The success rule that’s more powerful than “do what you love”
There’s a secret business formula I stumbled upon years back. Maybe you’ve discovered it too. It’s elegant yet challenging. Because it runs counter to the popular narrative of ‘Do what you love’.
Instead, I suggest ‘Do what other people hate.’1
Think about it for a moment. Do you love paperwork—preparing Business Activity Statements, tax returns, finance applications and ASIC statements? If so, you’re a rare beast. Most people would rather stick a pencil in their eye than grind out endless reams of tax returns.
And yet, as an accountant, I’ve built a successful business managing my clients’ accounts and tax obligations. Other people have dedicated their lives to doing things which many people instinctively avoid. Abattoir workers, plumbers, first responders, undertakers, waste managers, bond cleaners—these jobs won’t suit everyone, but they’re essential for our society to function.
So if you want to prosper, set up a business providing a service or product which people need, but don’t want to do themselves. They’ll pay you good money to do it on their behalf.
Right here I need to make a key distinction. You won’t make a fortune if you’re employed as a bond cleaner. Establishing and growing a cleaning business, on the other hand, has plenty of upside.
Because you’re going to build a business that scales. Initially, you might have to do a lot of the grunt work yourself. This is where the second part of my secret formula comes into play.
‘Do what other people hate—but do it as if you love it.’
Hating your work is a one-way ticket to purgatory. But once you start doing your job as if you love it, something clicks into place. Maybe the work’s not so bad, after all. Maybe you even start to enjoy it.
You’re entering the much-lauded flow state, something I’ll explore in more detail in the coming weeks.
Mind you, spending twelve-hour days scrubbing down former meth labs won’t help you build your business, no matter how much you charge. You’ll remain a glorified day-labourer all your life.
Instead, set some long-term goals. As your client base builds, hire other people to work with you. Yes, you’ll have to pay them well. Just be sure to charge your clients more.
Twelve-hour days are bad from another perspective. Remember the advice Rod Stewart received from his dad? While you’re building your business, devote some time to your sport and your hobby. They’ll keep you fit and help you maintain an even keel. They’re both essential for your mental health.
As the business expands, gradually back down from the day-to-day operations. Employ talented managers so you can strategise future business growth. And reduce your labour intensity. In simple terms, start spending less time at work.
Some people find it hard to step back from their business. It’s all they have in their lives. I’ve met individuals worth tens of millions of dollars who are dull as ditchwater. That’s not you. You’re creating a full and vibrant life. As you take your foot off the accelerator at work, your other interests will expand to fill your time.
If you follow this formula, you’ll have done a reverse pop star twist. When we’re young, many of us dream of stardom – as a sports person or a creative artist of some type. Our parents usually advise us to have a career to fall back upon.
Wise words, because for every Rod Stewart there are thousands of singers, some highly talented, who ended their careers in ordinary, even undesirable jobs.
You, on the other hand, will enjoy a rich and fulfilling life once you cash out of your multi-million dollar business. Maybe you won’t remain forever young, but you’ll come close.
To build a life which offers you more than you ever believed possible, you need a financial concierge. Interested? You know where to find me.
1 Important caveat. This only relates to business. In your private life, in your choice of sport and hobby, you should do what you love. Without a doubt.