Do What You Love AND Make Money Doing It

What happens when you’re doing what you love, but you realize you aren’t making enough money?

First off, let’s start with the idea that many, many people choose not to face the fact that they aren’t making enough money.  How do they do that, you ask?  There are lots of ways we can fail to tell ourselves hard truths.  Perhaps you decide never to look at your income as it relates to your expenses; therefore you have money coming in, but you’re not actually “making” money.  Perhaps you have a partner or a spouse that does the heavy lifting as it relates to your household income, so it doesn’t really matter much if you actually don’t make money.  Perhaps you just keep telling yourself, “Well, I’m not making money yet, but very soon I will”.

The key step in changing the “not making money” dynamic is to face the facts.  That means, you must look at your income and expenses on a monthly basis and know where you stand – exactly.  Only then can you make a choice based on the facts.  You may choose to move forward regardless because you have the luxury to do so, or you may choose to lower your expenses, or you may choose to raise your prices.  There are lots of strategies to making more money, but until you tell yourself the truth, you’ll continue to be stuck in the “why” and unable to move to the “how”.

Now, what if you’ve finally faced the facts, but you’re not sure what or how to change what you’re doing so the money starts coming in.  This is a bit harder.  You have to dig a little deeper into the day-to-day operations and/or delivery of your product or service.  Generally, you will find that you haven’t priced yourself properly – especially if you are in a creative or service-based business – and you base your fee on an estimate of the number of hours you think a particular project will take.  Often times, when you get really clear about how long a project took versus how long you thought it was going to take, you end up realizing that some of your projects took triple the amount of time you expected, thus driving down your ability to make any real money.

Finally, the majority of entrepreneurs only love some of the aspects of the work they need to do, and end up spending lots of time and energy in areas that are difficult for them.  They are often unwilling or unable to get the support necessary to help free them up so they can “get out of their own way”.   Some times you need a coach to harness your talents and fan the spark of your business into a money-making flame.

Face facts.  Don’t be afraid to dig deep.  Get out of your own way.  Throw in some needed cheerleading and accountability and you get a feel for what it’s like when I work with clients.  I help my clients by taking a three-pronged approach consisting of strategic advice-giving, unbridled cheerleading, and forced reality-facing.  That way, they can do what they love, AND make money doing it!

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