Not all entrepreneurs who run a business are running a business. Most of them are running a job – you have to be physically present for your business to make money. If you are planning to sell your business for maximum value, you have to make sure you own a business and not a job. A litmus test to find out if your company is a business or a job is not to show up. Don’t show up for at least a week or two. If your income goes up or stays the same, then, without a doubt, you got business right there. On the other hand, if the revenue goes down, then what you have right there is a job and not a business.
If you own a job, it does not necessarily mean you can’t do anything to turn it into a business. All you have to do is to come up with a money-making machine – a strategy that would enable your business to make money even if you are not physically there. It could be in the forms of processes, systems, people, and the team that makes sure your business generates as much value as it can.
To transition your business from a job into an actual business, you would need some work. Make sure you build your operations manual, processes, system, and get your team together. That way, you can get yourself out of the traditional workflow. It does take some work, but everything is feasible. It can all be done. The work is worth the outcome as you will eventually be working on your business and not in it.
Contact Freedom Factory
If you need help with processes like these, especially in selling your company for a maximum possible value, do not hesitate to contact Robert Hirsch of Freedom Factory. Robert and his team will be glad to help you get through the process and ensure you will get the best deal of your life.
Listen to the Podcast here of Key Difference Between Owning a Business and Owning a Job.