If you are moving from a corporate (or academic) job and have started up a business, never say:
“I just want to replace my salary”.
I’m often working with people in the beginning stages of their business, people who’ve left corporate and are moving into an entrepreneurial type lifestyle. They’ve started a consultancy, or a healing practice. They are coaching, helping people, picking up clients, writing blogs, speaking. But, they are not quite making the money they planned to make, it’s taking a bit longer than they anticipated, and they’re starting to feel frustrated.
So then they say the dreaded line – “I just want to replace my salary”.
and right then and there, they’ve limited themselves.
If I hear that phrase, I know two important things about them – 1) they haven’t quite grasped the difference between being an employee and an entrepreneur – they are thinking that working for themselves will be much the same as working for someone else, and they are disappointed/surprised at how different and difficult it really is and 2) they are creating a professional practice, not an entrepreneurial business and that is going to limit their income.
Now, there’s nothing wrong with venturing out on your own and creating more of a professional practice type business. Let’s say you are a skilled massage therapist who’s been working at a spa or clinic as an employee and now want to work independently. You can earn a living that way, and when done well, you can earn more than you’d be making as a salaried employee.
But, it’s not what I call an entrepreneurial company and it’s going to ultimately limit your earnings because you are still earning money on a per hour basis. So, what would an entrepreneurial massage therapist do differently? Well, she would branch out from that hourly model. She may start developing or selling different products, create a network of massage therapists, innovate with different delivery methods or business models. She’s not content with an hourly income cap, or ‘just replacing her salary’.
Also, not to be a nit-picky word nerd, but avoid the use of the word “just”. I know you are saying it out of frustration, but it is also a limiting word. It’s like you are saying that that’s all you want, nothing more.
I really believe in entrepreneurship, done well and done strategically, you can build a business that not only makes you WAY more money that your previous corporate job, but outshines even what you thought was possible.
I spent a lot of my ‘early years’ as an entrepreneur thinking small. “Just” hoping to make a living. “Just” creating a small scale, salary-replacing consultancy practice.
But now I know that’s not enough for me. I want more. I am thinking more and more about what it really means to create something bigger than yourself, a business that not only provides a living for you, but that creates opportunities for others as well. I’ve started to experiment with different business models, introduce new products, create partnerships. I’ve taken a big step and signed up with a coaching program/business building mastermind this year.
So there it is. It’s time to dream big. To create something amazing.
I hope you join me.
Stop telling yourself a limiting story, and start telling the story of what an amazing company you are building.
That’s what I’ll be doing more and more in the coming months (book is coming out, new ventures are happening, deals are being made).
I can’t wait, because I am done thinking small.
If you are looking for help in how to tell an amazing story about the company you are building, or the product/services you are launching, contact me today, I’m offering a limited number of “Discover Your Story” consultations this month and I’d love to talk with you!