Today we are going to talk about one of my most vibrant, creative clients. I mean inspiration and creativity just oozes out of her and she would love to be able to dedicate herself to helping others find imagination & fulfillment in their lives the way she has in hers. Sounds absolutely wonderful, right? Well, of course! But, there is just one big, burning question. Can she create a successful, happy business from this ideas and be successful on her own terms?
Her values & priorities are things like: being fulfilled, having a creative outlet, doing meaningful work, leaving her mark on the world & creating a legacy she can be proud of. Those are the major, important things to her as well as her family and financial security, of course.
Now, let me just tell you, she has a great business idea. Absolutely so great that I feel honored to be able to help her achieve that and think people will love it! But, she needs to be the one to define what it means to her to consider this a successful business.
Thinking through questions like:
- Is she looking to quit her job and do this business full time?
- Does she intend to scale to the point that she can entirely replace her full time, primary source of income?
- What if it only makes a little money? Will it feel successful and fulfilling at any level of success or does she have a benchmark?
- Or do you NEED to make enough to replace your income?
Once she has answered those questions, she will need to consider business models that can help you accomplish that. There are many different models and things to consider. One of those things to consider is the investment into your business. Investment will affect your “salary” from your business, which is not something you will be used to after being paid from an outside employer. When working for an employer, you have a salary for your position, but you also don’t pay any of the money required to make your job happen. You don’t have the overhead and expenses that you have as a business and as an entrepreneur. Do not neglect to think about costs to make your salary possible or any team members you need to reach your goals.
Bottom line is if you want to do something that fulfills your purpose and passion, do it. But, in order for it to be a viable, profitable business then it takes some hardcore thinking about things.
Sometimes, the business model that will yield the most success will often create more work than you ever thought you wanted to do. And that work will commonly be far and away from your passions, products or services offerings. Be sure to understand your values and choose a business model that you can keep up with and that aligns with you and will provide success and balance.