What’s up CEOs!
As you know, obtaining a license is a critical step in your journey towards success. However, the licensing process can be a frustrating and lengthy one, and waiting for approval can cause anxiety and stress, especially when it takes longer than anticipated.
It's important to recognize the impact that licensing delays can have on your business. As a CEO or entrepreneur, you need to cover expenses and generate revenue. Any delay in the licensing process can impact your bottom line, which can be detrimental to your business's success.
To combat this, the first step you should take is to calculate your burn rate. Your burn rate is the amount of money you are spending each month to operate your business.
Once you understand how much you are burning through and how long you can sustain it, you can decide how to proceed.
If you can last for six months without any significant impact on your business, you may choose to wait for your license to be approved. However, as a CEO, your primary role is to drive revenue, so it's essential to make money even while waiting for your license to be approved.
It's also crucial to remain patient and maintain a positive attitude throughout the licensing process. Remember that the licensing agency may be processing numerous applications, and yours may take longer than anticipated. However, don't hesitate to follow up with the licensing agency politely and professionally.
If waiting for your license approval is taking too long, consider exploring alternative options. For example you can work with a licensed dealer, or outsource your services temporarily.
At the end of the day, if you're going to burn through your money and not have the funds you need to launch your business, it's a big problem that you have to solve. You have to prevent that problem by any means necessary. You need to have some grit to drive revenue. Sitting back and letting your bank accounts be drained by the licensing process isn't an option.
Remember that success takes time, effort, and patience, and your hard work will pay off in the end. With the right attitude and approach, you can navigate the licensing process with ease and move on to achieving your goals.
Best of luck to you all!
If you need a plan for your dealership or auto brokerage, feel free to schedule a strategy session. We will take 30 min to draft the best plan for you moving forward.
For details, go to www.autodealerbschool.com/strategy.