Ep. 296: Growth or Profit? How to Choose the Focus for Your Business as a Creative or Coach

It's an interesting paradox: many entrepreneurs find that their "best" year in business is also the year they saw the least profit. This episode explores the difference between growth and profit and helps small business owners like you determine where your focus should be. We distinguish between revenue growth and profit, and explore how rapid growth can come at the cost of profitability. We highlight the importance of knowing your owner's intent and aligning your focus with your business "end goal". We explore why the possibility of profitability is so high for online, service-based businesses and the importance of sustainable growth.

 

On this episode of BEYOND, you'll learn:

• How building a six-figure business is not the same as profiting (or paying yourself) six figures
• The differences between a growth-focused business and a profit-focused business 
• How identifying your owner's intent helps determine whether your focus should be on growth, profit, or both
• Why high-profit margins are realistic for creative entrepreneurs and coaches
• Why slow and steady wins the race: sustainable growth is often more desirable than rapid growth

 

Takeaways:

"My best year in business was also the year I saw the least profit."
"A growth-focused business and a profit-focused business are not the same thing."
"The aim of your business is to create wealth now, accessible wealth that you can do things with now, not later."

 

Timestamps:

00:00 Introduction: The Paradox of Business Success
03:10 Defining Growth and Profit
08:08 Choosing Your Focus: Growth or Profit
10:42 The Myth of Bigger is Better
13:38 The Importance of Sustainable Growth
14:51 Conclusion: High Profitability and Quality of Life

 

High-profitability paired with high quality of life is the mission of my business, and it’s the focus of my partnership with clients inside SIMPLIFIED. 

 

This coaching and consulting intensive is exclusively for creative entrepreneurs and coaches who want to create 6-figure profit in their businesses – without working all of the time, and without having the stress of mountains of expenses. 

 

Inside SIMPLIFIED, we combine mindset support with strategic simplicity to create a life and business that you don’t want to quit. This one-of-a-kind experience is for committed entrepreneurs who want to pay themselves considerably, without working a considerable amount of time. 

 

If you’re tired of scaling yourself into a business you can’t stand, it's time to simplify. And you don’t have to do it alone. Working with me is like having a business therapist, marketing consultant, creative director and mindset coach, all in one. 

 

If you’re ready to SIMPLIFY: to do less, better and see abundant profit margins, apply for SIMPLIFIED. This 1:1 experience is completely private and unique to your personal business goals. Because no one cares about your business like you do – except me. Apply for SIMPLIFIED now at beckyhoschek.com/SIMPLIFIED.