BVE understands business owners start their businesses for many different reasons. You may be sick of working for someone else. You may have a passion for a service or product. You may love designing clothes, taking pictures or painting homes and think starting a business and doing these things will lead to a happy and fulfilling life. Others may want the independence of owning a business so they can spend more time with their children or believe starting a business is the key to financial riches. This can only be a possibility if you plan for success.
Planning Your Business Based on Why?
Whatever the reason, it is important for you as a business owner to keep this, Why, in mind when planning every aspect of your business. If your why is to spend time with your children, then your growth model may be different than if your why is to gain financial riches. If your why is a love of a certain service, then you may want to consider starting your business with a manager in place so you can continue doing the part of the business you love. Or, if your why is because you want to gain independence, you may need to consider the types of clients you bring on. Some are more demanding than others, leaving you with less independence than you had as an employee.
But your why doesn’t have to be limiting. Knowing your motivations may encourage your growth. It may allow you to work harder towards your goal in the beginning so that you will have more freedom later. Knowing your why today and keeping it in mind may be just what you need to take the right steps towards scaling your business.
Sharing Your Why
If you start and end everything you do with the reasons behind starting your business in the first place, then you will make smarter decisions and you will be able to define your motivations to your business advisors.
Whether you are consulting with your business advisor, your marketing consultant or your accountant, sharing your why is important. When they know your motivation, they can serve you better. They become a true member of your team when they understand why you are doing what you are doing.
If your why is to see all of your children’s lacrosse games or school performances, you don’t want an advisor who is constantly advising you on how to gain more clients. Instead, you need one who can help you earn more while working less.
Staying Focused On The Why
Being a business owner often feels like being the ringmaster in a circus of toddlers. It’s sad, but it’s true. Too many tasks to tackle with few or no processes in place to make sure they happen can cause mental exhaustion. But understanding your why is the beginning of taking control. Knowing your why, focusing on it every day, whether it is when you wake up and start planning your day or in the middle of the day when you are feeling overwhelmed, can help you stay calm in the midst of chaos.
What is your why? BVE loves to hear from its readers. Tell us about your business or business idea and why your started it. We’ll see if we can help!
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Business Growth Strategist, Clarity Expert, Retired Stockbroker, Speaker, Pitch Judge, VC, Stock Investor, Board Member, Owner of Bold Vision, Co-Founder of Investing Education Academy (IEA), Start-up Consultant, member of Alpha Phi Alpha Fraternity Inc.
