Limitations of a Service-Based Business

Sun, May 11, 2008

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I keep finding myself going “back to my roots” with my business challenge.  The websites are going quickly, but the reality is that unless something hits big, I’m not sure I can make a million dollars in 2 years or less.  I do believe that I can put together a mostly passive income stream in the high 6 figures in that time and that it will grow over time.

So, how do I meet this challenge?  I keep looking back at what has been successful for me in the past, and what I hear my clients asking for.   So, right now I’m kicking around a couple of projects:  (1) an exclusive masterminding event and (2) a way to work with personal CPA clients.

The last time I did both - had an exclusive masterminding event and ran a CPA firm - my family was just Richard and I.  Now we have David and for awhile I think we have Michael as well, a teenage boy who is likely going to stay with us until he finishes high school (2 more years).  So, with a family that includes children, how do I go back to a service based business?  My old model meant a lot of working hours.  I simply don’t want to take that time away from the boys, so how do I do that?  It looks like that will be my biggest question over the next few months, if I go ahead with this plan.

 

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This post was written by:

Diane Kennedy - who has written 105 posts on Business To Investment.

More than your average CPA, Diane Kennedy is also an author, speaker, investor, and a highly sought-after tax strategist.

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1 Comments For This Post

  1. Anonymous Says:

    >The websites are going quickly, but the reality is that unless something hits big, I’m not sure I can make a million dollars in 2 years or less. I do believe that I can put together a mostly passive income stream in the high 6 figures in that time and that it will grow over time.<

    I read a comment on another blog yesterday that keys into this.

    The author said it took her 3 years to become a geologist, what made her think she could be marketing profitably online in 4 months. With that insight, she then took the pressure off herself by vowing that Year 1 was for learning the business.

    In a sense that’s logical to do that. The devil’s advocate view, however, might argue that keeping the pressure on oneself and on the business is a good thing.

    The question is what’s realistic. In this cyber-business, that’s a difficult question to answer.

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