Why you’ll never be a millionaire from your creative business. Ouch!
That headline makes me feel uncomfortable. But here’s the thing – it could well be true for you. Makes you think doesn’t it?
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Right now, whatever your small business sells, whether it’s handmade products you individually craft, or services that you provide (like coaching or holistic therapies), your business is probably based on exchanging your time for money. It’s sad because that is very much like employment in some ways. You go to work and in return you get a salary.
The difference is that you don’t get sick pay.
You don’t get holiday pay.
You have to work your ass off to get paid.
Am I right?
But you didn’t start your business to work like that did you?
Yes there are perks to working for yourself – there’s no denying that! But it isn’t all sunshine and roses when it comes to making consistent income…
And you and I both know that it isn’t physically possible for you to sell more than so many time-slots in one day or to create more of your designs than you’re currently producing – there are still only 24 hours in the day.
I’d like to know; if you were creating and selling your most expensive product, consistently, (by working your butt off for eight hours a day, five days a week) – how much would you earn? Work it out. I’ll wait.
Not as much as you thought? Why, because your income is capped. It hits and ceiling because there are only so many hours in the day.
Next question; how does your business earn money when you’re on holiday? Do you even go on holiday because you lose money during the time you’re away? Do you work when you’re ill because if you don’t, you don’t get paid? When was the last time you took a break?
My point should have hit home by now. And, just so you know, this isn’t all about the money. It’s about what the money offers you – a lifestyle choice that brings joy and fulfilment to you, your family and your life. That’s the most important part.
How do you think those making huge amounts of revenue in their business are actually doing it? I promise you, they have not got a time machine to create more hours in the day and they don’t have some magic tonic that makes them work at a thousand miles an hour!
So why am I babbling about capped income, holiday pay, sick leave and rich people?
Because it’s important to understand WHY you should add passive income into your business. Because it is possible to diversify where the income in your business actually comes from. The more income streams you have, the higher your turnover, the more customers you can reach and the better your life balance is!
Did you know that millionaires usually have seven or more passive income streams? That’s what keeps them rolling in the chedda ? And you can have that too.
When you stop believing that you need to exchange time for money, or at least some of the time, you can begin to generate revenue from assets that manage themselves. This is called passive income, and it’s one of the best ways to get more cash into your existing business.
It doesn’t have to be difficult or complicated. It’s just about applying your creative imagination from a new angle. How does that sound?
It doesn’t matter what you do, whether it’s life or )business – success is not a secret, it’s a system. It’s a series of strategically designed steps that take you from desire to goal – over and over again. And when it comes to business, it really doesn’t matter what you’re selling, as long as you have a well-considered strategy and plan, you’ll make it.
Shout out in the comments and let me know the answers to the questions I asked earlier! Is your top line really enough? *cue Loren Allred*
