How I get to $250,000 annual sales and grow to a team of 8 people- part 1 of 3
Have you ever wonder when you business will reach the million dollar mark? For me, it’s beyond my wildest dream that our business could reach 25% of that, a quarter of a million. It meant a lot to me, it meant that I was right in saying that there is a market for Polaroid and films in Australia, but is the market big enough to make a living out of it? give you a tip, profit margin is 10%.
2 years into FilmNeverDie I was growing the business but it’s always a very slow process and I wonder why. At about the same time I became a believer in Jesus. In the Bible there is this King, King Solomon, when God has him what he would like to have in life, he replied wisdom. God was so glad about that and provided wisdom and also made him the wealthiest man on the planet earth in that era.
I was eager to know how to grow the business, so like Solomon, I prayed for wisdom. It’s incredible what hunger can do to you, for the past 28 years of my life, I only read a handful of books, I always don’t have the patience and always considered a page full of words being boring. It was really boring, until you are searching for answers and thirsty for knowledge, then all the words start to come alive.
Wisdom, as someone puts it very nicely, is the application of knowledge.
Meaning you can read and gain all the knowledge of the world but if you don’t know how to apply it, you don’t have wisdom.
Have you heard of the book 4 hours work week, by Tim Ferris? As Iwas trying my best to grow the business and searching for wisdom this book appeared in front me, probably via one of the recommended books on itunes or Amazon, the title grabbed me. The book is literally saying that you can only work 4 hours a week, and that will be enough to cover your living expenses. Intriguing I thought, as a result I finish the book in about 2 days.
To be honest, I think the book oversell on how easy to reach the peak and being able to practise 4 hours work week. The whole book was a very practical book on how to outsource and automate your business so you can only handle the important issues in the 4 hours in a week. But to reach this utopia, there are probably many many steps and years in between, I learn it the hard way.
After finishing the book, I started to hire Virtual Assistant (VA), $3 an hour, I can probably start retiring now I thought, I mean I can get the VA to do all my jobs and I can just trust him to run it well. So I thought, the miscommunications between my ‘Chinglish’ and his ‘Banglish’ did not only make the matter worst, but alot of what I want him to do was also not clear and messy ( yes I do take on responsibility), not only after I read the book the second times, then i start to pick up the important of shortlisting and testing your VA well enough, steps by steps before getting them to run a bigger operation.
Not to mention the human factor, the human factor for me states:
“no matter how exciting your venture or business could be, but if you place someone in a repetitive roles, sooner or later they will think they are better at the job, starts taking shortcuts, or do them very quickly and thus having the quality of work deteriorated, as you bring these up to him, they get demotivated. “
tomorrow, I will tell you how I am overcoming the human factor and what other knowledge i gain along the way to do that..