Scaling up to exit without losing the soul of your lifestyle business

Today, we embark on a balancing journey that every small business owner knows all too well. It’s about growing revenue while deftly navigating the challenges that come with growing a team.

balance method

Aiming for the $2 million revenue mark puts your business in a marketable position. Achieving that goal is the result of taking intentional actions to grow. As you grow, the challenge of scaling your small team arises. This can lead to fears of a loss of freedom and a change in the core identity of the business. Will it continue to be a lifestyle business? Or will you turn into a beast that no longer brings you joy? To quote Dan Sullivan from his book The Who and the How: “Amplifying efforts and building winning teams requires vulnerability and trust.”

Let’s now shift our focus to the key elements of scaling.

Increase your revenue wisely

Even if you don’t plan on selling your business, increasing your business’s revenue is very important. Reaching a revenue milestone means not only the ego game, but also the opportunities it presents. If you run a lifestyle business, here’s how to approach revenue growth wisely.

• More simplicity: Avoid over-diversification. Instead of increasing your revenue by expanding your portfolio of services and products, you reduce the amount of offers you sell. Any offer to stop selling means simplifying marketing and reducing costs. Say goodbye to complexity and scale with ease.
• Explore new markets: Grow your customer base, but do it with a calculated approach. Avoid going into areas that don’t align with your brand.
• Stay true to our values: Make sure the growth strategy you implement resonates with your core values ​​of freedom. As your team grows, don’t block your calendar by adding weekly meetings. Add team training camp. It’s fun, and the lack of an office allows people to work from their favorite location and reduce their work week. See how nice it is to have more revenue.

Increasing revenue is not just about increasing sales. It’s about making your business more powerful and flexible. Increasing revenue through portfolio simplification and market expansion adds a layer of security to your business. However, the goal is to grow your business and don’t stray from that spirit.

Moving on to another important aspect of growing your business.

Employ without losing freedom

Expanding your team is an important step in scaling your business. However, it brings its own challenges, especially in maintaining the business ethos:

• Cultural fit is key: Dedicated team members help you scale without burning yourself out. But be sure to hire people who not only have the skills you need, but also embody your values. In my experience, focusing on cultural fit when hiring has been a game-changer in maintaining the essence of the business. The right people can turn your ideas into more money.
• Use the system: Effective tools ease the burden of growing your team. Invest in developing procedures and deploying software to streamline onboarding, training, operations, and maintain oversight without micromanagement. In his bestseller Clockwork, Mike Michalowitz writes: period. An entrepreneur is someone who builds systems that provide solutions through others. ”
• Don’t hire based on potential: We hire based on proven skills, not just potential and cultural fit. This saves time and resources on training and development.
• Be strategic about your hiring: As with any other aspect of your business, approach hiring with foresight. How do you structure your team (see Traction by Gino Wickman for more information on how to structure your team), what the long-term growth trajectory of your employees will be, and how much you will pay them now. , think about how employee pay changes based on goals.

Growing your team means bringing together a great group of people who not only work well together, but also share a common vision. This is where the value of your freedom can truly shine. Imagine having a team that not only gets the job done, but also shares a vision of freedom and creativity. How will it change your business?

To illustrate these principles in action, let’s take a look at Dan’s real-life success story.

Success Story: Dan Andrews’ Journey

Dan’s story is a moving example of achieving this balance. He worked with partners to grow his annual sales into the millions, and in the process he hired a team of 15 people. “Our business also gave us flexibility. We traveled a lot and ran our business remotely.” In the summer of 2015, they made a deal that meant a life-changing amount of money. signed the contract. If you’re thinking about your final exit, his book Before the Exit is worth reading.

reflect and act

When pondering the growth of your business, consider the following aspects:

1. Audit your offering: Take a day this week to review our current products and services. Identify which ones align with your company’s core values ​​and are most profitable. Consider phasing out anything that complicates your business or doesn’t resonate with your brand of freedom.
2. Create a freedom-centric team blueprint. Create a plan that outlines your ideal team structure, with freedom and flexibility at its core. Include aspects like remote work policies, flexible work hours, and team-building activities that align with your values. Set a timeline for implementing this blueprint, starting with your next hiring process.

Remember, the goal is to scale up without losing the soul of your business. By focusing on these actionable steps, you’re not just thinking about growth. You are actively shaping it in a way that preserves the soul of your lifestyle business.

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