Developing Your Ideas and Designing Your Future

I recently met with a client who is very concerned about losing his job. He has worked hard, has built a great reputation in his industry, and has risen to a leadership level that he always wanted. But he’s still worried. His company was recently taken over by another company, and the future is uncertain. He shared that he thinks over the years his income has steadily increased to the point where it might be difficult to quickly replace his level of pay. He wants to maintain his current lifestyle for his wife and family, and he believes they cannot go six months to a year without money coming in. Does this sound like you, or perhaps someone you know?

 

Where to Go Next

He wanted to know if I had any ideas—any suggestions he might consider. I brought up the possibility of him taking his expertise, along with his contacts, and starting his own small business. He said he and his wife have given that some thought, but he doesn’t know if he has what it takes. He said he has no idea how to go about starting his own business—what steps to take, who to contact, or even how to efficiently operate one. I told him we could help coach him through the process—point him in directions he could go, and help him to develop ideas he might not otherwise consider on his own. I said that we could work with him in learning how to operate a profitable business. He asked me what that might look like. So, I shared with him my vision for moving forward.

 

The Coaching Process in Action—Designing Your Future

I told him we would get together and start to brainstorm about his wants, his interests and his dreams. We would start to identify his strengths and abilities and would begin developing some ideas for a start-up business he would enjoy for the next twenty or so years. He started to get excited about the possibilities. Collaborative brainstorming and idea generation gets everyone involved thinking at a higher level, and he began to acquire even more confidence and the belief that he could do it.

Business Coaching Designing Your Future

Business coaching is collaborative and extremely effective in achieving results

I shared with him how we would work on goals and objectives, starting to develop his business and laying the groundwork for a business plan. We would go over the potential revenue sources, expenses, and other planning opportunities. We would next determine if he could really picture himself moving forward with this idea, starting to create a framework and determining whether he felt motivated and interested enough to tackle this move.

The more we talked, the more excited he became. He started picturing things he might enjoy doing. He and his wife spent the next week or so developing some ideas based on his skills and interests. We began to discuss how he could take his ideas and make a real business out of it. They earnestly started to focus their thoughts together to see if there was something he could picturing doing for the next twenty years—something that would bring him joy, satisfaction, pride and of course financial success. Over the next several weeks we really started to focus in on what a business like that might look like. We started working on a tentative budget and developing a real business plan. Together we had his potential customers and revenue sources identified, business strategies and a blueprint laid out. This was the beginning to a very eventful few months.

Do you see yourself in this scenario? Would you enjoy developing your interests and experience and designing your future—the one you dream about? Perhaps all you need is an idea and some help in bringing your idea into reality. That is what we are here for. Whatever you can dream about, we can help you bring about.

Live Your Dreams

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Randy Tudor is the VP of Investment Research for Margin of Safety Investing, LLC. He has over 35 years of experience in financial services, real estate, taxes, and accounting. He currently resides in Phoenix, Arizona, where he heads up the investment research and analysis team by focusing on companies with strong fundamentals, a durable, competitive advantage, honest and talented management, and which can be acquired for a margin of safety price.

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