand if you are cheap, EVER. It's a bottom line fact. You will always get results that underwhelm you and disappoint you in your business if you go the cheap route. That doesn't mean everything has to cost the most and it doesn't mean that the least expensive decision is always the wrong decision but, the cheap one is. End the cycle and change your mindset on your business and dreams. They are WORTH the importance you show them and other people will see the worth of your business and invest. 

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