Whether you start your business as a solopreneur doing everything on your own, or you join in with someone else on the entrepreneurial journey, you likely have the goal to become a successful business owner.
But what does that really mean?
A “successful business owner,” should be profitable via the use of good financial controls, they should be thriving due to their marketing and sales systems, and they should be productive by surrounding themselves with a great team and systems.
Let’s break those down.
Profitability is key to allowing a business to grow. Profit is what allows a business owner to reinvest in their business, add more staff, build more systems, and take home a little extra. Unfortunately, many business owners do not have sound financial controls and systems in place, and so all their hard-earned money goes right back out the door. They often feel stuck in the hamster wheel because all the money they earned goes to pay the monthly expenses leaving nothing left over at the end of the month for additional opportunities, or to reward the owner for all their hard work.
For those who want to reach “successful business owner status,” taking control of your financial controls is critical.
A pivotal part to growing a stable and thriving business, is to have marketing bring in the right people to you and your sales system, converting the potential client into a paying client. This takes some work. First, marketing needs a plan to attract a unique targeted audience. Once a plan is fleshed out, you most likely want a marketing assistant to help you execute on those plans. For most business owners, they have eight new ideas before they get out of the shower each morning, but what they need is someone to help them execute on all those great ideas!!
For sales, you need to have a solid sales system that is scalable and repeatable by others on your team. As a solopreneur, you get used to doing all the sales or signups. But in order to grow your business, you have to design a process to allow others to get it done for you. This means breaking down your method and having scripts and other techniques written out so you can train others.
Another vital part of growing a productive business, is to surround yourself with a great team and have solid systems. Remember, systems run the business, the people run the systems! On our journey as an entrepreneur, we are fortunate to work with many amazing individuals, but often those great humans move on for personal reasons and we are forced to hire new people to take their place. It is imperative to have those good policies and procedures in place so you can quickly train someone new and know that it is getting done the way you want.
”Surround yourself with great people” Warren Buffet.
Successful business owners know that they need to plan out these elements so they can grow without the fear that it will come toppling down upon them. Just a little planning goes a long way. For that struggle with this element, find an experienced business coach or someone who has built a business who will help you map it out. A good sounding board can often be one of your most useful tools for becoming a successful business owner.
Ultimately, the journey from solopreneur or entrepreneur to a successful business owner is not that hard when you have the right framework and guidance to help you reach your goals in the most direct path possible.
Cheers to your amazing growth!