Let’s talk about the critical pieces to assessing the viability of your business to meet your long term goal, creating the life of your dreams.
In my own business, when I knew it was time for a change in January, I chose to close down my business completely. It was a more drastic measure than most entrepreneurs would want or be able to do. I have a network marketing business as another stream of income, which gave me additional flexibility and freedom someone with one revenue stream wouldn’t have. It’s in a field that’s also part of my passion, so it is a perfect fit for me.
I came back with a new vision of doing business a different way and so can you, without closing your business to do it.
Having additional revenue streams gives you choices. If you have multiple ways of doing your business, are they really different revenue streams? The test is if you stop working in your main part of your business, will the other parts continue to produce long term income for you?
For example, many of my subscribers are authors/speakers/coaches/information marketers. If you stop coaching, what percentage of your income goes away? Ask yourself the same question for the other segments of your business and see how long you could sustain income if you wanted to take time off from any aspect of your business.
If you are a service provider, such as an accountant or personal trainer, do you have other forms of income, such as information products working for you? Can you scale back on the hours you spend providing that service and still have an income?
Those are critical questions you want to have answers to when building the vehicle to support the life of your dreams. And there’s more…
4 Answers You Must Have:
- How many years to you want to be actively working?
- How much recurring revenue will your dream lifestyle require?
- What is your plan for scaling up to create that needed income?
- What is your plan to scale back when you no longer want to work full time?
2 Keys:
- Don’t box yourself into creating a business that needs you full time to run it unless that fits as part of your dreams.
- Don’t box yourself with one stream of income unless it’s a huge one and you’re saving a significant amount for a rainy day.
The world is shifting and changing too fast to count on the way things are being the way they will always be.
You may want to find an additional stream of income that also supports the life of your dreams and gives you more stability and therefore more freedom and flexibility to live the life of your dreams right now. If you need help, let me know.
Until next week, I’d love to hear your thoughts. Just comment on this post here.
If you would like personal mentoring, send me an email detailing what you would like help with. As your mentor I hold a bigger vision for you than you hold for yourself. When you have faith and a team that believes in you, it gives you courage. When you don’t have to do it all yourself, all things are possible for you. Commit today to go for your dream 100%.
With over 30 years in sales and marketing, along with almost 40 years studying human behavior, Lynn Pierce, “The Success Architect,” mentors entrepreneurs and information marketers to reach the pinnacle of success. Tell Lynn what the life of your dreams looks like, and she’ll create the blueprints to get you there, along with the sales system to fund it. Author of, “Breakthrough to Success; 19 Keys to Mastering Every Area of Your Life”, Lynn Pierce’s personal growth and business acceleration systems help her clients get three times the results in half the time with one tenth of the effort. Claim your free special report, “7 Steps to Turn Your Passion Into Cash” at http://LynnPierce.com
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