How long has it been since you hit your goals? You’ve taken some hits, had some losses and managed to pick yourself up, dust yourself off and once again develop the faith that you can do the work and succeed this time. But, is it enough? Is your plan big enough to get you over the hurdle this time?
Most of us underestimate the cost of doing business. A small business can be like a hungry monster eating away all the profits. The amount of work that we often do as owners and have our spouse help with and not receive pay is often ridiculous. Having stronger faith, more belief and working harder is not an answer to building a business. It takes business size ideas!
Starting a business on a shoestring budget is not the problem. There’s story after story that proves this. Starting with a plan that has no way to transition from a one-person practice to a company where all the work is delegated to various players and enough money rolls in to pay everyone plus the related costs and still make a profit, now that’s a business with promise but is that step in your plans?
I’m currently working for a man who has a business with more than 40 locations. Each location takes an average of half a million dollars to operate each year. There’s no profit until hitting this level. His average revenue per location is over two million. He doesn’t work in the businesses, obviously that many places he couldn’t but he did at first. He instead runs his business as an owner. The difference in his business plan and so many is the profit far exceeded the cost of doing business, and the work was all done by others as a business should be. This business has a profitable structure that allows the owner to run the company not just work.
What are you doing? Can it transition into a profitable enterprise? Is it simple enough, easy enough that a workforce is available to support it? Can you make enough as a practice to transition? Will the development be possible without the cost of expansion consuming all the profits?
Is It Enough?
