Almost all business founders start working in the business but if you want a truly successful business that gives you the same freedom as winning the lottery then sooner or later you need to reduce working in the business and increase working ON it.
In, ON, shake it all about.
So, what’s the difference?
In the business means things like directly producing the service or the product that you sell. In my case, it would be preparing the accounts for my clients all day.
ON the business means things that help grow the business or systemising the processes so that you can scale. It means thinking strategically, setting goals and taking steps to achieve them. It means developing your team. It also means providing the services that only you can provide but even that needs to be addressed at some point because there’s only one you.
Well obviously, it depends on what you want out of your business, some people want to earn a reasonable living and working in the business can do that but if you want more you need to get ON it.
Working ON the business allows it to be easily scaled and maximises the value if you’re looking to sell. If you still do everything, how can you walk away if you sell, and the purchaser gets any value.
If you’re smart then you can start when the business is created, documenting the processes you carry out from day one. That way as you expand new team members can do the work to the same high standards that you do.
In most cases, you need to have reached a certain size to be able to hire team members to take over your roles as you move into working ON the business.