Tips to Get the Most From Owning a Business

A lot of business owners talk about going into business because they expect to make more money than they could working for someone else.  Some say they want to feel in control of their own destiny – often meaning their personal schedule.  They have seen people get rich.  And they hear about business owners who enjoy trips all over the world doing fun stuff.  And they want a piece of that life.

But that is not what most find 10, 20, even 30 years later.

Business ownership is a great path to wealth and freedom – if you learn and do the activities that make that possible. 

The best path for you depends on what you want from owning a business. 

Some are in love with their craft (or product).  For them, it is all about doing the work as much as they can.  Their income capacity is limited to the hours they are willing to work, or directly manage a few others.  They only make money when they work.  That said, they can meet their goal of enjoying their craft and maybe earn enough to satisfy their needs. 

Others are in it to serve as many customers as they can get served, and as a by-product, earn as much as possible.  That can include not having to work IN the business at all - after a certain point.  This path involves building a team that is in love with your Vision, is just as passionate about serving your customers. They will help you build a business that can bring you wealth.  One big difference is the emphasis on learning how to build a team of “A” players.  And then letting them loose to play. 

Those are 2 different paths through the business ownership experience.  Neither is “wrong”.  But they lead to 2 different lifestyles.  And each requires different choices. 

If your purpose for owning a business is to serve as many as there are to serve and thereby earn as much as there is to earn, then it is a good idea to learn how that works as soon as possible.  It starts with curiosity, and a need to learn as much as possible about business. 

Important skills for owning and growing a profitable business include learning;

• To set a clear and compelling Vision, so people will want to work in your Team.
• How to make money systematically, so that you can do this most profitably.
• How accounting reports work, so that you can use your money resources most effectively. 
• How to plan – and work the plan, so that you can manage and lead your team, and use your time resources most effectively.
• How to teach skills to others and manage their productivity so they can do it better than you. 
• How to measure the value of each specific activity, so you can prioritize and delegate effectively. 
• How to build a team of “A” players and get them operating effectively and efficiently together.

That is not all there is to it – but it is a good start.  It does not require more work.  It just requires working differently from the craft you already know, with a focus on helping members of your team get better than you – so you can let go. 

Part of this is to decide what you will do when you are “finished”.  Will you give up all the work you did, and walk away?  Or will you sell it?  Do you know what you need to do to make your business attractive to a buyer?  (80% of business put up for sale – never sell.)

So, it is helpful to learn about the key factors buyers use when valuing a business.  Do not assume that your employees will buy it from you, or one of your children, just to skip that step.  Why would they want it if it is not already valuable to other buyers?

These topics are all too big to deal with in a single article.  I have shared other articles that touch on some.  There is also an immense amount of information on the web – but it is usually fragmented and difficult to put into a useful sequence.  All of it can be learned by a person who wants the best lifestyle and is willing to focus.  It is amazing what you can do if you take a first step, and then the next, and then the next.  Remember, there is no such thing as failure.  There is only data.  Unless you give up. 

If you want more from your business, hit the “Schedule a Call” button, and let’s talk about what it is you want from your business, and a possible path that can get you there.