Plenty of business owners have painted themselves in a corner, doing a business they don’t actually love. In fact, some of them even hate it. Now, if that’s you, I’m going to help you with some tips on what to do when your business is not profitable or enjoyable. I’m going to share with you some insights into how I created a sustainable business. So, let’s go.
Question that came up this morning from a member who has a membership program and they’ve got three levels and one of the levels is just sort of an awkward level where it’s not quite as profitable, and he doesn’t enjoy it as much. And he asked me what I would do. And my answer was, well, I would re-engineer my business to be more joyful. Even if it means turning off a profitable program, I would redirect that energy and resource into finding profit somewhere else, so that I can sustain the business.
Because what people don’t often talk about is how sustainable is your business. I think you could have a high-yield, high-profit, high-effort, hard-work business that just isn’t sustainable. That’s what I would typically classify some of these launch-style businesses as. They’re like a draining business. So do whatever you can to avoid creating a drain for yourself and pay attention to your feelings. Pay attention to how excited you are about various aspects of the work you do. And if you find something is mentally draining, if it causes you to be upset or angry, then make the changes even if the short term is you make less money.
Because ultimately, aside from money, you need sustainability. You need to be able to do this for a while, especially if it’s your primary thing. So, you know, do the hard thing. Example of it is I switched off a really good revenue stream at the end of last year. And then I redeployed that same energy into new business divisions, which have since really flourished and gone particularly well. But I didn’t know that that would happen. It was only a hypothesis. It was a little bit of luck, I suppose. But also a fair degree of experience involved there. And I ended up with a result of a much more joyful business model.
What does it actually mean to me? A couple of things. One thing is I cut five or six hours a week off my workweek, which was great. And the second thing is, I increased my income. So there you have a Work Less Make More strategy, but the third thing is I really feel like I can sustain my business model for significantly longer the way it’s set up now, and that’s important, I have been going for a long time and I plan to go for a long time. I don’t want speed bumps or ripples to make life difficult.
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