Have you ever had those days where you wonder "why did I start my business?"
If you have...you are not alone.
Maybe you started your business because you...
- Wanted to fix something that is broken
- Seized an opportunity to make a ton of money
- Fell into it
- Were ready to have lots of fun
- Were unemployed
- Desired to create a life around your passion
Maybe, if you are lucky, you started your business to make a difference in the world.
When I first left behind a nice salary in the corporate consulting world to start my business to help women entrepreneurs (my why), I was thrilled about the work...but quickly found out that replacing my income was not as simple as I thought. It was not without a lot of hard work and costly lessons learned that I was able to replace the income. Now, my business helps women not take near as long as it took me to make serious money in their business so they can do more of what they love. My motivation on the end goal and changing lives keeps me fueled to do more impactful work in the world.
No matter why you started your business, chances are the journey has been different than you first envisioned, and that's okay! The journey is different for everyone
BUT what really motivates you to make more money?
It's time you have a very definitive answer. (If you want a definitive answer, then keep reading.)
Here's a hint...the answer to what really motivates you, that question should always come back to "your why.")
What is your why? It's your purpose. It's the reason you are on this planet. It allows you to use your unique gifts to create a profitable business so that you can give back in a bigger way.
Knowing and embracing your "why" is the most important thing you should know about your business. It drives your business decisions.
Your "why" can be best defined by answering questions like:
- What do I want my legacy to be?
- If money were not an issue, what would I do with my free time?
- What gets me out of bed every single morning?
- Why am I willing to work while others are sleeping?
- What difference do I want to make in the world?
- Who are the people that need me the most?
The secret is to layer your "why" into your business to take everything to a whole new level.
We have all heard of the typical business disciplines. Marketing, Financial, Sales, Communication, Technology...and on and on.
I am not discounting these foundation business elements. They are critical to your business success.
But one strategy that too many business owners overlook is their Giveback Strategy. This is the strategy that is rooted in your "why."
The result of your Giveback Strategy can be made up of a monetary donation or a combination of your money and your time...depending on what lights you up the most.
Examples may be:
- Empowering women by donating 10% of your profits to a local women's shelter
- Volunteering 4 hours a week to walk rescued dogs
- Funding an educational scholarship
- Purchasing the equipment for 3 new water wells and traveling to Africa to help build them
- Coordinating an annual mission trip for your church and paying the expenses for 7 other people to participate
- ....and more
The common thread is that it takes money to help fund your "why."
When you look at super-successful entrepreneurs (and by "super-successful" let's assume they have made millions or even billions of dollars), the common thread is that they stand for a cause or two.
Why not build in your Giveback Strategy now rather than later so you can enjoy the fruits of your labor sooner?
In the past, I always assumed that business was only about making money no matter what the cost. Now, I witness many business owners donating millions of dollars and their precious time to make a difference.
Making money in your business becomes more essential when you are fueled by your passion to make a difference in the world.
No matter where you are in your business, build in your Giveback Strategy now. It will motivate you to make more money so you can give more away to causes bigger than you or your business.
So when you find yourself questioning "why did I start my business in the first place," you'll have your answer.
At the end of the day, we all want our work to matter. It will matter when you incorporate and execute your Giveback Strategy.
Pick the cause you want to get behind...and go make it happen.