Is your business the business you truly want, or just the one you accidentally ended up with? Are you operating in alignment with your goals, needs, and your unique gifts and strengths?
In Episode 7, we talked about the first part of creating the life and business you want by diving into your ideal life. If you missed that, be sure to go back and listen before listening to this episode.
Today, I want to share with you 2 more things that you need to consider in order to make sure your business is not just successful but also lines up with where you want to go long term.
Your Financial Goals
Next, you need to know what your financial goals are. As I mentioned in Episode 4, your financial goals are imperative to helping you determine what you need to do and what type of business model you are going to have.
Do you need to earn an income from your business right away or not? If so, you may need to consider a business that will allow you to generate revenue quickly. This often includes a service-based business or coaching/consulting. You will be exchanging time for money, and that’s okay.
If you don’t need to earn money right away, you may be able to focus more on a business that sells digital products. Or perhaps your goal is to build an audience to write a book. Eventually, you’ll earn money from that, but right now you’re okay with investing time without much income.
If you are married, this may require some conversations with your spouse. Often finances can be a source of tension for us, especially if you are spending time on something but you’re not bringing in any income into the family. So it’s vital that you and your spouse, if possible, get on the same page as each other about this.
Questions to ask yourself:
- How much do you need to bring into the household budget?
- How much money do you need to keep in the business to keep it running?
- How much money do you need to invest in training, coaching, or courses in order to move your business forward?
- How much do you need to set aside for taxes?
Based on these answers, ask yourself:
- What is your income goal for the next 3-6 months? How much per month do you want to earn?
- What about the next 6-12 months?
So many times I talk with other business owners and when I ask them this question, they tell me they don’t know. So it’s time for some tough love: you need to know.
If what you are doing is a hobby and you don’t need to make money, that’s fine. But make sure you’re clear on that.
Your Ideal Business
Next, think about what your ideal business could be. You may already have a business; if so, this portion of the episode is a chance for you to evaluate if what you are doing right now is your ideal business or if there’s something else you can/should do.
Sometimes we start a business ‘accidentally’ and then we feel stuck in that business model. But I’m here to tell you it’s not impossible to change.
Let me tell you a little bit about another part of my business journey where I learned this lesson.
You see, about a year and a half into my business, I was wrestling with what I wanted to focus on for services. I had done a lot of things: social media management, graphics, blog post writing, website design, managing the backend of someone’s business with systems and processes, as well as podcast management.
I was trying to decide my next steps and how I wanted to structure my business moving forward. I had the choice of pursuing an agency model where I could focus on one type of service, such as podcast management or website design, and then have a team that implements the work. OR I could lean into more consulting and coaching and teaching.
I ended up choosing to move towards the agency model, even though, deep down in my gut, I knew that wasn’t what I wanted to do and what aligned best with my personality and gifts.
But in the moment, and based on some advice, I thought it was the right choice for my business. And on paper, it completely made sense. But later, when I was in the midst of it, I realized that it was not the right fit long-term.
What to consider when it comes to choosing how to structure your business:
- What you are good at – what you already have skills, experience, or training in
- What you want to learn how to do – maybe you don’t already know it, but you want to learn and then offer that as a business
- What people are willing to pay you for – important!
- Your personality
- What you’re passionate about – what you really love doing
- What your natural gifts are
- What God is calling you to do
- What your financial needs are as we discussed earlier
What you should not base your business plans or structure on:
- What someone else wants you to do or thinks you should do
- Purely on financial motives
- What you think is the safe or easy route
I don’t want you to create a business based on fear.
Final thoughts about creating your ideal business:
- This is a journey. It’s very possible you will have to try a few things to figure out what you do and don’t want to do.
- There’s no magic bullet or one-size-fits-all answers (I’ve mentioned this in episodes 3 and 4).
- You may not be able to do your ideal business RIGHT NOW. But that doesn’t stop you from moving towards that goal
Every step of our journey can teach us something. So even if you did something for a while and it didn’t work out, or you decided to completely throw in the towel, you can still ask yourself what you can learn from that.
How can you use some of the skills you learned or the principles you picked up and implement them in your business now? None of it has to be considered lost or wasted time.
Resources or Links Mentioned:
- Featured review from Janell Wood
- Episode 4: You Need an Audience (or Do You?)
- Episode 7: What You Must Know to Create the Life (and Business) You Want
- Free Webinar: How To Accelerate Your Audience Growth With 3 Simple Principles
Connect with Esther:
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- Christian Business Owners Shining Online Facebook Page
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