Is your business engine broken?
Summary
TLDRJustin Jackson enfatiza la importancia de un motor financiero sólido para los negocios, especialmente para los emprendedores que buscan mejorar su vida. Comparte su experiencia con negocios fallidos y cómo reconocer un motor financiero débil. Aconseja dejar de lado los negocios con motores financieros débiles y buscar oportunidades con márgenes de beneficio altos y demanda existente. Aboga por negocios que no requieran esfuerzo constante y sugiere que los negocios deberían recompensar el esfuerzo y la inversión del emprendedor.
Takeaways
- 🔧 Un negocio tranquilo no puede tener un motor financiero que no funcione bien.
- 💡 El motor financiero de un negocio se define por sus ingresos (combustible), costos (gastos) y utilidades (energía restante).
- 🏠 La importancia del motor financiero es crucial para que los empresarios puedan mejorar su vida.
- 🚗 Comparación con un vehículo antiguo que requiere constante mantenimiento para funcionar, similar al esfuerzo constante en un negocio con un motor financiero débil.
- 🛒 Intentos desesperados por mantener un negocio a flote, como agregar productos o servicios adicionales, pueden ser signos de un motor financiero insuficiente.
- 🤔 Reconocer y admitir que el motor financiero de su negocio no funciona bien es uno de los desafíos más difíciles para un empresario.
- 💼 Si el negocio no proporciona margen financiero suficiente, es hora de dejarlo atrás sin vergüenza.
- 💰 Un motor financiero saludable debe sentirse como una máquina de dinero que produce utilidades de manera consistente y confiable.
- 🚀 Busque negocios con márgenes de beneficio saludables para tener un margen de error y una vida mejor.
- 🌟 Priorice oportunidades de negocio que no requieran un esfuerzo constante y puedan funcionar sin su presencia constante.
- 🔍 Construir productos o servicios que la gente busca activamente y que tengan una demanda latente o pent-up puede reducir el esfuerzo de búsqueda de clientes.
Q & A
¿Qué es un motor financiero para un negocio según Justin Jackson?
-Un motor financiero para un negocio es el sistema que genera ingresos, gasta en costos y deja un margen de beneficio. Este margen de beneficio es lo que impulsa el negocio y proporciona el poder para el dueño.
¿Por qué es importante un motor financiero sólido para los empresarios que comienzan un negocio pequeño?
-Es importante porque permite a los empresarios tener una vida mejor, brindándoles un margen financiero que les permite pagarse bien, tomarse vacaciones y disfrutar de sus esfuerzos.
¿Cuál fue la experiencia de Justin Jackson con su minivan y cómo es similar a manejar un negocio con un motor financiero débil?
-Justin tuvo que llenar diariamente de aceite a su minivan y también tenía fugas de anticongelante. Esto le causó ansiedad y la necesidad de mantenerlo funcionando, lo cual es similar a tener un negocio que requiere un esfuerzo constante para mantenerlo a flote.
¿Qué estrategias intentó Justin Jackson para salvar su tienda de patinetes y snowboards cuando el motor financiero no funcionaba?
-Intentó construir una rampa de patinaje dentro de la tienda, se convirtió en distribuidor, intentó fabricar su propia ropa, trajo nuevas marcas, comenzó una revista, creó una campaña de compra local y organizó concursos de patinaje.
¿Cuál es la recomendación de Justin Jackson si el motor financiero de tu negocio es débil?
-Si tu negocio tiene un motor financiero débil y no te está dando el margen financiero que necesitas para tener una buena vida, es tiempo de dejar ese negocio atrás.
¿Cuál es la diferencia entre un negocio que requiere esfuerzo constante y uno que funciona como una máquina de dinero?
-Un negocio que funciona como una máquina de dinero produce beneficios de manera consistente y confiable sin necesidad de un esfuerzo constante por parte del dueño, mientras que uno que requiere esfuerzo constante puede ser agotador y no proporcionar la misma recompensa.
¿Cuál fue el tiempo que Justin y su socio necesitaron para que su plataforma de podcasting generara ingresos suficientes?
-Le tomó aproximadamente un año y medio a Justin y su socio para que su plataforma de podcasting generara ingresos suficientes para ambos tener un salario decente.
¿Qué consejo le dio el mentor de Justin Jackson sobre su tienda de retail que no funcionaba?
-El mentor le aconsejó que si el negocio no funcionaba, era mejor dejarlo y moverse hacia adelante en lugar de invertir otros 3 años intentando hacer que funcione.
¿Qué tres principios clave menciona Justin Jackson para encontrar un negocio con un motor financiero saludable?
-1) Deja ir los negocios que no funcionan, 2) Busca negocios con márgenes de beneficio saludables, y 3) Busca oportunidades donde no tengas que ser superhumano y estés en constante modo de esfuerzo.
¿Por qué es importante construir productos que la gente quiere y que ya están buscando, según Justin Jackson?
-Porque si la gente ya está buscando o comprando productos similares, significa que hay una demanda latente y potencial, lo que hace que sea menos propenso a tener que buscar clientes activamente, ya que los clientes vienen a ti.
Outlines
🚗 Motor Financiero para Negocios
Justin Jackson enfatiza la importancia del motor financiero en un negocio, comparándolo con el motor de un vehículo que necesita constantemente mantenimiento. Explica que el ingreso de una empresa es el combustible, los costos son donde se consume parte del ingreso y lo que queda es el beneficio. Este beneficio es lo que impulsa el negocio y da la capacidad de mantener el negocio en marcha. Jackson comparte experiencias personales con negocios que tenían motores financieros débiles y sugiere que si un negocio no está dando los márgenes financieros necesarios para una buena vida, es hora de dejarlo atrás.
🏆 Negocios Sanos y Beneficios
En este párrafo, Justin discute cómo un negocio sano no debería ser un esfuerzo constante cada día. Comparte su experiencia con la empresa 'transistor.fm', una plataforma de alojamiento de podcasts, y cómo tomó aproximadamente un año y medio para que el negocio fuera rentable. Jackson sugiere que si después de un año o dos el negocio no está dando resultados y el dueño se siente agobiado por el esfuerzo constante, es momento de considerar un cambio. Aboga por la necesidad de dejar de lado los negocios con motores financieros débiles y buscar aquellos con márgenes de beneficio saludables.
🔍 Encontrar Negocios con Motor Financiero Sano
Justin proporciona consejos para encontrar negocios con motores financieros sanos. Primero, insta a dejar ir los negocios que no funcionan. Segundo, sugiere buscar negocios con márgenes de beneficio altos. Tercero, busca oportunidades donde no se necesite un esfuerzo constante y finalmente, insta a construir productos que la gente quiere y está buscando. Jackson enfatiza la importancia de que los clientes busquen activamente tus productos o servicios, lo que significa que no tendrás que gastar tanto esfuerzo buscando a los clientes.
Mindmap
Keywords
💡ingenio financiero
💡ingreso
💡costos
💡beneficio
💡momentum
💡anxiedad
💡margen financiero
💡rendimiento
💡movimiento local
💡mercado
Highlights
The importance of a well-functioning financial engine for a business
The analogy of a business's financial engine to a car engine that requires constant maintenance
The definition of a financial engine for a business involving revenue, costs, and profit
The significance of profit as the driving force and momentum for a business
The struggle of running a business with an insufficient financial engine
The personal experience of running a retail store with a weak financial engine
The anxiety and effort required to keep a struggling business afloat
The realization that a calm business requires a strong financial engine
The difficulty of recognizing and admitting a weak financial engine in one's own business
Advice on leaving behind a business with a weak financial engine
The experience of building a software company with a healthy financial engine
The timeline for expecting a business's financial engine to start producing sufficient revenue
The need to move on from a business that isn't providing a good life after three years of effort
The concept of a business that should pay back the entrepreneur for their risk and effort
The first principle of letting go of businesses that aren't working
The importance of looking for businesses with healthy profit margins
The idea of finding business opportunities that don't require constant effort
Encouragement to build things that people want and are already searching for
Invitation to share thoughts or stories about having a strong financial engine in business
The call to action to sign up for Justin Jackson's newsletter
Transcripts
Justin Jackson: I think if we're pursuing a calm business, we
can't have businesses that have a financial engine that just
isn't working well. You're just in your business and you're
cranking and cranking and cranking. And eventually, you
can get it going, but then the next day you have to wake up and
you have to crank that engine again. And the next day you have
to wake up and crank that engine again. In the past few months,
I've been thinking a lot about the financial engine that drives
a business and how important it is, especially for entrepreneurs
who are starting a small business to give themselves a
better life.
Narrator: The mortgage on his house is on its way to being
paid. And someday, it undoubtedly will be.
Justin Jackson: Let me start off by defining what a financial
engine for a business is. So your business has revenue.
That's the fuel for your engine. Your business also has costs
where some of that revenue gets burned up. And what's left over
is profit.
And in business, profit provides the power. The amount of profit
you're producing every day, week, month, and year determines
how much momentum your business has. How far is your business
going to carry you? And there are so many examples I can think
of when I've started a business or my friends have started a
business, and the financial engine of that business hasn't
been sufficient. It's kind of like in college, I bought this
old minivan, but this minivan's engine was not in good shape.
It needed constant oil. You had to fill it up with oil almost
every day. You it was also leaking antifreeze. It would
often need a boost, especially if it was too cold out. Many
times I drove it to school in the Canadian winter and then had
to get a tow truck to come and boost me just so I could get it
back home.
And I think that feeling of anxiety and running around and
trying to keep things running and, you know, trying to keep
enough oil in the tank and trying to just keep an engine
that's not very healthy running is so similar to running a small
business where the financial engine of the company is just
not running well. I had a similar experience when I
started this retail store, this skateboard, snowboard shop,
especially near the end when we were starting to get frantic. We
were realizing there wasn't enough revenue coming in the
door, and so we just started adding all sorts of things on
top of the business flailing, trying to keep the business
afloat. We we built a skateboard ramp inside the store and tried
to get people to pay to ride the ramp. We tried to get into
product distribution.
So we became a not only a retail store, but a distributor. We
tried to start making our own clothing. We brought in all
sorts of new brands that we thought might, you know,
generate more sales. We started a magazine. We tried to start
creating strategic partnerships with other local businesses.
We created this whole shop local movement. We started running
skateboard contests. It was just like thing after thing, and it
felt very similar to me trying to keep that old vehicle engine
running, you know, filling it up with oil and antifreeze and
boosting it. And it the the feeling of flailing and
thrashing and trying to keep this thing going was so similar.
I think if we're pursuing a calm business, we can't have
businesses that have a financial engine that just isn't working
well.
And I think the most difficult part of this as a business owner
is recognizing when your financial engine is not working
well, and then admitting it. I think the best advice I can give
you is if your business has a weak financial engine, it's not
giving you the financial margin that you need to have a good
life, then it's time to leave that business behind. And
there's no shame in moving on from a business with a weak
financial engine. There's no shame in that. And once your
financial engine is running, it should feel like a money
machine.
It should feel like the engine is consistently and reliably
producing profits for the owner. Not that it should always feel
easy, but I believe a healthy business doesn't feel like a
grind every day. And if you're coming home every day and you're
just wasted from having to crank this engine and keep it going
and keep all the plates in the air and keep all the employees
paid and do all the things, and you're not getting a
commensurate amount of benefit back, like you're not paying
yourself very well, you're not getting profit distributions,
you're not able to take lots of time off, It might be time to
look at a different business. For example, in the current
business I'm running, transistor.fm, which is a
podcast hosting platform, so a software company, my partner and
I, John, it took us about a year and a half of cranking that
engine before it was producing enough revenue for us to both
have a pretty good salary. And even then, that in retrospect,
that happened pretty quickly.
You know? It's a year from from launch to to full time. But at
the time, we we were struggling. Like, the we were cranking that
engine just like when's this thing gonna start running?
Because we were tired and getting burnt out.
And but I think we've learned enough by that point that if if
we had not gotten to 30, 40 k in MRR by, you know, a year or 2
after launch, I think we would have ejected pretty quick and
and switched to something else. A year and a half, 2 years. I'm
not sure about 3 years, but 1 to 3 years, we'll say. 3 years max
is a reasonable amount of time for you to be cranking that
engine, working hard, grinding all of the things that we equate
to entrepreneurship. But if it's been longer than let's say 3
years, but even 3 years is a little bit too long.
If it's been longer than 3 years, and you still go to work
every day, and you still feel like you're cranking this
engine, trying to get the engine going, trying to get some money
out of this machine, and it's still not working, and your
bills are stacking up, and your credit cards are maxed out, and
you have a line of credit, and you're distressed about money
all the time, it's time to move on. There are small independent
businesses you can start that have a healthy financial engine,
that produce healthy profit margins, that don't require
just, superhuman effort every single day to make them work.
Eventually, your business should pay you back for all of that
risk and effort and investment that you put into it. And my
worry for so many entrepreneurs is that they're investing all of
this time and energy and money, and the business isn't paying
them back anything because the financial engine of that
business is just never going to work. So the natural question
is, how do I find a business with a healthy financial engine?
Now it's not easy. If it was easy, everybody would be doing
it. I think the first key, the first principle is you have to
be willing to let go of businesses that aren't working.
The best thing I did when I owned my retail shop and I and
it wasn't working is I went to a mentor, and I was stressed that,
you know, bills everywhere. We had just been audited.
Our our bank loan is coming due. All of our suppliers are over
here. We've got employees that need to be paid, and everything
seems to be falling apart, and we've been cranking on this
forever. And my mentor said, listen. This business isn't
working, and you've just gotta move on.
Don't spend another 3 years trying to make this work. It's
just not going to work. It's time to move on. And we had
given it a good effort, and that was the best advice he could
have given me at that point. So first principle, move on from
bad business ideas.
Number 2, look for businesses with healthy profit margins. So
if your profit margin is 10%, that's also your margin for
error. Meaning, you order the wrong thing, you overpay a
supplier, you have an unexpected expense, your margin for error
is in that 10%. But if your margins are 30% or 50% or in the
software business, you get margins in the 80 to 90%, you
have a higher margin for error as well. So if something
unexpected happens, but your margins are 70%, well, it's a
lot easier to still make a profit.
And this profit margin is also the margin that's going to give
you a better life. Out of that profit margin, you're gonna be
able to pay yourself really well. You gonna be able to give
yourself dividends. You're gonna be able to hire people and take
time off. So if you can, look for businesses, industries,
categories where there's the potential for high profit
margins.
Number 3, look for business opportunities where you don't
need to be a superhuman, where you don't need to be on all the
time, where you don't need to be in constant hustle mode. I think
all of us business owners can identify with this feeling of,
you know, I'm just going to make this happen with my own sweat
and effort and energy. I'm going to lift up this business and
make it work. I'm gonna dig deep. I'm gonna work extra
hours.
I'm gonna do whatever it takes. And, again, you need some of
that energy at the beginning of any enterprise, but it's
seductive. Once you get on that hamster wheel, once you get in
the habit of cranking that engine just to make it run,
you're never going to find the margin you need to have a good
life. So you need to look for opportunities where, yes, it
might take some energy to get it going. But once it's going, it's
like a flywheel where you crank it, and the energy from you
cranking it produces its own momentum, and the business can
run without your constant effort and presence.
You want a business where you can step away and take a
vacation. Step away and have evenings and weekends. Step away
and still be making money while you sleep or while you're away
from the business. And then 4th, I would really encourage you to
think about building things that people want and are already
searching for. It's gonna take some work at the beginning.
But most, I think most of any entrepreneurial success has to
do with the market. It's the market you choose. And when I
say market, I mean, how many people are out there in the
world searching for this right now? How many people are out in
the world buying this right now or something similar? How much
pent up demand or how much latent demand is there for this
thing?
Instead of always trying to push your products and services on
customers, and you're just always trying to promote
yourself and push, you want a situation where customers are
coming to you, where customers are already actively searching
for a solution. They're already actively paying for a solution,
and they need either an alternative or something better.
They're already in motion. And that's gonna mean you won't have
to spend as much energy going out and trying to find
customers. Instead, the customers are coming to you.
They're showing up at your door. If this, video resonated with
you, this idea of having a strong financial engine, I'd
love to hear your thoughts or your story in the comments
below. Thanks. Thanks for watching that video. If you do
one thing for me, I'd love for you to go sign up for my
newsletter, justinjackson.ca/newsletter.
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