Don’t be one of “those” business owners
You know those “business owners”? The ones who get into business to basically buy or create themself a job. Well, that kinda grinds my gears tbh.
And I don’t mean to disparage anyone, I’ve been in that same boat myself. But being an entrepreneur and owning a business are very different to simply working in a job - yet so many people treat their business like it’s their job.
But usually it’s not until we are knees deep that we discover what it takes to run our own business and sometimes we have to dive even deeper into the murky waters where entrepreneurship meets exhaustion before we discover it’s just not for us.
A lot of business owners (often unknowingly) wind up trading their dreams for something that keeps them pushing and hustling 24/7. These folks actually believe they're running a business, but in reality, they've only crafted a glorified job for themselves. And in this day and age when everyone has access to technology, you see this phenomenon everywhere.
I've been in the trenches, slogging through the same pitfalls. But this year, it hit me like a ton of bricks when I dove headfirst into not one but two business acquisitions (on top of the six other businesses I already own and/or invest in).
One has settled, the other is still in the works but we’re aiming for a smooth and seamless settlement in the first financial quarter of 2024. What did I discover in the process of purchasing these two businesses? Both were gems, financially speaking, each pulling in seven figures in profit. Yet, their owners were drowning, gasping for air, not knowing how to do things properly as owners, managers, shareholders, or investors.
This was just déjà vu to me. If you’ve been in my world for a while, you’ll know the story of how I rescued my parents' commercial cleaning business. They were ready to throw in the towel, exhausted af, and feeling like prisoners of their own creation (with -7% profit margin….hardly a business!).
So yes, I could clearly see that these businesses, despite their astronomical profits, were hanging on by a thread because their owners were steering them straight into burnout town.
And we’re not talking about small startups here. These were established businesses bringing in seven figure profit! You’d think they were riding on a high. But no, these owners were at the mercy of their own success, unable to enjoy what they’d worked so hard to build because they had no clue how to manage it. The cash flow was there, but they were drowning in their responsibilities.
Why would anyone willingly give up a seven-figure business? It's simple really – exhaustion. They were working themselves to the bone without the proper processes or the right people in the right roles. It's like having a sports car with no steering wheel – looks great, but you’ve got no control over where you’re going.
Had they held on, implemented the right strategies, and brought in a dream team, the story might have been different. But they didn't, and while I’m grateful for the opportunity this presents for me, the toll it took on these wonderful, hard working people has ultimately forced them to give up their dreams.
So, what's the takeaway here?
Being a business owner isn't just about raking in the cash and calling it a day; it's about steering the ship strategically, sustainably and for the long term. You also need to build a team that can handle the storm, and ensure you're not just creating a job for yourself.
As you navigate the often turbulent but exciting entrepreneurial waters, don't let success be the anchor that pulls you down. And whatever you do, don’t fall into the trap of turning your business into a job.
Coco xo
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