Gut Check: Are You Building an Income or an Enterprise?
Let’s face it, if you’re killing yourself just to create an income, you’re working twice as hard as others who work a 9-5.
If you’re asking yourself, “What is Andrew talking about?” let’s dive into it.
An income is nothing more than money received in exchange for the work you do. An enterprise, on the other hand, is an organized body of people with a cohesive drive to deliver value by engaging in commerce.
Keep in mind, that I come from a general contracting background and work with service industry pros to elevate our industry, so if you’re a service pro this info is right in your lane! Not in the service industry? No problem, this will help shift the perception of sales pros and other industry entrepreneurs as well.
I took the plunge into entrepreneurship to make a difference.
A difference for myself, my family and the world around me. It’s easy to slide into a task-oriented mentality, exchanging your time for dollars, which will only leave you feeling overworked and underpaid. I can promise you this, taking on the risk of a business owner or commissioned salesperson is not worth it if you are not building an income-producing asset on some level.
What you do is challenging. It brings plenty of seemingly impossible moments, but you can stay the course if you can affix your brain to the prize of building something that will prove valuable at the end of the road. You get where I’m going with this?
Income equals the immediate return on your labor, Enterprise equals long-term return of your vision + investments.
An enterprise pays out long after you can directly produce.
If you could invest in the now and the future wouldn’t you?
If you’re putting yourself through the challenges of working as an entrepreneur all in the name of a J.O.B…ABORT MISSION NOW or step outside your box and let’s get to work on your perception. Here’s the best part: You do NOT have to own your own business to build your internal enterprise. I’ll explain in a moment.
For my fellow business owners out there, I’m going to breakdown three simple ways you can begin your shift from a glorified manager to an Enterprise Owning Visionary. Before you start, ask yourself and answer honestly, “Could my business continue to grow if I had to step out for 90 days?” Once you’ve rolled this one over, let’s get on it:
- Make a plan. Keep it simple and clearly, illustrate that plan today and forever to your entire team.
- Automate your estimating and sales process based on YOUR numbers (think field production rates.)
- Deploy a scheduling-to-invoice process that cuts out manual administrative work.
The steps above will chart a course, but your ship is dead in the water if you’re not willing to get real about your current status as an owner.
If you’re a high-producing sales savage, congratulations! Your path toward creating an income-producing asset is straightforward. The sales you make yield “direct commissions” already, but how are you going to capitalize on your years of experience, values and investment when you can no longer produce at your current levels?
- If you’re a high-value asset to your company, start asking about opportunities to build your own sales team. If there is no path toward building residuals for today and the future, either bring enough value to your employer that they provide one, or start looking elsewhere.
- Keep producing at high levels while investing in your sales training abilities.
- When the time is right, bring on other sales professionals to your organization from which you will collect residual commissions.
More times than not, a person’s success or failure is only a result of the way they perceive their situation.
Is your current situation the only situation or only your perception of it?
The professional service industry can be one of the most challenging but rewarding professions anyone can be involved in. Service companies have a greater chance of directly affecting people than most other fields. That being said, no matter your industry, you have to feel accomplished in what you are doing to deliver positive change to the world. You won’t feel the glory of big accomplishment until the stress of building income changes to the joy of building an enterprise.
Use these realities to chart an accelerated path to success.
If you’re a service industry pro and are looking to take your business to the Next Level, You need to check out the video below to learn more about the systems I’ve used to build multimillion dollar service companies that are crushing it today!
Video credit: YouTube/Next Level Service Industry Pro