Pros (and Cons) of Keeping a Small Business Small
Channel: Benson Sung
Date: 14/05/2018

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0:40 Keeping a small business small, there's a lot of colleagues that I have, friends, there's nothing wrong with building a lifestyle business, in a nutshell. I think if you're doing, like there's a lot of people who do six figures, a million dollars, and then if you basically do like 70, 80 grand a month in lifestyle business, where you focus on just building it, you keep it small, that's fine, as long as it fits your lifestyle. 

1:20 That's my focus now, but when I started my small business it was to support my parents. If I did six figures and I was able to retire my mom and my dad, that's great, which I have achieved and I'm very fortunate and blessed to have been able to do that. 

2:45 You want to make sure that your small business aligns with your personal goals. Understand that things are going to change. Right now, if you want to build six to seven figure business, you can do it. It's very, very simple. The second question is: what are you willing to trade in exchange for that? 

3:30 That's another key principle that I want you to understand, too, is the probability. So, in a nutshell, I think, really focus on what is it that you want right now for your small business. Understand it's going to change five to 10 years from now. 

3:40 Once you focus on developing that, then you can go further with it, and if you want to keep your small business a lifestyle business, get married, have kids, spend time with your kids and what not, then that's great. Focus on doing that. There's no reason that you want to build $10 million, $100 million business unless you're willing to make that trade in your life.

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