“The essence of a successful business is really quite simple. It is your ability to offer a product or service that people want enough to pay for at a price sufficiently above your costs… thereby giving you a profit that enables you to support yourself and offer more products and services.”
People go into business for all sorts of reasons. Too many of them are the wrong reasons. That’s a key factor in why so many new businesses fail.
Some people go into business so they won’t have to get a JOB. Or so they don’t have to answer to a boss. Or because they think it will be a quick and easy way to make some cash. Or even as a last resort, believe it or not!
But there are really only 2 reasons to start a business.
First, it’s to offer something of value to those whom you feel called to serve.
Second, is to make enough money to have the resources for a lifestyle you desire and to continue to grow your business.
You may have started your business to help a lot of people, or change the world, or have more freedom and time to spend with your family or whatever else is your passion.
But here’s the rub: if your business never makes any money, you won’t be able to do any of those things. (Remember, even freedom and time cost money).
The first thing you have to do is recognize that you do own a real business. And real businesses need to be self-sustaining. If you’re not earning money, what you’ve got is a really expensive hobby.
Now there’s nothing wrong with a hobby if you can afford it. Just make sure you’re clear about what you are doing.
So assuming that we are all entrepreneurs and business owners (the real kind). There are a few things we should be doing to ensure that capital is coming in, not just going out.
At the top of each day, write down at least 1 thing that you plan to do that is revenue-generating.
- Enrolling new clients
- Cultivating joint venture partners
- Live speaking events
- Teaching a webinar, teleclass, or course
- Creating a new product, program, or service
Some of those things like creating a program may take more than one step. At the very least take one step every day that moves you closer to the ultimate goal.
Block out focused time to complete the task or step. If you try to “fit it in” around your schedule, it will never get done.
Last but not least, determine that you will delegate as many non-revenue generating activities as you can to someone else. As the CEO and resident expert in your business, your time is extremely valuable and must be used to achieve the greatest impact.
So… what are you going to do today to generate some income?