As the business owner, you need to know if you have a business or a Job?
If you truly own a business, it is like a stock certificate. You keep an eye on it, but someone else is taking care of the customers. That’s the dream isn’t it.
When you start a small business, you need to be the one that gets out and hustles. If you don’t hustle, the business won’t last long. Many claim that businesses fail because they are “under capitalized”. More money won’t solve an issue with leadership or lack of hustle.
The Paretto Principle is a good rule to apply here. You might also know it as the 80/20 rule. For business building, I like to apply the rule a bit differently though. If you are like I was, one of the best in your field when you started your business, you have a problem. Your employees can’t keep up and you have a job, not a business.
If you can find employees that are 70% as good as you are and sell a product or service that is only 80% of your limit you have a good chance to make the transition.
As an example, lets talk about gardening. You have the amazing green thumb and you feel like plants talk to you. You work at a big garden center and feel under utilized and bored so you go out get a business license and start designing better gardens.
But then what. How do you grow a business that is 100% dependent on you? You might find some guys that can do 40% of what you can do, like dig holes and drop in plants, but you still have to be there to get the work done. One day you wake up and realize you owe taxes and haven’t had a day off in months because you got out and hustled. Or worse, you realize there is no work because you didn’t.
People who by franchises have an advantage. They start out with zero skill in the area. Why do you think so many McDonalds and Burger Kings last 20 or 30 years and other restaurants that are started by great chefs last 10 or less? It isn’t the quality of the product.
At Owners Play I want to teach you how to change your mind set and become an owner with a business. Instead of an owner with a job of wrangling people and fixing problems.