🪄Magically Thriving Business💸: The Elephant that Isn't in the Room & When Love Isn't Enough - Yes, I am talking about Business, Just Open it and See 15-Dec-2024
Long Form Links
In case you missed any of it, here’s my recent long form content…
The Elephant that Isn't in the Room
I've been procrastinating talking to you about this, but I don't think I can put it off any longer. I was really hoping she would have been back by now, but it's been weeks and I feel like I should address the lack of an elephant, er, doxie in the room.
I know there have been very few stories about Ophelia recently, and I’m sure you were starting to wonder about that. You see, the "Swiping Left on Talent" conversation that I shared with you actually occurred a few weeks ago. Shortly after that, Ophelia and I were discussing changes to the cover for her new activity, coloring book when she disappeared into space/time. As you know, it's a pretty common occurrence, but she usually reappears pretty quickly. This time, it's different. I've looked, I've asked around the Academy and the Enchanted Forest, but no one has seen her. I'm sure she's fine. She is fine, right? You haven't seen her have you?
No, no, I can't think like that. I'm sure she's fine. Just, ah, please keep an eye out and let me know if she pops in to pay you a visit, ok?
I really hope she'll be back before Christmas. She was supposed to teach me how to make a dessert that she called "Mountain Mud Pepper Pie." To be honest, it sounds disgusting, but she swears it's more delicious than cookies, and that is high praise coming from Ophelia. Anyway, I'm dying to know what's in it! And I miss my friend. I get too serious when she's not around. When she gets back, I'll try to convince her to let me share the recipe with you too, even if it is as gross as it sounds.
Ophelia’s disappearance is part of what spurred my recent conversation with you about succession planning, but what about more (hopefully) short term interruptions to your ability to run your business. Can it carry on without you for a day? A week? A year? Frequently for solopreneurs and micro-businesses, the answer is no.
This is certainly a conversation I’ll be having with Ophelia if when she reappears.
If your answer is no, or even if you think you could probably make some improvements, then you'll want to read my in-depth article, full of tips from automation to outsourcing. these tips can save your business when you can't. If you missed it on Tuesday, then click now to discover how to keep your one-person business thriving during downtime.
Business Succession Planning - Follow-up
If you recall, just before Thanksgiving we talking about business succession planning. (Click here if you missed it)
As a follow up I found video from an attorney talking about business succession planning that I thought you might like.
What are the succession issues associated with your business entity?'
Business Succession Planning Checklist
Subscribers, get your free copy here.
Join the Conversation
Here are a few questions for you to ponder. Join the Business Witch Academy on Quora to join the conversation and provide your answers.
When Love Isn’t Enough: This Tweak to How You Think about Your Creative Business Could Make or Break Your Financial Success.
Continuing on our year end theme of planning, if you’re a solopreneur—especially a creative one such as an artist, maker, or creator—balancing passion and profit can feel like a constant struggle. Clarifying the difference between emotional and financial business goals is the key to finding that balance and making smarter decisions.
First, separate your emotional desires from financial needs. Do you love your craft, or do you want to make a living from it? Ask yourself honestly: "What do I need emotionally, and what do I need financially?" Write down these goals.
Next, decide if your current venture can meet both needs. Maybe you adore creating artisanal soaps, but it's time consuming to make them. Maybe consumers just won't pay enough money per bar to make you an income that is enough to sustain you. That’s perfectly fine - some businesses are just like that. It's time to brainstorm.
Is there a creative way to add additional streams of revenue into your business to balance things out?
Can you/will you reduce your living expenses so you can survive on a lower income level?
Or will it be necessary to relegate this business to a hobby/side hustle and find something more lucrative to make the bills?
Steps to Balance Passion and Income:
Define Emotional Drivers: Identify what activities bring you the most joy.
Quantify Financial Needs: Set specific monthly income targets. Be realistic.
Make Decisions Based on Alignment: If both needs can't be met by one venture, it’s okay to have a passion project and a profitable side hustle.
Understanding the difference between emotional and financial needs will help you stay clear on why you’re doing what you’re doing—and that clarity will keep you motivated, even when times get tough.
I Write Like I’m Running Out of Time…
More from me this week…click to read my short form answers to these business questionss…
Stay Magical,
Cheryl
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