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Does Money Motivate?

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Does Money Motivate?

Does Money Motivate?

Successful people are creative, resourceful AND recognize that money is not what motivates people.

Often entrepreneurs are afraid they will not be able to pay for the quality people they desire on their team at the onset. This can be a big start-up obstacle if you need other skills you do not possess or just people to do the volume of work required. Even small business owners wishing to grow can be held back by wanting higher qualified staff and not being able to pay for them.

Let’s look at solutions to this common concern.

You will find that there are many people with top notch skills eager to be part of something at the ground floor. They recognize the potential for future gain (prestige, achievement and pay) is much bigger than a pay check today so they will work for you for less than they are worth–if you have sold them on your vision. Potential employees might also work for less if you have infused them with passionate about the change your product or service can make and they want to be part of it.

In addition, many people like to be part of the “club” created in a start-up, where everyone feels responsible for the success that is to come. This excitement is not usually found in a 9 to 5 job. In fact, Maria Gamb notes in her recent Forbes article that the three main things that motivate people are achievement, affiliation, and power.

Money is a by-product or a tool, not the goal. So don’t let money detour you from asking the people you really want to join your company.

Thinking outside the box in how you get everything done can also ease your way. Contracting for someone to do a job rather than become an employee is the most obvious step. You look at your long term staffing needs and make sure short term needs are met with these short term relationships. Depending on your business this could be website design, payroll processing, book keeping, engineering, even manufacturing and customer service can be outsourced initially.

Besides outsourcing jobs though you might find creative ways to partner with companies that perform the skills you need rather than do them yourself. Let’s say you’re interested in designing and creating amazing websites that improve conversion rates increasing profitability, but you are not a website developer. You could team up with a quality company that does website development and get them to agree to pay you 10 to 25% of the gross revenue they receive for each website client you bring them. Then you create ideas for improving various companies’ websites and sell them on how much more money they could make using your designs. Tell them you will not charge them for your services; however, they have to use the developer you have a relationship with.

There are thousands of ideas like this you can think of partnering with manufacturing companies, product engineers, and distributors. Just let yourself think outside the box. Once you have ongoing revenue and satisfied customer base it will be easy to hire your own personnel to do these tasks.

As a woman, you may be well adapted to assessing what inspires your existing and prospective team or partners. Use your skill of empathy and connection to create what will be a winning solution for you and them.

How many ways can you think of to create partnerships in place of employees?

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