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Is it Time To Kick Self-Employment to the Curb?
Treat Your Business Like a Business - Instead of a Hobby - and Watch Your Business Grow!
by Maria Marsala
Summary:Did you really go into business to be self-employed? If your business is running you, it's time to take a look at an alternative.
Weigh the differences. Did you really go into business to be self-employed? If you're reading this, I doubt it. But that's exactly where you might be.
Here's the thing. If you started your company to have a little extra money and work a "little"weekly, this article isn't for you. If you started your company or became an independent agent to work 70-hour weeks and make just enough money to live by, this article isn't for you. However, if you're in either situation and Uncle Sam is letting you deduct business expenses from your taxes, then you're self-employed, not a business owner.
Let me explain.
The self-employed have done one thing for themselves -- created a job with a paycheck, a job with the burden of a lot of extra jobs and taxes.
On the plus side, they've created a system that includes tax deductions -- Whoopee! But what they've done is go from working for a company to creating a job for themselves AND added the stress of being the boss!
Face it -- the self-employed are slaves to their businesses, because no one is working for or with them. Many go from one client to another, or they have only one big client and a few little ones. As they work, they keep reinventing the wheel because they don't have long-term plans or systems in place.
They can't take days off, let alone take a vacation! The words they use -- often, and to anyone who will listen -- are "overwhelmed," "tired" and "have no time for that.". (For more on the self-employed versus the business owner, read the book my clients all read -- "Rich Dad, Poor Dad" by Robert T. Kiyosaki and Sharon L. Lechter.)
Go All the Way -- to Business Owner!
Business owners, on the other hand, give themselves the gifts of time and self-value, while they give others one of the most important gifts they can give -- paychecks for doing what they love! And when the business is situated like they have dreamed of, they're then able to give the gift of philanthropy.
Business owners learn the importance of strategic, tactical and operational planning. They monitor their marketing activities. They know exactly what is unique about their business and what they bring to it that adds to its uniqueness, and they know who their ideal client is. They run their business like the "big corporate boys," but without all the hassle -- or lawsuits!
If you've been in business a while, you might think you're no longer self-employed or running a hobby. Beware. Over the years, only 2 out of more than 100 of my clients were really "running" a business. The rest had businesses stuck in "infancy."
And the amount of money you make doesn't determine whether it's a business. I remember Angela (not her real name), owner of a company, with 19 employees, and $8 million in sales. After an hour's consultation, she asked me what I thought was keeping her company from making as much money as she knew it could. My answer: She was running a hobby. That didn't go over well, and I asked her to read "The E-Myth Revisited" (another must-read business book). Two weeks later, Angela called to start working on her first system -- her company's business and marketing plans. Eventually, 4 others in her company created plans for their departments, and 9 months later Angela was working 1 day a month (yes, per month), and the income for her company was $14 million. So, just because you're making money doesn't mean you're running a well-oiled business machine!
Those who "shift" to the business owner's frame of mind take steps to start doing what successful and practical business owners do:
- They create plans for business, marketing and finances. And they use them to monitor everything important about their business.
- They find alliances to bring in extra income.
- They network at least twice a week.
- They create their ideal client profile and market only to their ideal clients.
- They package their knowledge -- turning it into classes, articles, CDs, etc., that bring extra income and recognition.
- They know their "rack rate" (hourly rate) and stop giving away time and business.
AND they hire employees, contractors, advisors or consultants to do what they don't enjoy doing, eventually handing over even the tasks they do enjoy. Why? Because they want the time to pursue other goals. So, if necessary, they barter to get the process started.
Why do they hire help? Take a really good look at the list. You will see that there is NO WAY you can do everything yourself.
Who in their right minds (or left ones, for that matter) could do ALL these jobs correctly and accurately -- day in and day out? But most people who call themselves business owners sure do try!
Which of these are you doing that you need to find someone else to do?
- President/CEO
- Salesperson
- Purchasing Manager
- Office Manager
- Technology Specialist
- Internet Guru
- Human Services Manager
- Marketing Director
- Accounting/Finance Manager
- Compliance/Legal Manager
- Desktop Publisher/Designer
- Customer Service Rep
- Inventory Person
- Quality Control Manager
- Insurance Manager
- R & D Team
- Unbiased Business Advisor
- Organizer
- Trainer
- Writer
- Janitor
- CEO Assistant
- At a minimum, assistants to all the managers and specialists above
If you think that you can't yet afford to hire consultants or employees to help you, consider this. What is your usual hourly rate? Let's say its $100. What tasks are you currently doing where you can hire someone at less than $50 per hour? Bookkeeping? Filing? House cleaning? Database management? What else? Well those are the tasks that you could be outsourcing.
Still think you're unable to hire help? Chances are that you're unfocused. Look at the critical initiatives that will help your business grow. Seriously consider creating your one-year business and marketing plan now so you'll be able to hire some much needed help soon.
© 2010 Elevating Your Business. An irrepressible entrepreneur, Maria Marsala sold AVON at age 14 and landed on Wall Street three years later. She became a bond trader at a time when female executives were as rare as pink diamonds. In 1998, brimming with 25+ years of business expertise, Maria created Elevating Your Business. She coaches established women B2B owners to double their bottom line using strategic business planning and execution systems, delivered one-on-one or to large audiences. Earn more, work less and live a sparkling quality of life! It starts at www.CoachMaria.com
WANT TO USE THIS ARTICLE IN YOUR EZINE, Blog OR WEB SITE?
You can, as long as you include this complete blurb with it:
© 2010 Elevating Your Business. An irrepressible entrepreneur, Maria Marsala sold AVON at age 14 and landed on Wall Street three years later. She became a bond trader at a time when female executives were as rare as pink diamonds.
In 1998, brimming with 25+ years of business expertise, Maria created Elevating Your Business. She coaches established women B2B owners double to their bottom line using strategic business planning and execution systems, delivered one-on-one or to large audiences. Earn more, work less and live a sparkling quality of life! It starts at
www.CoachMaria.com
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You cannot use our articles in your ebook, to teach a class, or during a speaking event, or if you are paid in any way without our written permission, period. Contact Maria
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