But what if it isn’t?
What if in, ten years time, your business is still eating up most of your free time and is only just delivering a profit every month? In that case, what’s the difference between running your business and having a job? There isn’t one. From an entrepreneurial standpoint, your business is a failure.
“You get out what you put in” is a load of rubbishYou may have heard the phrase “You get out what you put in”.
Let me tell you: in business, that’s a load of rubbish. It’s simply not true.The truth is that you can put thousands of hours into your business and not get anywhere.
If you don’t have a plan, and no one is telling you what you need to do next, you’re just on a treadmill. Sweating. Going nowhere.
If this all sounds familiar, don’t panic. I have a solution to share with you. It’s about winning back some freedom, injecting new life into your small business, and rediscovering your motivation.
A radical technique to rediscover your motivation
Have a business that is worth buying, even if you don’t want to sell it.To rediscover your motivation you need a plan – so here’s a plan that you can use.
Over the next year, try to get your business into a position where you could sell it. It doesn’t matter whether or not you actually want to sell it – just try this as an exercise.
What will that mean?
Preparing your business so that someone will want to buy it will involve:
- Simplifying the business so that the owner of the business doesn’t have to get involved in running the business if they don’t want to (i.e. employing staff who can basically run the business, or outsourcing the majority of tasks associated with running the business)
- Maximising profits by cutting unnecessary costs
- Minimising paperwork so that the business is easy to understand
- Ruthlessly improving every aspect of your business’s appearance to make it look like a business that is worth buying (making the website looks good, repainting the shop front – whatever)
What’s more, once you have prepared your business to be sold, you have the option of selling it.
If this all sounds like something you’d like to try, I have two recommendations to help you get started.
Small business motivation tip #1: you should focus your energy on improving your business, using proven techniques.If you want to increase profits, reduce costs, and create a business you can eventually sell, you should copy the people who have already been successful. One good and inexpensive way to do that is by signing up to the Small Business Multiplier programme.
Small business motivation tip #2: don’t rule out selling your business.Very few people realise, but the greatest entrepreneurs in the world – the billionaires – rarely got rich from one business alone.Before he made his first billion, Richard Branson had published video games and opened a gay nightclub. Neither of those was part of his current business, Virgin.
So, take a step back:
- Where are you with your business right now?
- Would anyone want to buy it?
- If not, why not?
If the phrase “work-life balance” sounds like a bad joke, something’s got to change.
There’s no time like the present.