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The Most Important Lesson You Will Learn in Business

Jun 30, 2008
The Author of the most practical business book - Secrets To Retail Riches - provides the following article on knowing how to get exactly what you want from your business!

Why did I get started in this business?

This question is not as simple to answer as it may first appear, so really take your time to think about it. Be very specific in your answer. It does not matter how long the answer ends up being.

Most likely your answer will cover these points -

To be my own boss.
To work less.
To earn more money.
To do the things the way I think they should be done.
To have more time off.

And that's great - except that none of these cover the end goal. I'll come back to this shortly.

You have probably found that your business is the boss of you! It has you working harder and longer than you had ever worked before and usually for less pay! You are a slave to your customers, your bank manager, your suppliers and others. You have less time off then ever before!

If you follow my mentoring program, you should already be turning that situation around. You should have efficient and effective systems in place for all aspects of your business. You should have, or be looking at getting, the right staff and training them in these systems to work in the business, while you continue to work on the business.

Through great marketing and value adding to your products, you are attracting more customers and getting them to buy, through your selling strategies and your USP and guarantee.

That's great - but you still don't have the end goal in mind.

You need to determine exactly what it is you wish you could do with your time.

Write this question down -

What is my number one passion?

For some of you, it might be your business - Great! For others it may be spending time with the family or being able to see the grand children. For others it will be traveling the world. For others it would be indulging in their hobby for most of the week and just relaxing for the rest of it.

If you didn't have to go to work each day what would you rather be doing? Write that down under the question 'what is my number one passion?'

The most important lesson you will learn -

You need to look at your business simply as a wealth creation vehicle. It is a means to make the money you need and give you the time off you need, to do all the things you really want to do.

And that's it! - A very simple statement but a revelation to most business owners

The entire focus of my mentoring program is to put in place all that is needed, for you to step out of your business - that is not be involved in its running at all - and be making more money then you are now, so you can go and do the things you really want to do!

But I can't get you there if you don't know what it is you want and where it is you want to go. That's why you need to have the end in mind.

So what is the end goal for you? Some of you will actually want to keep working in your business until retirement. That's fine, but when is retirement? Is it 45 years old, 55, 60, 65, 70? And then what? What do you expect to do after that? More importantly what happens to the business after that?

Some people just expect they will sell their business. Some want to leave it for their children to run. Most have never really thought about it.

Selling is the best alternative. It's your opportunity to really cash out. It gives you a large lump sum to enjoy your retirement.

Even if you have thought about leaving your business to your children or other family members, you really need to carefully consider several factors. Is it something they really want - or is it just something you hope they'll want?

What changes in the industry could affect the business in the future and is that likely to make your business a liability and not an asset to the people you leave it to?

So now go back to the 2 questions you have written down and their answers. Now it's time to get serious and really nail this properly.

Keeping in mind everything you have just read, answer these 4 questions as thoroughly as possible -

1. What do I really want from my business?

2. When do I want to retire from my business?

3. What do I want to do when I retire?

4. How will I fund that?

This will keep you focussed on where you want to be, which will determine which actions you need to take in your business to get you there.

I can help you with that and every aspect of your business through my step by step, hand holding mentoring program.

At this site you can access over $2,000 of bonuses for FREE to help you and your business.
About the Author
Andrew Carter - the Author of the business book Secrets To Retail Riches, is a Business building and marketing specialist who shows retail businesses how to recession proof their Business, with proven techniques that are easy to implement and highly effective and generate more income for less effort. For more information go to http://www.SpecialtyShopSuccess.com
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