Do You Want To Build A Business Or Make Money?
You need to decide whether you wish to build a business or simply make money before you start any business venture. If you don’t know why, read on.
Make Money As A Goal
Employees make money by trading their time for a paycheck.
People that sell gigs on Fiverr and similar sites make money by doing specific tasks.
Marketers that make their living using the CPA business model are looking to make money.
There are many, many more ways that you can make money without having what I define as a real business.
The reason I do not consider the above money making methods a real business is that in most cases the money stops the minute you quit working.
The first method I mentioned is widely recognized as a job and in many ways the other money making methods are also jobs that are no more secure than the one where you are working for somebody else.
Building A Real Business As A Goal
I define a real business as a business that can be sold and run by somebody else as well, if not better, than you ran it. If you structure your business properly, you should be able to take extended vacations or be absent for any reason and it will still function without your input.
The business may not run as well without you at the helm but it will still function and make you money.
As I and many others have stated, there are multiple steps and multiple ways to build a successful business but the first step is to always know why you are doing what you are planning to do.
If you don’t know the why, you will soon become bored with your business and it will feel more like a job which means you will be unlikely to put your best effort into it each and every day.
With a strong why, you will be highly motivated to make your business a success.
The next step in the process is to choose a business model and industry that you are passionate about because that passion will make going to work fun. When you are having fun, you don’t see it as work.
You need to map out your goals.
Your why may include many things and some of these are:
- a new car
- a new home
- freedom to spend more time with your family, friends and loved ones
- a desire to help one or more special causes within your community
- a combination of any of the above.
It is now time to figure out the dollar amount that is needed to support your why. Once you have that amount written down, you can start working backwards to create short-term and midrange goals that allow you to measure your progress towards a long-term goal or goals that are needed to support your why.
Once you have discovered the why that motivates you in shows in the business model that you are passionate about, it is time to lay out a marketing strategy that helps you move from where you are now towards your ultimate goals.
A good business owner will understand that a team is needed to create a well-oiled machine that will move down the path towards the ultimate goal.
The makeup of a good team varies from business to business depending upon the industry, the goals of the business and the personality of the business owner.
You make the decision as to how much of your team is going to be software or systems that can automate parts of your business, virtual assistants, hired personnel, independent contractors or contracted service providers.
A good team that includes a project manager, a marketing consultant and a combination of hired help in virtual assistants will give you the freedom to work on your business instead of working in your business.
You can concentrate on doing what you enjoy doing and get the appropriate personnel to do the tasks that you dislike in the ones that you aren’t very good at doing yourself.
If you are like many other business owners, you are very good at doing what you do within your business but your skills as a marketer may be limited or nonexistent. Even if you think your marketing skills are pretty good, it is unlikely that you will have the time to keep up with all of the changes that are happening in both the online and off-line marketing world while building a successful business.
Successful business owners track every piece of advertising that they do and know whether or not that ad is making them money or is costing them money.
For example: If you run an advertising campaign that cost you $100 and it brings in $150 of new business, would you consider this ad an expense or a business asset that you would use as often as you could?
I’m pretty sure that you would run that ad as often as you could until it is no longer profitable.
By putting money back into your business and using it as the tool that it is, you can concentrate on moving your team down the correct path to reach your ultimate goals faster than what you thought possible.
Running a successful business is fun but living the lifestyle of your dreams is pure joy. Sometimes, hiring a business building consultant that can help you see weaknesses within your business is one decision that may help you make your business really explode.
If you run a local off-line business and would like a free business building audit, give me a call at 863-274-1859 between the hours of 2 PM and 9 PM Eastern and I will gladly see when we can fit you in our schedule.
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