When they start their own business, most people have a specific lifestyle in mind. It’s normally based around a significant increase in either the amount of spare time or spare cash they have available. Often it’s an ambitious mixture of both!
And how many business owners actually achieve this? Sadly, very few. Starting a business tends to eat up spare time and money like no other activity!
But it is possible to create a business that will thrive despite you – the business owner – working in it for just one day a week.
And it doesn’t have to be a massive business. Although in the first few years any business will need a lot of TLC, with a fair degree of success you should be able to take yourself out and work on other things (or enjoy time at home!) by your third year.
Here are the three areas you need to focus on if you want to build a business working just one day a week:
Work ON your business not IN it
Let’s be realistic here. If you only want to work one day a week, then you either need;
A) A business where you can earn a lot of money in a short space of time (perhaps as a freelancer with an awesome day rate), or
B) A business that can be run and executed by staff.
The latter is more common. Your goal is to remove yourself from the business and spend your one day a week working ON the business and not IN it. So you don’t make anything, or deliver any of the service, or deal with the clients.
Everything in the business can happen without you being involved in any way. In fact, you may not even be the person who takes responsibility for it day to day; you may have a manager running it for you. If this sounds impossible right now, relax, you’re not alone in thinking that way. It’s actually easy to have your business run exactly the way you want it to but not by you. Here’s how.
Train your staff well and set clear goals
To work just one day a week you need to give your team the freedom to do what they think is best while you’re not there. You can’t afford to be a bottleneck for decision making, So train them well – get the best training you can afford – then give them the freedom to make decisions.
The key to this is setting clear goals and measuring them on whether or not they achieve them, rather than how they achieve it. You will also need to set some guidelines on roughly what they can and can’t do along the way.
The best guidelines are clearly defined, well-written systems. These document exactly how you want your business to be run. Get your staff to follow these systems accurately and you will get a well-run, efficient business that works exactly as you want it to, without you being there.
If you are serious about building a business that thrives without you, there is a book you must own. Buy The E-Myth revisited by Michael Gerber.