Entrepreneurs should always think about the end game. Starting a business yourself is one of the most challenging things I can imagine doing (aside from a Rubik's cube...I hate those things). It will challenge the limits of your intellect, courage, stamina, emotions, and creativity on a daily basis. Even the most incredibly capable people in the world can't keep up with that amount of output forever. At some point you'll need to stop, and you better had created something that will take care of you and your family without you.
This is an especially important concept to grasp for creative service providers. We really like to think we're business owners, which in many respects we are, but more often than not, the title "self-employed" suits us better. A business entity is one that should be able to stand on its own someday, with or without you. When you are the service provider, the buck starts and stops with you.
There are many ways to overcome this long-term dilemma. I've listed a few below that have helped me over the years:
- Train Others To Do What You Do - I know, I know....you're the master of your craft and no one can possibly do it better than you, right? Or worse, what happens when the apprentice one day beats the master? Maybe you see other talent as a threat to your business. Well, you shouldn't. I'd prefer for all of my colleagues, and others that I hire, to even outperform me! With that much talent around, I'm certain I can drum up enough business for us all to succeed.
- Sell Products - Determine if there are any products you can offer to your service clients. Selling products is a great way to learn the value of multiplying your efforts. Soon enough, you could end up selling enough product to match or surpass your service revenue with little additional effort.
- Join the Digital Hustle - My generation, and the next, know the power and convenience of online shopping. Virtual store fronts are rapidly replacing brick and mortar, offering proprietors an unprecedented opportunity to reduce the overhead expenses typically incurred when starting a retail business. When setup correctly, an online business can prove to be a very lucrative investment because it will continue to work for you with little or no additional effort.
If you're interested, please visit my online retail business at ishholmes.zhuncity.com where you can find great deals on electronics, cellular service, apparel, travel and more!
Also, feel free to reach out to me if you need help developing your very own exit strategy!