What is the future of your business: Lifestyle or Financial Freedom? – Posted on Women Unlimited

What is the future of your business: Lifestyle or Financial Freedom? – Posted on Women Unlimited

This was a guest post I wrote for Woman Unlimited that was recently featured on their website here. I’ve often wondered why some businesses erupt and are huge, enabling the owner to have financial freedom, whilst others, with an equally valid value proposition stay small, providing an income and if we’re honest, another job. This harks back to the reason why we are doing it. The real reason behind starting up. Is it to design the lifestyle we want, or is it to create a profitable business complete with exit strategy? And are the two necessarily exclusive? I don’t think they are. Yet this is a major stumbling block for many women business owners. From research we conducted in 2012 of 300 women business owners, 68% of them are earning less now than when they had a job. They may have a business which offers them the potential to create a large and profitable business but for various reasons they are not exploiting it in that way. To create a business which is scalable, and will provide financial freedom instead of just an income, requires you to think quite differently about your business from the start. When you are creating it, you need to build it with the thought that you will not be doing it all. Develop systems and processes from the start, so that you can automate as much as possible and ultimately have someone else to do this work. You need to remove yourself from as much of the business as possible. Already I can hear those of you that are coaches, designers and other professional...
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