Pros (and Cons) of Keeping a Small Business Small

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– Right now, you're watching
an important BWB episode that's gonna give you, basically, Q&A. I'm gonna show you insights,
my thoughts and everything. I want you to first, though,
before you watch the video, I want you to comment below,
let me know what questions, insights that you have
as you're watching it. Comment below on the answers to this question that you're about to see, and also any questions that you have you want to see on future BWB episodes. I'm watching all the specific
comments that you have. I'm gonna comment, I'm gonna read and go
through that as well. Thanks for watching. – [Audience Member] What if I want to keep my small business small? Is that okay? – Keeping a small business
small, there's a lot of colleagues that I have,
friends, there's nothing wrong with building a lifestyle
business, in a nutshell.

I think if you're doing,
like there's a lot of people who do six figures, a million dollars, and then if you basically
do like 70, 80 grand a month in lifestyle business, where
you focus on just building it, you keep it small, that's fine, as long as it fits your lifestyle. It depends on what is the
most important to you, what gives you fulfillment.

What are your goals? What are you willing to trade
in exchange for that success? I think that's a very important question. What are you willing to trade
in exchange for that success? I think, for me, for example, when I started out, if you know my story, my whole goal was to support my parents. It was not to build the
biggest building in town. It was not to build a 100 million
to billion dollar company. That's my focus now, but when I started it was
just to support my parents. If I did six figures and I was able to retire
my mom and my dad, that's great, which I have
achieved and I'm very fortunate and blessed to have been able to do that. But that's my goal then, and
as you build your business, and as you get older, your
priorities and your goals and your dreams or whatever
you want to call it shifts.

And so I think that if it's
the same for you, if right now, you can only see yourself doing
$100K a year, $500K a year, a million a year, that's fine. And if you're wanting to keep the business small, that's great. Just make sure that you stay
relevant in your industry and with your target audience. One of the things I always
talk about is if you've got a thousand, 10 thousand target audience, raving customers and clients that you have that just buy your product or service, depending on price point,
then that's awesome. Just make sure you stay relevant to them in the changing, competitive landscape. For example, if right now you
wanted to start a business, a small business, you wanna keep it small, in the video tape cassette business, you could build a six
figure business from it. There are people that still
collect these types of items. But if you want to build a hundred million or
billion dollar company, I would really question the idea of going from video tapes,
from cassette tapes.

pexels photo 3194518

But if, let's say, you
were trying to provide cryptocurrency or
bitcoin 25, 30 years ago, and then the timing just doesn't match up, then is the target audience
that you're going for, are they really gonna be invested in that, is it something that's growing as people get more familiar with it. So you want to make sure that it aligns with your personal goals. Understand that things are gonna change. Right now, if you wanna build
six to seven figure business, you can do it. It's actually very, very simple. The second question is What are you willing to
trade in exchange for that? If you wanna get bigger, if you wanna build $10
million, $100 million company, like from my experience, I'm
on the journey right now, but the people I've talked
to, my colleagues and friends and what not that have
built these companies, sold it or retained these businesses, they had to trade a lot.

They had to work a lot, they had to sacrifice the relationships, they had to sacrifice the time, they traded 10, 15 years
of their life to do that, and again, that's just if they
were able to be successful, because all you're doing here
is increasing the probability of success but decreasing
the probability of failure. That's another key principle that I want you to understand,
too, is the probability. So, in a nutshell, I think, really focus on what is it
that you want right now. Understand its gonna change
five to 10 years from now. Once you focus on developing that, then you can be able
to go further with it, and if you wanna keep your business small lifestyle business, get married, have kids, spend time with your kids and what not, then that's great.

Focus on doing that. There's no reason that you wanna build $10 million, $100 million business, unless you're willing to
make that trade in your life..

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