Be Patient with Time

One of the most common talking points or questions I am asked is around timing in my business. How long will it take to get to where I want to be? How long did it take before you started paying yourself, employing staff, making a profit, etc.? One of the things that I have learnt through experience and often exhaustion and frustration is that I’m not that in control of time, and the more I try and implement a deadline for it, the more challenged or pressured I feel. In the last twelve months, I have examined this more closely, and I finally feel like I am becoming more comfortable with, is time.
Here are three things I have learnt, I hope it helps you too.

1. Building a profitable business will probably take longer than you thought. I recently met a lovely lady who was on long service leave from her full-time work in science and research. She was passionate about building a business and has started a wonderful health coaching practice. She was incredibly knowledgeable and professional and is offering some great services. This courageous woman explained to me that she had taken eight-month long service leave to start her business and replace her corporate salary. An admirable goal. What she was discovering, however, was that it wasn’t happening they way she thought. While she was gaining momentum and customers were starting to come through her doors, it is in no way enough to replace her corporate salary. My personal belief is that it is on average five years before you start to see a significant flow of business and predictable cash flow.

2. If possible reduce your pressure. I know this seems easy to say, and I’m conscious that in reality you have a mortgage, or you may be a sole income provider, and there is pressure to earn and make sure you can make your commitments. Having said that, if you can reduce your expectations, set goals and belong to a network, mentoring or mastermind group to discuss a plan and get support, with your financial goals, this will go a long way to making sure that you can see where you are headed and what is required. Many women I meet have often had a partner who can help contribute and that relieves the pressure a little. Planning for possible lack of funds with part-time work or a contingency plan at the beginning will assist in reducing stress.

3. Don’t give up. You are not just building a transactional business. You are building relationships and trust between yourself and your customers. This does not happen overnight. In fact, right now in this exhilarating time of the digital age, more people than ever are venturing into their own business or developing an idea. It makes for a boisterous environment. It can 12-15 times of seeing something consistently before you even engage a new client. Many Many business owners with great ideas or services, give up just before their business has taken off. Seth Godin sums this up magnificently in his book The Dip. Godin explains that truly successful individuals and organisations are ones who are not afraid to quit, and who know what to quit and when to quit it.

Lastly and possibly a fourth point in this post is reaching out. Be real with people and ask for help and advice.
Andy x