I am going to throw out this disclaimer at the onset: I am totally contradicting myself in this post, but I think it's necessary to offer two points of view on the subject of what makes a successful business when it comes to money.
If you are reading this, you probably fall into one of two camps: you are a woman looking to follow her big business dream or you are a female entrepreneur already trying to make it happen. Either way, you're wondering what to do if your "dream" doesn't make or isn't making any money.
I previously said that your brilliant business idea is only as good as its profit potential, right? What do you do when you have gone through the numbers (if you haven't, find our handy worksheet and post on this topic HERE) and just don't see family sustaining "profit" in your future? Do you ditch the brilliant idea?
Just because an idea isn't financially profitable doesn't mean that it is a failure. Just because an idea isn't financially profitable doesn't mean that you should give up on it altogether.
WHAT DO YOU DO?
IT DEPENDS ON A COUPLE OF FACTORS.
1. Your Resources /
Sometimes, we have to face reality. If you need to support your family financially, you may not be in a position at this time to pursue your idea in a full-time manner. And, if you are already working, maybe you need to spend your remaining time on your family if you have one. In this case, your resources (time and money) are probably best used on the necessities. But don't give up on your dream--keep notes and find ways to take tiny steps while keeping your expectations realistic--it is going to take time and it may not make money.
If you do not have the responsibility of providing for your family financially, you may find that you are able to take larger steps (or more tiny steps) towards your dream.
If you are super confident in the success of your idea, maybe you need to seek out investors. That's always an option!
I'll just say this: we all have limited resources. Be sure that you are being responsible with yours and using them thoughtfully.
2. Your Heart /
There are just some things you can't shake. If you have a brilliant idea that can help others and brings you joy, maybe you should go for it but consider it a hobby. There is nothing wrong with using your talents and passions to serve other people--in fact ,I think we often forget the importance of this. But if your idea is not making money and is causing you stress and anxiety and zapping your joy, it's time to put it on the shelf--or time to pivot into something new (a whole separate topic).
Only you can determine the course of action for your brilliant business idea if it is not financially profitable. And only you can change how you define success when it comes to your idea.
Remember this: Success is not always defined by money.
Where are you today? Struggling to make ends meet? Frustrated because you're stuck in the mindset that financial profit equals success?Tell me in the comments so I can know how to better support you.
Or better yet, join our facebook community, The Belong Collective, to get advice, encouragement, feedback, etc... We'd love to have you and support you in making things happen with your brilliant ideas.