Some of you may not like me for saying this… but if you’re in business.. you’ve got to make money!
Otherwise it’s a hobby, not a business!
Yes, starting a business may require some investment upfront.
Yes, a business will have expenses too.
But a business eventually ALSO has to have money coming in.
And it has to have more money coming in than going out.
Else it’s in trouble.
Well, unless you’re funded by investors with deep pockets who’re willing to wait forever 😂
If you’ve been in business, or working away on it in the background, for 3 yrs or 5 yrs or more…
And you’re still not making a profit – it’s time for a serious rethink!
What got you here, won’t get you further!
Why am I saying this – I met an ex-colleague over the weekend. After 6 yrs. He came to pitch a business idea. That he’d been slogging away at for 2 yrs now. His wife said he spent every waking hour working on it for 2 yrs non-stop.
He wanted to create a 6 month long course. Because he felt there was a gap in the market. And he got together 8 big experts to help him create this course and contribute to it. 2 years in.. they had each come up with the outline for their part of the course.
But what he hadn’t worked out
* what was the end result he was really selling
* who would he sell this course to
* how would he market it
* how much revenue did he expect from it
* how much profit did he expect
When I asked him, he kept putting it off.
* That’s ok, I don’t expect a profit for the first few years.
* That’s ok, it’ll be so awesome that word of mouth will be enough
And his wife kept shaking her head .. and asked him simply – but how will we then pay the bills?
I’m sharing this because I see it play out so often, esp in the online business world.
That ppl create a course and just expect it’ll sell on it’s own merit.
Or that word of mouth will be enough
Or that they’re not really looking to make much money.
Or that they just need to “invest in” one more certification or a pretty website, or new branding or new photos, or a VA… before they start thinking about profits….
Sorry, I hate to break your bubble. But if you’re not making money even after 3 or 5 years of being in business and investing in multiple courses, and coaches and programs…
Then you seriously need to rethink what you’re doing and why.
And hey, it’s totally ok to have a hobby. Or to help people for free. Or to not charge for your services.
But be clear about what you’re doing.
More often that not, I find that it’s fear that holds them back.
And leads to wrong decision making.
Fear that they’re not enough.
Fear that they’re not ready.
Fear that no one will buy if they charge their worth.
Fear that they don’t know how to market
Fear that they don’t know this business about business
and so many others.
The question is are you going to give in to fear and keep playing at business?
Or are you going to take charge, face what didn’t work – and why – and figure out how to move ahead from there?