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For a lot of entrepreneurs the driving force behind their business is the desire for freedom.
It may be financial freedom: the ability to earn the level of income you want and create the abundant lifestyle you crave.
You might simply wish to be free to do the work you love, rather than being boxed into someone else’s expectations and perceptions of what constitutes ‘work’.
It could equally be the freedom to set your own hours, work flexibly around your family, friends, hobbies, commitments, or personal goals.
You may have health issues that make it difficult for you to work in a standard 9-5 or corporate environment, or mean you need to spend a good chunk of time at doctor and hospital appointments, or activities and treatments that allow you to manage your condition.
It may very well be a combination of all these things.
The desire for freedom (in one form or another) is a common goal among business owners. And beyond our own freedom, we often want to inspire and help others to find and create a similar level of freedom in their own lives.
But how exactly are we supposed to create these freedom-based businesses that allow us to live life on our terms, by our rules, and still create the level of income and success needed to fulfill all our goals and ambitions?
It’s easier said than done, right?!
Knowing how fundamentally important freedom is to so many entrepreneurs I’ve created the ultimate guide to building a successful freedom business, which will walk you through the various aspects of entrepreneurship you can focus on to create that dream life.
To really help you nail every aspect I’ve also put together a FREE Freedom Business Workbook – download it now and work through it as you read the rest of this post…
How To Create A Successful Freedom Business
My own freedom business started as a desire to create financial freedom and abundance for my family by building a meaningful business that enabled me to work in the area I’m most passionate about. Beyond that, I wanted the ability to create that free lifestyle by helping others to do exactly the same.
There are different facets to the freedom I’ve created in my business, beginning with the practical fulfillment I gain helping clients manage their bookkeeping and improve their finances, to the deep sense of satisfaction gained as a money mentor and profit pioneer, helping others grow their own freedom businesses and maximise their profits.
Along the way I’ve learned an awful lot, as I developed my skills, grew my business, worked with so many wonderful clients, and came to know myself and my own business better.
So let’s kick this off with a few quick business freedom tips…
- Always believe in yourself and your abilities.
- Delivering value is the fastest way to ensure your audience values you! Think about your clients first – how can you bring them the most value?
- Prioritise your own self-care – a healthy business starts with a healthy business owner!
- Continually learn and improve your skills.
- Have faith that you’re capable of learning anything you need to know.
- Always use positive language – speak and write confidently, professionally, authentically, and avoid negativity.
- Be equally positive in your self-talk and the things you think or say to and about yourself.
- Don’t let mistakes and setbacks distract you from your ultimate goals – they are detours on your journey, not the end of the road!
- Find great mentors who have achieved what you are striving for and can give you practical advice and both professional and emotional support.
- Build a support system of people who are rooting for you, who believe in you, and who can encourage you at times when you are feeling deflated or insecure.
- Practice talking to people about who you are and what you do, so that when the time comes you’re completely confident in yourself, your business, your abilities, and your dream.
- Seek out new experiences on a regular basis – go to new places, try new things, meet new people. The broader your horizons become the greater sense of freedom you will achieve.
- Always do what you love, and only what you love.
Now, let’s dig into some of that a little deeper…
Dream Big And Set Goals
This is a point I make regularly but it’s worth reiterating – it’s important to know exactly what you’re aiming for, otherwise you’re driving without direction. It’s not unusual for entrepreneurs to have vague ideas about what they want to achieve, both in terms of business development and lifestyle.
When you’re nonspecific about it, reaching your goals is really tough.
If you haven’t already, check out my post on dreaming your biggest, most wonderful dream, and aligning your business plans with your ultimate goals.
Get Specific About Your Income And Profit
I’ve previously talked about the benefits of walking your wealth to help you spin your money mindset into cash. Yet this is a case of making decisions from the perspective of the life you’re trying to create, not spending money as if you’ve already achieved the level of wealth you’re aiming for.
It’s important to be very clear on the level of income you need to achieve, in order to create your vision of freedom. Be as specific as possible. Create an actionable plan that will allow you to develop your business to the point your income reaches that level.
Then, be patient. Work towards your goal, and remember to keep your spending in check until your business can genuinely afford it. This not only goes for your lifestyle and the things you want to do and buy, it also goes for your business itself. It’s very easy to get carried away and invest heavily in things you believe will get you where you want to be, and yet the fastest and most reliable method of growing your income is to reduce your expenditure and increase your profits.
Increasing your expenditure always, always reduces your profits.
Put profit first and regulate your expenditure based on the amount left over after you’ve taken the level of profit you’ve decided on.
Pay Off Your Debts
On a related note, paying down your debts is an important step in managing the financial side of a business that is truly grounded in freedom.
Debts are tethers. They hold you back, stress you out, and can prevent you from doing things that are important to you due to the need to commit resources to paying them off. More than that, there is no need for a business to carry long-term debts. Adopting the profit first approach to business can allow you create and then increase profit in your business immediately.
If you’re just starting out, your business can be profitable right from the start. If you’re currently running at a loss, there are ways of fixing that by simply switching your mindset to a profit first approach. And if you’re already profitable, but have debts, increasing your profit so you can pay off those debts, and ultimately enjoy a much higher level of income is entirely possible.
Creating a debt-free existence is liberating, so if you have any debts hanging around, work on clearing them as quickly and efficiently as possible. And when they’re gone, make sure they stay gone!
Build Powerful Platforms
This will usually begin with your website, quality content, and customer service foundations. Exactly which platform works best for your business will depend greatly on the industry and niche you’re working in, and your ideal client. Find the best platform (or platforms) for you.
Work on building a solid base for your business and attracting and nurturing a good relationship with exactly the kind of people you most want to work with. When it comes to investing in platform growth, remember to always take quality over quantity.
It’s far more beneficial to your business to cultivate and attract the right customers who are genuinely interested in you and your business. The quick-growth strategies that allow you to essentially buy followers are not good investments for your business, because while your platform appears to grow, it’s superficial growth. You have more followers, but not more leads, and the tactics used to create this quick boosts are often off-putting to your genuine followers.
Grow A Strong Network
In the same wheelhouse is the importance of growing a strong network. This may be part of your platform building – LinkedIn for example is an excellent platform for many businesses, and is inherently network-based, so effectively covers both these bases. If your platform doesn’t naturally lend itself to networking, it’s something to explore elsewhere.
You can use online networking tactics, or do it one-to-one at real-world networking opportunities.
A solid network not only consists of people who might want to hire you. It also covers other prominent and influential people in your area. It can include people in related industries, who may have need of your services, or know people who have need of your services. And it can include people who are influencers in a position to help you promote, market, and raise the profile of your business (for example, PR opportunities).
Tell Great Stories
I’m a huge believer in the power of stories in business. I’ve discussed the importance of your money story and how re-writing it can help you completely change your money mindset. But beyond that storytelling is an incredibly powerful marketing tool.
Creating a strong narrative for your freedom business is a great way to do several key things:
- Get really clear, in your own mind, about where you’ve been, where you are, where you’re heading, and why
- Raise awareness of your business and build brand recognition
- Build the know, like and trust factor between you and and your audience
- Connect with prospects on a deep level through the power of story
Developing a strong brand story and working it into your marketing materials is a great first step, but you can go so much deeper than this. Share stories in your content, your copy, your advertising, your pitches, and even in the physical appearance and delivery methods of whatever you have to offer.
Stories are compelling in marketing and help people convert. A truly amazing brand story will elevate you above your competition and help you distinguish yourself. All of this adds up to a more successful, more sustainable business.
Create Well-Paved Revenue Paths
Speaking of success and sustainability, one vital element to a truly freedom-based business are well-paved revenue paths.
Look at it this way, money finds its way to your business by various avenues. If you’re smart about your business development and are working consistently on growth and reaching your goals, these revenue paths are only going to grow.
A well-paved path makes it as easy as possible for that money to reach you, for new leads and prospects to find you.
In other words, you want to create systems and processes that allow for the physical and practical elements of money changing hands to be as smooth and easy as possible. Automate wherever you can, invest in simple but effective payment methods that are as user-friendly as possible, and work on removing any barriers that might stand in the way of people buying from you.
Build A Strong Buffer
Prioritising profit can be a big mindset shift. Clearing your debts is often equally challenging. But perhaps the biggest financial shift that comes with creating a successful business that genuinely brings you freedom is learning to embrace a buffer, and building the strongest buffer possible.
Having a strong financial buffer that’s available to cover unexpected expenses, slow periods, downturns, or emergencies is pivotal to creating true freedom. Cash flow fluctuates in any business, and the ability to ensure everything runs smoothly, even when the unexpected happens, is an incredibly powerful situation to find yourself in.
It can be difficult to achieve, however at a very basic level it is as simple as deciding to set aside some money every month in a buffer account, actually following through, and having the discipline to leave that money untouched!
Having a list of set situations, eventualities and items that can be paid for out of your buffer, and ensuring you genuinely limit your buffer to only those very few things will really help with this.
Have A Destination But Savour The Journey
The final aspect of any freedom venture to consider is that it’s not all about the destination. Yes, it’s important to have clear goals and objectives in mind, to know what you are aiming for, but it’s likely to take you a while to get there.
If you don’t enjoy the journey you’re quickly going to run out of steam!
So when you’re planning your business development, work in as many ‘pit stops’ as you can – small victories and wins along the way that will allow you to reap the rewards of your business right away.
You shouldn’t have to power through for months or years at a time, feeling overwhelmed, burnt out and exhausted, and living for the day when it all finally pays off. It can start paying off right away, in small ways at least. The more you can work mini-rewards into your business journey, the more likely you are to reach your ultimate destination.
If you haven’t already, download my FREE Freedom Business Workbook and use it to start planning all the elements covered in this post. And if you need more help or advice on setting up the financial aspects of a truly freedom-based business, book a free curiosity call with me now.