“In fact, there is ultimately only one reason to create a business of your own, and that is to sell it.” Michael Gerber, The E-Myth Revisited.
Most people create a new business so that they can do what they love to do They think they can make a business out of their talent. The new business owner may not realize that there is much more to creating a business than just doing the technical work.
Financials, marketing, ordering, collecting, etc.
Here’s the question?
Is your business building equity or are you just creating a job that looks like a business?
Here is the audience participation part
1. If you take off all of next week and do nothing in your business, what will happen to the income of the business?
2. If you take off all of next week and do nothing in your business, what will happen to the flow of new business?
3. Do you have a written business continuity plan?
4. Do you have videos or audios of your plans for the business over the next three years?
5. When someone calls your office to schedule an appointment, does someone different answer the phone and/or do they have a set script to use to answer the call and close the appointment?
6. Who is your favored buyer for your business?
Do you have a name ready or do you have no clue whom the buyer would be?
7. If you do not come back from your next appointment, ever, who will sign checks at your company?
8. Will your death cause your company’s lines of credit to be called due?
9. Do you have a checklist to be followed if you are suddenly disabled and unable to care for the business?
10. And the magic question: