Picture This…
Your business is humming along, clients are happy, the money is rolling in—and you’re nowhere to be found. Maybe you’re relaxing on a beach, hiking through the mountains, or spending more time with your family. Sounds like a dream, right? Well, it’s possible! Whether you’re a freelancer who wants to grow or a business owner aiming for freedom, the goal is simple—build a business that runs without you.
In this post, inspired by John Warrillow’s book Built to Sell, we’ll walk through the steps to create a self-sustaining business that’s scalable, sellable, and doesn’t rely on you to keep the lights on.
Find Your Magic Product: The Secret to Scaling Effortlessly
Let’s kick things off with the big question: What is your business great at? When you’re wearing all the hats in your business, it’s easy to think you need to offer everything. But that’s not the key to scaling. You need to identify a scalable product or service, meaning it’s easy to teach, valuable to your customers, and something they’ll return for.
In Built to Sell, Alex Stapleton learned that his agency’s true strength was designing logos. It was a service they could refine, repeat, and sell without needing Alex to do all the work himself. Once he found that sweet spot, his business began to grow without him being involved in every step.
Quick Tips for Finding Your Magic Product:
- Teachable: Can your team easily learn how to deliver it?
- Valuable: Is it solving a real problem your customers will pay for?
- Repeatable: Will clients keep coming back for more?
So, what’s your magic product?
Why Doing Less is More: The Power of Specialization
I know what you’re thinking—“But I need to offer more services to attract more clients!” Actually, narrowing your focus can make you stand out in a crowded market. When Alex stopped offering every service under the sun and focused solely on logo design, he became known for one thing: being the best at what he did. And guess what? The clients came running.
Here’s Why Specialization is a Game Changer:
- You can hire specialists who are amazing at one thing instead of juggling a team that’s only average at many things.
- Your work quality improves because you’re focused, and you become the go-to expert in your field.
- It’s more efficient. Think of it like ordering the same dish at your favorite restaurant—you know what you’re going to get, and it’s always top-notch.
Don’t Put All Your Eggs in One Basket: Diversify Your Client Base
Here’s a quick story: Alex’s agency had one giant client that provided a huge chunk of his revenue. Sounds great, right? Not quite. Ted, his business mentor, pointed out that this was risky. If that one client left, his business would be in trouble. Plus, no one wants to buy a business that’s overly dependent on one or two big clients.
Action Plan:
- Make sure no single client accounts for more than 10-15% of your revenue.
- Actively seek out new clients to diversify your income stream.
How’s your client base looking? Could your business survive if your biggest client walked away tomorrow?
Create a Process, Not Just a Service
One of the biggest game-changers Alex learned was to turn his service into a product. Sounds odd, right? But think of it like this: instead of customizing each project for every client, you develop a set process that delivers consistent, high-quality results.
Alex’s five-step logo design process became his product, and this shift allowed him to train his team to deliver logos with the same level of quality he once did himself.
Why This Matters:
- A productized process is easier to scale because it’s teachable and repeatable.
- It’s easier to sell to clients and potential buyers of your business.
Do you have a process? How can you standardize your service into a step-by-step product?
Take Yourself Out of the Picture: Train Your Team to Run the Show
This is the ultimate goal, right? You want to build a business that doesn’t fall apart when you’re not there. To do this, you need to make sure your team can handle everything without you.
For Alex, this meant delegating his five-step logo design process to his employees, ensuring they could deliver the same quality he would. Once his team was running things smoothly, Alex was no longer the bottleneck, and his business became more valuable because it didn’t rely on him.
Action Steps:
- Train your team to manage the key processes.
- Set up clear systems for operations, sales, and customer service.
Imagine your business running like a well-oiled machine without you in the mix—what’s stopping you from getting there?
Charge Upfront and Avoid Cash Flow Nightmares
If you’ve ever waited months to get paid, you know how stressful inconsistent cash flow can be. The solution? Start charging upfront. When Alex transformed his logo design service into a product, he started charging clients before the work was done, which immediately solved his cash flow problems.
Why Charging Upfront Works:
- Clients are used to paying for products before they receive them. Think about it—when was the last time you paid for a product after using it?
- It keeps your cash flow positive and reduces the need for loans.
Learn to Say No: Don’t Chase Every Project
It’s tempting to say yes to every job that comes your way, especially when cash is tight. But here’s the thing: every time you take on a project that falls outside your core offering, you dilute your brand and distract yourself from your primary focus.
Ted pushed Alex to say no to advertising campaigns, even though they were tempting. By sticking to his logo design process, Alex became more referable and known for being the best in his niche.
Lesson Here? Saying no to off-brand projects makes room for the ones that matter.
FAQs
Q: What makes a business sellable? A: Great question! A sellable business is like a well-oiled machine that runs without you constantly cranking the gears. The key is having a scalable product, a reliable team, and consistent revenue.
Q: How do I make my business run without me? A: It’s all about creating clear systems and processes that your team can follow. Delegate tasks, standardize your operations, and make sure no single person (including you!) is critical to day-to-day success.
Fun Fact
Did you know that businesses with multiple revenue streams are more likely to sell for a higher price? The more diverse your client base and income, the more attractive your business is to buyers!
Ready to Build a Business That Runs Without You?
Imagine sipping your favorite drink on a tropical beach while your business runs like clockwork back home. Sounds good. Start applying these tips today and get one step closer to that freedom. Want more insights? Subscribe to our newsletter for ongoing tips on building a scalable business, or grab a copy of Built to Sell and dive into the full story.
