Most people who start a business never really stop to ask themselves what a successful business actually is. Their aim is often to make as much money working for themselves as they did working for someone else. They want the freedom to do what they love and have enough clients so they can pay the bills while calling all the shots.
If that’s your thinking then I’d urge you to think bigger.
A successful business is more than just being busy with clients. That’s a JOB (Just Over Broke) and it usually involves trading time for money. While you may be wanting to do that initially, building a successful business is about creating one that earns you money even when you aren’t there.
People often talk about a turnkey business – where you turn the key, press go and it practically runs itself.
The truth is that there is no such thing as a turnkey business. Every business, no matter how successful, still requires some effort to keep it going. But there’s a lot you can do to move in that direction.
A successful business, in my opinion, is one that earns you money when you’re not there and you have the choice over how much you want to be involved in it. There are three ways to achieve this:
- Leverage your time by creating online services and products that run without you.
- Leverage other people’s time so they do the work and you profit off their efforts.
- Create passive income streams by selling other people’s products or services.