When you started your business, you probably dreamed of the opportunity to be your own boss and even earn a living on your own terms. You may have had thoughts of building the business into a nest egg that you could either form the basis of your retirement or pass along to your family.
Fast forward to today and there appears to be some unexpected challenges that are both overwhelming and represent a threat to realizing your dream.
We all anticipated long hours to get the business up and running, but after 10-years you don’t really see any end in sight. You don’t feel that the business can continue to operate without your 70-90 hours a week.
In the early stages stress was like adrenaline, the highs and lows were a critical ingredient to keep you focused and executing. Now the stress just seems to be stuck in high gear and while admission may be difficult, it’s likely to have reached the counterproductive stage.
So, What Does That Mean to Us?
Over time the income from the business has grown to a level that fits well with your lifestyle. Therefore, from that perspective, you justify that the pain is worth the gain. On the other hand, you have come to realize that the value of your business, to put it mildly, is well short of the amount you need to retire.
If none of these obstacles fit your business, then congratulations! You are officially part of the 20% of business owners. However, if any of the above resonate with you, then you are, by far, not alone!
Now more than ever, is a perfect time to work “on your business”. The one thing I’ve learned after enduring several crises is to “Never Let A Crisis Go to Waste”. Instead use the crisis as a lightning rod to focus on converting your business into your dream.