Wouldn’t it be great to have a business that satisfies both your financial needs and you need to make a difference in the world?
Some people start a business because they are looking to make some financial gains. Others launch a business to be able to fulfill a lifelong desire to do something that impacts the world and brings internal fulfillment.
What if you could have the best of both worlds? To own a business that is both lucrative and fulfilling. Here are some points you can consider that will help you find that balanced business.
1. Identify what you need to earn, financially, to make the business worthwhile. Business, in the most basic sense, is to provide a good or service that meets the needs in the market that provides value to the customer and a profit to the business owner. Some look at “profit” as an evil gain and self-serving to the business owner. Others focus completely on the bottom line and forego any potential negative impact inherent in their particular business. I say, you need to be able to make enough to pay your bills/ taxes, save a modest amount for expansion, invest for current growth and then be able to give to charitable causes.
2. Determine what you need to fulfil your inner desire to make the world a better place. Or at least your slice of it. By having an altruistic purpose for your business, whether helping homebound seniors, educating children or recycling old electronics, you really can make a difference. The most successful business owners know exactly what their mission or cause is. You will need to define, pretty specifically what you want to achieve. “Saving the world,” may be a little broad. But, helping local school aged children be more active by providing fun afterschool activities, is more specific. You know what you want to do, just be sure to write it out, it will aid you in the next point.
3. Ask yourself if both can be combined to accomplish your goal. You need to make sure the 2 components, when combined, actually bring the desired results. Just because you want both of your needs met with a business, it doesn’t mean that any business that as some of the aspects you desire, that it will fulfill your entire goal. For instance, in the above example of the after school program for children; you’ll not only want to make sure the market you are looking at has enough children to serve. Not only will this determine how many children you can help, but it will determine how much revenue you could make.
