A little while ago a wrote a post that asked “why are you in business“?
It sounds trivial, but as I mentioned in that post, it is THE most important question that you can ask in business.
Here’s the comment to that first post that inspired this follow-up post:
I just read your post and to be honest I’ve never thought about this. There are several reasons why I am in business, but I have to admit I’ve never thought about the “end” result, let’s just say 15 years down the road. Hmmm….
So, why are you in business?
The answer, of course, is to sell it … tomorrow … eventually … or, not at all.
But, even if you choose NOT sell it, you should act as though … when the time is right … that you will sell it ….
… to yourself!
Because this kind of thinking forces you to do things with your business that you would otherwise not bother to do …
… things like setting out a clear chain of command (easy if you are flying solo … not so easy if it’s you, your brother, your aunt, and three cousins running the show!)
… things like setting out clear systems to run every aspect of the business (especially if it’s all just sitting ‘in your head’ and the ‘heads’ of those around you).
… things like pretending that you are creating a ‘franchise prototype’ and that one day there will be 1,000 more just like it …
… because, if you do, one day there just might be 1,000 more just like it!
The difference between Subway and your local sandwich shop … the difference between Burger King and your local hamburger shop …
Is ONE GUY who dared to imagine a larger business than the one that he had.
… by systematizing an already great (but, small) business!
Let me share a personal story …
In 1998, I had a little business built upon a great little idea but it had just trundled along for 5 years getting new clients here and there, growing slowly, but for one small problem …
The business was losing me $5,000 a month and I was struggling to take out $50,000 a year (my wife still had to work).
Then one day I had a vision of how my future life simply HAD to look:
1. No work (my vision required me to have LOTS of spare time on my hands)
2. $250,000 a year (to ‘fund’ my ideas … ideas that involved a lot of travel and creativity)
Now, earning $250,000 a year is one thing – but, I had to get it with no work!
That meant that I needed about $5,000,000 sitting in some passive investments … trouble is I had no investments …
… except my little money-losing business.
That, my friends, is what drove me to massive action … to make my business somehow ‘worth’ $5 million to somebody … in 5 to 10 years!
It was this ‘massive action’ that took me to expanding my business across three countries … at the same time, building up a multi-million dollar real-estate and investment portfolio … all the while, keeping my eyes and ears open to try and quickly learn all the rules of the ‘money game’ …
Now you know how this site came to be called $7 million in 7 years.
Do you see why your future business success starts with a question?