Creating yourself a business versus a job

iStock_000022996685_ExtraSmall.jpg

When you start up a business for the first time, it can be one of the most alive, exciting experiences one can have. You are finally bringing your idea, your creation into fruition and are on the road to generating value and profit, as well as a certain lifestyle, sense of freedom, more time with family, travel, etc.  At least that’s the idea, right?

The Dream versus Reality

The reality is that most small business owners create a job for themselves when they launch their new enterprise instead of creating a business, like they had intended. They are still personally involved in most, if not all aspects of the business and can’t seem to get out of the day to day firefighting mode. It’s sort of like only paying off your interest versus ever making progress on the principle of a loan. You’re keeping up with the short-term battle but never really moving forward. For all of the hard work, it’s difficult to see the forest through the trees.

Recent Example

I work with a digital media company in the Boston area that launched their business because they had a great idea that was unique in their space and they believed that they could do it better than where they had worked previously.

These two owners grew the business rapidly, but started to realized that they were the bottleneck. Too much of the business was dependent on their involvement, and that if it was to really grow, they needed to create and write down systems, hire and delegate, and the hardest part, fire themselves from some of the technical work and put attention on the higher level business development and sales.

My heart goes out to a business owner like these two, when they know that it was through cultivating their own personal relationships with vendors, suppliers, customers, that their business grew in the first place, and that at some point in a business evolution those very same people need to step back and systemize so that the business can scale. That’s tough.

They also realized that they both were exhausted and working longer hours than they ever imagined. They still each felt passionate about their work, but didn’t experience the ROI. Sound familiar?

Real Change Starts Inside-Out

Through coaching, they started creating the right structures, systems and also put attention on their company culture in a way that attracted more self-responsible employees.  They put attention on their management systems and infrastructure and made the time to build out their operations, so that they could handle more clients and more business, and scale it in a way where it didn’t have to go through them in every transaction.

This is the moment, that they each later stated, was the first time they really felt like they were running a business. Most importantly, they purposefully carve out time to work ON their business and strategize new systems and protocols that create more independence and interdependence within the business.

For those of you in the NYC area, I’m leading these events that will focus exactly on what you should be putting attention on in your business so that it can grow beyond being dependent upon you. It's time to turn your passion, hobby, and dream into a business. Hope to see you there:

October 10th - http://www.uniquephoto.com/event/494

 

October 11th/12th - http://nyleadershipintensive.eventbrite.com/