Every business owner I know wants to have cash flow freedom from their business. Or at least, they sure like the sound of it.
You might be asking yourself what cash flow freedom is and how it might affect you and the decisions you make. That’s what this week’s video is all about.
Every business owner I know wants to have cashflow freedom from their business or at least they sure like the sound of it. You might be asking yourself what cashflow freedom is and how it might affect you and the decisions you make. And that’s what this week’s video is all about.
Too many business owners I know say to me, “I know being financially free “is important for my business and me, “and I know it’s gonna happen in about five years from now.” Every time I hear that, I say to myself, this business owner doesn’t really know what they need to do. But whatever that something is, it will magically appear over the next five years, and that’s how I came up with the term perma-five.
Perma-five is where everything is always five years away, financial freedom will become five years away, I’ll have enough business to make enough money is five years away. And every time I hear that, what it means is I know something is wrong, I know I need to fix something, I’m not really quite sure what it is. Well, whatever that something is will magically appear over the next five years and let me know.
Now, if you’ve ever have that happen, and I’m gonna bet everybody’s had that happen, you need to stop when you think that and say, “What am I missing here?”
So let’s go on and let’s start with a conversation about what financial freedom for your business actually means.
- When you’re financially free from your business, your retirement doesn’t depend on how much you sell your business for. And this is a really big deal, and the reason it’s a really big deal is most businesses, and I mean most, you cannot sell, pay your taxes, pay your expenses, and have enough money to ride off into the future.
- Number two, when you’re financially free from your business, you don’t worry about cashflow issues that might pop up. You don’t worry because you have a fully funded emergency fund. Financial freedom is not only what you’re earning, but what you’re putting away that allows you to become financially free from your business.
- Number three, when you’re financially free from your business, you don’t worry about the seasonal ups and downs your business has. You have a strategy for managing this, and one of your strategies is you know what your backlog is, you know what your future sales are gonna be, you know how much money you need to have in the bank, and you have two or three times that money in the bank. That’s part of financial freedom.
- Number four, when you’re financially free from your business, you have confidence that you’ll be able to leave your business on your terms when you want, in the way you want.
So here is my favorite freedom around cashflow freedom and how it’ll affect you. Are you ready for this? It’s a really complicated one.
Happiness is a positive cash flow.
And if you’ve not had positive cashflow times in your life, and almost every business owner I know has, you know how unhappy it is trying to figure out where you’re gonna get enough money to pay that next bill. So a positive cashflow is the start of having happiness about becoming financially free from your business. When you don’t know what the problem is, it’s hard to know what to do. This makes you feel angry and even sad about your situation. It’s just not fair that you work really hard and aren’t sure whether you’ll ever be able to retire because retirement always looks like it’s five years away.
So there’s a simple formula I use when I talk to people like you about financial freedom. Here are three things I would like you to do.
- First, you must decide you wanna be financially free from your business. Too many business owners just kinda go through their business and wander from day to day and week to week and month to month, and they never really sit down and say, “I wanna be financially free “and I know what I need to do to become financially free,” which brings up point two.
- Second, have a conversation with us to see what your first step might be to move towards financial freedom.
- Then finally, sign up for our financial freedom project, where you’ll learn exactly what you need to do to reach financial freedom from your business.
Hey, life is too short to have to always worry about whether you have enough cash. Learning about the financial freedom project is a great place to start. I would love to have a conversation with you about this, so feel free contacting me at firstname.lastname@example.org to set up a time for us to talk.
And in the meantime, if you’re not ready to talk, download our free eBook on the financial freedom project. This eBook will outline what it takes for you to become financially free from your business.
And while you’re at it, why don’t you scroll down and let me know what you think about becoming financially free from your business is all about.
Hey, this is Josh Patrick, you’re at the sustainable business, thanks a lot for stopping by. I hope to see you back here really soon.