How cool is that when you wake up and see an extra 30k on your bank account? Awesome right. There is an unspoken belief that entrepreneurs have to spend 70-100-hours per week. It may be true lately, But it isn’t true in our generation cause we’ve Internet. It isn’t difficult to run a store while doing a corporate job. Your goal should be to find a way to make money while you sleep.
The best start-ups will progress through a three-stage life cycle: Profit Dependent -> People Dependent -> Process Dependent
When a company starts, it is always profit dependent. It needs every penny to pay off. But as it grows, it will become people dependent. You hire employees since the team is small, each role is critical. If these people step out, the whole deck of cards will collapse. In the process dependent stage, Company runs on auto-pilot mode as everything is driven by systems you’ve put into place. At this stage, you can also replace people. Keep an eye on the last stage from day one.
Every employee is a component added to the equation is a way to replace yourself. Here are some rules to make your business a process-dependent company:
1) Always Be Working Yourself Out of a Job: Hire people better than you if they can get the job done 90 percent when you’re away. Release the responsibility.
2) If You Have a Product, Turn It into a Service: If you work hard to provide your service hundreds of times a year, ask yourself: “How can I package my service into a product and sell it by the thousands?”
3) If You Have a Business Model, Turn It into a Membership Model: If your business provides a service to customers, think about changing this into a subscription service. You offer an incentive in exchange for consistency, and everyone wins.
Finally, Open an Online Store. Just remember, By focusing on the latter, they’ll achieve the former too.