Did you read that headline and panic? Don’t worry, you’re not alone. We’re not here to tell you that if you’ve only successfully set up one business, you’ve an underachiever. Not at all. But the reality is, that once you’ve set up one business, there’s actually three that you should be thinking about.
We’ve recently spoken to two different entrepreneurs who are well into their seventies now and are still having to slave away without rest. They complain that their industry is getting attacked. They’re getting online sales, people much better at online marketing and they’re falling further and further behind. Why not just retire? They don’t have enough money. Their super isn’t enough to live on and they don’t have any assets set up for them to grow. We don’t want that for you, but we see it far too often. Entrepreneurs that work really hard and are super passionate about what they’re doing, but they just don’t look after themselves right. This is why we’re adamant that growing entrepreneurs need to have three businesses. Let us explain.
There’s your main business. This is the obvious one people know you for. The one you’re working on right now. This is what you want to focus on scaling (not just growing).
The second business you want to be focusing on is the future business. What new trends are coming? Who’s our ideal client and how can we fall in love with them even more? You need to know this so you can create the products that they’ll continue to want as times are changing quickly! Then the third business is what we call the asset business. This is the business you’re redirecting the cash from your main business into. Investing in assets that will support you in the future so you can maintain your lifestyle. Once you’ve got all of these, that’s when you can be a profitable and scaling entrepreneur.
So our question for you today is really simple. Where is your focus right now? How are you splitting your time, energy and resources to make sure you’re covering all three of those bases? If you had to give yourself a percentage score on each of these, how does that balance out? We’re not saying it needs to be all equal all the time, but if you start to neglect any of these, you run the risk of ending up like those entrepreneurs we met, retirement age but still a slave to the grind.
Stay tuned for part 2 coming up that will focus on the interactions between these three businesses and how to balance your time/energy between them all!
If you’re craving more content in the meantime, follow the link below to get a FREE copy of “Bullet Proof Business” by Abundance Global’s founder, David Dugan, for more expert insight into how to maximise and accelerate all of your businesses!
Download it here: http://bit.ly/bulletproof-business