I’m always a bit worried when my clients say things like:
- I’m not in it for the money,
- I just like the lifestyle,
- There’s no pressure to make money because I have savings/rental properties/a rich partner/a lotto ticket for the weekend (delete as appropriate).
You should always enjoy your business, of course, but you should always look to make money – that defines a business. Otherwise it’s a hobby.
One of the first things to do is to state this fact with clarity and assurance – I’m in this, at least in part, for the money. There, doesn’t that feel better already!
So once that’s off your chest, how are you going to do it?
There is a lot of literature on the subject so I’ve made this super easy for you. Here are my 3 rules for making money:
1. Follow Your Passion
Develop a business from what you love doing and what you are really great at. Passion is a powerful sales tool and drives excellence.
Play to your strengths
2. Be Self Aware
You’re not good at everything (sorry to break that so harshly) so know what you’re bad at and find someone to work with who can fill the gap. If you’re not sure about what you’re bad at, then here’s a surefire way of finding out:
- Review your life critically and make a short list of 3 things that didn’t work out so well – what’s the common factor?
- Or ask your partner.
Manage your weaknesses
3. Be Flexible and Dynamic…
…about your methods, and firm in your beliefs!
Hold your core but listen to what the market/advisers/results are telling you. It can be all too easy to either slide away from your core product or hold too fast to failing methodology.
Monitor your results and act on what they are telling you