Building a Business with a Life of Its Own - dummies

Building a Business with a Life of Its Own

By Veechi Curtis

Part of 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
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
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
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