Bored and Profitable Beats Busy and Broke Every Day
Oct 29, 2024Today's episode is a dichotomy many entrepreneurs face: would you rather be bored and profitable or constantly busy and broke?
A few years ago, Shannon had an eye-opening conversation with a client who ran a highly successful marketing agency. The client, whose financial metrics were stellar, shared her plans with Shannon. Her margins were remarkable, her revenue per employee was high, and from a purely financial standpoint, she was absolutely crushing it. When Shannon asked about her future plans, expecting to hear about expansions or new projects, the client revealed she wanted to stop her agency because it was "boring."
Shannon was floored. For many business owners, her client's situation was the dream. Why would anyone want to dismantle a well-oiled money machine? This conversation brought to light a significant issue many entrepreneurs face: the paradox between business excitement and financial stability.
A business’s primary purpose is to generate profit, not to provide continuous thrills. If a business is making money, it is serving its purpose. The excitement of new ventures often brings fleeting passions that may cost more than they earn in the long run. If a business owner is making a healthy profit but finds themselves uninspired, that’s actually a sign of success. A business that's on autopilot is an achievement, not a downfall.
One actionable option for those who are bored but profitable is to sell the business. As the saying goes, "one man’s trash is another man’s treasure." What doesn’t excite one business owner might be a goldmine for someone else. Selling a business that’s generating consistent profit allows the owner to take those proceeds and perhaps invest in something more personally fulfilling without financial strain.
Another path is delegating. A profitable business often has the resources to hire a competent manager to take the day-to-day operations off the owner’s plate. This way, the owner retains ownership and enjoys the financial benefits without being mired in the monotony.
For example, a friend of Shannon’s recently contemplated buying a pet care business. Although he had zero background in pet care, he recognized the industry’s potential and the sheer sustainability of the market. Pet ownership isn’t declining; if anything, it’s growing. Pets have become integral parts of families, and the demand for their care is consistent. The key for him wasn’t his passion for pet care but the opportunity for stable growth.
This friend exemplifies how a lack of emotional connection to a business doesn’t equate to failure. His plan was simple: hire passionate, knowledgeable people and let them run the show. His role would be more of an overseer, ensuring the business remained profitable while he explored other interests. This portrays a crucial lesson: emotional involvement is not a prerequisite for a successful and sustainable business.
In the broader perspective of building wealth, chasing fleeting passions can be a distraction. Those quick flings with new business ideas might seem shiny and attractive but often lack the staying power of a well-established venture. Sustainable businesses, though sometimes dull, are akin to trustworthy partners in a relationship: they are reliable, steady, and help build a long-term future.
If business activities feel repetitive or uninspiring, view that as stability. Boredom in business might mean robust processes are in place and the model works. The secret to long-term success is not in perpetually seeking excitement but maintaining consistency and focusing on scalable practices.
The ultimate goal is financial freedom and generational wealth. Building sustainable businesses, even if they lack daily excitement, brings one closer to that goal. Eyes should be on the prize: a lasting, profitable enterprise that supports broader life aspirations.
So, next time a business owner finds themselves bored but their business is booming, they should choose to be content with profitability over the allure of untested ventures. They should stick to the plan, focus on what’s working, and remember that the "boring" path often leads to enduring success.
What you'll hear in this episode:
03:12 Confusion over business strategy; discipline for success.
07:11 Focus, build sustainably, and don't criticize others.
09:42 Procrastination is okay; embrace boredom for success.
If you like this episode, check out:
Productivity Does Not Equal Profitability
The Five Money Metrics You Need
Where Are the Best Places to Look to Find Cost Savings?
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