I have met a number of businesses over the years and two stick in my mind that I saw within a week of each other. One was completely floundering and projections were to turnover just £4000 by the end of the first year. Sales were not coming in and morale was at an all-time low.
The second business was flying. It had been trading for nine months and was one of the most successful start-ups I have seen in a very long time. Turnover was incredibly high and profits were very healthy indeed.
So what was the difference between them? Why was one sinking whilst the other was flying?
During conversations, it became increasingly obvious that the first business owner had gone out and pinpointed something they thought would make money. They had no experience in the industry and had no enthusiasm for the business other than trying to make sales and extract money for themselves.
When talking to this business owner, there was no vibrancy in their voice and when talking about what they were doing and why, all they spoke about was facts and figures with no emotion.
The second business owner had started a business doing something she loved and was incredibly good at. She had test traded alongside her full-time job and orders came rolling in so she quickly made the decision to give up her full-time work and set up a company.
Her passion, enthusiasm and energy were infectious. When I asked her questions, she spoke from the heart and her eyes lit up. She knew her product inside out. Whatever she was selling, I wanted to buy it.
The two conversations were like chalk and cheese.
Too many people focus on the money and what they can get from it when starting a business. This, in my experience, rarely leads to success.
On the other hand, those that concentrate on something they love, have a passion for and are good at tend to be far more successful. Their passion helps them through the tough times. They enjoy what they do regardless. And they don’t have to sell their products or services. Their enthusiasm rubs off on others who become intrigued, and if the offering fits, want to buy.
I have always said that the key to success in business is to find something you love, something you are good at, and something that enough people will pay the right price for.
So stop chasing the money first and foremost. Do something you love and what people want. The money will soon come of its own accord.