The pursuit of freedom is the number one reason people go into business, so why is it that so many small business owners work twice as many hours for half as much pay and hardly ever take a holiday? If freedom is the goal but entrapment is what so many get, something must be going wrong.
If your business is more like a beast that’s burning you out rather than the ticket to freedom you initially hoped it would be, here are three simple things you can do this week to turn it around.
- Create a Life Plan – 99% of business owners do not have a life plan. They’ve started their business to create a better life for themselves and suddenly, their business has become their life. If you’re serious about building a business that enhances rather than takes over your life then create your life plan first! Once you know exactly what you want your life to be life be strategic about how you build your business and design it specifically to give you the life of your dreams.
When we work with clients to create their Life Plan, we include three key layers.
- Ultimate Vision – a clear and detailed description of your ideal life – the skies the limit and anything is possible.
- 12 Month Plan – a list of specific and measurable milestones you will commit to achieve in the next 12 months to get you closer to your ultimate life.
- Monthly Goals – the step-by-step actions you will implement each month.
- Calculate your sweet spot – your sweet spot is the revenue required to operate at a profit, the amount you want to pay yourself and the hours you want to work each week. I meet hundreds of business owners a year who come to me for help, and the very first thing I do with them is ask these three questions:
- How much do you personally want to earn a year?
- How much does your business need to turn over to pay you that amount?
- How often do you want to be working?
Most people have never considered these fundamental questions, instead they just keep working and working, hoping that one day they make enough money to get paid. Your sweet spot is not always about the scale up. Sometimes it’s much more profitable and enjoyable to stay small. You’ve got to know your numbers.
- Do less, not more – If freedom is your goal, study The 80/20 Principle and apply it to every aspect of your business and life and train your brain to naturally weigh up the effort versus reward ratio.
As a general rule, 80% of what we do each day is a waste of time and energy, meaning that only 20% of our actions are driving 80% of our results. Find your vital few things and double down on them. Imagine the freedom you could create if you stopped doing 80% of the things.
~Business Game Changer Special Promotion~
Becoming a business owner is one of the most liberating things you can do, don’t let your business become an unruly beat that keeps you trapped. Get clear on what you want out of life first then design your business to give you the life you want.
If you need help crunching your numbers and calculating your sweet spot download the free Freedom Calculator on our website www.theseveneffect.com
By Jodie Nevid
About the author
Dubbed the ‘Fairy God Mother for Women in Business’, Jodie Nevid is a serial entrepreneur and lifestyle business coach that has helped hundreds of women create a life they are wildly in love with by tapping into what they already know and turning it into a thriving, profitable business.
Visit: https://theseveneffect.com/
