The Two Sides of a Successful Small Business
We often encourage business owners to mentally step outside their business. You may find it helpful to look at your business through the lens of another industry.
For example, what if you thought of your business like the real estate business? Real estate has traditionally been one of the greatest creators of wealth.
Of course, there are many ways to make your money in real estate. We’ll use real estate development as our model because it’s the best analogy for start-up entrepreneurs and existing small business owners.
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Development and management
The two sides of the business are development and property management.
The development side is about locating the property, preparing it for construction and actually building it.
The management side is about leasing the property and maintaining it.
Both sides are essential
It doesn’t do you any good to develop a site if you can’t find any tenants. Of course, without the building, you don’t have anything to show the tenants so it’s a moot point.
Wealth and income, today and tomorrow
Development creates wealth in the future.
Management creates income today.
The problem we see with so many small business owners is that they’re stuck on today. Management consumes all their time. They don’t do anything to create wealth tomorrow.
It’s hard to do. We’ve walked a thousand miles in those shows.
We’ve learned that you have to work presently in the future. You have to spend a certain amount of time as a developer. Otherwise, your business will stagnate.
Develop the habit of spending some time today on tomorrow:
- Start small – maybe 15 minutes a day just thinking.
- At some point, you’ll find a project – a new market to pursue, a new product or service to create, a new business to start or buy. You may need to find a little more time each day to develop it. That’s okay – you’ll know you’re setting yourself up for more income tomorrow.
- Of course, don’t forget to keep your current customers happy. You’ll count on this income to help you keep building your business.
It’s the yin and yang of entrepreneuring. Doing two things at once leads to BIGG success!
Would you like some help developing the next phase of your business? E-mail us at email@example.com or leave a voice message at 877.988.2444.
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Image in this post from Noir