A series of Business Tips from the book:
Create, Automate, Accelerate: A Radical New Blueprint To Building A Business (And Life) That’s Exciting, Has Purpose And Gives You The Freedom You Want
by Leon Jay
Passion and purpose are what give people the perseverance to overcome the pain of practice until their goal is achieved… having purpose creates motivation.
— Leon Jay
Leon Jay’s book was recommended by my husband as one of the newest books on entrepreneurship — just published last month!
According to Leon, there are five major questions that should be considered the foundation of a successful entrepreneur:
• Purpose: What is the purpose my business will fulfill?
• Passion: What is my personal passion and skill?
• People: Who else do I need on my team to achieve primary purpose?
• Place: Where is the best place for my business to be located?
• Profit: How will the business make money?
The first question centers around purpose: What is the purpose behind your business? What motivated you? Can you define it?
… your role in your business is the part you need to be most passionate about. The niche you are in should already be defined by your purpose.
— Leon Jay
Passion is defined as a “positive intensive feeling that you experience for something that is profoundly meaningful for you.”
Passion is the force that drove you to start your hobby turn business in the first place. If you have a strong purpose, you mostly like have a strong passion! And if you have a strong passion, you spread that passion to those around you whether they are employees, partners, or buyers/customers.
The sweet spot is when you can find the connecting point between your skill, passion and monetization as shown in the diagram from Leon’s book below:
If you have skill and passion for something, you have the capacity to become truly great and successful at it.
If we are to be successful in fulfilling our purpose, we will need a wide range of skills to be covered…. Out next priority is to find the right people to build a winning team.
— Leon Jay
Since we are not good at everything involved in running a business, we need to build a team!
In my case, I enjoy selling but don’t really have the passion to create products — which is why I love being a sales rep.
I also enjoy building, maintaining and marketing a web presence, which is a perfect combination to do business with drop-shippers (I have several drop ship websites!).
What about you? If you don’t like selling, hire a sales rep. Or if you hate bookkeeping, hire an accountant/bookkeeper.
And find people who have a passion to do the tasks that you do not like. Believe it or not, these folks will do a better job than you and will be happy to do it for you!
… where you choose to establish your business, no matter if it is online or offline, could make or break it.
— Leon Jay
Many producers and professional crafters start their business in their home. There are many advantages to having a home-based business: You create your hours around your family; your resources are right with you 24 hours a day, 7 days a week; and the tax advantages are numerous.
But sometimes, being at home all the time can have it disadvantages: People know you are at home and are calling or visiting with you — disturbing your work time. Or you seem to get distracted too easily because the TV, Facebook, the refrigerator is all right there!!
Most of the years my husband and I ran our businesses, we have done it from home. We can be workaholics, so having all our resources right here — whether it be 10:00 at night (when my husband prefers to work) or 4:00 in the morning when I can’t sleep — we work at our own hours and at our own pace.
For a few years, we had an office downtown. We rented a space mostly because we could not access high speed internet from our rural home, and because we were shipping so much, it was handy being within walking distance of the post office.
Whatever works the best for you — home based office or separate office downtown — is also the best for you business
Just because we consider profit last on our priority list, it is important to emphasize it is still a priority … Many companies now use an expanded approach to monetization. They will use a combination of (products) to increase their revenue.
— Leon Jay
The last P on Leon’s list if profit. But profit also goes hand in hand with products (what he calls the ‘Bonus P’).
I love his suggestion of using a combination of products to increase revenues. Many small producers will sell widget A and B, detailed videos on how to make or use widget A or B and maybe a special course of membership group about widget A or B.
In our case, we started out as sales reps selling Idaho-made products. We expanded our business to retailing Idaho-made products (online and with holiday/seasonal kiosks). Then we produced our own Idaho-made products. And, last but not least, we developed two different labels, Idaho Redneck and Gold Mountain, to sell our products.
Of course, now I sell teaching aids to build a business selling products.
Hopefully, this has this sparked some ideas to help generate more revenue for your business.