Building a Business with a Life of Its Own
Part of the Creating a Business Plan For Dummies Cheat Sheet
Just like bringing up a child, the success of your business relies on creating something that can survive independently of you. This way, you end up with a business that’s an asset in its own right and which you can sell at a profit when you’re ready to move on.
Here are some tips for helping create a business with a life of its own.
|Instead of This Kind of Business . . .||Aim for This Kind of Business|
|A sole trader business structure||A company structure|
|A single bank account that you use for both business and personal expenses||Separate business and personal accounts|
|Your involvement every day||A business that continues to operate well, even in your absence|
|A business that relies upon your specialist skills||A business with several skilled employees, and which isn’t dependent on any one particular person|
|A business that’s inextricably tied to your name and personal reputation||A business that has a brand that people trust, but where the reputation isn’t linked to any one individual|
|A business where everybody mucks in and shares responsibility for decisions||A business with clear roles and job descriptions for each individual|
|A business that exists only in one location||A business model that can be copied, and which could be replicated in different locations around the country (or even the world)|
|A business that’s straggling along, with no clear plan for growth||A business with an articulate vision, including goals for the next one, two and five years|
|A business with few (or no) written procedures||A business with procedure manuals and systems in place for all everyday activities|
|A business that is hard to repeat because of the level of capital or skills that’s required||A business that has the potential to be made into a franchise|