Build a Self-Sustaining Business in 5 Steps
As a coach and professional service business owner, you would wish that your company is self-sustaining at some point. This is not an easy feat, but is very possible. It will need you giving it your best expertise, time and attention for a long time.
You will encounter lots of heartbreaks, disappointments and surprises as you go. You will be thrown into a terrain where you have to do things your smartness didn’t prepare you for. The business world is a crazy one, and only the crazy and half survive.
This is because; you cannot retreat into your own world if you must build a formidable and self-sustaining business. There are challenges you need to surmount, lessons to learn, people to depend on and resources to leverage. For your business to be self-sustaining, it must be able to paddle its own tide in a stormy sea.
The beautiful thing is that, when you succeed at building a livelihood that is independent of you, there is this sense of fulfillment that comes upon you. You feel like your shackles have been broken and you can now sail free. Your work hours lessen and you have the freedom to enjoy a gondola ride in Venice, or walk endlessly on the pristine beaches of St. Lucia.
While you have the fun and relaxation of your life, your clients still get the best of your products and services.
You are now at a level where you no longer serve your business, it serves you instead. You are in control of your business and you need to take the first step by…
1. Making A Choice
At a point in your business, you have to decide what you want for it. You need to make a choice of either continuously serving it or build it to serve you. You need to ask yourself the following questions;
- Would your company survive if you stepped away from it for a short while?
- Why is it impossible to step away from your business? Identify the cause and that’s where your work begins.
- Would you love to have some freedom while your firm runs successfully and what do you stand to gain?
- What is the price you pay for being the sole dependent of your company? Does it rob you of rest, effectiveness, maximum productivity, quality time with family, health, etc?
Sincerely answering these questions is what will push you to make a choice of what is best for you. And the choice best for every business owner is to have a sustainable business that continues to run even in their absence. This is a personal decision that you must make, because you are the one who will put in the hard work.
You will continue to build until the objectives and routine of your work doesn’t depend on your management or personal production. Truth is, even if you do not know the first step to take, making the decision is a positive trail. You will find a way through the trail. One step after the other, you will keep moving until you get to the level you need to be.
2. Make A Shift In Your Perspective
When it comes to business, the dependence or independence of your business on you is determined by the perspective you have. At the beginning of your business, it depends on you wholly which is normal. It is like a toddler which needs to be nurtured. But after some years, it should be able to self-sustain.
You should be able to take a break, without your company folding up before you get back. This all depends on the thinking mode you get into business with. Professional business owners generally have two modes of thinking which places an embargo on how they work and how much they are able to achieve. Let us look at both of them.
The technician’s thinking
The professional business owner with this kind of thought process believes that his business is an outlet where he goes to do what he does best. He has the belief that, for whatever products or services he renders, his business is doing so well because of him and not anyone else.
This is a self-limiting way of thinking about your business. This is the fastest way to keep you tied to your work longer than what’s necessary and also keep your business stuck at a point. These beliefs are obsolete, limiting and unproductive.
This way of thinking stalls the growth of your company, because you are the “be all and do all”. It suffocates the company’s growth and shackles you at the same time. Truth is no one cares about your business than you do.
But if you really do care about it, you should want the best for it by getting a system on board that will help it grow from a toddler into a full balanced adult business that can function on its own.
Unfortunately, this is the case of many coaches and professional business owners and a critical shift in perspective is very important. If you are one of these, you have to make a decision to remove yourself from being all of your business. Because in truth, you cannot do the production, selling and delivery of your services all by yourself effectively.
You need to adopt the mode of thinking I’d discuss below.
The entrepreneurial thinking
The professional business owner with an entrepreneurial thinking sees his business as a vision to drive towards. He believes that his product is a process inclusive of systems that produce predictably consistent results. This is a type of business that will work independently, because a process is continuous.
A professional business owner with this line of thought creates their business as an entity separate from their personal lives. This is unlike the technical thinking business owner who enmeshes his life with his business so hard, it is difficult to separate.
It is easy for the entrepreneurial thinking business owner to take steps back, because they believe a business is a process and this is what they work towards putting in place. They make their products a client oriented process with a vision to self-sustain.
If you handle your business with a technician’s way of thinking, it is time to make a shift in your perspective. It is time to look out for those dormant and unproductive beliefs limiting the growth of your business, so you don’t hold your business bound.
Approaching your business from the entrepreneurial perspective is a healthy alternative that will help you gain the freedom and the work stability you need.
3. Design Effective Systems
Your business vision must serve and align with your life vision. If it is not doing that, then you are missing it. You must do everything humanly possible to ensure that you are not slaving for your business. This is why you need to design effective systems.
It doesn’t matter if you have to do a total overhauling and replace your seats with experts from the appropriate fields. But you and your business deserve the best. If you don’t put effective systems in place, you would be tied to your business doing tasks you don’t love while stalling your business growth.
Take for instance, you are a fitness trainer who has a huge gym with many clients and business is booming. Your core training is in helping people get fit and you are one of the best at it. Rather than channel your resources and expertise into getting clients the best results, you are the receptionist, CEO, MD, accountant, sales personnel, etc.
This is you doing fifty things you don’t love when you can fix leaders in all these positions while you concentrate on that one thing you are exceptional at. Of course you will not be the only fitness trainer, because you will hire trainers as exceptional as you are.
Doing this is putting in place an effective system that runs without you. The business is your life, but you do not build your life around it, if you understand what I mean.
Any day you choose not to come into work, the company runs effectively, because you have designed a system to that effect. And any day you come in, even as the CEO, you’d comfortably get to work, giving your clients your best as a fitness instructor. This is one of the ways a business can self-sustain.
Learn more about designing effective systems by watching our training video here.
4. Design A Culture That Reflects Your Values And Vision
For your team to become anything, it has to start with you. If you want to build a team that you trust to handle all your interests like you will, you need to design a culture that works. This will keep your livelihood safe as your team will handle clients, projects, prospects and partners in your absence, just like you would do.
Your business is your manor and you are its lord. The rules you put down are its standard code of conduct. Make them a watchword by leading according to the bylaws you set in place. Hire only people who are comfortable with these laws. Do not hesitate to fire anyone who does not adhere to your rules after several cautions.
All these will help ensure that even when you are not there, your company is in safe hands. Communicate this culture with your team consistently, so that it becomes a part of them within the workplace. Gradually, it becomes a culture which everyone unconsciously imbibes and they will pass it on to every new staff, even when you are absent.
5. Create A Result Oriented System Which Doesn’t Depend On You
You can be an exceptional fitness coach, without working directly with clients. Instead, you will devote your time to raising exceptional fitness coaches who will deliver outstanding outcomes for your clients. Same goes for a fashion designer who would rather train world renowned fashion designers to get clients result, but would never cut a cloth themselves.
The aforementioned is a way of building a system that creates outstanding results for clients without depending on you. You can pour all your expertise into other smart minds that will then create the life changing outcome that will keep your business independent, yet on the path of consistent and rapid growth.
The beautiful thing about this is that, when it comes down to it, you know how to do the job yourself, and exceptionally well. What is left for you is to get more training, keep building, testing and consistently improve your systems.
Make a move to build a self-sustaining business now…
Living for your company and serving it will leave you miserable and your business will still stay stuck. Building a self-sustaining business on the other hand is stressful, but with a rewarding aftermath. Why not choose the latter instead?
All you have to do is to first make a choice to grow, and then shift your perspective which leads you to design effective systems for your business. Having done them, the next step is to create a culture that becomes the core of your business and lastly, a system that produces results independent of you.
You will be left with many choices of whom you can be and who you want to be within your business. And if you decide to take two months off to go vacationing in the Bahamas, your business awaits you even bigger when you get back.
I know you can imagine this life already and would love to apply. If you need our support through the process of implementation, schedule a breakthrough call with a member of our elite business team here or used the button below.