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My family is self-employed, as are many of my friends. Not to mention all the mentors I have met over the years.
They cannot fly to Spain in a flash for any of the players who are still playing. They could not spend a week volunteering at an animal sanctuary or oil spill cleanup site if they felt the need. Their businesses would collapse if they tried to take a dip.
It is partly generational. Many of them are older than I am. In the past, long hours and large waistlines were considered a virtue. Older generations love the knowledge that everything in their business would end in their absence. So they grind it out, powered by fast food and headed to an adrenaline-and-fructose-fueled heart attack.
Related: What is more important for your business, productivity or efficiency?
Which type of business can you truly be free from?
My generation, and the younger Generation Z, takes a different approach. Our time and our health are our most important priorities. We have the drive, but we are not willing to sacrifice our health for a dollar.
When we think about building a business we envision something that won't crumble if we take a week off, two weeks off, or even a whole month.
We want to return from the jungle, the mountain, and the beach and find that our business is still going strong, creating cash flow and value for clients and customers.
This is not a new concept that millennials invented to avoid wearing ties and show up for work. This is how the Savvy have done it since childhood. Rockefeller knew what was happening at every oil derrick or refinery during the peak of Standard Oil. Do 12 McDonald's franchise owners go to each McDonald's and fry every order of fries there?
No. They have employees and systems that do the job for them. They are only there for one reason if they don't show up at work every day.
To feel valued and important. This is a powerful motivator that can be used to your advantage. To think of ways to grow the business empire. Rockefeller was several times more wealthy than Bezos, and this is not because they need to adjust for inflation. His grandchildren had enough money, and he had enough money. Expanding the empire is not a part of the robber baron's game plan. Rockefellers expand empire; horses eat oats, monkeys eat bananas.
Smart entrepreneurs know that it's impossible to leave a business they built. This is the only way for them to scale up and expand.
One person is all you are. One person can work more than 24 hours a day. You also need to get enough sleep to be able to function and give value. What would Tesla be if every aspect of the business was dependent on Elon Musk's work? He said that "None of us know how to construct an electric car correctly!" I must do everything by myself!"
You can't do it all if you want your business grow exponentially, to generate wealth, and to make an impact. Your business must be larger than you, even if you still own it.
Similar: These 12 Habits will help you achieve a better work-life balance
Are you a business owner or do you have a job?
People often think they have a business, but actually they own jobs.
Imagine a chef opening a restaurant, and finding that no one else can make the soup as good as hers unless she supervises. A designer, writer or craftsman whose work has such uniqueness that she cannot hire workers and produce the same quality can do the same thing.
Although they don't report to a boss these "entrepreneurs", in many ways, are less flexible than their employees counterparts. Imagine being unable to take vacations because you have a job. It's possible to take time off and have a job that you can return to. This is because the company was built so that your job was not the only point of failure.
This luxury is not available to self-employed workers. They lose a week's salary if they go on vacation for more than a week. They have a job that requires no vacation.
Related: Make Your Calendar Work for You (Instead of Being Its Slave).
How to create a "freedom company"
Do not be your only point of contact
If you and only one of you are able to handle client inquiries and communication, you will never be completely free. Plan ahead to ensure that someone else handles as much of your communication as possible.
It is possible to automate client intake through web funnels that net prospects. You can encourage them to book a phone call with you or close the sale right away. You can eventually hire someone to do the same thing for you if you are able to close deals by phone or chat.
It could be as simple to have your first assistant respond to emails and act as a receptionist. Although he may initially be cautious, he will likely escalate almost every question to you. He will gain confidence and become more comfortable handling more situations. Even if he does make mistakes, it will save you a lot of time. This was my biggest game-changer. My clients used to only speak to me, but now they talk to an account manager.
You can develop a customer support infrastructure over time. This architecture will allow you to create if/then scenarios that your team can use to solve problems.
Do not be the only point of failure
"No one does this as well as I do." It is my responsibility to do it. This is true for any part of your business, particularly low-level operations tasks. You are not free yet.
Clients may need to see you before they are willing to close a major deal. However, the process cannot be dependent on anyone further down the chain.
You will probably do most of the things you need to do in the beginning. You should still prepare for your escape by writing down everything. What is the nitty gritty of your work? What are Step 1, 2, 3, and 4? Is there a repeatable process? These processes could be written down as a Standard Operating Procedure (SOP), or created a training video using an app like Loom. You could automate this process. It could be outsourced. It can be outsourced?
Your business will grow if you outsource and hire instead of doing the tasks yourself. If your five-person team can serve 15 clients, then serving 30 clients with 10 people is easy; serving 60 clients requires 20 people.
You might not be able to do the job as well as you but that doesn't mean they can't do it as well. An army of 80 percenters could be enough to build an empire. You may be surprised to learn that you may not be the best at everything. In fact, you might end up with a team who does it better than yours.
You should be careful not to build your business around a personal brand that clients and customers expect. This can work if the business has a variety of products to start with and you are more selective about how much time you spend on the business as it grows.
You can test your business by being yourself
It's time for you to test your business. It is only possible to test it by being yourself.
Book a week in a jungle lodge, beach resort or mountain yurt. You don't have to be reached.
You might start with one week. A majority of businesses can recover within a week without the assistance of a key person.
If all goes well, you can try three weeks. You did it if you are able to go away for three weeks without resuming work or setting ablaze your business.
My personal experience was that I began by being completely disconnected for three weeks before jumping in. Why? In preparation, I had to set up systems and processes. I was aware that the business would not recover if it didn't have everything in place.
It doesn't need to be extreme, just calm down. I admit to being a little daredevil. You might bring your phone, or give your team a way to reach you in case of emergency. Make it clear that they only need to hear from you if there is an emergency.
Don't be a slave to your business for your health, wealth, and sanity. Instead, make it a refuge hatch.
