Wealth freedom and market domination. What does it really mean?
Wealth Freedom and Market Domination. If you’ve been connected to me for very long – perhaps on my blog, on social media, or in my books – then you’ve heard me mention these three things. But what do I mean when I talk about these?
Good question. In this blog post, I’m going to briefly answer these but understand that I am only scratching the surface of a topic that can go very deep…
Wealth
When we hear the word “wealth” we tend to think of financial wealth and certainly that’s a big component of what I’m talking about. My vision for all the service business owners I meet is to help them achieve substantial financial wealth. But even financial wealth is open to interpretation: is it a specific number in the bank? Is it a specific monthly income for their business? Is it a specific monthly income for their family? Is it having zero debt? Is it having a certain amount of net worth? Is it having no worries about retirement? As you can see, wealth is a wide-open concept.
Even beyond financial wealth, you might also note that we are wealthy in other ways: you might have a large network of people (perhaps you’ve heard the saying that “your network is your net worth.”) And, we can be wealthy in terms of our opportunities – someone with a lot of options might be said to be wealthier than someone who has no options.
Freedom
Like wealth, “freedom” is open to interpretation as well. I like to think of it primarily as the ability to do what you want when you want… not in the sense of anarchy but in the sense of having your life built in such a way that you can step back from the responsibilities of your business to spend a week with your spouse… while your business continues running on its own. If you can leave for a week or even a month, and get back to your business with little impact then you have freedom. But if you leave for a week and everything falls apart then you do not have freedom.
But freedom extends beyond that to other areas, too: for example, the health freedom to be able to live the life you want. Maybe you have the business freedom I mentioned above but if you are stuck in a hospital bed then do you really have freedom? Or if you want to be healthy but are addicted to cigarettes, do you really have freedom? Freedom is your ability to choose, so how much choice do you have?
Market Domination
Most people understand wealth and freedom to some degree but not everyone understands market domination. And, in fact, some even say, “well I don’t want to run a national home service business; I just want to run a business in my little market.” However, market domination is not about being the absolute BIGGEST in the world or even in your state or market. Rather, market domination is about being the absolute BEST choice for your specific avatar… the ONLY company that your target market calls when they need service. And why wouldn’t you want to be that for your customers?
Summary
If I said “wealth, freedom, and market domination” and you assumed I was only talking about money, about stepping back from your business, and about being the biggest in the country then you are limiting your thoughts. Wealth, freedom, and market domination are deep concepts with a lot of exciting ways to understand their deeper meaning.
Take a moment to reflect on what wealth, freedom, and market domination could mean for you based on what I’ve explained here, and consider how you define each one and envision what the perfect level of wealth, freedom, and market domination mean for you. Then use these definitions to help you make decisions in your business.
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