Create Your Dream Business Week 2!
In Week 2 of our journey together, let’s delve into the realm of Profit Clarity by pondering a fundamental question:
How do you define your ideal work environment?
Reflect on what ignites your passion, and what tasks flow effortlessly for you, to the point where they don’t even feel like work.
This introspection will guide us in uncovering your innate strengths and preferences, paving the way for crafting a business model that aligns seamlessly with your natural inclinations and talents.
Review the previous week material, click the images below.
Week 2: Profit Clarity
This week, let’s delve into the various revenue streams your dream business can harness. As you explore these streams, you’ll uncover insights: some avenues may prove more lucrative, while others might require adjustments or even abandonment. Time is our most precious resource in business, and this week, we’ll discern where to invest it for maximum profitability.
Identifying the most lucrative activities is just the start; we’ll also consider which of these activities light you up. By striking a balance between profitability and enjoyment, you’ll cultivate a business that resonates with your passions and strengths.
Remember, building a business you adore means dedicating time to tasks you genuinely enjoy. Sometimes, we find ourselves mired in busywork without realizing it.
As a side note, consider delegating tasks crucial for business sustenance if they don’t align with your strengths. How do you know which tasks? If it feels like mind numbing, time sucking, endless work, you may decide to seek help or alternatives from skilled individuals can alleviate the burden and propel your business forward.
Week 2 Tasks
1) List your profit streams:
- If you currently have a business: Choose a time frame, 3, 6, or 12 months and jot down on a sheet of paper a list of all of the ways you earned money in that time frame. If you wish, group together similar activities. Note on your paper, a description of the activity, the price point or range, how much profit was earned, and the percentage of overall profit that item brought in against all of your profitable activities. Watch the video to see examples.
- If you sell a product as part of a MLM: Choose a time frame, 3, 6, or 12 months and jot down on a sheet of paper a list of all of the activities you did that brought a profit. If you wish, group together similar activities. Note on your paper, a description of the activity, how much profit was earned, and the percentage of overall profit that item brought in against all of your profitable activities. You may also want to look at what activities converted your participants or contacts into customers. Watch the video to see examples.
2) Highlight the winners! Look at your list and put a star by the top 2 items/activities that made you the most money. Then star the top 2 that you had the most fun doing.
3) Draw some conclusions: Answer the following questions and jot down any other ideas or thoughts that come up while stepping through this exercise.
- Did you star the same item/activity for profit and enjoyment? Why or why not?
- Of the items/activities that made you the least amount of money, are they necessary? If not, why are you offering them? Is it to please a certain group of people? Maybe its because you think that is what your clients what? If so, why are they not buying?
- Are there items/activities that you someone else better suited could do for you?
- Are there items/activities that you should stop doing all together?
- Pull out that strengths list from last week to help you decide which of your strengths affect your profit. Are there any activities that you excel at doing AND that made you money? Make a quick list of those to use in Week 3.