I love the thought of you reading this blog and your eyes bugging out as you think, "She has seriously lost it this time. I knew she was weird, but this is quack!"
Perhaps your right, but keep in mind that this isn't advice coming from me directly -- it's advice coming from what successful business owners are taught in every advanced economics program in the world. Your business is not different and you don't need to get an MBA to run a successful shop.
Tip 4 - decide your income
Yes I did say it correctly--decide YOUR income. [What would you look for when purchasing a business?]. For most, this would be the ability for the business to pay its bills, pay lifestyle wages and generate profits to grow the business.
Determine HOW much money the business has to generate to pay its way, provide wages for the owners AND create profits with which to grow. This latter point is crucial for success. After all, if you don't plan to create profit for growth, how is your growth going to be funded?
Your manager or a business advisor can help you figure out these hard and fast numbers. But without any one of these categories, your business will surely sink! Too many actors struggle to survive day to day when all it takes is a change in perspective and game plan to make acting their lifestyle.
And the last of those three responsibilities is by FAR the most important! You can only make money as long as your business grows and has something to offer. Did you make enough money to pay your bills, feed your family, and put gas in the car last year? If you want another year struggling to make ends meet, continue doing what you're doing. If you want to build a business and see it prosper without duress, reinvest back into it with part of the income you're earning! Every business has overhead, but the business squandering their profits instead of reinvesting are the reason why so many talent end up leaving the world of entertainment. The school of hard knocks hits the hardest for those who aren't wise enough to build a good foundation and walls to protect their endeavor!
Are you reinvesting to protect your business?
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