Interview for a small business class with Rae Roth
Why did you choose to start your business? I wanted to become financially free. I wanted to be able to own my time, travel freely and live a low stress, beautiful life. I realized that as long as I'm working for someone else I will always have a cap on how much I can earn. I woken up to the fact that if I truly want an a wonderful, low stress life, I need to take responsibility.
Also, the more I learned about human nature, the endless possibility we are capable of just by the power of creative thought, imagination and focus, I knew I wanted to engage in ventures I am passionate about.
Do you have/did you write a Business Plan? I write a business plan every 3 months. Following “The 12 week year” method, I set goals and targets for 3 months ahead.
Evaluating where you stand can be done on a weekly basis. A business plan helps you focus on the most important steps needed right now to advance forward. We humans have a tendency do get lost in the little things and since we have a limited amount of time daily we need to make sure we focus on what we want to achieve most.
How do you determine if your business is successful? I once heard my mentor mention the following formula: “Money = service given”. This statement still leads me to this day at any business stage I’m in.
The purpose of my business is to give service. If I have succeed in doing so, I will have money coming at the door. The more money is flowing in, the more service I gave. The better service I give, the higher the amounts will be.
What’s your exit strategy? I don’t have an exit strategy for my businesses. I focus on setting up multiple streams of passive income that will keep coming with little to no involvement on my end after setting them up. Similar to a music artist who works on an album then releases it and earns royalties, I work on a project and once launched I let it work for me. Some projects take longer to set up, some shorter, some reap greater rewards, some less. The idea is to build, automate, release and move to the next one.
What advice do you have for me as an aspiring entrepreneur? Always follow your heart's desire. You can make money in any industry and in any profession but money doesn’t give you the satisfaction, the work does. Only do things you enjoy, life is too short for anything less than amazing.
If you could change something in your business what would you change? I would share more knowledge.