Understand Making Money Before You Regret it. Understand Making Money Before You Regret it-The average millionaire or comfortably wealthy person works for himself or owns a business. This is a law that is hard to follow. Most people think a business … Continue reading →
In the entrepreneur community,scale, is a very popular word. It can mean several different things but in this case, it means growth. If you are able to take your passion and turn it into a business, that’s a wonderful thing and should be applauded. If you can take that same business and successfully scale it, that should be commended. While it may seem like an unnecessary factor to consider, there are many businesses that make income but can’t handle explosive or consistent growth. Some businesses are created to be and remain small. There’s absolutely nothing wrong with keeping your work load small and easy to manage but if you want to turn your passion into a viable business that supports and sustains you, you have to scale it for grow.
Scale your passion for growth.
Plan to scale your business.
For example, if your passion is writing short stories, you can make money by writing short stories for other people. If it takes you three days to write and edit a complete story and you work on your stories Monday-Friday from 9am-4pm, you would only be able to churn out about 1.5 stories a week you have to find a way to scale this project. If somehow the word got out and 5 people asked you to write a story a piece and they were all due in one week, you’d end up working a lot of overtime or have to turn away potential clients. This business model is not built to scale.
Do not be limited when you want to scale your work.
You are limited to the number of stories you can produce and if you want to get more clients, you’d have to adjust your hours, write stories faster or hire other writers. It can be hard to make those kinds of changes once you’ve started working. But if you go into it knowing that those things will have to happen, you are more apt to be prepared when the scale time comes. One reason why many new businesses fail in the first three years of existence is that they’re not built to properly handle growth. Yes, a lot of customers is a good problem to have but only if you can take advantage of the opportunity and scale the new business. There are definitely some other processes that can be put in place to help with scalability like automating or outsourcing some of your business tasks. But with any process, it takes time and preparation to really benefit from them. When you are creating a business, it’s ultimately up to you as the owner to consider your long term goals and what needs to happen to successfully grow your and scale your business. This is best done early on. Once you have identified the practical skills behind your passion pursuit, you can consider having it make money for you. The really cool thing about any kind of specialized interest is that there are other people out there who share that interest. When your interest is really unique, it can be a very niche market but those people are also often very involved in their unique interests. But even if your passion is in a more general arena, there are ways to scale and make money from it.
How to find your right training product for a successful seminar. The first step in this business is to find the hot training subject. This is not too difficult.It does take some research and observation,however. First,you must develop categories for … Continue reading →