This is a quick post about a friend of mine who is based in the UK and owns a company called Nortech Control, this company provides access control, vehicle detectors, ANPR and a bunch of other very important items to improve the security and the overall safety of a business. In this post I’m not going to talk about their business, instead I am going to talk about what made them so successful and how they scaled well to avoid any issues when it came to hiring, employment and most importantly keeping the business running smoothly as possible from day 1 to day 5000. It’s a great story and very simple too, I hope you enjoy.
It has to work without you there!
This is the key to all business. This is the key that most people ignore or just forget to implement in their business. It’s what (generally) the parents, friends, family of the entrepreneur don’t understand. You only worked 4 hours this week? Don’t you think you should work harder? Is the often question they used to ask. The issue? They are in a job where they trade TIME FOR MONEY. You are in a position where if you work 100 hours you might make 0 Money. But if you have set-up you business correctly then you should not have to input time for money, you should input systems and have semi-passive profit as a result. It’s amazing how many people go into business but do not understand the principles behind business. You aren’t trying to do everything yourself, if you were you may as well go get a job, instead your business has to work without you there. If you get run over by a bus then your business should still be able to survive!
Sellable Assets (Not selling you)
Build profitable assets and systems. Don’t just work hard for your business. You need to work hard ON THE BUSINESS. It might sound strange to someone who has not set it up correctly. But do you ever feel that you’ve started this business and all you ever do is work harder than you did before? Well that’s because you haven’t set it up correctly. The worse thing? You aren’t creating value or sell-able assets, you’re just working, grinding, and that is not something that someone else wants to do. This means that no one will buy your business even if you do make it semi-profitable. Create an automated, systematised business. There is a very good book on this model called the E-Myth, if you are in business and you haven’t read this book, I HIGHLY recommend it!
Don’t work hard, work smart (After day 1000)
There is no doubt that you have to work extremely hard, long hours when you first start a business. This is now encapsulated by the Youtubers and modern businessmen like Gary Vee and Pat Bet-Davis, but there is no reason why you can’t work very hard in the start but then instead of working hard you begin to work smart. This is why most people can’t actually own a business. They don’t set it up for success or to be automated (what we talked about above) they instead see it as a way to get out of a bad job or a boring 9-5. But the truth is (especially in the beginning) the 9-5 becomes to the 8-8 7 days a week. You will be working more than you ever imagined. If you don’t set it up correctly to work SMART in the long run, you will just have a more stressful, harder job than you thought.
That’s everything for this post, I hope you enjoyed reading. Remember to share and comment if you enjoyed. Thanks for reading. Jon.