Wednesday is webinar day. From Business Success Factory coaching clients, to Money Gym Mastermind & Boardroom Members, through to Scholarship Mentoring students, on the telephone on Wednesdays I hear the full range of challenges (and loads of successes) as our aspiring business people, internet marketers & property investors march on, in their many and varied wealth creation journeys.
What issues do they confront on the way? Interestingly, while they often present with the “how to” challenges initially, the real challenges often boil down to three things.
1. Lack Of (Detailed) Vision
2. No Strategic Planning
3. Total Confusion On Tactics
To illustrate the first, here’s the case of a new purchaser of my Money Gym Book bundle, who sent in the answers to their “Quickstart Questionnaire” recently (I offer a free email coaching session and one telephone one as part of the bundle) and where their answers showed me conclusively that they didn’t have a detailed vision – YET!
(I’ve developed the deceptively short but powerful QuickStart Questionnaire over the last 10 years and it allows me to see, at a glance, where each potential client is, practically and in their thinking, in their business or wealth creation journey).
This particular client wanted to
increase their monthly income by passive means to more than it is now, from their job. In three years they wanted to be earning 125k p/annum (and I suspect that is net, not gross before tax) and to become a millionaire in 5 years or so. In 10 years time they wanted to be travelling the world knowing they are financially secure.
When asked which Lane(s) of the Wealth Highway they wanted to utilise to get there, they said they were totally open to suggestions.
Although when outlining their “Ideal Tuesday” they did say that they envisaged working with clients somehow.
In some ways this is an exhilarating challenge for me as a coach and in other ways, this Quickstart Questionnaire Is utterly terrifying.
First, lets say that I totally believe that, from a standing start, anyone can become a millionaire within 5-8 years, although I’m a bit perplexed at this client feeling that this would not yet make them financially secure. After all, a million invested at say 10% per annum, would result in a income of £100k per year, which, even taking tax into account, would generate many times their current income.
What is of more concern (but is totally coachable) is that they haven’t yet started to think about whether they want to use business, property, the stockmarket or internet as their primary Lane of the Wealth Highway.
No problem, they have done the difficult bit, which is to imagine how their Perfect Tuesday would look, when they are successful. That gives me loads of clues about which two Lanes of the Wealth Highway would most suit them, and more specifically, what to avoid when setting up their successful business.
Because a successful business isn’t just a success in and of itself, it’s got to work with your life too. So that you CAN live your Ideal Tuesday, every day.
I’d love to hear your thought on this topic – which are you struggling with ?
The Vision, the Strategic Planning or the Tactics?
Tomorrow, I’ll cover how most clients struggle with the strategic planning!