What do most people strive for? Money, fame, success, personal enlightenment? Probably a combination of everything really. But in most cases people want the freedom to do what they want in life. In my opinion this freedom is best enjoyed when you’ve worked hard to obtain such a lifestyle.
I’m writing this blog post sitting on the dock of our cabin on the lake. We’ll be here for about 3 1/2 weeks while our business continues to strive and make money. As a family we are also able to take multiple other trips throughout the year. I probably only need to co-ordinate a few emails while I’m away from the office as my great staff take care of ongoing business. I feel fortunate to have the opportunity to enjoy such freedoms and I genuinely want to show you how to do the same.
I know most people want to hear that there’s an easy way to achieving this lifestyle, but unfortunately there are no short cuts. That being said, it’s possible for each and everyone one of you if you’re willing to put in the work and follow some basic principals of success.
If you truly want to build a truly profitable business that allows you to enjoy the freedoms that most people dream about you’ll need to follow some important principals for success:
Find Something that Interests You
Many people will take this one step further and will insist that you need to build a business that you’re passionate about. I would definitely agree that if you can find something to build that you are truly passionate about definitely go for it. However most people either lack a true passion or their current passions are simply not conducive to building a business out of.
At the very least though you’ll need to find something that interest you enough to get up each morning and attack throughout the day. Otherwise you’ll just burn out and lose interest in the new venture. And as much as you think money will make a difference it won’t. I’ve started a few businesses that became fairly profitable that I found painful to maintain and I eventually sold them before they were properly matured. I’ve learned from this and now I will only put my energy into something that aligns with my interests.
Build a Business that You Can Scale
There are a lot of businesses you can start that will make you a lot of money, but you’ll need to work like crazy to maintain. I’m ok working like a dog to start and grow a business, but once it starts to mature you want to ensure it can scale and continue to grow without the same amount of effort. Once the business is at a point of slowing growth and maintenance you’ll want to start working more smart than hard. Using cashflow to outsource lower value tasks and delegating to current employees will be key.
Some businesses are easier to scale than others. For instance, building an iPhone app that can be sold over and over again can be a very easy business to scale if you can build some early success. That type of business versus a “service based business” where you rely on charging an hourly rate can be more challenging, although doable.
Find Your Niche and Attack it
Although I do believe there’s an infinite amount of business opportunity available currently, we are in the most competitive business environment in history. If you really want to build a business that lasts you’ll need to find a profitable niche to exploit that you can genuinely compete within.
I built my consulting practice based on a very specific niche. In the beginning I was tempted to broaden out my services in an attempt to gain more market share, however I’m happy I didn’t. All that would have accomplished would have been more work for less opportunity as other competitors would have pushed down prices within the market.
Get Out Of Your Comfort Zone
In my opinion staying comfortable is the biggest treat to success. Making decisions based on fear of failure or avoidance of uncomfortable situations is a good way to maintain complacency. If you want the “good life” and everything that comes along with it you’ll need to get uncomfortable really quick.
“Life begins at the end of your comfort zone”
– Neale Donald Walsch
This will mean different things to different people. Some people will need to start learning new skills, some will need to start meeting new people and some will need to learn how to speak in public. If you’re not willing to do the things that it will take to succeed please do me a favor and don’t make excuse when you fail. You need to embrace constant discomfort in order to achieve real success, there’s no shortcut here folks.
The benefits to owning your own profitable business cannot be understated, however in order to reach a level of financial freedom you’ll need to make the right moves and stretch more than you’ve ever anticipated. Reach well beyond your perceived limits and you’ll discover amazing rewards on the other side.