A Practical Guide to Putting Your Business on Autopilot
What if everything you’ve been taught about business success is wrong?
Let’s start with the reality of business:
- Only 20 out of 100 business start-ups survive five years;
- Only four out of that 20 make it another five years;
- Only one out of that four makes it another five years!
With failure rates this high, why would anyone in their right mind attempt to start and grow a business? Have you ever really thought about it? Let me ask you . . . why did you decide to start a business? I’m guessing that your decision steamed from your desire for one, or some combination, of the following:
- More Freedom
- More Income
- Make a Positive Impact (Change the world)
Each of these is certainly a worthy goal. No one would fault you for wanting to pursue any of these. But statistics prove that, despite how worthy an entrepreneur’s goals may be, it doesn’t ensure his or her success.
Warning: Don’t make the mistake of believing that your strong desire for more freedom or income will result in either of these!
The Broken Business Formula
Ninety-five percent of the population is broke, stays broke, and will go to their graves broke. Knowing that, are you willing to listen to and follow the financial advice given by the majority? I would hope not!
Only 20% of businesses survive—the key word there is survive–their first five years. That doesn’t mean these businesses are successful. No. It simply means they still have their doors open. Of the 20% with their doors still open, statistics show that only one in five is actually doing well–what we may consider to be successful.
What can be very deceptive is that 80% of the businesses (those that will be closing down before their five year anniversary) appear to be successful on the surface but, internally, they are struggling to survive.
After all, these entrepreneurs can’t let the public know they are struggling. If they do, customers might not buy from them out of fear they won’t be in business should the customer have a question or problem with the product or service.
As entrepreneurs, we are often guilty of blindly mimicking, and following the advice of other business owners without giving any real consideration to the fact that they may be struggling more than we are.
If we seriously look into the advice these successful entrepreneurs are giving and encouraging us to follow, we’ll likely discover they received this advice from another entrepreneur, who, on the surface, appeared to be very successful while they were, in reality, in the process of going broke.
What I find most amazing is that all of the business success strategies are exactly the same. Sure, they each use slightly different terms, and each is presented in a slightly different manner, but by and large they all present the exact same formula.
I affectionately refer to this formula as:
The Broken Business Formula
How do you know if the advice–or, the formula–you are following is actually The Broken Business Formula? That’s easy. There are nine common themes taught with this formula. Some people teach all nine. Others teach only one or two of them. Here are the components typically found in The Broken Business Formula:
- Identify market needs
- Fill market needs
- Tell everyone (a.k.a. Advertising/Marketing)
- Work very hard
- Put customers needs over your needs
- Under promise AND over deliver
- Set profit and revenue goals
Don’t these sound familiar? Of course they do. Simply browse the business section of your local bookstore and you’ll discover book after book teaching some combination of these nine components.
All the components of what you call “The Broken Business Formula” sound good to me. So what’s the harm in following them?
Nothing! Absolutely nothing! There isn’t anything inherently wrong with any of these components. Actually, there is value in many of them. My issue has nothing to do with utilizing any of these particular components. My issue is with promoting these components as the formula for business success–particularly if your concept of business success involves freedom.
Freedom is the only true measure of success!
How would you like to wake up each morning with complete and total freedom, with no worries or concern about money? No qualms about work piling up should you choose to not work that day. That is true freedom and . . . in my opinion . . . business success.
Time is the only business asset we can never replace. Once a minute passes, no amount of money, influence, or persuasion will ever allow you to get it back. Money is replaceable. Buildings are replaceable. Employees are replaceable. Customers are replaceable.
Think about this: Who cares if you build a business that generates $10 million a year in revenue if you’re working yourself to death.
What if, on the other hand, you could create a business that produces enough income for you to live the life that you want, AND doesn’t restrict your time?
That’s exactly what I was after, and it’s exactly why I developed The Business Freedom Formula.
The Business Freedom Formula produces both income and freedom–and no, they don’t have to be mutually exclusive!
I know what you’re thinking . . . “If there is such a thing as The Business Freedom Formula, then why haven’t I heard of it before now?” That’s a great question! A large part of the answer has to do with all the traditional things that are missing from The Business Freedom Formula.
The Business Freedom Formula Does Not:
- Care about building a traditional business with 100’s of employees.
- Start with your passion or talent.
- Have money as the primary motivation.
The Business Freedom Formula Does:
- Provide an environment that produces both time and freedom.
- Start with how you want the business to serve you.
- Separate the link between time and money.
- Produce ample freedom for you–the business owner.
So what is the Business Freedom Formula?
The Business Freedom Formula boils down to five primary components:
MN + UT + AS + NP + FM = Business Freedom Formula
MN = Market Need
UT = Unmarketed Talent
AS = Automated Systems
NP = Natural Progression
FM = Fulfillment Model
When you are able to identify and combine these five ingredients, you end up with a business that produces both freedom and income.
DON’T allow the simplicity of this formula to fool you!
If you’re committed to starting or growing a business then you need to devote serious time and attention to building a business that actually supports your ideal lifestyle. The Business Freedom Formula provides you with a practical guide for putting your business on autopilot.
Over the next few posts we’ll dive into the specifics of each of the five core components of the Business Freedom Formula.
Want to learn more about the Business Freedom Formula? You can get exclusive videos and our step-by-step guide over at FreelancersFreedomFormula.com.
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