Many entrepreneurs are in business because they are passionate about it. So there are many who would not consider it a problem to “invest” 50 hrs a week on their dream. But when should you draw the line between “up front pain and long-term gain?
According to BMO Financial, the average business owner works 50 hrs a week, with many entrepreneurs operating at 60+ hrs. It’s a testament to how common it is to get swept up in your business. You don’t want to look behind you one day and realize three years have passed with no vacation, and no work-life balance.
When I am working one-on-one with business owners, they all seem to understand that 50+hrs a week isn’t a good thing. But they also think that their case is an exception to the rule. They believe that once they finish this one project, or get the new staff member hired, things will slow down. But things don’t slow down.
A goldfish will intuitively grow to fit the size of its tank, and your business is the same way. Its needs will grow until its demands bump up against your boundaries. If you haven’t established any boundaries, your elegant little goldfish business is going to grow into a giant hungry carp – eating up all your time and resources.
What To Consider if YOU Are Working 50+ hrs A Week…
A business that demands SO much of your time is usually a symptom of more systemic problems. These can include:
- You haven’t priced your services properly – maybe you need to work too many hrs to meet your financial goals.
- Being controlling – many business owners can’t delegate very well, and insist on completing tasks that are best left to other staff members.
- You haven’t found your niche – Perhaps you are offering too many products and services causing you to split up your time over too many projects. It’s time to narrow them down.
- You’ve become addicted to the rush – For some, a frenzied pace has become a habit. Are you blowing small challenges out of proportion? Or investing too much time in projects that don’t give a financial return? Do you secretly love the rush and achievement of overcoming drama?
- Your personal beliefs – The root cause of most entrepreneurs challenges, are beliefs about themselves. Deep down you may believe that you need to work hard in order to prosper, or you may feel undeserving of success. Perhaps you are creating a distraction so you don’t have to face issues in your personal life. All these things can impact the hours you dedicate to your business.
In my sessions with business owners, we find out WHY your business is needing so much of your time, and what blocks you might have that keep you feeding into the frenzied energy of work. I advise business owners in the best way to prioritize projects and how to elegantly back out of commitments that are not essential to success. You should feel confident and deserving of business boundaries, and be able to allow success in a grateful, rather than needy energy. Its important that your passion fuels your business, but it should not be sucking you dry.
If you are interested in realigning your relationship with your business, you can connect with me by email or Facebook message for a free session to see if we are a good fit. As a business mentor and spirit guide, I can help you find the link between your passion and your profit.