330. Expert Interview: How to Fire Yourself from Your Own Business
Frank Bria helps entrepreneurs “fire themselves” from the daily operations of their businesses and, by productizing their expertise, avoid getting trapped in just another job . His experience includes helping some of the largest corporations on four continents grow their businesses by making a real impact on their customers. He now turns that experience to the small business sector. He is author of the book Scale: How to Grow Your Business by Working Less.
How to Fire Yourself from Your Own Business
“As entrepreneurs, we didn’t go into business for ourselves just to be our own employer. We wanted to create a growing concern, a business we could hand down to our children or sell at some point. If we don’t structure our business appropriately, what ends up happening is that we just create a job for ourselves, not a business. We need a plan to take ourselves out of the day-to-day operations and fire ourselves from our own business.”
Why Is This Important?
“Even in a situation where you are your company’s product, there are ways of creating a product from what you do. Think of the Blue Man Group, a classic example. If they had not turned what they do into a product, created a brand, and created a repeatable, scalable performance product, it still would be the same four guys traveling all over the country. But it isn’t. They created a product, and now they have other people who can step in and be the Blue Man Group simultaneously in multiple locations.”
What Are the Key Lessons Learned Here?
“When an owner tries to step away from hands-on operation of the business, the thing they’re worried about most is the cash. Where’s the cash coming from? When cash flow goes up and down, with seasonal spikes, feast or famine, it’s really difficult for the owner to step away. This makes day-to-day cash flow management very important. So, what we need to do is to create diverse, recurring, stable revenue.”
Connecting With Frank Bria
Road Map to guide service business owners through the three crucial steps: 1) launch, 2) grow, 3) scale.
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