The title of today’s blog post refers to a many business owner’s dream… Self-sustaining business. For those who are not familiar with the subject a Self Sustaining business is a company that can run independently without any particular effort from it’s owner or entrepreneur. Create a self-sustaining company and watch it roll in the profit with minimal effort… sounds perfect if business is all about making money. I am not talking about short periods of time such as the owners as the owner on holiday. But thinking if you walked out of the doors today to pursue other things, could it run without you?
From my point of view to run your own business you must have a passion to make it how it is? This would involve all aspects of the business including the growth and expansion. If you are working towards a point it can run without you, then are you expecting this passion to fade? I understand people get bored and want adventure, but this is your baby! The question I ask is do you really think your business could function without your judgment, without your charisma, without your entrepreneurialism and pure passion that has made it the company what it is today?
My staff have been with me from day one! If a business is to be self-sustaining then your staffs need to know every aspect of the business, just like you do! You must trust them to make the difficult decisions you face on a daily basis, without your guidance. For this you need to delegate tasks to the right staff members. You need to consider what there motivation will be like with little pressure and guidance to get tasks done, I for one is someone who works best when pressured!
What direction are we heading? There needs to be a clear direction for the company when creating a self sustaining business… where everyone shares this mantra, and the direction must be up.
There are a few reasons why entrepreneurs create a self-sustaining business, one is to pursue other ventures which could be a job, love, children and the second is to rid themselves of tasks they no longer enjoy. E.g. a Fashion designer doesn’t want to be doing finance! On the other hand these skills really build the experience of the individual and are what is needed to class you as an entrepreneur in todays world.
In conclusion I would agree that if you could make money without putting in a lot of work, it would seem like a Self Sustaining Business would be perfect… but could you trust your business in your employees hands, and would you miss the involvement, joy and experience you get from running your own business… that’s another question!