Yesterday a numerate client sent me a spreadsheet in advance of our business mentoring call today. She’s planning on starting a business alongside her day job. As yet, we don’t know what that business will be so we are exploring various possibilities. As I explained to her today, this is quite unusual for me in that most clients come to me after they have started something, or at least they have something in mind.
What a good job she did the spreadsheet! It turned out to be a spreadsheet in time because it proved that an idea we both liked very much indeed in our last call would require an ENORMOUS amount of effort for scant return. Neither of us could have seen that without the figures. We could have fallen in love with the idea very easily and wasted a lot of my client’s life on a wild goose chase.
When I opened the spreadsheet yesterday I thought “Oh dear”. I didn’t say that initially this morning, just in case my client was still in love with her idea but happily she had already reached the same conclusion, that we would be operating according to the Amazon model i.e. trading in debt for years and years and years until we reached critical mass and market domination, something neither of us thought we would do with this particular idea, sweet though it was.
So speedily we moved onto what next. My client already had another spreadsheet waiting in the wings. something she’d started but not done enough work on yet. Compared to the other idea, this one now looked very attractive indeed and this in itself was motivating my client to put some further work into it. That other spreadsheet was returning us a second favour, so soon already.
How interesting is this? Despite being a bit fan of sums myself, as is my client, it reminded me that we often fall in love with the idea before we have calculated whether or not it will work profitably. That’s not the end of the world to an entrepreneur; this week alone two clients have told me they would do the work for nothing, they love it so much.
But that’s not what they pay me for, to teach them how to work for zero return.
- Does your business make money?
- Do you know?
- Can you do a simple spreadsheet which might show you something you hadn’t seen because you are so in love with the idea itself?
- Are you working for no money?
- How happy are you for that to continue?
If you want some help in 2015 with turning your business into something you love and which loves you back, who you gonna call? Let’s Talk. My online diary is offline for the next two weeks of the Christmas holiday, but if you are hot to trot and want to start coaching immediately in the New Year, then do please email me using the Contact form and we can squeeze one in while its quiet.