I don’t know if you guys have ever heard of the 80/20 rule but it seems to be a pretty prominent rule in business. You can use it for anything like 80% of your profits come from 20% of your clients or 80% of your problems come from 20% of your clients. The way I wanted to apply it today though is to use it for reassessing for anyone that gets caught up in the excitement of starting a business. I mean I get excited about talking about business all the time, I love it, I think it’s a great opportunity for a lot of people that want to come and get out of the rat race. You can really provide a much better living for you and your family but there’s always time to step back and talk about some of the realities and keep balanced.
The easiest part about business is talking about it, I do it all the time because it’s usually the most fun part of business as well. Just talking about the dream the aspiration the excitement of what it could be, all the ideas that you have. Honestly though, that’s not getting you anywhere. It’s exciting for me to read books is exciting for me to watch video content and it’s exciting for me to talk to you guys about it but at the end of the day the easy stuff is not going to be the thing that actually gets you money coming in the door. In reality, the easy stuff and the fun stuff is not going to be the stuff you get to do all the time to be successful. Literally easy stuff and what your business is all about is going to be done 20% of the time. For example using me a welding business, I get to weld about 20% of time specifically when I’m in full swing, I’m not in full swing like I would like to be right now, 20% of the time I get to actually get to weld the other 80% of the time I’m doing things I don’t want to do or I will have to do the things that I don’t want to do to grow. To keep pushing past all those barriers, those plateaus in business, 80% of the time you’re going to be doing things that are not fun and you don’t want to do. I don’t “love” all the accounting, invoicing, sales, networking, material handling, PR, job cost analyzing parts of running a business at times because of the headaches they cause. Even though business is fun and exciting and the opportunities are endless it comes with a price tag.
I’ve had a couple of conversations with individuals that consume my content and it’s interesting to hear two different perspectives. I love getting those times they tell me, “Hey we did awesome we’re succeeding thanks for your advice” but just as good, on the other hand, is when someone says, “Hey I was watching your stuff about business and I realized it’s not for me or I’m not ready yet”. That’s great self-awareness and I wanted to put it out there. Be aware of what you really want in life. You may think you want a business but maybe you don’t want to pay the price right or aren’t ready to pay it yet. I’ll be 100% honest, there are days that I wish I could just go back and be a W-2 employee. There’s times that I just want to hang it up, walk away and just work for someone else again and then I get reminders that slap me upside the head to remind me the reason why I walked away from that and why I need to stay away from that. I do have those days still and I would have to imagine people much more successful to me still have those days.
I had the pleasure of talking to an individual, he was an engineer and owned an engineering company. He had 70 employees working for him when the economy took a little bit of a dip. He explained that it was a huge headache and weight on his shoulders that he had to lay off a lot of his workers. He is now happily working as a W-2 wage earner and has been for the past 15 years. I don’t know why he started the business but it obviously got to the point where the opportunities for him were far outweighed by the pressures, the other 80% of business he had to handle, and work involved in keeping it going.
All that being said is there are two sides to that coin. One, you’re not alone if you have those thoughts when things are tough and you’re doing a lot of things you don’t want to do right now. You’re not alone, everyone has to do it, it’s a natural part of business 80% of business is doing things you don’t want to do. Things that aren’t fun and you weren’t expecting. Like having to maintain a vehicle or you just bought one like I did and did all your research and some fluke thing goes wrong and you end up having to drop thousands of dollars repairing. Doing jobs that you don’t want to do but do just to keep things in the door or it is the doorway to the next thing. The second side of that coin though for me and I imagine for you as well is that that 20% of infinite probability WAY outweighs the 80% headaches, right?
So that 80/20 rule, 20% of time you’re going to get to do what you’re actually starting a business, the other 80% is a bunch of other stuff that’s a headache but is the price you must pay to get that unlimited potential and the freedom to do whatever you want whenever you want. A side note, doing whatever you want whenever you want comes at the cost of certainty in what is right or wrong. An example would be a job comes up, do you need to take that job or do you go on that vacation. You don’t know what next month is going to hold so do you take that job because you might not have any work next month to pay the bills or are you willing to take that chance and go on the vacation. Freedom it’s a funny thing with business.
I just wanted to throw that out there just let you guys know it’s a conversation that’s been going around with my circles of influence and I thought it would be great to point out to you guys if you want to be in business. Remember it comes at a cost, it’s not always fun, it’s not always thrilling and you’re not on a high all the time. You will have those highs but there’s a lot of really low lows as well. Make sure that you know you can put up with it if you want that unlimited potential. Just remember that there’s going to be those days that you want to hang it all up, don’t get frustrated, don’t stop. Find someone that can help remind you of the reasons why you started and don’t get caught up in all the reasons why you want to quit. Stay focused on all the reasons and dreams of why you started your business. It’s going to be a long haul but over the next 10 or 15 years you’ll get to where you want to be and reach those reasons and dreams why you started, you’ll get there. It’s going to be a lot of delayed gratification it’s going to be a lot of waiting to get that dream that aspiration and it takes time to get there so don’t get focused on the surrounding problems you have and want to quit. Make sure you stay focused on the reason why you started this crazy journey. I always try to stay focused on the reason why and I am super pumped to see where you guys will be as time goes on. I’ll always try my best to be here to help keep pushing you past the tough times so you can succeed! I hope you guys enjoy today’s topic if there’s anything you want to add to it please do by reaching out to me on any social platform of your choice, I always appreciate the conversation! Have a great day and I will talk to you guys later.