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What Happened to the Money and Freedom?

What Happened to the Money and Freedom?

Ask anyone trapped in a cubical about their entrepreneurial dream and they will tell you, "I want to own my own business. I'll make more and have more time."

Only 2% of small business owners (SBOs) live that dream. The other 98% find their businesses owning them. They work more hours and have less money. They experience more stress, and feel even more trapped.

What happened to the dream? What happened to the money? What happened to the freedom?

First, the average SBO has no idea how to make money. No clue. They THINK they do. They believe the crowds will fight their way to the door of their business, but it rarely happens.

Success, however, is not an accident. It's no more an accident than getting a college degree or a recording contract.

Here's the "secret" to making money in business?

1) Providing a service or product the market can't live without. 2) Locating "lost" money in the business. 3) Protecting the business from financial vampires.

Second, once they start the business SBOs become control freaks and fear that relinquishing one minute will spell disaster. They equate time with results when they are actually independent factors. At times a thirty-second decision could produce millions.

It's not the time that counts, but relevant action. It's better to work one relevant hour than ten irrelevant ones. Most SBOs never learn this. They worry about being at the office too much, or not enough. They worry about "not being there" for every tiny decision.

Third, the typical SBO would rather whine than work.

"I tried to call some vendors, but I couldn't get through."

"I put in 60 hours, what is it going to take?"

"If I had better help this business would turn around."

There's no doubt that small business owners across the planet are putting in a lot of hours, but are they engaging in high profit activity?

How can SBOs gain the money and freedom they dream about?

1. Do only the essentials. Train the staff to do the rest. 2. Focus on proven profit centers. Stop experimenting. 3. Work without whining. Don't make excuses, make money.

Paul Evans is the managing partner of http://www.embattled.net. Embattled helps small business owners make more money and find more time to do what they enjoy.

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What Happened to the Money and Freedom?

Small Business