Have you been thinking about what type of business you have and or want to have? I like to oversimplify in cases like this so I will share the three categories of business: Hobby Business, Traditional Business, and Legacy Business. Please note: One of these three is not better to create and manage than another. Each of these business types is just fine if it is what you want and you have the tools and strategies to have it be successful. Let’s explore and discover which one is your reality. Remember, no judgment here, just the facts!
Are you a hobbyist who, from time to time, typically collects cash (sometimes credit cards) for offering up their gifts/products or services? This is a business which is typically not directed with developed strategies and implementing best practices- it tends to be managed much more from a position of intuition. This business appears to be “just happenstance” to the outsider and the owner of this business is content with this. (It is important to recognize that the owner is content with the volume of business and revenue- regardless of the amount.)
Are you a business owner/manager who runs a business and knows best practices and basic business principles? This is a business that tends to be a “small business” (the main definition of a small business is up to 500 employees). With 65% of businesses being small businesses, I consider this to be the backbone of industry in America. The skills and capabilities, as well as expertise, vary considerably in this group which is often times dubbed “the mom and pops businesses”. The owners of this business have a vision and share it with others, as they grow it tends to be more of a family and friends culture. These businesses often struggle with becoming profitable or sustaining profits. Why? There tends to be a very high level of expertise surrounding the offering this business has, but not a clear understanding of business itself, the best practices, business strategies and the implementation of them. Thus, there is a vision- unfortunately with minimal or mis-guided direction.
Are you a legacy creator? Creators of legacy businesses are interested AND committed to owning their marketplace for all the right reasons. These business owners can see the vision and are completed dedicated to bringing it to realization. They will continuously place themselves in situations where they meet great people who are on optimistic and on the same track as they are. They aren’t afraid to surround themselves with people who are more skilled and capable at said topic because they know that they can learn and accelerate their game by learning. Sometimes others judge the ambition level of legacy creators to come from a place of ego (I tend to disagree because if this is true, they won’t be able to build a legacy)! Think about it for a minute 🙂 This business tends to have a favorable and exciting buzz around it and everyone wants to be connected to it. Why not? After all, doesn’t everyone want to be associated with a winner? FYI: Just because an organization is a legacy business does not necessarily imply it must be a large multi-national business any longer. These days I am noticing a trend that many small businesses are seeking to become a legacy business.
1. Choosing which type of business you want determines which level of “play” is required.
2. It is important to realize that each level has different needs and required different learning and actions to be successful.
Questions for YOU
1. Which business type does your business function as?
2. Is this the type of business you vision for yourself?
3. If you have a misalignment with your vision and your actions, are you prepared to do what is necessary to take the next steps to gain alignment for yourself?
Note: If you are ready for the next steps and aren’t sure what to do reach out-helping your identify your business’s gaps and then learn how to develop successful strategies to create better deliverables is what I do best! Please call me: 262-716-7750 so we can further discuss your needs.
Blessings of Success to YOU~
The Business Rescue Coach, Maggie Mongan
Brilliant Breakthroughs, Inc.