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Ep. 3 - Free Yourself from the Business

You started your business because you wanted the freedom to do what you wanted to do the way you wanted to do it. Not being tied down to a 9 to 5 job and being able to take time off whenever you wanted to.

Then something happened along the way. You’ve found yourself more tied down to your business then if you worked a 9 to 5 job.

At least a 9 to 5 job allows you to leave work at work.

But owning a business seems like a 24/7 job with more pressure than working for an employer. 

What happened to the freedom??

This episodes starts to tackle how you gain that freedom you dreamt of by creating more margin of time and money.


KEY TAKEAWAYS:

  • To gain more freedom you need to increase your margin of time and money

  • Assess the three financial areas of your business to increase margin of money

    • Lack of labor efficiencies leading to higher expense

    • Not tracking expenses in general. Savings of 1% here and 3% there can lead to significant savings and higher profits.

    • Prices. Commonly overlooked and the area that can lead to immediate increase in profits

  • Assess the time wasters in your day to increase margin of time

    • Owner just doing too much

    • Fear of losing control prevents many owners from delegating and releasing authority to staff

    • Hire people that are better skilled in areas you’re not as skilled at

  • Reorganization. All this leads to reorganization.

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