Are you building a “real” business, or are you treating it like a hobby?
I have nothing against people who have a Side Hustle, and if this is what you want, go for it.
But if your business is your main income (and you have ambitions to scale beyond seven-figures), you need to build a sustainable, scalable business that can both give you the freedom you deserve…
… and allow you to have a true, transformational impact on your audience.
The problem is, I meet too many entrepreneurs who are treating their business as a hobby, even though they have scaled to six-figures. They have a great offer, and they’re talented and smart and have everything they need to be successful.
- They don’t look at their finances, so they’re always in feast or famine mode…
- They don’t create automated marketing, so get caught working inside their business …
- They rely on referrals and their network, so have no room to grow …
They are stuck on the six-figure hamster wheel, at the mercy of the business they supposedly own.
The truth is, if you want to have a real impact on your audience, and make life-changing amounts of money so you can enjoy true freedom… you need to treat your business as such.
This comes down to 6 Pillars of Sustainable Business Success…
Optimize each of these, and you’ll evolve from hustling entrepreneur to a successful business owner.
Get each of these 6 Pillars on-point, and you’ll quickly scale from 6-7 figures (sustainably)…
[smart_track_player url=”https://soundcloud.com/scott-oldford-show/scalable-business-how-to-run-a-business-not-a-hobby” ]
Build a Scalable Business…
Your mindset determines everything in your business, yet it’s the one piece most entrepreneurs overlook for far too long.
They presume you fix your mindset when you “get there”, but you never will until you develop a growth mindset of abundance.
If you’re not upgrading your mindset on a daily basis, you limit your ability to create a scalable business.
A scarcity mindset keeps you in the six-figure-hamster wheel, always competing and hustling.
It’s the number one reason entrepreneurs don’t scale from 6 to 7 figures, and it’s the most important pillar of business success you need to fix.
When it comes to marketing, you need automated lead generation. Without this your business relies solely on you and your team hustling for referrals.
There’s no order or predictability to this, and there are no systems you can scale.
But your job as an entrepreneur is to treat your business as a system so you scale it, build a team, and be the person working on the “big” picture.
Without an automated marketing system in place, you will never escape the ‘Six-Figure Hamster Wheel’. You will remain caught working inside your business as a glorified employee, and the best way to escape this is to create predictable, automated and sustainable marketing.
If you don’t have a sales process that automatically lets you sell to those you attract through your marketing, you make it almost impossible to create a scalable business.
Once again, any success come through pure hustle mode…
You and your team fight for each sale, spending far too much time on each lead, sales call and referral. Everything is reliant on YOU, which again is no way to build a business.
(a hobby, sure… but not a business)
In the same way you need to build automated marketing systems, you need a sales process that turns these leads into customers on auto-pilot.
Of course, none of this works if you’re the only person in your business.
No matter what it is you sell, you need a team (no exception).
Yet I see entrepreneurs trying to do everything themselves all the time. They rely on a couple of VAs or assistants. They micromanage everyone and struggle to delegate tasks.
They waste countless time and energy working “in” the business.
If you’re an entrepreneur working sixteen-hour-days, you don’t have a business…
You have either a hustle or a hobby, neither of which is a Scaleable business model you can grow.
You NEED a team, and you need the systems and processes in place so this team can do the work you should not be doing yourself.
As good as your marketing, sales and operations may be, it means little if you don’t have your finances in order (and know what your revenue, profit, and cash flow looks like at all times).
I see a lot of entrepreneurs talk about having a million-dollar business, but this is no more than ego if your business isn’t turning over a solid profit.
At all times, you need to know how much cash is in your bank, and what’s coming in. You do this by understanding these three types of cash flow:
- Cash generated (how much you sold)
- Cash collected (how much you brought in)
- Liability (how much it costs to deliver your product / service)
You need to have your finances in order. If you don’t, you likely have a side hustle that keeps you in hustle mode. It’s hard to build a Scaleable business this way, so dial in your numbers today!
6: Customer Fulfilment
Above all, it’s vital you deliver transformational results for your customers and audience.
Lots of people do this when they grow to six-figures, but then struggle to keep it up as they scale to the next level. It’s one of the biggest barriers that stops you from scaling to seven-figures!
And as with marketing, sales and operations… it all comes down to creating the right systems.
You cannot do all this on your own. You need a team. You need processes and systems!
These 6 Pillars of success are not separate. They’re linked, and it’s important you work on all of them if you wish to create a truly Scaleable business.
So… how do you do this?
There’s a simple exercise you can do that helps you highlight your weaknesses, and focus on the steps you need to take next:
- Take out a pen and notepad, and write a header for each of these six pillars…
- Under each, make a note of every single risk and problem you currently face…
This simple exercise highlights what you need to fix. From there, you need to step away from working “inside” your business each day so you can work on what you need to as a business owner.
Until you do, you’ll likely have a hobby instead of a real, scalable business.