How To Make Money In Your Business

Many people try to set up a business, but end up chaining themselves to a never ending miserable existence.

Michael Gerber, author of the E-Myth is the man who popularised the statement…

“Work On Your Business… Not In It!”

What he’s saying is that most business owners end up being their own employees, slaving away in their own little business.

They create a JOB for themselves, rather than a BUSINESS!

In fact, many times they do exactly the same thing as a bar manager would do. Or as an electrician making house calls would do. Or the estate agent who goes around showing houses.

These people are no better then “technicians” – great at what they do but have absolutely no idea how to grow profits and control costs. They start their own business so ‘they can be their own boss’ or ‘for the freedom.’ But they end up with less freedom than before because now they’re not just responsible for themselves, but also for staff and the business. They complain ‘I am the only one who cares’ and ‘I have to do everything myself’.

Let me be clear, you may well have to be everything from the bookkeeper to the receptionist in the initial stages of setting up a business.

But why should you continue that way? Why be a slave in your own business? That’s not why you got into it, is it?

Surely your goal is to be free and independent with a successful business, and the only way you’ll achieve that is with…

Sales and Marketing!

The most profitable activities you can do in your own business are to write ads, make sales presentations to potential customers, create partnerships with other businesses… There is NO other activity that makes more money than sales and marketing!

You have to understand that you’re not in the business you think you’re in, when you’re the owner. You are not really a bar owner… a restaurant owner… a chiropractor… or a therapist.

You’re in the business of MARKETING your bar. You’re in the business of MARKETING the restaurant and the food and the experience. You’re in the business of MARKETING your therapist services… and so on.

You Own A Marketing Company!

I want you to stop and think about this for a moment. Until you understand this you can’t and won’t move on.

Whoever markets their bar best will end up with the customers. Or is able to attract the most customers to their restaurant.

Those that can create the best and most effective systems to make their business operate smoothly and bring in customers or clients like clockwork, win.

As the owner, your job is to maintain and monitor your systems and marketing efforts, to ensure they are effective, and to continue to create new ideas and more business.

So how do you get you and your business to the point where you can focus entirely on the marketing and free yourself from the day-to-day obligations of running your business?

In one word… systems.

What is a system? It’s a set of procedures or steps that result in a predictable outcome each time. They can be followed by virtually anybody to achieve the same, consistent result.

Having systems in place give you freedom. It gives you reliability and dependability, and the knowledge of having a business that will continue to operate profitably.

They also give your customers a consistent product or service. As a customer, there is nothing more frustrating than going to a restaurant (for example) and the food tastes different each time.

Customers Want Consistency!

The most consistent business in the world is McDonald’s. How do they maintain their consistency? With systems.

Systems free you from the day-to-day operations of your business. Why do a job yourself when you can pay somebody else to do it for you and you can focus all your time and effort on…

Growing The Business And Refining Your Systems!

Don’t ever do a job yourself when you can pay somebody less to do it for you (and in many cases better). You may think you’re saving money by doing it yourself, but believe me; it’s only a false illusion.

You see, if you’re doing it yourself you don’t have time to promote and market your business and no time to spend on making your business work better. If you can pay somebody less money to do the chores and instead you spend time growing your business and bringing in more money, then you have a winning formula.

The systems free you to focus your time and effort on marketing.

Here’s a quick example. To operate a successful bar or restaurant a number of key items need to be completed before doors can open. Tables need to be setup, glasses cleaned and prepared, the money counted and so on.

To systemise this, each section or department of the restaurant or bar needs an opening procedure checklist. On this checklist is a ‘to do’ list of what’s required.

When a team member has successfully completed an item on the list, he or she initials their name next to that item, and tick the item off as completed.

Why is that?

For control, and for quality control. When the entire opening procedure process is complete, the checklist is placed in a folder (the same folder all the time). If you wish to perform a spot check or notice an item is prepared poorly, you can head straight to the checklist and determine who is responsible.

Part of the responsibility of the manager is to ensure there are enough checklists in stock for use. The team starts their shift, and immediately knows to head to the folder and obtain their checklist.

This process needs to be applied for ALL areas of your business. Every single department and every single duty.

With that kind of systems in place, you can take your mind of the day to day aspects of the business and focus on how to grow your business instead.

This means you must constantly improve and update your systems as you grow. This is vitally important and is one of your key responsibilities as the business owner. Remember, it’s the systems in your business that’ll give you the freedom you want and deserve. Fail to update them and you once again become a technician… working in your business instead of working on it.

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