In honor of July 4th, Independence Day in the United States, many business owners declare their business freedom. Yet are they really free?
Ok, they operate a business that they enjoy, providing products and services that make a difference.
But do they have the time freedom and money freedom they want?
Most of the time they are a slave to their business – working long hours, either being in the office at 5 AM or staying long after dark. They worry if they are not in the office and as a result never take a vacation. The money is there. But is the time freedom and happiness really there?
If their business is totally dependent on them, then they are a slave to their business. They may relish in and be contented with feeling needed and relied upon. Unfortunately that stunts growth and opportunities. At some point the business will grow to where the owner burns out. That’s not good for the owner or the business.
With the right management team, your business can flourish without you being a slave to it. You truly can look at the forest rather than the trees and let your management team deal with the minutia. You have the freedom of time and money.
Others work long hours and don’t have the money. Is it really worth spending hours and hours at your business to earn $5 net profit per hour? (Many of my clients have started here – or lower). You’d be better off working at a fast food restaurant – earning more per hour with a lot less headaches.
How much do you want to earn per billable hour? And, percentages don’t cut it. You can’t take a percentage to the bank. I know of two companies, each with a 10% net profit – one earning $10 per hour and one earning $50 per hour. Which would you rather be?
What is the best way to discover that you are a slave to your business?
When you won’t leave the business. I learned this lesson a long time ago. I now take at least two weeks off every year, including my Mother-Daughter birthday trip with my daughter each June. We have a phenomenal time. I rest (my definition of rest is photography and something physical like hiking – not sitting on a beach). And, I usually come up with some phenomenal ideas since I am not thinking about business.
If you are a slave to your business and you don’t have profitability and money coming in – you can resolve to change this. You can still be a slave to your business if you’d like – just get paid what you want to be a slave.
I guess that is what is great about this country. If we want to be a slave to our businesses we can be. If we don’t want to be a slave to our businesses, we can change it.
Happy business Independence Day.