Business Corner: Do What You Love & Love What You Do
Is your heart in your work?
Most people spend the majority of their time at work. Wouldn’t it be great to love what you do? There are people that have chosen to do what they love. The most successful business have been built with passion and love. How can you convert what you love into a successful business?
Business Foundation
Take some time to brainstorm some ideas for your business. You will want to be able to drive demand for your products and/or services. Spend some time thinking about these questions:
COMPETITION: Where can customers find similar products or services?
QUALITY: How does the quality of your products or services compare to others?
COST: What is the price of your products or services? How does it compare to others offering similar items?
The critical question is how are you different from everyone else? Why would people choose you or your business first?
Business Financial Structure
Most business owners do not completely understand their financial structure. If you do not completely understand your financial forecast, budgets/goals and actual revenue streams, you may not be able to make good decisions for your business.
REVENUE STREAMS: How many revenue streams do you have in your business? Which ones produce the most revenue?
REVENUE DISRUPTIONS: Is your business impacted by seasons, holidays, etc?
NET REVENUES: What is the cost of producing your products or services? How do you account for overhead and operation expenses?
You must be able to quantify your cost structure verses the revenue that you are receiving on a regular basis. At the start of a new business, you must be prepared to invest your time and money to start and build your business. It can take 3-5 years to have a solid foundation in your business.
Business Flexibility
You must be continuously re-evaluating your business and competition. If you are not aware of the market and your customer expectations, you will not be successful long term. The market and customer needs seem to be changing all the time. It is important to be flexible without being out of control. Make sure that you have a clear strategy that allows for flexibility.
Take the time to examine and be observant of other businesses in your market that are successful. What is their focus and strategy? You never want to copy someone else, because you will not create success through someone else’s game plan. The best strategies will align with the business focus and the customer’s expectations.
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Are your ready to be a spiritual business owner?
I provide coaching to individuals that are starting their own spiritual business and want to move into building their own business of being a healer, reader, or spiritual advisor. I coach individuals that work in the center, providing them solid direction and guidance on their businesses. Contact me directly for information on business coaching and mentoring.
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