Fun Business Fun Money Podcast
EP 037 – Back to Business Basics: A simple reality check
We all have big dreams and goals, but we also need an occasional reality check when it comes to bringing them to life.
Some of those dreams and goals are exciting and fun, they can make you money… but they’re not sustainable for the long term.
In this coaching episode we take a look at a simple business reality check that will save you time, energy and money on things that really aren’t viable.
Hey there, and welcome back to the Fun Business Fun Money podcast!
I was listening to a business podcast recently, as you do! I’m always finding inspiration and little nuggets of awesome that I can bring into my own business or share with others who need that exact info. And I love that most of that happens while I’m out walking, or driving, or making dinner.
It was my first listen of this particular podcast, I’d found it through an interview the host did on ANOTHER podcast – yes I’m that person that follows the breadcrumbs to the source lol!
Its turned out to be a really good show… BUT I almost didn’t make it past the first couple of minutes. I mean, it literally took to the SIX MINUTE MARK before they got into the promised topic of the day! There were ads, promos and repeated teasers about the actual topic.
I know I’m guilty of it myself, I’m down for a bit of chit chat because we’re human, although I know its never taken me SIX MINUTES to get started! But its a marketing format that is very common, and I’m over it! So that being said, lets crack on with today’s coaching episode, shall we?
Today we’re continuing a theme from last week that I’ve decided is going to be a regular feature for at least the next wee while, and I’m calling it “Back to Business Basics”.
As I’ve already mentioned, theres a LOT of fluff, jargon, marketing techniques, tripwires, funnels and talk about the latest AI out there in the online space, and its super easy to get distracted by it all. Oh you need THIS, no THAT, are you doing this new thing yet? Better get onto it or you’ll miss the boat!
Whatevs! I have no issue with being left on the dock while everyone else heads out on that boat, bobs around on the rough water, feeling sick and unsteady as they’re trying to figure out how these things actually apply to their business.
What I’ve got for you today is a REALITY CHECK for your business.
A reality check is exactly what you think it is – when I’m working with clients its super easy to get excited about something, especially if its going to make them a lot of money!
But thats not the only important factor.
There are 3 elements to the reality check, which I’ve touched on in previous episodes about Start Stop Continue, and whether something is fun, adds value and makes you money, but this is something that deserves its own focus, hence an entire episode dedicated to the reality check!
The 3 elements in the business reality check are fun, profitability and sustainability.
All 3 parts intersect, so if you’ve got a piece of paper and a pen handy you can draw this out. If you don’t, if you’re driving right now, don’t go drawing anything!
I don’t want to be mentioned in an accident report “I was listening to Deirdre Amies on the Fun Business Fun Money podcast and she said to draw this thing so I did – but I was still driving because she didn’t tell me to pull over.” So feel free to pull over and draw, otherwise just picture it in your mind, ok??
Draw 3 circles in a triangle formation that all intersect with each other, yes its a Venn diagram if you’re familiar with that. Basically its one circle at the top of a triangle, with two more circles in the lower part of the triangle. And each of the lines of the circle cross over to link the three circles together.
That very centre part where all 3 circles intersect, thats your business. Or your offer. Or the thing you’re working on.
In or beside the top circle I want you to write FUN. Because that should be top of mind in everything you do. Is this thing fun, enjoyable, does it make me happy?
The cliche thing of ‘follow your passion’ is absolutely applicable here – whatever you do, it should feel awesome and fun and enjoyable and like you could do it all the time for the rest of your life. I don’t expect you to commit to this one thing for the rest of your life like you’re marrying it, but you get the picture!
In or beside one of the lower circles I want you to write PROFITABLE. Because of course money should come into it, if you’re in business and saying “Its not about the money” we need to have a serious talk! Thats a hobby and its not going to pay your bills or keep a roof over your head.
The money you make matters.
And that money is made up of the wages you pay yourself (which is a whole other topic to go into another day!) and the profit your business makes.
Revenue is a common metric, but if you’re not paying yourself a living wage and turning a profit, you’re not going to reach your financial or time freedom goals because you’ll be working 24/7.
In the other remaining circle I want you to write SUSTAINABLE. Which of course ties in with the time freedom goals, because who REALLY signs up for burn out and stress and working 24/7?? Not me, and I’d like to think thats not you either!
So what you should have is 3 circles that intersect with each other, a nice Venn diagram, with fun, profitable and sustainable.
These are the 3 elements to the business reality check that every single business owner should be considering.
Its not often I’ll tell you you ‘should’ be doing something, but this is one of those occasions.
Thats because its easy to focus on one or two of those elements, like fun and profitable, and ignore the sustainable part. Or focus on something that’s sustainable and profitable, but you push the fun to the side.
Lets run through some examples of how this shows up in business.
You’ve got a talent for something that is very specialised, very few people are doing this thing. Its got longevity written all over it because it’ll take others a lot of time and energy to get up to your level, and because you’re the known expert in this field, you can make a LOT of money from it.
But the work itself is draining, you’re bored by it and you don’t really enjoy the type of clients who come to you for this – which is a whole other level of awkward!
That isn’t fun AT ALL. If you’re not enjoying something you’re going to start looking for any other task you can do before getting to that one, even though its highly profitable. Organising your paperwork, cleaning the kitchen, anything to avoid this thing!
Money is NOT a great motivator, and neither is the wants and needs of others. Just because you can, doesn’t mean you should.
If you’re not enjoying something you’re on the fast track to burn out.
Similarly, if you’re doing something you absolutely love, you feel like you could do this thing forever and people happily pay you money all day long for it, that sounds like a perfect scenario, right?
But is it sustainable? How long can you maintain the same high quality experience for your clients and customers, especially if you scale your business to make more money?
We’re not robots, we’re not meant to work all the time, and there are only so many hours in a day – which means you’re on the fast track to burn out here too.
And the third example is that you’re doing something that makes you happy, you’ve found a way to do it that works for your energy, time and expertise, people love it and theres a huge demand for it – but you’re undercharging for it.
If you’re not charging enough (or anything!) for it, its going to fall over, simply because the stress of trying to deliver on a wing and a prayer instead of money received for your amazing work, is HUGE.
You can’t scale a business and bring on a team to help if you’re undercharging.
Can you see how the 3 elements have to work together? It has to be fun and enjoyable, it has to be profitable, and it has to be sustainable to achieve your long term goals.
Its so easy to get excited about a new project or idea, you go off and start creating and building the things you need for it, but you’ve not taken into account the profitability or sustainability of it, thats getting hard. Or you go off and create something that will stand the test of time and bring in the cash, but you’re bored to tears by it.
I feel like such a party pooper every time I bring this up because I’m all for the big dreams, the fun and exciting stuff, that stuff feels GREAT! The endorphins are flowing and everything is awesome!
I mean, I even have DREAM in the middle of my name, I’m all for bringing your dreams to life!
Fun fact if you haven’t yet noticed, I have dream in the middle of my name! Go on, check the description or show notes for this episode and you’ll see it in my website and email address
The reality is we all need a reality check if we’re going to make a proper go of our business.
And I really do want everyone to make a proper go of it, not to be one of the statistics that say something like 20% of small businesses ‘fail’ in the first year, or whatever it is. Don’t quote me on that, I really should have looked it up before I hit record, but you get what I mean.
I want you to be rocking your business now, in a year, in 5 years, 20 years time. Doesn’t matter if its a different business to what you have now, you’re born to be an entrepreneur.
But its not just about sunshine and rainbows, or magical manifesting woo. Your business also needs the practical and logical steps that support all the fun stuff and form the foundations that you build your empire on.
And thats why we need to apply the reality check to everything – your offers, your pricing, your niche and ideal clients, your systems and operations, your marketing and all the other stuff.
♻️ Is it fun?
♻️ Is it profitable?
♻️ Is it sustainable?
I don’t know about you but I love a bit of homework now and then, so here’s your homework for today…
Pick an area of your business and ask yourself those 3 questions for a quick reality check.
The easiest things are usually your offers or your marketing of them.
If you dislike reels like I do, then its not going to be sustainable. And if your reels aren’t leading to clients or customers, then you’re just having a bit of fun (or not!) on social media, and you might be better off putting your time and energy into something else.
I’d love to hear what you come up with!
And of course if you’d like my help fixing up the wobbly bits you find with your reality checks, send me a DM about IGNITE, my 1-1 business coaching program.
We’ll have a chat about what you and your business needs, and take it from there.
I’m @funbusinessfunmoney, all one word, on both Facebook and Instagram, or send an email to hello@deirdreamies.com – you’ll find the link to all of those in the description and in the show notes.
Thats what I’ve got for you today!
Take care, have fun – while making sure its also sustainable and profitable! – and I’ll catch you in the next episode!
Want to make a BIG SHIFT in your business?
IGNITE private coaching could be the answer you’re looking for! Click here to check out the details, or send me a message for a quick chat about which option is the best one for you right now.
