3 Signs Your Business May Not Really Be a Business


Is your business really a business?  Seems like an odd question, doesn’t it?  Well, I’ve realized lately that many solo entrepreneurs actually don’t have businesses.  Sure they’re offering their products and services in exchange for money, but they don’t really own a business.

You see, a business typically runs systematically and continuously no matter what.  There are systems, processes, policies, procedures, and support people to ensure that things run smoothly.

With solo entrepreneurs, especially service-based entrepreneurs, life often gets in the way of things running smoothly on a consistent basis.  Income generation (and often everything else) depends on the “business owner” so when the business owner is out of the office, sick, on vacation, etc. the business is practically shut down.  This isn’t the way to run a rock-solid business.

Many entrepreneurs think that they’re business owners, when they’re really freelancers, practitioners, or hobbyists.

Here are the top 3 signs that your business may not really be a business:

  1. If you don’t work, work doesn’t get done, and you don’t get paid.  If this rings true for you, you have a job with very bad benefits, not a business.  Ideally, you want to have more than one income stream to support your business.  And you also want to have at least one person you can count on to “hold down the fort” while you’re away. Remember, businesses run no matter what.
  2. You don’t have systems, processes, and policies in place.  Many entrepreneurs ”fly by the seat of their pants” which often leads to inconsistent income, inconsistent practices, and inconsistent experiences with their clients and customers.
  3. You can’t imagine anyone ever wanting to buy your business.  If you were to be abducted by aliens, would your business have any value? If not, look at ways to add valuable assets or equity in your business.  Real businesses have value beyond what their owners have to offer.

If you’re thinking right now that your business may not really be a business, it’s time to restructure your business model so it is both profitable and sustainable.

Over 90% of franchises are successful while only about 50% to 60% of independent start-ups are successful.  Independent start-ups tend to struggle more because they aren’t handed proven business models and systems like franchises.  You can escape that struggle, however, if you take the time to build a rock-solid business.

I’d love to hear how you’re building a rock-solid business. Please feel free to leave your comments below.

Need help creating a profitable and sustainable business? Click here for a complimentary Seamless Success Breakthrough Session.

© 2012 Tiffany deSilva

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“Want to learn more about how you can build a highly-profitable business without the stress and overwhelm? Discover the secrets to create an elegantly sleek, and sustainable business, consistently attract all the clients you desire, and live a passion-filled, brilliantly-rich life! Visit http://www.SeamlessSuccess.com for F’REE tips, tools, and strategies that empower you to make great money while doing what you love! While you’re there, be sure to grab your copy of the F’REE ebook, ‘Gain the Time and Financial Freedom You Desire: How to Avoid the 7 Costliest Mistakes Women Entrepreneurs Make.’”

 

 

4 Response to “3 Signs Your Business May Not Really Be a Business ”

Sue Painter
March 2, 2012
1:19 pm

Comment :

Love these three points, Tiffany. Especially “who would want to buy your business.” Great points!

Bill Painter
March 2, 2012
2:17 pm

Comment :

Good points. I agree that a lot of businesses depend on the key person and would collasp if that owner was not involved.

Linda Pucci
March 2, 2012
4:22 pm

Comment :

Great points, Tiffany! I find that I have to reassess this question from time to time in my life–as my business changes, as the market changes, and as my life changes. Thanks for a great reminder!

Mary Ellen Miller
March 13, 2012
12:12 pm

Comment :

Outstanding tips Tiffany that I will take to heart. Thank you!

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