This is rather a common situation for many entrepreneurs today. They successfully got out of employment, they have built a solid business plan and executed it, they are partially successful in their transition, they are probably earning better, but they are also now unable to take a break from managing their business. Their venture is eating their time and their joy.
Are you also in the same situation? What can you do to cut the cycle and start enjoying the fruits of your labour?
Have a secondary business
The most common objection to this is, “I can’t even manage one, how much more two businesses”? I will talk about business management in a while. For now, let’s talk about the strategic implications of running two businesses.
If your primary business is business consulting, you can build another business that will become your investing or freedom business. As you earn in your primary business, you can invest that to your freedom business. The second business will give you residual income in the long term giving you more room to maneuver around your finances.
In my case I have a wealth education business as well as a BPO company. I channel earnings from these front businesses to my investing one, which is a property rental venture. As I secure more property, my passive income also increases giving me the money freedom I want. This leads us to the next step.
Build a system inside your business
Concerned about not being able to manage two businesses? There is a way around that.
For your primary business all you need to do is set up a system, a structure wherein it can operate even without you in the helm. “System” can include procedures, standards, rules and regulations, sound training and development programs, and solid culture that will empower people to function in their jobs without being too dependent on supervision. A business that runs on a system will allow its leader to easily delegate tasks. Because of the procedures and standards, service quality can be kept even without the watchful eye of the owner.
My primary businesses run on a system. I simply manage the system and the system manages the people. Together with technology this is rather very easy to set up and sustain.
With your passive income coming in every month and your primary business running in a tried and tested system, you can now start enjoying the freedom that you wanted from the very start. You can just check on the businesses when you want or when it demands your personal attention, but until then you can take a trip around the world or just take a breather at home doing anything you want.