Reflecting on Your Business Earnings: A Path to Financial Freedom
As a business owner, you might have started your venture for various reasons—redundancy, a craving for independence, or simply necessity. In the beginning, the focus is naturally on generating enough income to stay afloat. Fast forward a few years, and you might find yourself earning reasonably well but haven’t really stopped to think about your ultimate goals and what you want from the business.
So, let’s ask the big question: What is the purpose of your business? For most of us, the answer lies in the freedom it can bring—whether that’s financial independence, more time with family, giving back to the community, or simply the ability to enjoy life. Yet too often, business owners adapt their lives to fit their business, instead of crafting the business to deliver the lifestyle they truly want. At Freedom BC, we believe it should be the other way around—your business should be the engine that powers the life you envision, not the other way around.
It’s worth pausing to ask yourself: What does my ideal life look like? Imagine if you had £50 million in the bank that magically replenished itself every time you spent some. How would you spend your days? Would you be at the office every day? Probably not. Reflecting on this gives you a glimpse of what you truly value. And when you look at your actual goals, it turns out that the money and time you need are often far less than the £50 million dream.
Designing a Business that Works for You
Your business should be your tool to create your ideal lifestyle. The profits from your hard work should be reinvested not just in growth, but in making the business work for you—bringing you closer to financial security. Financial independence, for many, means earning a steady income without needing to be physically present every day. Achieving this might seem daunting, but with the right approach, it’s achievable.
The key is education and the ability to apply what you learn effectively. At Freedom BC, we encourage our clients to learn from those who’ve succeeded before. Books like Rich Dad, Poor Dad by Robert Kiyosaki are great for understanding the difference between assets and liabilities—crucial for building true financial independence. Ray Moore’s The Levels, Can You Step Up to the Growth Challenge? is another great resource that helps business owners navigate the journey of growth.
Profit and Cash Flow: The Cornerstones of Financial Health
When thinking about your business’s financial health, we often hear: “Turnover is vanity, profit is sanity, but cash is king.” Turnover can look impressive, but it doesn’t tell the full story. Profit is certainly better, but even profitable businesses can face cash flow issues that put them at risk. Cash flow is what keeps the lights on and allows you to pay your team and suppliers. It’s the heartbeat of your business and understanding it is crucial for stability and growth.
Our coaching focuses on helping business owners like you not only achieve profitability but also manage cash flow in a way that builds resilience and freedom. The goal is to turn your business into a sustainable engine that funds your ideal life—one where financial independence and time freedom go hand in hand.
At Freedom BC, we help you take a step back, rethink your goals, and re-engineer your business so it truly serves you. Because at the end of the day, the real measure of success is whether your business is helping you live the life you’ve always wanted.
Book a free call today to see how we can help you live the life you have always wanted.