If you have to show up in your business to get paid, you have a job, not a business. There are only a handful of ways to get you paid even if you aren’t there.
You could create Intellectual Property that you license. If you’re a fan of Shark Tank like I am, you know this is talked about at least once every show. There is a reason why. If you have something innovative that you’ve created, you don’t have a business yet. There is a lot to having a business that has nothing to do with your brilliant idea. You have to market, sell, fulfill and overall run an efficient business. In fact, some of the most successful business owners do not have brilliant ideas. They simply know how to execute and possess the self-discipline to follow best practices of business owners.
It’s not for everyone.
If you do want to build a business, you’re going to need to hire other people to follow your processes. That means systems.
There are three steps you must follow every time:
- Write the systems,
- Teach the systems, and
- Enforce the systems.
If you’re not ready to do that, don’t even start. Keep it small so you won’t be disappointed by others or find a way to license your idea to receive royalty payments.
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