This Month’s Topic: Building Independence FROM Your Business
The beginning of a new month brings a new topic to explore. This month’s topic – “Building Independence FROM Your Business”– is valuable when building a sustainable, scalable business. We will explore what independence FROM your business means and tips to achieve
Building Freedom FROM Your Business
In the United States, we recently celebrated Independence Day on July 4th. That got me thinking about independence, what the word means, and how independence or the lack of it affects and impacts small business owners. So often I hear business owners say, “I’m just so busy I don’t have enough time for my family.” Or “I can’t take time off. There is just so much to do.” Or “Taking a vacation is so difficult. I have to work long hours to make sure everything is done before I leave. Then when I get back, I have to work long hours to catch up. What’s the point of going?” This series of articles will help you consider how you can achieve more independence and freedom FROM your business while still having a viable business.
What is Independence?
First, let’s define “independence.” For the purposes of this article, independence is defined by the Merriam-Webster dictionary as “freedom from outside control.” Put into perspective this article, think of independence as freedom FROM your business.
Research shows that more than 50% of entrepreneurs, especially small business owners, start their businesses because they want more freedom. Surprisingly, money is not the main motivator. They want more freedom to:
- Follow their passion
- Make their own decisions
- Have more flexibility
- Control their career
- Innovate and do things differently
- Meet unmet needs
What Does Independence FROM Your Business Mean?
Independence from your business is important to maintaining your sanity, your family life, your health, and to building a scalable business. So, what does independence FROM your business look like?
It means you have accepted the responsibility for continuity, quality service, financial stability, and growth even though you are not constantly involved and hands-on in the daily operations. It means you have accepted the responsibility to build and lead an organization of people who are trained to handle business affairs and manage the systems to ensure they are functioning effectively.
If you want freedom and independence from your business, accepting responsibility means more than just saying “I accept responsibility for my business.” It means:
- Providing what you said you would provide – products, services, quality, timeliness
- A commitment to continually learning about your industry, your area of expertise, etc.
- Effective leadership – hiring an Executive Coach to help you develop your leadership skills
- Clarity about your core values, mission, vision for the future, and how you intend to get there
- Communicating effectively and consistently
- Networking and building strategic alliances
- Building systems
- Hiring the right people as employees or outsourcing to independent contractors
- Cultivating multiple revenue streams and diversifying
- Creating and implementing a strategic plan and measuring progress toward your goals
This applies to the solopreneur as well as the small business owner with employees. Regardless of your structure and size, there are ways to achieve freedom FROM your business and still be successful.
Stop by next week for Tip #1 to help you gain freedom and independence FROM your business.
Next: Tip #1- Being an Expert
Start developing your long-term mindset today by setting long-term goals and focusing on the process of achieving them. Embrace uncertainty and take calculated. Download my Guide to Strategic Planning™ to help you learn more about thinking long-term about your strategy and how the strategic planning process can help you clarify your short-term and long-term goals.
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- The Power of Focus - October 31, 2023
- Prioritize Tasks and Embrace Flexibility - August 18, 2023
- “Staying the Course” when Disruptions Interrupt - August 9, 2023