Building A Sustainable Business
Have you ever watched the television series, The Apprentice? In one episode, each team was asked to create a business from scratch.
The interesting thing is that neither of the businesses created were really sustainable. Why? Because each team set themselves up in a business that revolved around them selling time.
One team did face painting; the other set up a gardening business. After each team had done the task for a couple of days, they counted how much money they had made. The actual figures aren’t important, because the money didn’t really count for anything. Both teams had to use the bulk of their income to pay employees for the time they spent performing tasks. So, neither of those businesses turned out to be profitable.
When Sir Alan Sugar, the host of the show, didn’t haul them over the coals more for it, I realized how strong this whole concept of selling time is in society.
As a business owner, you don’t want to follow this type of thinking. Doing this will not help you to build a profitable, sustainable business.
The solution is to build an information empire. The whole point of an information empire is that you don’t want to be selling your time. You do want to repackage your know-how and your expertise into products and programs that don’t require all of your attention all of the time. You may have to spend some time delivering programs, but not the bulk of your time.
This is the way to build a sustainable business. Because the paradox of selling your time is that the more successful you are, the less time you have. And, while you can always find more clients, you cannot create more time, no matter how hard you try.
But, with an information empire, time is no longer an issue. It will become possible for you to create more money, regardless of how much time you have. You simply need to stop linking the money you make to the time and effort you put in to your business. Once you truly understand this, creating more money will become easier to do.
It can be difficult to accept this concept. You might be thinking, “I don’t know that you can always get money. Making money has not been that easy for me.”
But the truth is, there is always money flowing. Even in this current economy, with the credit crunch and the recession, money is still flowing. It’s just flowing in different places from where it was flowing previously. It is up to you to find the source of that stream and collect it.
The key is to carefully examine your business to find ways of serving many clients at one time, rather than serving each client individually. Once you develop the products and services that allow you to do this, your business will be fully sustainable, without you having to wish for more hours in the day.
Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com