In the beginning, setting up a business is seriously hard work. There are tons of overhead costs to cover, which can be tricky when most first time entrepreneurs don’t have a lot of money where they’ve not made any profit yet. There’s lots of work to do, and as the company owner you will more than likely be taking on as much as you can until you can afford to hire more staff. But you don’t want to be working like this forever, in time the goal for most is to create a business that pretty much runs without you while still earning a profit. You will want to oversee things from the top, instead of getting bogged down with huge piles of work every day. It can take time to get to this point, but here are some of the ways you can go about it
Hire a Wonderful Workforce
You want to take a step back, but ensure your business is being run correctly. This means you have to leave it in the hands of others, so ensure that you hire the right people for each role. Your staff need to genuinely care about the success of the business, be motivated, hardworking and good at their job. You can find these kinds of individuals by recruiting and interviewing carefully- if you offer good rates of pay and employee benefits you will attract the best candidates. The people you choose could either have lots of experience in similar roles meaning their skills are transferable, or perhaps you see something in them that makes you think they have the capacity to learn and be trained well. People that are natural problem solvers and can work to their own initiative without constant guidance from you means there’s less for you to do as the boss. But of course, this means you have to put a lot of trust in these people so choose well. Make sure your staff have the right equipment- fast computers, good desks, comfortable chairs and a pleasant office to boost workflow, motivation and productivity.
Utilise Business Software
Technology is ever changing, and the world we live in is incredibly fast paced. This is fantastic as it means there’s constant innovation, but as a business owner it means it’s up to you to keep up. When you stay up to date with technology, you prevent your business from being made obsolete as you can change and adapt as needed along the way. It means you stay up to date with your competitors, keeping the playing field level. Certain types of software all companies can benefit from, for example legal, customer management, accounting, rota planning software and much more. But there are also softwares for specific businesses, from salons to breweries. Take medical offices for example, software that gives you a 24×7 doctors answering service will help you to streamline communication while maintaining patient’s privacy. ‘The Cloud’ is another type of technology that you need to be on board with as a company owner. This allows you to store and access your data through servers on the internet, rather than on backup drives or your computer. This creates a flexible (and global) way of accessing your data, no matter where you are in the world. It means it’s far easier to hire employees from across the globe meaning you can hire based on talent, not just choose the best from a local jobs pool. As lots of modern successful businesses have proven, allowing employees to work from home can be highly beneficial, choose the right people and productivity can be greatly increased and you can hire the very best people for your business regardless of where they live.
Make The Most of Social Media
Marketing your business and getting it out there to the right people is tricky and can be expensive as there’s a lot that goes into it. Various types of marketing, blogger outreach and statistics all need to be dealt with by someone that knows what they’re doing. However social media is an inexpensive way to promote yourself, and in many ways it can snowball with little effort from you. For example, publish interesting marketing materials on social media and this will be shared by your followers and then by theirs, and then by theirs. Of course, you need to ensure you’re creating share worthy content and so content creators and marketing experts are still needed. But once that’s done, the rest pretty much takes care of itself. Direct recommendations from trusted friends and family are one of the most powerful forms of advertising, and social media allow you to take advantage of this.
Continue to Learn
Finally, regardless of how well your business is doing- it’s important to know that there’s always more that needs to be learned. Even established entrepreneurs who have set up and profited from numerous companies are never going to know everything, especially as things such as technology and consumer demand change year on year. Don’t get complacent, if you want to stay profitable always stay sharp and keep learning, even if you’re only overseeing your business from the top this is one place you should stay proactive. Take some further education, attend training and networking days, do some research online to discover how things in your field are changing and developing. Just because your business runs itself and is earning you money now doesn’t mean this will always be the case to stay on top of things to futureproof your company.
It’s possible to create a business that ‘runs itself’ in many ways, but there are things you need to oversee, keep an eye on and stay proactive with. However you can get to a stage where there’s significantly less to do, freeing up your time for hobbies, family or other ventures.
Are you aiming to create a business that runs without you, or have you ever had a venture reach this point? If so, what advice would you give to others?