The goal for any business, well at least for for-profit business, is to gain profit in order to grow and deliver more service to its customers/clients. There are a few businesses that have a model to break even and are fine with that. In this discussion I want to talk about businesses who are looking to grow and expand in the marketplace. In order to do that, businesses must gain a profit. In today’s up and coming entrepreneurs, a question of how fast businesses are profitable often arise.
There is a saying that it takes 15 years to make it overnight. This is because many times it takes companies years before they ever take off and make a huge appearance. A lot of that ’15 year’ period are companies working out kinks, growing their company, and gaining a customer base. Bigger companies are usually living off of investors money. Smaller companies are growing their companies on the side. Either way, making a profit often takes years to accomplish. When getting your business started, you should expect it taking awhile before it is completely self-supporting. I share this because I don’t want anyone to be discouraged that they are not fully self-supporting yet. It is a common occurrence for small businesses to need outside financial support to stay going.
In the music industry, most artists are working other jobs to support their music. They need to keep lights on, families fed, and keep a roof over their heads. If a person thinks they can just jump into a small business full time and accomplish these things, they probably haven’t talked to many other small business owners. Getting started is often a rough phase in a companies life. Very few start off at an accelerated rate or even self-sufficent. Many times CEOs are the last ones to get paid in bigger businesses because they have to employ others to do a lot of the ground work. There are stories of CEOs hiring 25 employees while they are barely scraping by. Again, this is not uncommon. It is just a warning for anyone who wonders how soon they will be able to make a profit in their business.
Just keep grinding and working unto the Lord.
Thanks for reading this weeks Business with Bordeaux blog. For all of my blog post and podcasts episodes, you can visit me at businesswithbordeaux.com.
Thanks and God Bless