Some business owners find themselves working longer hours than they ever did when they worked for someone else and the money they take home is often not much better either.
Naturally many start questioning themselves and wondering what ever possessed them to start their own business. After all the goal was freedom, wealth and independence but now they just feel stuck.
It can feel like you’re treading water but going nowhere. Sadly some business owners end up throwing in the towel.
Why You Need To Systemize Your Business
Without systems you don’t own a business – you ARE the business. That means if you want to double revenue, you need to double the hours you work. Since you only have so many hours in a day, that limits how fast and how big you grow.
This doesn’t sound very attractive to most business owners and fortunately there’s a better way. By automating, delegating and systemizing you gain leverage, which is the key to creating and scaling a high growth business.
Even if you’re just starting out, you need to get into a systems mindset long before you hire your first employee or subcontractor. It’s the key difference between being self employed and being an entrepreneur.
Don’t wait until your business is in crisis mode and spinning out of control. It’s much easier to begin building your systems from the start than it is to retrofit your business later. And if your business is currently in a state of crisis, or close to it, then now’s the time to change that.
Getting Started: Transitioning From Self Employed To Entrepreneur
OK first we need to create a subtle but vital mindset shift. Self employed people ARE the business, whereas entrepreneurs OWN the business.
If you’re ever going to experience financial freedom in your business, the key ingredient is leverage. If I had to pick only one thing that sets apart wealthy business owners from average ones, leverage would be it:
Perhaps the only thing more important to an entrepreneur than financial success is freedom. Are you setting up your business in a way that facilitates that kind of freedom?
Building Your Systems So You Can Be Free
Now that you’ve made the mindset shift from self employed to entrepreneur, it’s time to start actually building the systems that are going to run your business and set you free.
If we’re going to create the kind of speed that’s necessary for a high growth business, we need to eliminate all bottlenecks – starting with you:
There are four main types of systems that you need to build. Getting these running is like adding rocket fuel to your business:
If you had to start with just one of these systems, the one which will give you the biggest returns on time and money invested by far would be your marketing system. Learn to build your marketing infrastructure and assets:
Building Systems That Create Wealth
A high growth business is one of the best wealth creation vehicles and as you’ve seen, systemizing your business is one of the best ways to create this kind of wealth.
Technology has created more millionaires and billionaires than anything else. Learn how smart entrepreneurs use technology to create value in their business:
Some of the biggest fortunes have been created when business owners have sold or licensed their business. Even if you don’t ever want to sell your business, now’s the time to structure things so you’re in a position of strength later on:
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