What good is creating wealth if you’re going to kill yourself in the process?

Help!What’s the point of starting a business? To make more money, yes or yes? And what’s the point of that? So you can do more of whatever you want whenever you want.

If you haven’t experienced this for yourself, though, then you might have heard: that’s often not what happens, at least not at first. People get caught up in their business, a lot of the time working harder either out of necessity to make sure that it’s running, thriving and growing, or out of fear—sometimes over-reacting panic—that without their presence, the business will collapse.

In other words, the business—for one reason or another—takes them over. And that’s not unusual, at least not in the beginning stage of a business. However, if you find yourself in that same “supervisory” position after years and years, then I’d say you made things harder on yourself than you had to, and that’s because the freedom of accumulating wealth through business is directly related to how well you structured your business’ foundation.

What happens if you try to build a house on a weak foundation? It eventually cracks, caves in, or turns into the leaning Tower of Pisa. The business equivalent of building a solid foundation is creating a system, repeatable methods and procedures that produce profit. The idea is to systematize your business so that you can effectively and efficiently sell and support your product or service in bigger numbers as you grow.

So how do you create an effective business system?

Keep it simple. When it comes down to it, business should consist of only 3 parts:

  • Marketing—getting people to know about what you have to offer
  • Production—getting the products and/or services made, distributed, or performed
  • Administration—accounts payable/receivable, human resources, finance, assistants, etc.

Each part requires specific processes so they run smoothly. Aim for flawlessness, but be prepared to settle for “almost automatically.” The idea is to create a well-oiled machine—a money machine. And what do machines do best? They repeat the same functions over and over. Your system must be a repeatable process that can work without you!

Why?

If you want to gain wealth you can’t have a ceiling on your income. Your earnings must be unlimited. If you have to be physically present for your business to work, it can only grow to the extent that you can personally handle. It doesn’t matter how brilliant and energetic you are, you still only have but so much time in a day! You have to eat, sleep, relax, talk, think, meditate, spend time with family and friends …Tired young couple resting at the beach

In other words, all the things you’d rather be doing other than stressing. What good is creating wealth if you’re going to kill yourself in the process?

Work on the business, not in the business. Creating a system is what gives you freedom to do just that. With a strong system in place, you’ll two have options. You’ll have the flexibility to hand it over to competent managers and have an excellent source of passive income, or you can sell the business and become an instant millionaire. The more solid your business foundation, the quicker it can happen.

In both cases, because you created a system, you win. An effective system that works instead of you working is an absolute must in order to enjoy the ride.

 

You know the drill….it’s your turn!  I want to hear from you.  Make sure to leave a comment below and share your insights with all of us.  Have you had successes with growing your business in ways it can thrive even when you are not around?  If so, share your tips and strategies here.  If you have not gotten to this point (yet!) share your struggles and challenges—you might be surprised with the support and feedback from the others in our community.