This second blog in a 3 part series is about being profitable. The business of your business. As an entrepreneur, you’re full of great ideas, know how to implement them but can lose sight of the day to day need to stay profitable. The first article was about PEOPLE. Now we move on to PROFITABILITY.
Give the following some thought:
Leaving a paycheck is never easy. Yet the thought of owning your own business can be very tempting. It’s important to know what your business model looks like and how long it will take you to be profitable. Do you have financial reserves as you build your business? Can you afford to be a professional business person (website, business cards, marketing and advertising, office space, etc.)? You will attract business as you become a business.
Don’t underestimate the importance of the desire and need to be profitable. This is not magic, but a well planned strategy to turn your passion into a career. And do not give away your product or services. Good intentions do not pay the bills! If you haven’t read Think and Grow Rich by Napoleon Hill, do so.
Good work that is honored through revenue, pays the bills. So begin with the desire to make a life through the work you do, and be paid to do it. Great businesses fail less. And if the stress of making money is so great that you can’t survive slower times and a tough economy, proceed with caution.
Profitability is about running a business that sustains itself and brings a profit to you.
ACTION ITEM: What will I do today to become more profitable, personally and professionally? What do I believe about being profitable and what model am I working from or creating? What people will I connect with to advance my goals? Do I need a coach to play my best business game?