Ever struggle with feeling like you have to choose between making a profit and living on purpose?
Well, you don’t have to choose. You can have both.
When I first started life and business coaching, I pretty much operated like a ministry. It came naturally to me, I was impacting people, and didn’t mind doing it for free. At least in the beginning.
But when I decided to turn this passion into a business, I made the mindset shift to operate my coaching practice as a business with a mission that allowed me to be both strategic AND generous.
So this week’s letter, we’ll be talking about GIVING BACK in your business, and how that’s good for your purpose + profits.
1. Choose a cause you care about to motivate you to do more with your business.
A SUSTAINABLE business model is one that both motivates you with a cause you care about and generates income that allows you to continue to do business. When you focus on making more money so you have the margin to give more away (of your time, talent, and resources), it creates accountability to operate your business to be more effective and impactful.
To help you figure out what cause you care about, here are some questions to think about:
What’s a cause that gets you fired up?
What values does your business stand for, and what’s another organization or non-profit that shares a similar vision and mission?
If you could change one thing about the world, what would it be?
The answers may reveal what underlying causes you care about, and can be a starting point of helping you find a mission you can get behind.
2. Donate a portion of your profits.
Money can be a resource that can do so much good. When you commit to donating a portion of your profits to charity, you’re committing to creating more opportunity for abundance for yourself, your team, and those you are giving to.
Every month, our family sponsors a child in Kenya to provide him with food, water, and education. I LOVE receiving letters hearing about his school adventures and newly formed friendships. Even when my business’ income has ebbs and flows, my commitment to giving gives me perspective of what’s important and reminds me to be obediant and intentional with my money. I know that our money is making a difference in this child’s life, and therefore, making a difference in his local community.
3. Donate your expertise to those in need.
Sometimes what’s worth even more than money is donating your services as a scholarship to someone who has more hustle than money in the bank. Or, you could donate your time and talent to those in need. Your expertise is super valuable so when you offer someone a scholarship (free or affordable cost version of your services), it helps them get a result and helps you to gain more experience.
For example, if you’re a business coach, you could help a non-profit with a VIP day of visioning and strategizing so they can become more effective. If you’re a photographer, you could offer a photo session to a family whose mom is dealing with a terminal illness so they can have a memento of their time together.
Think about this: How can you “pay it forward” (big or small) to someone in your business today?
4. Give your feedback to a team member or intern.
Your presence and leadership is a gift in itself. When you take the time to give your team member or intern positive feedback, constructive criticism, or a word of encouragement, you build rapport, loyalty, and show that you care.
A “fringe benefit” of running a business is possibly employing and working with contractors/vendors. Taking the time to notice good work and help develop others is a great chance to impact someone to pursue their calling.
Ultimately, it’s important to create plenty of margin so you can give back your time, talent, and money to those who need it. I’ve found that by focusing on doing what’s BEST for my business and what’s RIGHT for my clients, I’m able to marry purpose and profits to make a difference in my community as well as my family.