Episode Transcript
Speaker 0 00:00:01 Hi guys. This is Steve from cta Profit First Accountant. So I wanna do, uh, another short video, and I want to talk about the reality of how most business owners, uh, get by, um, how they show up day-to-day, week to week, and, um, what challenges they have to deal with in, in their businesses. So, I'm gonna share this o on an email, so if you want to, um, see the visual, gimme a shout, but I'm gonna explain, uh, visually the, this sort of concept. So if you think of all the business owners out there, 100% business owners, um, first I wanna say that the most shocking statistic is only 4% get to a million pounds worth a turnover or Bev. And I'm not saying that everybody should be aiming for a million pounds of turnover, but I can almost guarantee that a good chunk of business owners had a dream or a vision that potentially they could reach a million pounds worth a turnover or, um, or more.
Speaker 0 00:00:58 So 96% of business owners never get to million pounds turnover. Um, actually 1%, if you really break it down, so think of a pyramid, a triangle, pyramid, right at the top. You've got 1% really small part 1% are super, super successful business owners. You could say these are the, the Allen sugars, the richer bransons, the people absolutely killing it. And that's not necessarily everybody's goal, but they're the top 1%. And then you've got the, you've got another 4%, which we've got an amazing business, a really successful business probably delivers in, in, um, spades in terms of their lifestyle, more than what they probably need is the next 4%. The next 15% have got a good living. So they've probably got an ideal business for them. They've got a lifestyle business. So just a recap, 1% super successful, 4% have got a absolutely amazing, um, business.
Speaker 0 00:01:49 And then 15% have got a good live-in. And what we're left with, cause that only makes up 20%. What we're left with is 60% of business owners are literally surviving, struggling to get by. And then 20% of business owners actually not really getting by. They should have gave up. They're, um, insolent, they're broke, they got no money, they're not paying themselves. They can probably earn way more if they had a drop size. 80% of business owners are either surviving or they're broke and they haven't really got a business. So I just wanted to share that cause I think it's really powerful. And I, I invest quite a lot of money in mentoring training masterminds in myself in my business. And it's, it's, it's, it's paid back in, in spades, in, in buckets. It's, I've had a great return because I've learned from other people, learned from other people's mistakes. I know what works, what doesn't work. You, you always have to adapt it to your business. But there's a lot of people that have been there. There's always someone who's got a hand out from the step above who's trying to help you, um, get to that step up. And, and don't get me wrong, a lot of the time you do have to pay people. But the problem is a lot of people think they're wasting money. They don't see the difference between a cost and investment. Investing in yourself
Speaker 1 00:02:59 To educate yourself to be a better business owner, um, is a huge, uh, investment in, in your business. Cause a lot of people are stuck in the weed day today. You know, if you are running a business, if you are a one man band and that, and you are happy, you love what you do and that's your vision, that is not a problem at all. If you are a plumber, um, if you are a, some sort of professional, whatever you do and you love what you do, that's fine. But if your vision is to be a business owner and you want a business that to some extent runs without you or, or can deliver on your lifestyle, and you are not getting that, and all you are doing is doing the busy work or the doing work or you know the de delivering the operations, doing the doing, um, then you haven't really got a business.
Speaker 1 00:03:39 Uh, like I said, if that's what you want, that's fine. If you love what you do, um, that's fine. There's some, you know, there's some for, for example, actors. Leonardo DiCaprio doesn't outsource the acting. He doesn't have a team of people to do what he does. He loves what he does and he gets paid massively for it. And there's an element of that being a one man band. But if you're looking to build a business that operates without you, um, it's its own sort of entity as a completely different ballgame. So really just wanted to share that with you. Uh, cause I was gonna start educating, um, and sharing ways that people can get serious about their business. I'm about to release my book this year, the Accidental Entrepreneur, how to Go From Bus, um, novice Business Owner to Expert Owner. And it's a journey.
Speaker 1 00:04:20 You don't get there overnight, but you need to dedicate yourself. You need to learn. And there's lots of things. There's some easy wins. There's some things you can do, um, to progress yourself and get there. And uh, number one is actually having a clear vision of what your ideal business looks like, what your ideal life looks like. And I'm gonna share more of that, um, in, in future podcast episodes. But you, you could say your vision comes down to your terms. So what, what do you want out of your business? What time are you looking to invest in your business? What energy are you looking to invest in your business? What resources in terms of people, staff, premises, equipment, what money are you looking to invest in your business? And, and what sanity are you looking to give, give away. That's really your terms. And it comes down to what you need for your lifestyle. How you're gonna fund your holidays. How many weeks off do you wanna take a year? What days in the week do you want to work? Um, do, do, what do you need your money for? You know, your, how much does your mortgage need to be? What does your dream house look like? Do you need some one-off purchases for your, your children? You know, weddings, all that sort of stuff. Um, and it all starts with your vision. So I'm gonna share more about that in future episodes. Thanks guys. Cheers.
