Without a clear picture of where you want to go, you may actually pass the point where enough is enough. You may also never reach your personal best if you never decide what “best” actually means to you. When you first start out in business, it may be difficult to see beyond getting to profitability, as a goal point to reach. Once you get there, it may be very tough to take a look at where you want to end up, because you’ve developed a habit of focusing on the job at hand. That can be a trap and a threat to your future – if the market changes, you may be stuck doing business in a way that prevents you from adapting to the changes from outside.
A bit of planning at the beginning will allow you to measure your future growth and success in a meaningful way. Since most businesses have a beginning, middle and end, it will be much easier for you to end your business at the right time, rather than too late, for too little return. Markets and demands change quickly in the Internet Marketing community, which means you need to be sensitive to those trends, and tough enough to weather the obstacles and challenges that will inevitably arise. A solid plan that accounts for your entire vision of the business, present and future, will help you stay on course.
It may seem impractical to decide, in advance, how big you want to grow, when you have little idea how big is big enough. That’s where a careful examination of other businesses can help you begin to “rough out” a plan that sets these goal points. Researching other businesses and learning which ones built the best model in advance will help you decide. Keep in mind, a business plan is a living thing, not a static “snapshot” or something carved in stone. Regular, periodic revisions of your plan will help you refine your vision and show you how far along you are on your path to your goals.
Many businesses are not “scalable” – they have an upper limit to what they can earn and accomplish because of the way they operate. If it’s your goal to build an empire of Virtual Real Estate in Internet Marketing, make sure you select a model of building businesses that becomes fully automated after the initial startup is completed. Removing all the bottlenecks, including yourself, from the equation is vital. Unlimited growth is only possible when you can walk away from any one stream of revenue and have it continue on its own.
If your main purpose in starting a business is to get a reward other than increasing profits, don’t let yourself be seduced into scaling up your operation beyond your target income. Find ways to invest your time and energy into the part of your business that means the most to you. Normally, a business is meant to make a profit and grow according to a plan. If your business is essentially not-for-profit, don’t stray from your vision. Increasing your income, at the expense of sacrificing your main goals, will ultimately doom your business to failure. Go start another one if you need more money – or go get a job!
For many people, retirement is not an option. They plan on working every day of their lives. By fashioning a business that will allow them to work as they wish, when they wish, they create their own destiny. Your mission, should you decide to accept it, is to envision your future, create a plan to achieve it and do the work necessary to implement your plan.
Jo Han Mok is the author of the #1 international business bestseller, The E-Code.
He shares his amazing blueprint for creating million dollar internet businesses
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